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The inventory available is still not keeping up with the buyers and multiple offer situation is again becoming normal. We are not alone in this situation as some markets are much more active. My son is trying to buy a home in the DC area but it is extremely difficult to find one and when you do you better be quick. In this area of the country the average days on market is nine days. Some seller shenanigans are also taking place. The NY Times reported that even after seller has agreed to a offer verbally, they are backing out of that deal and renegotiating with other buyers. While this is good for the bank account it is still questionable ethics. This is one of the reasons I try to get each transaction in writing up front. In this same article it was reported that one seller agreed to sell his condo for $918,000 or $18,000 above list price, then backed out and sold to another buyer for $1,104,000. I can just see the law suits coming.
As Fannie Mae and Freddie Mac continue to change their rules, the challenge of getting loan approval is rather tedious. Ada has a contract pending using Everbank as the lender. Everything was good to go until one week prior to closing and at that time the lender notified us that we couldn't close because the condo association didn't have law & ordinance insurance. This insurance took place after the hurricanes Hugo and Andrew and has to do with replacement costs of the complex. Not many associations carry this coverage and there have been numerous condos sold with financing in this same complex this year which were approved by Fannie Mae. Ada is scrambling now to get this insurance on the single unit. Real Estate is not easy.
Jim Bagwell
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