Sue Coulter

We have been reading about all the reforms in mortgages and lending to remedy some of the previous problems in this business. Some of these are probably much needed. One that does concern me the most is appraisers appraising property from outside the area and outside their areas of expertise. Although my realtor's license allows me to sell and list property anywhere in the State of MN, my knowledge and expertise in real estate is excellent in my local area. How can appraisers, and realtors, be competent in areas other than their areas of expertise? A house is not a house is not a house just because it has similar size, quality, location, etc. Some locations command better pricing. Especially in the lakeshore market, there are numerous variables that factor in pricing. Even location on the lake is one.

Just about every buyer, looks through their HUD before closing and all the expenses to close on a property. Invariably, the cost of title insurance is questioned. I have never sold a property to a buyer without title insurance but it has been questioned many times. This past week as the paperwork was being finished for a closing10 days away, it was discovered that the title insurance company at closing put the property into tenants in common, not joint tenants as the husband and wife had directed. The husband died about one year ago. Now, it seemed that the way to get this resolved was going through probate. However, we did get ahold of the title insurance co., (closing company that made the error had since been bought out.) The title company is paying to resolve this problem and we are going to be able to close very near the scheduled time. Thank you title company!! Now my widow client can get this property off her plate and move on with her life.

Will the latest interest rate drop by the Feds translate into getting buyers off the fence? We know that the public will have some optimism with a new President being elected in a week. Just a change in direction and leadership, whatever that is, should help in the public attitude. Will these two factors be significant to potential buyers?

In the continuing sage of short sales, my short sale from hell has once again been extended. At least there is now some response from Saxon Mortgage and someone is actually talking with the listing agent and giving us numbers of days. Will this be the last extension? There certainly should be some kind of end in sight with this property since someone will eventually buy it. It has just drawn on and on and on and on. So, I'm hoping but will believe it is the last when the deal closes and I get paid for the many, many hours that I've spent on this transaction.

In reviewing the real estate market this past year, there have been plentiful listings on the Whitefish Chain and other lakes in the area. Currently, there are 151 listings on the Whitefish Chain of Lakes with 41 sales year to date. During 2007, there was a total of 73 sales. Although this year is not yet complete, it appears there is a good percentage number less than previously. At this current rate of absorption, there is approximately a four year supply of properties available for sale. This situation makes it an exceptional time to buy on this premiere chain of lakes. Some sellers need to move on and make a move for a number of reasons. My prediction is in about a year, buyers will be kicking themselves for not taking advantage of the current inventory. There have been times in the past years that properties were purchased sight unseen. Even though those market conditions were unrealistic, the demand and value of these properties will improve in the not to distant future. There are opportunities for all in this current real estate market.