From the Trenches

[Barbara Grassey]

I attend a couple of real estate meetings a week, one of which I host. Last night was Larry Harbolts independent meeting. Jay and I use the meetings as a barometer of the real estate market as well as the economy.

What we are hearing from most mortgage brokers is that the only source of money is FHA. I am in touch with another broker, who has been around longer who is having success with USDA loans. Most popular guy in the room? The one who stood up and said he had $2mm in private money for short sale flips.

What does this mean for people who need to sell? Your buyers, for the most part, cant get conventional financing. Larry Harbolt just completed his manual on seller financing. Jay and I are holding our Paper seminar with an emphasis on leasing. Investors are offering lease options on houses they have not been able to sell. Seller financing is the hot ticket down here.

On the marketing front, we are finding that the local newspapers are ineffective for selling and renting properties. Most of the investors agreed that internet sites such as craigslist are now the way to go.

Thats what is happening in the Tampa Bay market. What are you finding in your areas?