A reality check for tax credit-panicked buyers

Mood of the Market

For years, I taught my clients about the same old real estate freak-outs and how to manage them. Time to write an offer? That’s a freak-out moment for many. Get a contract accepted?

The buyer’s freaking out about having paid too much, while the seller’s sitting at home having the reverse freak-out that maybe they took too little. Contingency removal time? There’s another freak-out. The normal stuff — all to be expected.

Over the last two years, though, we’ve seen new freak-out after new freak-out — panicky breath-holding over whether a loan will get signed off, whether an appraisal will come in at the purchase price, or whether a burdensome loan will be modified or foreclosed on.