Fannie Mae and Freddie Mac just announced that they are putting a hold on foreclosures from November 26, 2008 through January 9, 2009. This affects only those loans insured by these two companies and those loan holders who have mortgages that may be able to be resolved in ways other than a foreclosure will be contacted by the bank or an attorney for Fannie/Freddie. This should begin happening around 12/15/08.

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One thing that people often forget or don’t know to ask about is a Realtor’s education. While all agents must take the same classes to become licensed, they are also required to take ongoing education. In Arizona, an agent must take 24 hours of Continuing Education Credit every 24 months to remain licensed. Some agents take courses on an ongoing basis while others cram it all in at the end right before they renew their licenses.

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Part of our job as agents is to inform our clients about the legal ramifications of certain courses of action. Real estate can be a very tricky transaction legally, which is one of the reasons that people often choose to hire representation.

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Purchasing a home is likely one of the biggest investments you will make and if the Agent is loyal to someone else, it could cost you thousands of dollars. To me, loyalty in the Agent/Client relationship means that I will work for my Client’s best interest in the relationship, even ahead of my own interests.

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If I calculate only using Sold listings versus Active Listings, we have an 8.6 month supply still active. I believe that number is more accurate and really reflects what sellers are experiencing out there right now.

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