Top 4 thing realtors need to know for 2014

Enthusiastic buyers and sellers cannot wait to get back in the game. But realtors who can practice caution and diligence on behalf of their clients will reap rewards with closed deals expertly managed. Things to consider as buyers make offers and sellers receive offers:

Loans are still extremely difficult to get: The loan markets have not loosened up their strict requirements, even though the economy has rebounded. Even top shelf borrowers are systematically being denied loans with even 50% down. Assume nothing but expect that borrowers must have excellent credit, verifiable income and show modest spending habits. Using a good loan officer and obtaining a pre-approval letter is critical to evaluating the likelihood of your buyer getting to the closing table. Contact us for list of our recommended providers with an excellent closing track record.
Title defects are rampant: After the economic chaos consumers experienced and the subsequent foreclosure, liens, judgments, code violations and open permits affecting real property, it is rare to see clean title. Ask your title agent for a copy of the title commitment and the lien search. If there are title defects, ask for documentation confirming how they will be resolved.
Sellers are in control: The days of desperate sellers are over. This also applies to REO properties. Make your offers competitively priced and sensible for your buyer,but also for your seller. Terms can make or break a deal.
Sellers will keep escrow deposits if buyers default: Sellers no longer feel obliged to quickly return deposits and move on to the next buyer. We have seen sellers pursue litigation to keep earnest money deposits and quickly win the case when it is clear their buyer defaulted. Provide your buyer a clear list of their deadlines dates for escrow deposits, inspections and financing approval.

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