The real deal on real estate from the mortgage brokers point of view. With this column we send a big thank you to Kris Vanderslice of Manhattan Mortgage Company. She picked up the gauntlet and responds to last week's real estate broker's take on the current market.

The good news: Real estate market may fluctuate, but people will always need a place to live. They get married, they get divorced, they decide to trade up or trade down, they settle their estates...and the market usually doesn't keep them from moving from one life passage to the next.

Need for brokers: As professional brokers (both real estate and mortgage), we know this is a "high-touch" business. Knowledge and savvy are key but it also comes down to ("old fashioned") showing up, calling back, face-to-face contact and having the internal and external confidence to say, "I can help guide you through this process. It is all about personal assurances based on reality backed up with professional service.

Recent banking changes, how to handle: In the past weeks, many banks have changed - and continue to change - their lending guidelines, often resulting in mid-transaction changes to borrowers' options (particularly for the high loan-to-value and exotic mortgage options). It's crucial that you provide your mortgage professional a true and complete financial snapshot up front - lock in your rate - to ensure that your mortgage money will be joining you at the closing table.

Mortgage Broker or Mortgage Banker? There are many reputable mortgage professionals in the marketplace. When it comes to choosing between a mortgage broker and a mortgage banker, the mortgage broker seems to be coming out ahead.

Why Mortgage Brokers? Mortgage brokers have the flexibility to access all of the major banks - including the smaller niche and regional lenders who are not adversely affected by the current market changes. A mortgage broker can often obtain more competitive pricing and loan scenarios from many of the smaller portfolio lenders!

Important to note: Mortgage brokers are better-equipped to work with appraisers and attorneys who understand the local East End market - and are able to provide an accurate description of the property and related legal aspects. Keep in mind that many banks rely solely on AVMs (Automated Valuations) that are based on national data; this tends to skew Hamptons property values lower - with little recourse for debate within the banks.

(The strong relationship between a real estate broker and the appraiser is also important. Real estate brokers are privy to local property sales that can support values not yet recorded in the county.)

Across-the-Board Advice from Kris Vanderslice of Manhattan Mortgage Company

All: Have pre-qualifications or pre-approvals. Get them updated and revised. They should be dated no earlier than mid-August. If you are planning on a mortgage transaction, watch your credit! No new large transactions and make sure you are getting your payments in on-time.

Sellers: Consider reasonable offers. Don't let the past cloud your judgment about the present. Past sales and "My Neighbor Got…" no longer apply. A real estate broker is a necessity in this market - they have a pulse on the changing landscape and can educate you about the true local conditions.

Buyers: Don't confuse a buying opportunity with the right to bottom-feed with offers. People are not immediately "dumping" their homes. Will there be deals? I'm sure but keep your offers and expectations in check. SHOW UP PREPARED. Get your financing "ducks in a row" by spending time with a mortgage professional who gives you solid, honest advice - not just the lowest rate - or you may truly get what you pay for and be stranded at the table.

Re-Financers: Money is still available, but your home can no longer be your ATM. Call around and look for the professional who gives you time and advice along with a "this is my rate today" reply. Shop for more than the rate…if you are a well qualified borrower then you will get the best rates. If you have a more individual scenario, then the worst thing you can do is respond only to rate.

Realtors: The mortgage professionals are your friends and allies in the industry. We are working to help close the deals so that we ALL win. Be willing to talk and meet with these professionals-you have clients with different personalities and we appeal to many different personalities. Fill your toolbox with an arsenal of qualified professionals that can cater and appeal to a wide range of clients and you will come out ahead.

Mortgage Bankers/Brokers: Play nice, call people back, tell the truth, and guide your clients to make wise choices that benefit THEM…not only your commission. Work to create mortgage solutions that complement our clients overall financial strategies and allow THEM to effectively accomplish their short-term and long-term goals.

Finally, go check out the beach, toast a friend, hug your family, walk your pets, and give back to the community. Remind yourself why we work in this paradise…you just might meet your next client along the way!

East End real estate? A tough, complicated and strange business.