I agree, this is a very volitile part of the real estate transaction process.

I don’t think enough potential buyers are tracking the mortgage part of their transaction process close enough.

Some are going to be very surprised when they go to get a loan.

It is worth more now than we paid for it on 05. But it seems the point of this post has gotten lost in the comments.

The mortgage insurance should have done this a couple of years ago. But it is better late than never.

None of our clients have every paid more than a property was worth.

Your clients might’ve not paid more than the properties were supposed to be going for at the time, but the key word is “at the time”. Whether it was “worth” what they paid for it is an entirely different story. Even if you did your best at the time, Dave, it doesn’t mean the properties were not overpriced. I don’t question your market analysis. The price might’ve looked perfectly OK because CMA is nothing more than a bunch of other overpriced properties resulting from the avalanche of insanity.

And if let’s say somebody didn’t get good service and the contract price was higher than it should be (even for this crazy time), have you ever heard of an appraisal coming in low in ’05? Because I haven’t. People couldn’t even have inspection contigencies in many cases!

None of our clients have every paid more than a property was worth.

Today we are finding many properties on the market that were purchased at a price over market at the time. But some people just had to have an investment, other didn’t even check into it. Unfortunately, others did not have good counsel going into the transaction.

It was that period that brought about the starting of this blog to get accurate information to the public about the Tucson Real Estate Market.

How were regular people supposed to know they were overpaying? The media was marveling at the boom. Don’t recall any realtors minding it or warning about it. The appraisers were appraising everything at and above contract price. Unless people had prior experience with bubbles, how were they supposed to know?

Yeah, see… don’t feel like being one of those!

The ones that need to move to Tucson will find a lot of options.

In most cases the people needing to sell for relocation will have to price their homes aggressively for this market.

But unless they over paid when they bought or they bought in the last 18 months they should at least break even or better.

That’s what I’ve been afraid of all along… It’s not that we’re so “special”… just the process is delayed here.