If you've purchased and/or sold a home in the past, you may think you understand the whole process, but chances are, you don't.
Everything has changed, here in Upstate NY and across the country.
After the mortgage crisis, both lenders and lawmakers got busy trying to take steps to prevent the same thing from happening again. As you no doubt know, fingers were pointing in every direction, trying to lay the blame somewhere.
That's when lenders stopped being able to call in trusted appraisers who knew their neighborhoods – and instead had to settle for whoever a 3rd party decided to assign. The resulting appraisals have often been a nightmare for buyers, sellers, and their agents. As an example, I recently had an appraiser not able to find the well head in order to measure the distance to the septic. I pointed out that she had taken a picture of it and included it in her report!?! She is a city appraiser but was sent out to do a rural property appraisal, obviously missing the skills needed to perform in that environment.
Good faith estimates changed, got new names, and became incomprehensible to many. Some lenders used the new forms, plus their old forms, so borrowers could understand the numbers. Then they changed again, and more regulations were added.
Lending standards tightened up so severely for a little while that some feared only the very wealthy would ever be able to purchase a home again. Fortunately, the standards have eased up a bit and mortgages with low down payments are once again available.
Since those first changes, things have changed again and again, so lenders have to stay on their toes to keep up with regulations and lending guidelines.
In addition, the way homes are marketed and the way buyers find homes has been influenced more and more by the Internet.
It's become ever more important for a home to be represented on the Internet with quality photographs, and plenty of them. And in spite of that, it's more difficult for buyers to find the home they want on line, simply because so much of the information is inaccurate. Also to choose a company like Coldwell Banker Prime Properties who understands technology and is always evolving to put meet and exceed our clients and customers’ needs
Both homes listed with agents and For Sale by Owner homes are syndicated to dozens of websites where buyers go to search – and that information isn't always kept up-to-date.
A searcher might find the same house listed by 2 agents at different prices – because old listings are still there from years ago. They might also find a home that seems to suit them perfectly, only to learn that it was sold a year ago.
The result: It's more important than ever to have a reliable lender and a Realtor who not only works hard on your behalf, but stays current with the pricing and inventory in your area.
When you're ready to buy or sell here in Greene, Albany or Schoharie Counties, call me. In addition to putting all my resources and knowledge to work in helping you find a home or sell your home, I can refer you to the best lenders in our area.
Maryah Mac Donald