Yes, it is a great time to buy and I am not just saying that..... We are purchasing a condo in Ski Country...Bretton Woods. I am representing myself and our partners in the purchase. It is a short sale and it has had all the fun associated with getting a short-sale offer approved by the bank. Being a realtor, it is great to go through the buying or selling experience every once in a while to regain perspective on what your clients have to deal with during the process.
As we enter the home stretch on the road towards closing, I look back and see how easy it is to make mistakes in the process. Our major mistake in purchasing the condo is going with a lender that had never loaned on a condo in the association prior to our purchase. The result was the underwriters had to approve the condo association in its entirety prior to our purchase. The problem was not the lender, we went with a reputable lender and had a great mortgage officer; it was just their first time with this particular association. So...we have had to jump through a couple unnecessary hoops because I did not take my own advice. When you are purchasing a property, always go with lenders and insurance providers who know the area. These professionals have dealt with obstacles common with the territory, i.e., private roads, island properties, associations, resort atmosphere, etc. Our closing has been held up for a week and a half, and we had to switch programs because the underwriter did not understand the condo development in which we are buying. It was a frustration that could have been avoided, if we had only listened to our realtor...oh wait, that's me.
One side note: We have been working with Terry Penner at Peabody and Smith Realtors, who is representing the sellers. Terry has been wonderful through the transaction, if you need an agent up there, look no further.