Justin Bieber is suffering the effects of the housing crisis … just like millions of other homeowners … because he can”t get the mortgage he wants on the house he wants to buy.
our sources broke the story … Justin has made an offer on a 9,000 square foot estate in Calabasas, CA … a ritzy area with gated communities 20 miles from Hollywood. We”ve learned the hang-up is that the property didn”t appraise near the asking price of $7+ million.
Justin could easily afford to plunk down the asking price, but we”re told his business manager has insisted that he take out a mortgage, because it makes good financial sense. But we”re told the appraisal has come in significantly under asking — more than a million under. As a result, Justin can”t get the mortgage his business manager wants.
So Justin and the seller are haggling over price, trying figure out if they can agree on a price that will allow the 18-year-old to get a mortgage. We”re told Justin is willing to pay $6 mil but the seller is blanching because he sunk way more than that into the property.
It”s tough for everyone in these difficult times. We”ll, not really.