Editor's Note: This is the first in a series of guest blog posts from members of the RealtyTrac Agent Network. The agents will be sharing their insights about what is happening on the ground in their local housing market, particularly as it relates to foreclosures. Your comments, questions and feedback are welcome.

Gloria Tate
Raso Realty, Inc.

I work with buyers in my area; new jargon and issues are making buying a home more difficult than ever before. It is great to see prices drop.  The opportunity to own a home at affordable prices has never been greater, but getting to the closing table is so much more difficult. Many of the best deals in our area are bank-owned properties. The homes sit for a very long time and the property continues to fall into disrepair. In our city, the bank has taken the property back but they may not have paid all the liens from our code enforcement and generally speaking that does not come up until the final title search is done, so a delay is normal.

Many lenders are working with major law firms on the east coast. This presents a whole new challenge, they use mobile closers who rarely have time to speak with you, and all the fees they charge are usually higher than if you close with a local title company. In my most recent transaction I had a law firm, a title company for the law firm, and a title company on this coast for the title company in Miami. The buyer pays a $185.00 fee for a mobile closer that must be used as per the law firm. I am sure there are many people benefiting from this procedure, but it is the buyer who loses some of the joy of purchasing a home and working with local people in the community.

Multiple offers are not new, but have taken on a new meaning in this market. The lender prices the property below market to create a bidding war and then makes a call for the highest and best bid. It is like being at an auction, but you don’t see any of the competition and you have no idea if you are bidding against the listing agent and or listing office, or how high you should bid. We also have bank-owned properties in our MLS that you may only purchase through an online auction although they are in the MLS. Commissions are lowered, and I am okay with that, but I feel like I have a much more difficult time walking my buyer through the process when the listing agent is in another part of the state.

Bulk Sales in developments are almost becoming the normal procedure to really find a great deal. The largest problem I have found with these is that a group of investors close on the properties in bulk, and then they offer the homes at a greatly reduced price; however, they are not able to be financed through FHA because of the investor/flip rule. Buyers are really the big winners in this market, but the key to a successful closing is truly in the hands of the agent representing that buyer.

These are just a few of the issues in my market. Please let me know if you have any questions or comments.

Contact Gloria or post comments below.