Wednesday, May 27, 2009

Mortgage Backlash

Well, we have great home prices, we have great interest rates, AND we have the $8,000 first-time home buyers tax credit- read below for details. This has been noted as the most affordable time to buy a home since they started tracking home sales (whoever they are.) Seems like a pretty good time to buy huh? Well it is BUT you need a whole new measure of patience thanks to the banking industry.

We are advising buyers to put close dates that are 6 to 8 weeks from date of contract to compensate for the minutia scrutiny that lenders are engaging in. Plan to disclose every tidbit of your financial, work, personal and maybe sex life (don't be surprised.) This is the other end of the "no doc" pendulum and we are as high as the back seats on the upswing of the Ship ride at the fair. It is a circus.

So buy a house NOW while the market is still good. Then call your accountant, your HR Director, your children's teachers, your therapist, and your gardner (we may need some info from him or her to) and let them know you are buying a house, and they should free up their schedules to accommodate your lenders "need to know." If you keep a realistic attitude, and come to the party prepared, you will be fine. Check out the latest list of Foreclosures above.

Keep the faith.

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