real estate: How to change your business and thrive in the upcoming depression - 02/28/09 01:36 PM
 
 
I am constantly reading and researching for myself and the clients I serve, and I've come to some rather grim conclusions, sprinkled with some hopeful solutions.  Currently we are witnessing the greatest financial meltdown in world history.  It's not just a maybe anymore, it's a guaranteed certainy.  Those whom have stood like a deer in the headlights need to start moving towards where the money is going to be.
First let's establish some salient facts before we all drive off the edge of the cliff.
The US dollar is going to collapse in the near future.  The Dollar has … (11 comments)

real estate: Worried about saving a down payment...Have your heard of an IDA account? - 10/15/08 06:08 AM
I highly recommend that real estate agents and mortgage professionals attend their local association meetings.  Just found out about a gem of a concept, and now feel foolish that I didn't know more about this program.  It's been sitting there right in front of my eyes, but like most I've become lazy in regards to "seller assisted Down Payment assistance", and hadn't realized what kind of programs were available in my community.  This next one is fantastic if our looking at purchasing a house in another 12 to 36 months.  The problem is that it won't help you buy a house … (1 comments)

real estate: McCains new mortgage plan will do little to solve problem - 10/08/08 04:44 AM
McCains Plan Link
 
Watching the debate or listening to the the drones form MSNBC, Fox and other stations regurgitate the debate endlessly late into the night, and I'm still scratching my head in regards to John's new mortgage plan.  He wants to address the real issue...GREAT...but his plan will work for very few borrowers.
If I understand his plan correctly, his plan is not much different then the earlier legislation that Bush and Congress implemented earlier this year. In other words, allow FHA access to $300 billion, to insure those who are already delinquent into new home loans.  Sounds great … (3 comments)

real estate: Mortgage Merge Accounts....I still think they stink!! - 10/07/08 06:27 PM
I know some of you are going to be offended, but I'm really starting to get angry with some of these self righteous MMA posters.  A post that I wrote more then a year ago is still getting anonymous posts from angry MMA acolytes who dislike the fact I call into question the efficacy of their program.
When the program began, they whole trick was to show home owners how to use their equity in a unique way to leverage down their debt in an eye popping short period of time.  They made it sound easy...just get a HELOC (equity line), … (6 comments)

real estate: What advice should you give in these turbulent times ?? - 03/07/08 01:40 PM
I think it is safe to say that the recent market conditions are something most of us have never witnessed in our lifetimes.  For those of us in the mortgage and real estate industry's, it's been pretty scary since August of last year.  I've had a number of friends, relatives and old clients ask me my opinion in regards to the current crisis.  I can only relay what I'm witnessing, but I have few answer to give them.  Frankly we've not seen turbulence like our current market since before I was born.
Therefore a call I received tonight was an excellent example … (2 comments)

real estate: Where's you seat belt, our economy is ready to blast off!! - 02/10/08 11:25 PM
Well it's Monday morning and for some reason I wasn't able to sleep past 5:30 this morning.  Normally you can't pry me out of bed until 7:00.  Part of the problem is that as soon as my eyes opened my brain began telling me how messed up everything is right now in our national market, but more importantly in my own personal market.
That is one problem I will have to figure out on my own, but I read some really encouraging news this morning, which of course prompted me to do some free lance research.  The first article was straight from … (8 comments)

real estate: Check out this new Freddie campaign....will it work??? - 01/31/08 03:57 AM
I knew it wouldn't be long but government is finally coming to the rescue!!!  We'll before you get too excited, check out the new proposal that Freddie Mac is touting.  New Proposal
My state in particular has been hit with every known investment scam possible.  But this proposal is another one of these "feel good we're doing something" campaigns.  The problem is fraud has occurred throughout the country in unprecedented levels, and often we do not find out until long after its perpetrated that there is even a problem.
This new proposal makes it sound if education will end fraud.  The problem is … (0 comments)

real estate: The next great investment bubble implosion is just around the corner!!!! - 10/30/07 04:15 PM
I like others have noticed my local gas prices skyrocketing.  Last year I figured it was because of low gasoline supplies.  This year it's not the reason at all.  Oil prices are quickly climbing to a $100.00 a barrel.  The problem is that like our bloated real estate market, oil really doesn't cost $100.00 a barrel to produce.  The energy bubble has become significant, and like 1974 their is real danger now that this could really turn into a major problem for investors whom are getting into the oil game.
Interesting article most of you should read if you have abandoned real … (11 comments)

real estate: Could Southern California fires cause an upswing in real estate? - 10/25/07 08:17 AM
If anyone followed the Louisina and Mississippi real estate markets after Hurrican Katrina, you'd know that there was a huge boom in values in those regions.  Over 850,000 properties were destroyed during the Hurricans, and the federal government pumped in billions of dollars in the recovery effort.
Here is an interesting quote that proves this theory, "Post-Katrina, our sales projections for this year have moved even higher. In addition to the housing needs of hurricane victims, we may be seeing some 'fence jumping' from home buyers who are getting into the market before interests rates move higher," said David Lereah, NAR's … (3 comments)

real estate: Don't think just your loan officer will get in trouble for fraud! - 09/27/07 04:43 AM
Call it Karma, or "what goes around comes around", but loan fraud isn't not just perpetrated by mortgage or real estate professionals.  The recent proliferation of investment guru education has brought "institutional" fraud to a whole new level.  The "students" of these schemes think their immune from the consequences of committing fraud, but the truth is that investigators are quietly and now publicly closing that perceived loop hole.
A local and well known TV personality in our community just plead guilty to one such fraud.   TV PERSONALITY STORY
 
