I have a question for the professionals on the lending side of the house.  How flexible is a lending institution when financing a VA loan when an individual is a couple hundred dollars a month on their residual income?  However there is income but it is not accountable. 

I am reposting this blog.  I got some great feedback but I am still looking for more.  

 

Reaching out to all my fellow Active Rain people.  I have a client that Him and his wife are wanting to purchase a new home, but here is where I am at with this one.  First they are qualified and approved for 300 thousand now, however they are wanting a bit more 30 to 50 thousand more.  Both have excellent credit above 700 for both, and they are going to utilize their VA Cert because there funding fee is waived due to percentage of disability, not a bad deal at all. The dilemma is that, there income being used is only partial of what their household income is.  The wifes income and husband small pension is a what they are using to justify the 300 thousand approval, however since he retired he has been self employed for the past 18 months, less than the 2 years required.  He has an average of 3-6 thousand a month from his self employment.  Stated will not fly with VA.

Question is:  What programs are out there to be offered to my clients????

Brainstorming at its largest. 

Reaching out to all my fellow Active Rain people.  I have a client that Him and his wife are wanting to purchase a new home, but here is where I am at with this one.  First they are qualified and approved for 300 thousand now, however they are wanting a bit more 30 to 50 thousand more.  Both have excellent credit above 700 for both, and they are going to utilize their VA Cert because there funding fee is waived due to percentage of disability, not a bad deal at all. The dilemma is that, there income being used is only partial of what their household income is.  The wifes income and husband small pension is a what they are using to justify the 300 thousand approval, however since he retired he has been self employed for the past 18 months, less than the 2 years required.  He has an average of 3-6 thousand a month from his self employment.  Stated will not fly with VA.

Question is:  What programs are out there to be offered to my clients????

Brainstorming at its largest.  

I am sitting at my desk this morning re playing some events that have recently evolved in a transaction of mine.  It involves other parties in the same line of business.  What really torques me is  when individuals who want to be players in the business, only for the potential lucrative outcome in being successful.  I am a firm believer that this is a peoples business and the majority are here because, we enjoy working with and helping/assisting others.  We do on to many occasions run into the bad apples that may provide shotty or shady representation and it is frustrating.  My thoughts to the professionals that are providing the quality of service we all should expect "2 thumbs up to you".  For the small percentage that your integrity or zeal may be in question, please try to step up your game and become the professionals that you signed on to be.   

Time management is one of my largest hurdles to overcome.  Believe me I came from a past career that time is oh so very important (Retired Military).  I have not been able to master the continuous prospecting that I believe should be going on.  Long hours and hard work are not an issue with me, I welcome them with open arms.  It is when I have my plate full with Sellers/buyers which I can juggle effortlessly, but I always seem to drop my prospecting for new clients.  After juggling those buyers and sellers creating very productive months.  I am back prospecting for the nest batch.  Where is the balance one finds to maintain with basically reinventing your business each and every quarter?  That is my quest and I guess that is what I am asking from my peers.       

Do you remember before you were in Real Estate and you looked forward to the Weekend.   Oh how those days have passed by.  Years ago when I was told I would have to work on a Saturday it wasw like getting kicked below the belt.  Now, I look forward to the weekend and use it to capitalize and think that this weekend I will receive an offer or write one for a client.  

Monday has become my new weekend and it took some time to get used to but it works rather well.  You rarely need a Tee time on almost any Golf Course. In that aspect it makes it much simpler.   Try this on a weekend.  Drive to what ever course you have selected for the day and try to get out in a timely manner if you get out at all.  Now I say thank god for Monday's. 

Monday's also allows my wife and me to go out on Sunday evening with less confusion and chaos.   Sunday evening outings is something very common in the Sicilian lifestyle for which I experienced for so many years.  It was the family dining out night.  It is not common here in the states but it works for me great , because you do not have to worry about an early Monday morning, and crowds are less confusing almost like the golf courses.  

