Real Estate

More difficult times ahead for borrowers

By From page HS3 | February 07, 2014

The average homebuyer has encountered countless obstacles while attempting to buy a home over the last few years. Back in 2009 and 2010, when nearly half the listings were short sales or bank REOs, getting an offer accepted was nearly impossible. Banks had no idea how to cope with their huge number of bad loans. Getting a response to an offer could take months. Finally, after two years of confusion, the banks got their act together. Their response time to an offer was better but the appraisals were so low, buyers had problems and delays with their financing. By 2011 appraisers finally started noticing property values were increasing but by that time, homebuyers were facing another problem — investors. Once a buyer found a home, it was either sold before they could put in an offer or there were multiple offers. Between the summer of 2011 and summer of 2013, it was nearly impossible to find a nice, affordable home without competing with investors, all cash buyers and multiple offers.

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Ken Calhoon

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