The bottom of the market looks like the bottom of the market. Credit terms are tough, underwriting is tough, appraisals are tough and nobody offers the benefit of the doubt. The properties being sold aren’t usually in the best shape and the transactions sometimes get complicated, depending on what’s happening on the seller’s side.
The agents on this board frequently comment that the primo properties you might have the most interest in aren’t among the ones that are listed in a bottomed out market. I dunno that I exactly agree with that but I don’t entirely disagree either.
I cannot emphasize enough how difficult the credit terms are in a down market. Don’t expect the bargain basement interest rates.