The Sky is Falling!
All around us businesses are failing. With the shocking federal government take-over of IndyMac and reports of instability at Freddie Mac and Fannie Mae, it's easy to see how buyers, sellers and homeowners are nervous and unsure.
Still, the real estate market hasn't stopped. People are buying and selling homes and are relocating to new areas. How does a buyer or seller know what to do?
1. Get the help of a full-time, knowledgeable Realtor. Many people gravitate to discount brokerages. I can't blame them: the perception of saving money always seems like a good idea. But like many other businesses, we're seeing some discount brokerages shutting their doors, leaving buyers and sellers stranded. Most recently we've heard that the discount brokerage Iggy's House is having problems and buyers and sellers can't contact them to find out what to do. The Iggy's House website is down, directing clients to email them. By trying to save a bit of money, you may cost yourself in lost time, expertise, and the ability to successfully wade through this ever-changing market.
2. Get the help of a full-time, knowledgeable Loan Officer. With daily changes in the loan market, you'll need the help of someone who keeps up with the rapid changes. If you have a family member who does loans on the side, or an unknown internet lender, you can't be sure that they know and understand the current loan guidelines and standards.
Armed with these two important resources a buyer or seller can be confident during this challenging time.