Timing is EVERYTHING

In the life of a Real Estate Agent are the ups and downs of closings. Wow - real pressure cookers! With the mortgage market the way it is (standards are tighter, requirements are tougher etc) getting to closing is more stressful than ever.

So, the last thing we need is anything else to worry about! But in our world, we have had an issue that is worth talking about again - preclosing credit checks.

Buyers get very very excited as they approach the purchase of their home and many times they want all kinds of fun new things to put in it. In their zeal to get moved in as soon as possible, they will go shopping for furniture, for draperies, for a new lawn mower, etc. And so many places offer them "# days same as cash" - offers that are really good deals.

But Don't Do It, Buyers!

Its not a new thing, this preclosing credit check. Its been done forever. But now it can totally shut down a closing - even after the papers are signed but before the transaction is funded. Lenders will run a credit check at the last minute and if there is new credit activity - even inquiries, lenders will pull the financing.

So the best advise is to wait. Wait until you are closed, the papers are signed, the money has been distributed and the keys are in your hands. Then shop. Shop til you drop! Stimulate the economy and make your new home as beautiful as you can!

We Could All Use Some Good News

Its hard to find good news that isn't offset by bad news when we are talking about the housing market. Depending on who is offering information or where property is located, you could get both sides of the coin in the same day.

Recession information, however, is defined by specific data points that are what they are. If certain financial indicators are down for a specific length of time, you have a recession. Turn some of those around, and you don't.

So when Ben Bernanke says the Recession is Over - then the Recession is Over.

Its important to point out that doesn't mean housing values are about to skyrocket. Its unlikely we'll see the kind of annualized double digit appreciation we saw earlier this decade (and I say good!) but there are increases in showing in home equity and the drops in values have slowed so this is, in my opinion, the end of the bottom.