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Riding the real estate roller-coaster

Realtor Notebook

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Just when I thought the worst was over ... things got worse. Our local market started to tank in late 2006. I have worked through waves of foreclosures and short sales and survived. Business has picked up; I have more listings; and those listings are getting offers. Sadly, I don't have as many closings as I would like. It looks like the worst isn't really over, it just changed a little. Two of the homes that I recently sold are back on the market this week. Even though the buyers think the homes are excellent values and the sellers accepted offers, the sales fell through because the homes did not appraise for as much as the buyers needed to borrow. The buyers lack the cash to make up the difference, but the sellers are confident that another buyer will make an offer and that it will work out. Two of my listings are in a building where FHA will not back a loan and buyers would have to come up with at least 40 percent down or maybe more to secure a conventional loan. The for-...