Interest rates down to historic lows BUY now

     Interest rates are down as low as 3.75% for qualified buyers. If you have been on the fence on whether to wait or buy now, it is time to act. Most sellers are also helping with closing costs so, that means less money out of the pockets of buyers. Inventory is high so sellers have to do more to make their homes stand out.

     The most negotiating power is with foreclosures, they made need some TLC because they have been sitting vacant for up to 2 years. The banks have usually have a website or asset manger managing properties they have never seen. It feels like dealing with OZ behind the curtain. It can take up to 3-5 days to get answer on an offer. But, you get a home with built in equity that may only need cosmetic improvements. But, a home inspection is VERY important to uncover potential dangers or deficiencies.

     If you have time to wait and lots of patience a short sale may be your answer. A short sale requires apporval from the seller and then third party approval from the lending institution that hold the note. The third party agrees to accept less than is owed because the home is under water- worth less than owed. Some listing agents are hiring a lawyer to negotiate these terms but, even with that I have waited up to nine months for answer that only came after we released contract and purchased another property. The short sales are normally as-is because the sellers cannot afford repairs but, are typically habitable because the owner still lives there.

      Even new construction or regular home sales can be a good deal because supply is so high. The closer you get to list the more you can ask for in closing costs. If you have the credit BUY now!