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Mortgage Broker News | 14 Oct 2014, 12:44 PM Agree 0
Brokers aren’t the only ones frustrated by tougher lending rules, as real estate agents selling large-acreage properties may increasingly need to adjust their listing price, as buyers are hamstrung by more stringently applied financing rules.
  • John Martin | 14 Oct 2014, 02:35 PM Agree 0
    Yes this 5 acre rule is beyond ridicules. Land is very valuable. Some lenders bend to allow 10 acres. So what if some one is fortunate to have a hundred acres. Does the remaining acreage just supposed to be worthless or disappear. Should be a proper realistic way to value such large parcels with a residential home on them.
  • OkanaganBroker | 14 Oct 2014, 02:39 PM Agree 0
    I do acreages all the time...10 acre rule is the norm for most of my lenders, but thankfully still have some common sense Credit Unions who will lend 80% on the WHOLE property value, outbuildings included...I LOVE my local Credit Unions...
  • Adrian | 14 Oct 2014, 02:50 PM Agree 0
    Yep, the CU's will sometimes come to the fore but i find more often than not, the seller is in the position of having to take back a VTB for the balance of the land offered in the parcel..
  • Teague Brinkworth | 14 Oct 2014, 04:29 PM Agree 0
    Lenders are still financing up to the value of the house and 10/15 acres on residential rates, but I can understand how in a market like Edmonton, loosing the value of 30-25 acres can make or brake a purchase.
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