This client and I were talking the other day when he asks this question. Now I've been doing home mortgages for nearly 15 years and I thought I did a good job explaining this, but sometimes reality hits you right in the face.
I wanted to take a moment and reflect about a wonderful experience that occured just last week. There are times in this business when we are reminded of why we sacrifice the way we do. I also want to make sure and express my appreciation for a particular real estate agent for her exceptional customer service and compassion.
It all started last Tuesday evening when I received a call from a client who was distraught. Let me give you a little back story here. I recently switched to a new bank. This client originally started with me at my previous employer. I informed the clients before we began the process that I may accept an offer from another competing institution and I wanted them to feel comfortable that I may not be there with them to the end. We discussed it and they decided to proceed anyway. So back to the call. Apparently, the lender who took over this file failed to live up to her commitments. She assured them that no matter what, no matter what, they would get this loan done. Now 12 hours before closing the clients were informed that they had no financing and none would be available to them. To be fair here, she was handed the file about 70% complete. She was in a difficult position from the start, but she made promises that ultimately would cause great strain and discomfort for the clients. A lender not delivering on a promise they communicated, does this sound familiar my real estate brethren?
To say the clients were distraught is an understatement. This was the first of three transactions. All parties would be left in the lurch. The client's Realtor went above and beyond the call of duty. She performed in a manner that would make any Realtor in our business proud. She advocated, she informed, she fought, she did it all with a passion and desire that made me proud to be in this business. Her name is Shari Rauland Mohr of The Rauland Agency in Walworth, Wisconsin. I have had the pleasure to work with her in the past, but now I saw what a true real estate professional looks like. I won't carry on here, but suffice it to say through her diligent efforts we were able to get these clients in their dream home that day. Many people deserve kudos for their efforts that day, but Shari deserves a hearty "congratulations." I hope you'll join me in thanking her for keeping what we do in perspective. Whether we're a Realtor, a lender, a title company, an inspector, or appraiser we perform a vital and necessary role in helping people achieve their piece of the "American Dream" and I for one appreciate being reminded of that from time to time.
These clients spent their first married Valentine's Day together in their new home and I for one am glad I had a chance to be a part of it.
I read an article today in the Washington Post that suggested the Treasury Department was working on a plan that would allow lenders to give mortgages at 4.5%. Now in fairness it sounds like they're still working on the details of the plan, but are interest rates the reason people aren't buying homes?
It's my belief the reason people aren't buying homes is a simple matter of jobs. Like will they have one in the coming months? None of my clients ever went into a home, hoping they would lose it in a foreclosure. Most clients think long and hard before buying a home. My realtor brethren will attest to this. They scrutinize everything. This is a good thing. The thing that will stop buyers dead in their tracks is the fear of losing their jobs. The last thing they want is to move in to their new home and in a short period of time have to move again because one or all of them lost their job.
Rates could go to zero percent on Wisconsin FHA mortgages. Home prices could be half of their tax value and people will not budge if they fear they will lose their jobs. When I talk with my clients their number one fear is losing their job. Interest rates and property values are much smaller concerns for them. They would rather rent until they know they weather the current financial storm ripping through this country.
I fear Secretary Paulson and his teams are once again looking for a simple answer to the current economic problems and I'm not sure this is it.
I am hearing this very familiar catchphrase repeatedly. In fact, I recently read an article in Business Week where the author suggests just that. There are many problems with this analogy. As a lender who has spent the better part of my 14 years helping homebuyers obtain FHA loans in Wisconsin I assure you there are some enormous differences.FHA mortgages have helped people buy homes in Lake Geneva, Delavan, Elkhorn, and all of Walworth County for many decades.
I was visiting the website of one of Lake Geneva's top Realtors, Bob Webster of Keefe Real Estate, when I stumbled upon his podcast. I was impressed with the insights he shared. I think you will be impressed when you take the couple of minutes to listen to it. He knows his stuff.
One of the things he talks about is what an amazing time it is to purchase a home in this market. Prices have fallen and rates are at levels we haven't seen in years. It's worth the few minutes.
I know its Halloween, but have some of you lost your minds? Are you intentionally scaring your children about the doom of our economy?
