Enjoy your trick or treating!

Real estate is like a treasure hunt. 

Treasure hunters (buyers) armed with a precious map (Multiple Listing Service printouts) looking for the pot of gold (property listed for 70% less than it is worth).

The problem with most treasure hunts is the surprise appearance of pirates who steal the prize.

In today’s real estate market, the “mortgage pirates” are often responsible for causing problems with deals.

Why is this happening?  Well mortgage lenders are scrambling to keep up with changes in the market place and their underwriters (people who review and approve the loans) are trying to stay out of hot water by checking and double checking everything 4 times.

How do you avoid the last minute delays because of mortgage issues?

Buyers:

• The best way to speed the process along is to obtain loan approval pending a purchase contract and appraisal.  Loan approved means just that- you’re golden.
• Lock the rate.  Don’t assume that rates are going to go down.  This is a see-saw economy.  Buyers who can afford to purchase with a mortgage rate at 6.4% may not be able to complete the transaction at 6.8%. 
• For a small up front fee, some lenders are offering “rate protection”- lock into today’s rate…but if the rate drops – your rate also drops.  It is a win/win for the buyers.

Sellers:

• You and your agent need to be sure about the buyer’s ability to close if rates do go up prior to closing.  Pre-approval letters need to be specific about rates and ability to close.
• Be open to paying for points and/or closing costs.
• Understand that not all lenders are the same…each one marches to their own drum…and buyers usually have no control over their action (or inaction).

Of course if the real estate is a “short sale” or “foreclosure” then the buyers and sellers will be working with a different set of conditions. 

The best ”treasure hunt” in today’s real estate market is where both the buyer and seller know that “pirates and pitfalls”  can occur and plan ahead for potential problems.

If you need help mapping the way to a successful closing- email or call me.

People in Cincinnati and West Chester who want mortgages will need 5% more of their own money starting December 13, 2008.

As a response the current sub-prime mortgage mess, the new Fannie Mae mortgage lending guidelines  will require borrowers have more invested in their properties.

Mortgage money is available, but if you have been sitting on the fence waiting for the real estate market to bottom out…think about increased down payment requirements as well as the upward creeping mortgage interest rates.

The home you fell in love with last week may never be a better buy than right now!

Call or email if you questions.  Talk to your loan officer/lender to determine the impact of the new Freddie and Fannie guidelines and then make an informed decision.

The beautiful fall foliage is appearing everywhere….letting us know that cooler weather is on the way.   

So is your real estate ready for fall?

No, I’m not talking about caulking, raking leaves and stacking wood. 

If you are selling your home or condo- are the pictures in the Multiple Listing Service (and all the web sites) reflective of the season?

In today’s real estate market in Cincinnati, West Chester and Fairfield, many homes are on the market for an extended time period. 

Pictures taken in May of your lush green grass and trees stick out like a sore thumb when buyers are shopping on the internet.

Or perhaps nobody has updated photos for a very long time.

As the seasons change, agents and sellers (FSBO’s) need to take a few moments to review pictures and update both interior or exterior pictures as needed.  Quite often a new front exterior picture is taken- but the backyard and view from windows is still showing another season.

When cruising the internet for real estate, many buyers make up their minds in a matter of a few seconds….don’t lose your the opportunity to catch their attention.

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Fall is the time of year for hayrides, mazes and wandering through pumpkin patches.

This Saturday, Fairfield is hosting Pumpkin Patch in the Park at Harbin Park.

Enjoy the afternoon’s activities…..