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Oh my!
I just posted a blog last week regarding the highs of real estate, but today I am going through a LOW.
Guys HELP!
I am about to lose a very important deal. The financing guy is sending my buyers through the ringer. I have tried to convince my buyers to talk to another lender, but they are being stubborn.
Do I just let it go, or do I fight for it?
At what point do you throw in the TOWEL?
Do you have contacts with a lender(s) that can offer them an incentive such as first time buyer funds, fee waivers, etc? That might convince them to change their minds about checking with a different lender. When to give up? When you know it's not going to work.
Always remember that you represent your client's best interests and must put their needs first. What do they want to do? Do they still want the house? If not, give them some time to figure out what their goals are and whether or not you can still be a part of helping them meet their housing needs. They may feel that you're pushing them to buy without considering what is best for them.
Oh my!
I just posted a blog last week regarding the highs of real estate, but today I am going through a LOW.
Guys HELP!
I am about to lose a very important deal. The financing guy is sending my buyers through the ringer. I have tried to convince my buyers to talk to another lender, but they are being stubborn.
Do I just let it go, or do I fight for it?
At what point do you throw in the TOWEL?
What do you mean 'through the ringer'?? What is he doing...having a hard time with the approval or hosing them??
The boom times of 2001-2006 are coming back to haunt everyone.
All of the interest only and stated loans that fueled the buying frenzy are destroying the mortgage business. People were forced to take risky loans with over-inflated incomes to keep up with the soaring prices. These loans are all ending in foreclosures now.
A lot of agents do not realize how hamstrung Loan Officers are now. Every loan is put through much more intense scrutiny. Even the slightest bit of gray area "stretching" of a buyer's purchasing power ends up in severe legal and or criminal punishments for the loan officers.
The days of qualifying mid-level creditworthy candidates with virtually no downpayments are over..O V E R...
100% financed loans are all virtually weighed down with very stiff private mortgage insurance premiums. And they are only out there for A+ credit types now.
Wall Street investors are no longer buying underperforming mortgage based securities.
2007 was the watershed year of risk tolerance. The investors backed off completely. Febraury was the month when the plug was pulled dramtically. As a result, rates are soaring. Subprime credit borrowers have virtually none of the options they had in 2000-2006. Loan are examined with microscopes now. Originations will plummet by 40% or so in 2007...
If your loan officer is truly incompetent, that is one thing..dump him/her immediately.....
BUT
I am willing to guess he/she is just another victim of tough mortgage standards in 20
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