I read an article by Liz Pulliam Weston where she makes it clear some of us are doing just that. It made me pause and ask myself if I'm in the same boat. I catch myself on occasion speaking frankly about what's going on in the world and she brings up some valid points. I know this; I will pay a lot better attention to it now.
That's what Kelly Joosten and dozens of other motorists paid at a Citgo station Monday. The sign advertised $3.43 for a gallon of premium fuel, but the pump cost read $0.349 a gallon.
"That was amazing," said Joosten, who normally spends about $100 to fill up her 1998 Ford Expedition.
Joosten proudly showed off her receipt for 25.36 gallons at $8.85. She said she saw other motorists filling gas cans, too, at the discounted price.
Station owner JP Raval says the attendant on duty couldn't figure out why the station was suddenly so busy.
Raval estimated 30 to 40 customers fueled up at the incorrect price - between 200 and 300 gallons worth - for about 90 minutes.
"People kept coming, so fast," Raval said. "Everything was crowded; it was like a fairground."
After months of speculation, General Motors has finally announced its plans for the production facility in Janesville, Wisconsin.
Local General Motors' employees learned officially this morning that production of full-size sport utility vehicles will end on Dec. 23.
The work stoppage will affect approximately 1,150 hourly & 130 salaried employees at GM, plus hundreds more at local companies that supply the auto plant.
GM announced in June that it would end SUV production in Janesville by the end of 2010 at the latest, but plummeting sales for the big trucks prompted the automaker to accelerate the closing of the Janesville plant.
Full Description: Let's make sure we understand this folks, the house keeps out water and keeps in heat (somewhat). It ain't about the house its about almost an acre of private wooded lot, closest neighbor you couldn't hit with a rock, makes you feel like you're in the great Nort' woods. It's about your share of the 100 foot lakefront park (hello!!! private) and your boat slip. This is a getaway waiting to happen.
Property Features Cable/Satellite TV Carpeted Floors Disposal Gas Range Hardwood Floors Patio/Deck Waterfront
I realize I'm no Harvard MBA or great economist, but this Wall Street bailout is beginning to make me feel a little uneasy. First of all, when anyone attempts to rush something by me I get a very discomforting feeling. Congress by their very own doing has a history of rushing things by the American people.
Do we really trust Congress to make the correct decision?
Isn't it Congresses job to slow the process down, to be the check and balance to the executive branch?
What if they're wrong & what can we do to fix it?
Henry Paulson, the Secretary of the Treasury, was the former chairman of Goldman Sachs, a Wall Street executive. Now he's looking to bailout his cronies. So we're to believe that his past has nothing to do with his current decisions.
What has Secretary Paulson been correct about in the last 18 months?
Why are we in such a rush to accept that he's the only voice that can save our economy?
Should we trust a person whose entire professional life has been on Wall Street, the very people most likely to benefit from our tax dollars?
I'm being told that this is good for the economy. I always ask at what expense? I don't just mean the $700 billion, but to our society as a whole. I realize there is genuine concern over the direction of the economy, but shouldn't we be more skeptical?
Delavan, Wisconsin, Lake Geneva, Elkhorn, Darien, Walworth, Sharon, Whitewater, Mortgage, Home, Loan, Equity, Real Estate, Community, Bank, Travis Egan, Walworth, Walworth State Bank,
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It's my belief the reason people aren't buying homes is a simple matter of jobs. Like will they have one in the coming months? None of my clients ever went into a home, hoping they would lose it in a foreclosure. Most clients think long and hard before buying a home. My realtor brethren will attest to this. They scrutinize everything. This is a good thing. The thing that will stop buyers dead in their tracks is the fear of losing their jobs. The last thing they want is to move in to their new home and in a short period of time have to move again because one or all of them lost their job. 
they fear they will lose their jobs. When I talk with my clients their number one fear is losing their job. Interest rates and property values are much smaller concerns for them. They would rather rent until they know they weather the current financial storm ripping through this country. 
I fear Secretary Paulson and his teams are once again looking for a simple answer to the current economic problems and I'm not sure this is it.
;)
;)
