Happy 4th of July! Hard to believe it is July already. What an interesting year, so far, in real estate.
I would have thought that 2008, would have been much busier than 2007. Last year was a great year for me, believe it or not! While everyone was singing the blues, my real estate partner, Wanda, and I had an awesome year. We were very positive about the market (while others were speaking negative, which is another topic, so I won’t get started about what you speak) and still are.
Year-to-date, we sold more in 2007 than this year. Investors are coming back, though, which is great news. We just had a closing where a buyer bought 2 condos that we had listed. He purchased strictly as an investment. Prices have softened since last year, making Gulf front condos a great buy. I thought 2007 showed some incredible buys…nothing like 2008! It is an awesome time to buy. Interest rates are still low and so are prices!
Which brings me to a question…why would a buyer want to use an out of town lender?
I can’t tell you how many problems this causes. 99% of the time, the out of town lender can not get the deal done. My area is just different. We are a vacation destination. There are condos that are considered condotel’s vs. condos. If your lender is not familar with these differences in the condo buildings, it will make it very difficult to get financed. Lending laws have tightened enough, no need to give yourself additional stress.
Using an out of town lender is like using a Realtor to purchase property in another country. It’s 2 different worlds. (Please note I am referring to my area as I can’t speak for other parts of the USA.) What ever area you are thinking about investing in, use a local lender and a knowledgeable Realtor. Your Realtor should be able to refer you to 2-3 lenders they use. I know I have several referrals for different things, lenders, inspectors, handymen, etc.
For more information about my area, check out my website.
Energy Flows Where Attention Goes