Today’s market is very challenging and unique. Getting qualified is hard because the mortgage industry is still recovering from some bad decisions in the past. Making an offer is even harder now that it’s a seller’s market. To place a recent offer, the buyer I represented had to qualify with the seller’s chosen lender, use their title company, and the signatures had to be in person? Are you kidding me? Not really.
You see, this is an extreme seller’s market, I put an offer in on another property, they had 29 offers already! Twenty nine! Even odds, we had about a 3% chance of winning, but offers are never even odds.
Of course getting an accepted offer isn’t the only challenge, there is the closing, used to be that you had the buyer, seller, their agents and title. And one mortgage agent. Well not anymore, there are more players involved to satisfy a laundry list of requirements from underwriting, who is once again trying to protect a mortgage industry that is still trying to recover from the last lending disaster. My contact list for a transaction is now two pages long, and trying to keep everyone happy is very complex.
If you are thinking of selling, now is a great time to do it, you would be treated like royalty. If you want to buyer, be prepared to be treated like third class passengers during the sinking of the titanic, its a wild ride, but like at the amusement park, it will be over soon enough and we’ll all hope on a new one right at this one.