Summing up 2008
I think one phrase best sums up the real estate world in 2008:
Patience is a virtue.
I have two classic examples going right now to explain what I mean by this:
1) I have a closing that was supposed to happed two weeks ago, but the bank that owns the foreclosure still hasn't completed their title work to give my buyers a clean title. Hopefully we can have it completed by mid-January.
2) I have an offer that was presented to the foreclosing bank back in mid-November. We still don't even have a counteroffer for the original offer. No response has been given.
Whether you are dealing with bank owned properties, short sales, or even regular owner occupied sales you have to be willing to "roll with the punches." Nothing seems to be happening at a normal pace these days. I have seen short sales that haven't gotten back on offers for up to six months, to financing that has been pulled out from under the buyers because homes closed a day late. It has been crazy.
One huge thing to not overlook in all of this is that homes are still selling. That is definitely a bright spot. You might have to use a little patience, but the job is getting done.
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud, MN
http://StCloudEdina.com - Home of the e-Market Analysis (free on-line home value estimator)
http://JasonTangen.EdinaRealty.com - Find open houses and times in Foley, MN
