And the house finally closed.....

Another Suwanee home sold!! But, it wasn't without some hurdles. Now, these are not your ordinary hurdles, mind you.

The first delay was due to the lender requiring the buyer to change from an FHA loan to a conventional loan. This would require the buyer to put 20% down instead of the 3.5% required by FHA. Ok. The buyer agreed, reluctantly, but he loved the home and wanted to move forward. The first appraisal from the FHA loan came in at contract price.

But, another appraisal was required because of the different loan program. Ok. The appraisal was ordered and completed (delayed the closing another 7-10 days) and came in higher than contract price. Wow, that should make the buyer happy, right? Should really make the lender happy, right? Because now the buyer has lots of instant equity, right? Wrong! Because the value came in HIGHER than the contract price, the new HVCC "government" regulations kicked in and required to lender to send the appraisal to a field review, which is essentially a third appraisal. Time marched on, delaying the closing for a third time. Finally, the field review came back and the contract price (though lower than the appraisal price) was approved.

A couple of days after that - we closed!

All in all, the delay was about a month. A great big Thank You to both the buyer and seller. Much patience was required but we made it happen without taking anybody out. That's real estate today!  

It's the Worst of Times...It's the Best of Times

It's the worst of times (sellers). It's the best of times (buyers).

But, one thing is for sure. It will not be like this forever.

Buyers! Did you know the buyer tax credit for a potential of $8000 runs out in April? You must be under contract to purchase a home by then, and then it must close by 6/30/2010. Did you know interest rates are still at historicial lows, usually around 5%?

Sellers ask me "why should I even try to sell right now? Shouldn't I wait till Summer? Maybe the market will pick up then".

Well, let's take a look at that.

Elyce Glink, host of "Expert Real Estate Tips," an Internet video show, and many other real estate experts expect foreclosures to flood the market in the near future as interest rates adjust. Believe it or not, housing inventory  is down considerably, compared to this time last year. Why wait to be competitive with the many foreclosures expected to enter the market this year? If you have a home that has been well maintained and shows well, buyers are thirsting to see "nice homes", not just foreclosures.

And, Sellers, it's not just "first time home buyers" who may qualify for a tax credit. If you have been in your home for five of the last eight years, you may qualify for up to $6500 tax credit too. Again, the interest rates are phenomenal. Purchasing a home this time next year could quite possible be 2-3 points higher as inflation sets in, as many economic experts predict.  

With "motivated buyers" on the prowl, lower inventory for buyers to choose from, and outstanding interest rates, it looks like a perfect time to sell. It may be as good as it gets for the Seller of 2010. Don't miss this opportunity!