What Experience Do We Have With This Market?
8.26.08
Just So You Know a little more about us
We took the precaution to look into the loan options available for our clients. Sellers were doing well during the up swing market that suddenly changed into this terrible situation.
We made sure that they had 30 yr fixed mortgages or if one of our lenders suggested an arm, which occurred to only one of our clients.
We made sure that they were longer arms such as 5/1 to give the owner more time to refinance and get a better rate. It is the Realtor(s)® responsibility to make sure that their client gets the best deal for a purchase.
We give our clients trusted mortgage lenders to make a selection. It still is a bad feeling to see that someone purchased a home for $419,000 and today that home is only worth $199,000.
*We are doing BPO’s meaning Broker Price Opinions and have done so for 9 months and what an eye opener experience this is! This is when a bank or mortgage lender is making a decision as to the selling price for Short Sales (Sellers that are trying to sell their home before foreclosure) or the institution now has foreclosed on the property and wants a Broker or Realtor® to give their educated opinion on the property. We take exterior pictures of the property. We then search MLS to find homes that are similar in number of rooms, year built and make a comparison of these properties to the property in question. There are times when we do interior BPO’s, we find that some of the homes are in great condition and others have been trashed.
We have seen places where the refrigerator, microwave, stove, sinks, etc were taken out or ripped out from their places.This then gives us more information on the current market, area and provide a service to our clients that would never put their home in jeopardy.
Posted by Just Ask Madeline at 12/22/2011 8:53 PM 
Categories: About Us, Housing Market
Tags: realtors
Categories: About Us, Housing Market
Tags: realtors
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