I went to an interesting roundtable discussion in a Nashville TN bank today. It was called "Financing...What Goes On Behind the Curtain". We had a lender and an underwriter at the roundtable, and the realtors were grilling them about 'why deals don't get out of underwriting when they're supposed to' and 'what are some specific things we should discuss with buyers upfront to keep bad things from happening later'? Of course every situation is specific to the individual buyer and their income/credit/credit history...we finally came up with a couple of tidbits to feed out clients to make sure they are "PREPARED" for this ordeal of being examined by the lender. It may not be as invasive as a colonoscopy, but most buyer would probably rather have one, than having to go through the lending obstacle course. The underwriter told us that the reason that this process has become so invasive and unpleasant is that are looking for FRAUD...and the basically the buyer client is guilty until the underwriter can prove that the buyer is NOT committing fraud. She (the underwriter) also said that the investors buying the loan are looking for any little reason NOT to buy this loan...so DOCUMENTATION is the key to the process moving smoothly. She said that we need to prepare our buyers to be ready (and get ready) to send all the paperwork they ask for immediately...no delays. She also said another common red flad for underwriting is moving money around in accounts. She recommends that buyers don't move ANY money from or to any other account for up to 90 days before applying for the loan. Don't move/deposit/sell assets without making sure that the lender is notified beforehand, and document EVERYTHING!!!

I don't know what all of you think about these problems us realtors have been having with closing loans, but I came aways from the meeting knowing a little more about what that underwriters job is, and the challenges they face. We all wished (lenders/realtors) that there could be a little more communication to the parties involved in the transaction, but privacy laws don't allow it...and we all agreed that is the biggest problem in the whole ordeal...we don't know what to tell our sellers (who are waiting for that loan to close).

We didn't solve that problem today....we're gonna tackle that one right after we figure out how to establish peace throughout the world!

THIS Spring Is a GREAT Time to Buy!

This is a Topsy Turvy economic time, but Spring has historically brought buyers to the market, and this year is no different...just like the early spring flowers, buyers are starting to peek out to ‘check out the market'.

In Nashville there is an abundance of inventory homes for sale with reduced prices/foreclosures/short sales/bank sales/builder incentives on new construction...you get the picture. This makes it a wonderful time for buyers to get out and investigate the options.

The low interest rates coupled with new 1^st time Homebuyer Tax credits and the ultra-high number of properties to choose from, make it an AMAZING time to buy property in Nashville...whether it be your 1^st home, a primary residence or an investment property. The national news has made sellers think that they need to ‘play nice' with any offer that might come their way, so you've got the sellers attention when you walk through the front door. It is wise to remember that not EVERY neighborhood is a bargain neighborhood...some neighborhoods have held their value and even gained value...even in this depressed market, but there are many bargains to be had if you play your cards correctly.

I don't think even one so called expert can tell you what is going to happen with the housing market...GOING UP...GOING DOWN...it would only be a guess. In my opinion, you should only buy a house if you have been making plans to do so. Don't buy a house to ‘turn a profit'...those days of double digit appreciation are gone...maybe forever! Buy a home in the same way your parents did...because the neighborhood was a good place to raise kids; because it is a better choice than renting; because you are going to be settled in a particular place for at least 5 years. Do your homework and use common sense. Make sure you have saved up the 3.5 % (or more) of your target purchase price, and that you have your financial house in order...that means to check your credit, and talk to a lender to get pre-approved for a ‘certain range' of property and stick to it! Pick out a couple of neighborhoods that meet your family's needs, and don't buy more than you can afford.

Find yourself a reputable Buyers Representative (ABR) who is familiar with the local market in your area of interest. Use your agent as a point person to negotiate to help you get the best possible deal on the property you are interested in. Remember to buy low now....so you can sell higher at a later date. The market will turn...it always does, and if you use good sense and economic principles to buy a home now, you will be a smart consumer....not a statistic you hear about on the nightly news!

I felt inspired to pen a little blog today about this great country. In TN, Nashville...or Bellevue area to be more specific we have an early voting period before the Nov 4th Election that started TODAY. I drove to the nearest voting station, parked my car, and entered the Bellevue Community Center. I went to the desk and showed my ID and VOTED. It took all of 20 minutes...tops. This sounds pretty boring...and yes it it is...BUT IT REALLY ISN'T A TRIVIAL PURSUIT! I drove through peaceful streeets to get to the station. I didn't have to pass any armed men with machine guns, I wasn't hassled or threatened by anyone to change my vote, and my vote is counted honestly. What an honor and privilege it is to be able to participate in this system...no matter for whom you vote. Does eveyone realize how difficult and dangerous it sometimes is to express the will of the people in some places in this world??? I think we all have a duty to this country to participate, because it is so easy to do so. Why would one not take the time? The people of Iraq showed up for their election under fear of death, not to mention that they probably had to walk for miles and stand in line for hours to express their opinion. I FIRMLY BELIEVE that if you don't take the time to vote, then you don't have a right to complain that things are't going like you want them to. I live in a FREE country, and I thank God for that gift every single day of my life. We take all of the wonderful things this country stands for for granted. We are all so very blessed...even in the worst of times...which don't happen very often. Tough times build character...ask the Greatest Generation...they can tell you a lot about that.

The news on TV might be bad, but the American dream is not dead...not by a long shot. I think the bigger question is...do Americans still have what it takes to live the American dream???