“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Michele Bellisari

First Time Home Buyer Update

Phew...what a ride the first half of 2008 has been! Keeping up with the lenders, the short sales, and now REO's. I have to say, my least favorite deal is the short sale and not because of what you think. I have had buyers for short sales and the worst part of the transaction has been...you may have guessed it...the listing agent on the other side.

In one case the agent was so incompetent that I received permission to negotiate the loan for the seller...so that my buyer could get their dream house! And the second attempt at closing the deal resulted in a phone call to this agents broker. The deal finally got done!

The second short sale nightmare was with an agent that was part of the transaction and did not disclose. It was a short sale, but she was doing a short sale to the bank and flipping it. The buyers lender has reported her to FREC as when the closing wire came in, it came directly from her. Lovely!

I am all about REO's these days...I love them! They close quick, the seller will pay closing costs, and the property is typically in decent shape if it is a larger lender that has rehabbed the property.

CNBC today was noting that 2009 should be a better year...especially towards the end of the year and 2010. I think that is about right. Slow and steady, dodging and weaving, going with the flow, finding new streams of real estate income...that is the name of the game.

My niche in my rich town is the first time home buyer!!! They are the best...thankful, grateful, positive, excited, respectful, delighted, happy, thrilled and tickled pink to be buying a home. Hey...I am up front with my buyers...your home may lose money for a couple of years...that is reality...but that is the real estate market. Long term...you should be A-OKAY!

Fear...you cannot let fear hold you back from buying...and as Realtors, we cannot listen to the negative all the time. Find that silver lining and make it into your own silver signature. Find your niche, work it, make sure everyone knows you are making money in this market...be the squeaky wheel...talk to everybody...try to go back to basics and have some fun again!!!