Monday's don't have to be that "Just Another Manic Monday"  enjoy them and relax for the ones that have incorporated the 'Weekend Warrior" mentality. 

Now off to a listing appointment I must go this early Sunday morning.  

Ciao Tutti

I am starting this off with 'tips"  not advice but tips at the dinner table.  My wife and I frequently find ourselves eating out several times throughout a normal week, which can get quite expensive.  Compound the gratuity tip on top of that and it is even more expensive.  My beautiful loving wife is determined, and insists that we tip no less than 20%.  It never fails she will look at the bill and make sure that I have tipped our server correctly and not one cent less than the 20.  So many times I find myself thinking back and it seems as if it was just yesterday when the norm was 10%.  

On too many occasions I will attempt to explain to my loving spouse that we have formed a comfortable lifestyle on my commissions based on 6% for the most part.  Now I can remember in the late 70's and early 80's, in my teens discussing with my Grandmother, who was also in the Real Estate Business, Commissions were for the most part were 6%, and that was well over 2 decades ago.  Yes our increase commissions come with the inflation that is attached to the Real Property we sell, but then you look at it from the beverage/food server inflation is also increasing there earnings.  

 

Why is it as a society that we (general population) will not hesitate to increase a waitress's  commission, but oh so many times we have to justify to potential sellers that our commission is not as lucrative as the seller may see it on the surface?

Bottom line is that a percent is a percent on a sale price and 20% is awesome.  So please stand by your guns and don't sell yourself short on reduced commission deals unless you are willing to eat the reduction. 

I am starting this off with 'tips"  not advice but tips at the dinner table.  My wife and I frequently find ourselves eating out several times throughout a normal week, which can get quite expensive.  Compound the gratuity tip on top of that and it is even more expensive.  My beautiful loving wife is determined, and insists that we tip no less than 20%.  It never fails she will look at the bill and make sure that I have tipped our server correctly and not one cent less than the 20.  So many times I find myself thinking back and it seems as if it was just yesterday when the norm was 10%.  

On too many occasions I will attempt to explain to my loving spouse that we have formed a comfortable lifestyle on my commissions based on 6% for the most part.  Now I can remember in the late 70's and early 80's, in my teens discussing with my Grandmother, who was also in the Real Estate Business, Commissions were for the most part were 6%, and that was well over 2 decades ago.  Yes our increase commissions come with the inflation that is attached to the Real Property we sell, but then you look at it from the beverage/food server inflation is also increasing there earnings.  

 

Why is it as a society that we (general population) will not hesitate to increase a waitress's  commission, but oh so many times we have to justify to potential sellers that our commission is not as lucrative as the seller may see it on the surface?

Bottom line is that a percent is a percent on a sale price and 20% is awesome.  So please stand by your guns and don't sell yourself short on reduced commission deals unless you are willing to eat the reduction.  

I must let it out.  No matter how well one seems to prepare "Murphy's Law" rears his ugly head several days before closing.  From my personal experience shortly before closing the water starts to get choppy and I find myself pointing fingers. Not literally, but you know what I mean.  I will say that I have a Title company that I use almost exclusively and it is the greatest, in my opinion.  Bayshore Title and Settlement.  It is hard to find an associate that will work and adjust schedules to my needs, but know matter how  hectic it gets prior to closing we as professionals will pull it together. 

Today my frustration is at the Lender level, which I utilize and recommend the same ones to all my clients, but doesn't there always seem to be an issue between the Loan Officer and the underwriter.  It makes me curious   if they are in the same playing field and wait to communicate the day or day before closing.  I know this may rub a certain sector of the Real Estate market the wrong way, but I just have to vent and get it off my chest.  Tomorrow will come and so will the next day along with many more closings, but we do owe it to our clients to close on time and that is where the frustration sets in.  9 times out of 10 Real Estate Agents recommend lenders to our clients and we accept the responsibility that our associate lender will perform as we would expect them to. 

 Enough venting for one day but I am sure many have experienced the same as I will in the future, but I can only continue to strive to generate quality service to my clients.