We Tell it Like It Is

A few changes in the real estate market:

I talked to a colleague of mine from M&I Bank this morning. A really great program for home buyers is likely going to be extinct as of Oct of this year. Its called the Nehemiah Program. In a nutshell, the program allows home buyers to finance their down payment instead of having to come up with the cash. So, people who have the monthly income to afford mortgage payments but don't neccessarily have the cash for a down payment can still buy a home. Realtors and consumers have been writing to our political figures begging Congress to keep this program intact. Without it, many home buyers are out of luck and they are the ones trying to buy the cheap foreclosures and short sales right now to get them off the market. Not having the program may cause these homes to sit on the market longer and they may reduce the amount of buyers out there, which is also bad for our business! My contact at M&I said that many banks/investors/sellers are going to stop accepting offers from buyers with this program even before October. This really sucks.