Buying a new home has always been a fun and yet stressful process. The recent downturn in the market and increase of inventory have provided many opportunities for buyers to find their dream property. Unfortunately, many buyers now face new hurdles. Patricia (Patti) Lima, a realtor with Century 21 Commonwealth believes many buyers can find their dream property “but they often have to be patient and resilient. Sometimes, the property might be a ‘short-sale property’, one being sold for less than the money the seller owes their lender. Those transactions are like a roller coaster. Things can move fast, slow, fast slow, fast. The buyer must have the fortitude to go for the ride. Buyers must have a good realtor to assure their offer is appropriate in the current market, and that the property will appraise for the purchase price or more. Finally, a good loan officer is essential. Available loan programs are changing every day. It’s important to have someone that’s competent discussing appropriate and available programs, in addition to rates.”
Marco Scioletti, Senior Loan Officer for Loansnap.com agrees, that while opportunities abound in the market, “the right loan program for the buyer must be carefully selected. Programs which existed yesterday may not be available today. Popular programs that still exist, like no-document mortgage loans, now have higher rates and require more equity in the property. The guidance of a loan officer experienced in this market is essential.”
Considering the purchase of a new home is the biggest investment one will make, I have to agree with Patti and Marco. Professional advise and guidance in each step of the real estate purchase process is essential to avoid traps for the unwary and a major loss of investment.