Most will associate the term "Be Prepared" with the Boy Scouts, and it is a term that I am very familiar with since both my sons are Eagle Scouts. But these days this term has taken on a new meaning for me with all of the changes and challenges that we are facing in the Real Estate Industry. These days we in the Real Estate Industry need to adopt this term for ourselves as well. In some regards we have always had to "Be Prepared" in Real Estate, because of the possibility of last minute things popping up, but lately the need to "Be Prepared" has increased significantly.
With the constant changes in loan program guidelines, appraisal issues, and PMI requirements we have to not only be ready to act immediately, but to also anticipate any and everything that could developer during a transaction. As if these things did not present a big enough challenge, we now also have the increased challenges of foreclosures, and short sales. The number of foreclosures and short sales, have made these transactions extremely difficult in many cases. I am going through a foreclosure transaction right now that I have already written about, and will write about again later in the week, that has truly given new meaning to "if it can go wrong, it will go wrong".
Many of the problems that we are facing today is in my opinion, because we were not ready for the number of foreclosures and short sales that have come on the market, and as a result not staffed adequately to handle the work load. In other words, we were not prepared, and now need to turn that around. That will take all of us on every side of a transaction to do that, and each and everyone has to prepare their clients for what could possibly happen along the way. This means that they as well as we have to "Be Prepared". Anticipating what could happen in a course of a transaction, and being prepared to address it, will eliminate most of the problems, and a well prepared Buyer/Borrower will be a much happier client in the end.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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