Ron Tardif

Money is still available. The rules have changed for the better, the loans are a higher quality. Credit scores are critical because they affect your interest rate. It was that the interest rates are 6% for a 30 fixed blah blah blah and now main stream credit scores may be 6% but the lower your credit score the higher the interest rate. FHA has some programs for you that could even be 100% financing and if you are a vet then a VA loan could be a great choice. Something else you need to be aware of is if the apprasial comes back and it is noted that the home is in a declining market some loans will require an additional 5% downpayment. So if you wanted to apply for a 95% financing loan and the home is in a declining market you may need to put an additional 5% down.

Bottom line is money is available and requirements have changed for everybody's benefit. Good luck with your purchase because there are some GREAT buys out there. - Thu May 8 2008, 19:16

In my area no web site can keep up with the sales of bank owned properties. I have had to stand outside and wait for other agents and their clients to tour the house. About 35% of the listings my clients want to see are off the market, taking multiple offers or only taking back up offers on a property.

A new trend in my area is that agents are stating in the description that they are waiting for approval of a satisfactory offer or only taking backup offers and this helps improve my productivity in the market and keep my clients happy by not wasting time. - Thu May 8 2008, 19:03

Yes, realtors do earn a commission on bank sales and however you don't always know what you will get. More and more listings are stating that the listing broker and the selling broker will split 50/50 the offered commission.

I would caution my buyers on short sales because there are too many entities involved in the sale. Seller, holder of the first trust and the holder of any second trust and all must agree.

Bank sales are cleaner because your dealing with the bank holding the first trust. I have seen a response in 24 hours and worst case 8 weeks and its not over till its over. Banks approved the offer not ratify a contract meaning that until settlement your offer can be thrown out for a better one.

Hope that helps. - Thu May 8 2008, 18:55

Folks,

Representing buyers or sellers we spend a lot of money training on continued education required by law as well as new trends in real estate. We need to be ready to represent our clients in any situation whether it be with a seller, seller's agent, a bank or a Forsale by Owner.

There are still places (New England) where the seller's agent shows the listing to the potential buyer and their agent. It is odd because everyone is so careful about what they say.

As a buyer and seller agent I market seller's homes and I sell homes to buyers.

Someone mentioned the level of work involved in real estate and I couldn't agree more. What a surprise but I wouldn't give it up. - Thu May 8 2008, 18:41

It is very differcult to sell on your own because your home will not show in the MLS as available. The market we had three years ago you could put a sign in front of the house and hope for the best. Today there are so many outlets to advertise. A realtor can help speed up the sale and get you to the price you need to be at to sell. - Thu May 8 2008, 13:06