September was a tough month for the real estate market in Rockland County, NY. The #1 question people keep asking me: "Is this the bottom of the market?"

I can't answer that question, but I do know this: Life doesn't stop for a slow economy. People always need to buy and sell houses for all kids of reasons; new baby, relocation, retirement.

We have lived through tough times in the housing market in the not too distant past; the oil crisis of the 1970s, the Savings and Loan debacle in the 1980s, and 18 percent interest rates in the early 1990s. Thankfully, our economy has roared back after each struggle.

Today, in Rockland County, NY, our biggest obstacle is the tight credit market. Some buyers have been shut out of the housing market because of a challenge to their credit or inclome, like a low FICO score due to a short credit history or a self-emplyed person whose business is cash based.

During the tough times or the past, creative financing solutions surfaced to help people buy and sell homes. In this decade, not many deals in Rockland County needed creative financing, as credit was easy to come by. During the next few months, creative financing soutions will resurface.

Everyone entering into a creatively financed deal -- buyer, seller and lender -- as a different idea of what's important. The agent's job is to listen to everyone's needs, and to suggest a win-win solution. Solutions could come in the form of concessions from any or all three involved parties, and include options like borrowing against assets to come up with extra cash, seller-financed seconds and lender buy-downs, to name a few.

Any solution needs to be legal, agreed upon by all parties, and properly discolosed in writing. A tax advisor and attorney must be consulted before entering into any creative fainancing agreement.

There are dozens of different ways a deal can be structured. If you are thinking of buying or selling home, I'd be happy to discuss some of the options available, and help you find a qualified mortgage professional and an attorney to make sure all facets of the deal work for you.

It is harder to get financing in this market. Everyone involved in putting together a real estate deal will have to do more to make it happen. That extra work, though, could be the difference between buying a new home, selling a current home, or sitting on the sidelines.

jennifer mallory | associate broker  |  "real integrity in real estate"
keller williams hudson valley realty | 18 laurel rd, new city ny 10956  
845.639.0300 x.119 |  845.323.6247 mobile  |  www.jennifermallory.com