Real Estate

Straight from the agent: Our real estate roundtable for 2014

Mattituck (Credit: Grant Parpan)
Mattituck (Credit: Grant Parpan)

How is the lending market?  Do you find your sellers are more inclined to take a lower price if the buyer has more solid financials?

Sherry Winter Clarry, The Corcoran Group, Southold: Cash is always king. That being said, people are taking advantage of the still withstanding low interest rates. Sellers will always prefer cash, or a non contingent offer, however, with 20 percent down or more, most feel comfortable.

John Bagshaw, Bagshaw Real Estate, Riverhead: The lending institutions are not giving money away. Buyers need to have good-to-excellent credit, a down payment and job security with income that will support the loan. If a seller has multiple offers on their property, they will choose the financially stronger buyer.

Thomas: Most of the loans are going through. The biggest challenge is the appraisal. Realtors and sellers hold their breath until the appraisal report is favorable.  The down payment terms are very important and the more money down, the better the chances are for the buyer to obtain the mortgage. I always explain this to the sellers who are always tempted to take a higher offer. In the end, it is their decision, but I will coach them to take the safer route with the higher down payment.

Israel: We are seeing a lot more buyers that are pre-approved for mortgages making it easier for them to compete with cash buyers.