Turbulent Times In Real Estate--Or Not

HEALDSBURG OPEN HOUSES 

$895, 000. 722 University St. 4Bdrm/2Bth Wine Country Group

$799, 000. 7002 Mill Creek Rd 2 Bdrm/2 Bth + 1 Bdrm/1 Bth Century 21 Healdsburg

$1,145,000. 17594 Healdsburg Ave. 3 Bdrm/3 Bth Healdsburg Sothebys

$369,000. 214 Cedar Circle 2Bdrm/2 Bth Sweet Real Estate

$669,000. 979 Jasmine Ct. 4Bdrm/3Bth Re/Max Full Spectrum 1-3 PM

$449,000. 1711 Spur Ridge 3Bdrm/2Bth + Guest Unit Wine Country Group

$1,375, 000. 2165 Jack Pine Rd. 3/3 + Office Wine Country Group

$549,000. 631 Fitch Street 3Bdrm/1.5Bth Coldwell Banker

$499,000. 2253 Fitch Mountain Rd 2Bdrm/1.5Bth Coldwell Banker 

Real estate professionals are the people that are relied upon to know every facet of every transaction there is in real estate. The education and training to get a license is just the beginning. There are countless hours of continuing education. Endless hours of specialized seminars to pinpoint property specific issues. Lots of networking with other experts in the field. Realtors have a multitude of resources that help avoid problems in transactions and are relied upon for this expertise. 

Even with all of this knowledge and resources, many transactions in this market are like a moving target and others are not. There are a couple of rules of thumb out there. 

If you have a conventional loan and you have to short sale, you must wait three years prior to your next purchase. If it were a foreclosure you have to wait seven years. If you have an FHA loan the wait is generally three years for either event. These are rough guidelines. They are close enough to give you the information to start an informed decision.

We also have knowledge that many of the major banks will just not loan for a ten year period if you are involved in any negative events. 

This morning however at the Realtors meeting a very experienced loan officer stated that Fannie Mae and Freddie Mac are both setting the threshold for another purchase at two years for sure or maybe none. Those entities do not even know themselves today. 

Is this confusing? You better believe that it is. Realtors and loan officers are supposed to know exactly what the answers are and they work hard at staying up to date on a daily basis. Even with all that every situation has to be handled on a case by case basis. 

Case in point. One family in Sonoma County was not able to pay their mortgage for two years. They were trying to negotiate and getting nowhere. They eventually had to file bankruptcy to stall the process but moved out of the home soon after. That was two years ago and they had moved a couple of times since then. They received a property tax bill on the property and looked into it at the county. It turns out that they still have clear title to the property, it does have a lot of debt. They are now doing a short sale to liquidate the property. 

The other side of the market. There are a lot of great homes on the market and some are selling in a 60 days period at all price ranges. 

Bottom line is ask a lot of questions. Be prepared for anything and work with experienced agents that have all of the resources at their finger tips. If it seems like the rules are changing and you cannot understand why it is because the rules are changing all the time.