<p> Clients need the hard facts about the mortgage market</p><p>The current upheaval in the market has given rise to significant opportunities to help your clients make informed decisions. Tom Sherman, President of Mortgage Services Unlimited in Dallas, emphasizes the importance of educating clients.</p><p>For your sellers, the following points are key: </p><p> Home values will stay stagnant or potentially decrease.  Qualified borrowers are looking for deals.  Fewer borrowers are qualifying for home loans.  Rising foreclosures tend to negatively affect home values.  Increased “days on the market” (DOMs) increases the likelihood that buyers will aggressively negotiate prices down.  Continued stress in the financial markets will affect consumer confidence.  Loans may take longer to close.  Appraisals are becoming more difficult to obtain.  Properties should be funded before contract contingencies are removed. </p><p>It’s critical to encourage sellers to price homes to sell -- and sell quickly -- decreasing the need for price reductions.</p><p>Sherman notes that buyers also need to be armed with specific tips on how to navigate most effectively in the current market:</p><p> Make decisions to buy sooner than later — loan guidelines are changing so quickly that an approval today may not be an approval in the future.  Diligently protect your credit.  Make sure that lenders are placing loans with financial institutions that can close on them.  If someone is saying that something that is too good to be true, it probably is!  A down payment on a property not only strengthens the case — it may be a necessity in the very near future.  Fly-by-night lenders will say anything to get the deal. Verify anything being offered through a reputable lender.  Rate locks and product locks can be subject to change when a market is shifting.  Loans take much longer to close in the current market.  Pre-approval is critical. </p><p>This uncertain market provides a huge and unique opportunity for skilled agents to educate clients, gain their confidence and loyalty and build lasting relationships. return to headlines</p>