The point to this story is to NOT COMMIT FRAUD...No exceptions and under no … (0 comments)

real estate: The industry sales seminar....Revival or Value? - 09/24/07 09:17 AM
This post should relate to most of us who are in sales and have attended a sales related seminar.  Earlier today I was involved in a conference call with several of my colleagues.  We all had one thing in common, we all attended a mortgage planning conference in Las Vegas this last June.  The gentlemen who produces and directs this seminar is a great guy.  Has fantastic idea's, and I've become one of his fans.  But if I have one complaint about these "industry seminars", is the constant pressure to "SELL ME", "SELL ME", "SELL ME".
I know...I know...reality baby, you can't … (0 comments)

real estate: Need some help from AR real estate agents - 09/20/07 05:47 PM
I need some advice on what to tell one of my good clients.  I've been working with this client for years, we're now good friends.  But now there is a situation where my friend can lose allot of money.  I feel responsible somewhat because I introduced him to the person he's having problems with at this time.
Two years ago another friend of mine brought to me a development deal.  He had just received his real estate license and was working with a pretty reputable broker.  At that time he came across a great piece of property and asked me if I … (2 comments)

real estate: 21st Century Financial Services Company of the future - 09/06/07 09:15 AM
I've been in the mortgage industry for over 10 years now, I've been involved in two up markets, and two down markets.  Some years it feels like a roller coaster that has no end in site!  There are a number of other problems with selling real estate or mortgages, the biggest is that most of your clients buying and refinancing window is from 3 to 5 years. Anyone else who sells a consumable product knows that waiting 3 to 5 years between sales with a previous customer would be catastrophic to their bottom line.  Yes, we make allot more per sale, … (0 comments)

real estate: The panic of 1907 and 2007....amazing similarities - 08/24/07 03:47 PM
They haven't written the history books yet to describe this last month, but it maybe referred to as the Sub-prime Panic of 2007.  What's even more amazing is the similarities between 2007 and 1907.
In 1907 the country went through a fairly scary period from March of 1907 through October 1907.  Stocks almost plunged 50% due to over expansion and speculation in various markets.  In began when New York banks began retracting loans and the contagion spread through the market.  At that period of time there was no Federal Reserve to save the day.  To avert total collapse, US Secretary of Treasury George B. Cortelyou … (28 comments)

real estate: A question regarding Flipping Out on Bravo? - 08/22/07 07:06 PM
With recent market woes, watching Bravo's hit show "Flipping out" has me rolling on the floor with laughter.  So the main guy and his partner in this episode are selling a 2.6 million dollar home in Southern California.  They get a cash offer (FULL PRICE OFFER), and the take it of course.  The buyer comes back and asks for a 10k credit for repairs.  This guy flips out over the request but uses part of his brain and counters with 5k for non-reacurrring closing costs.  The buyer refuses and continues to ask for 10k.  This seller then calls his agents and … (4 comments)

real estate: Can I still get a mortgage loan?? - 08/20/07 04:39 AM
My in-laws were visiting last night, and the subject of our recent meltdown in the mortgage industry was brought up by my father-in-law.  He's currently building a speculative home and wondered if he would be able to ever sell it.  He had a number of questions about the market, and one specific question, "Can buyers get loans still?"
Thats a great question, but one that I can emphatically answer with a "YES you can!"
I'll be honest, last week was a tough week for most mortgage loan officers.  The trickle down effect of last week is already affecting the real estate market, but … (1 comments)

real estate: Real Estate Agents, if your thinking of yelling at your lending friends...DONT!! - 08/09/07 03:13 PM
For those real estate agents that love to brow beat their mortgage partners in regards to their fee's...ATTENTION...We're not going to take it any longer.  Bottom line, we're getting crushed, and if your going to expect a 90% non-owner closing, and that the client pay's no fee's, think again!
Sorry to fume, but I was just beaten up on a 90% non-owner deal which is becoming rarer then sightings of Michael Jackson.  The problem with this deal was that the lender wouldn't let us lock a stated 90% deal. We suggested that they get a 90% stated loan with MI, but they didn't … (1 comments)

real estate: Utah real estate....staying the course! - 08/03/07 05:08 AM
Good news for those in the real estate market in Utah.
 
http://www.deseretnews.com/dn/view/0,1249,695197372,00.html
 
With the cacophony of bad news pouring in every day on the mortgage front, and the steady media stories of falling markets in California, Florida, Texas and other states. Utah is catching it's breath and maintaining.
 
Furthermore, the state department of real estate, and other law enforcement are making their presence known as they go after various bad apples in the real estate and mortgage industries.
 
But if your thinking of buying homes in Utah, don't think of using some type of investment scheme. It isn't going to FLY folks!
 
… (0 comments)

real estate: Is the real estate market turning into a bed of roses??? - 06/18/07 03:37 PM
I've been in the mortgage/real estate industry for over 10 years now.  I can also remember back to the early 80's when my parents struggled with 18% interest rates.  It's been interesting watching real estate and how it's kept pace or exceeded inflation over the years.  I know allot of people are a little depressed right now.  We've had these amazing years of opulent rates of return.  60% a year in Las Vegas, 40-60% In southern California, Florida, Texas, North Carolina.  Even in our small market in Utah we've seen multiple 20% plus growth over the past few years.  But the … (1 comments)

real estate: What I expect from a real estate agent - 02/07/07 12:32 PM
I just wrote a blog criticizing a couple of real estate agents in my local market.  The criticism was based on actual experiences and it was interesting the response I received from some of the real estate agents that contribute to this ActiveRain community.  It does seem that when any agent is criticized then the rest of the agents come to their rescue.  I was a little disappointed in the responses, because I clearly thought that they'd be better responses as to how they personally market a clients home.  Was the lack of response based on fear that trade secrets would … (7 comments)