Where did the Alt-A and Subprime go?  Together they accounted for 40% of 2006 originations.  The mortgage-underwriting bar has been raised yet again and at a time when housing can hardly stand it!  And now where are we headed?  Let's face facts.  Millions of homeowners will lose their home to foreclosure.  I'm sorry to say that, but it's true.  We are presently in the throes of a nuclear war.  Those of you who know me, know that I have an entire website and online seminars dedicated to help solve the problems of my fellow Americans plagued by financial crisis.  This article isn't about them.  This article is about you: the mortgage brokers and loan officers of this great nation.  I'm writing to you because we can make a difference.  I'm writing to you because change is needed.  I'm writing to you to warn you.  Will you listen to what I write? 

The multi-trillion-dollar question is: what is in store for real estate over the next two plus years?

Sellers will LEASE to buyers

Sellers will PAY CLOSING COSTS

Sellers will HOLD PAPER

Buyers will seek GRANTS

Contrary to the opinion of some, buyers will buy and sellers will sell and this regardless of the market.  When it's a buyer's market, such as this present one the likes of we have NEVER seen before, sellers will be successful when they help buyers with one or more of the above options.  Maybe the above options don't sound sexy.  Maybe they sound like extra work or perhaps they sound difficult.  I want you to know, I am here to help.  I'm here to help you and I'm here to help this industry.  Here are my thoughts, laid out on this blog for all to see.

First things first - don't tell me there aren't buyers.  There are!  I see these buyers everyday visiting my site, registering for my credit seminar, and telling me that they would most like to "buy a home".  The buyers exist.  The problem is the mortgage-underwriting bar has been lifted.  What has been created as a result of the take-away of the Alt-A is a grand canyon of opportunity.  Standing on one side are the sellers and standing on the other side are the buyers.  There's room for thousands of loan officers to fill that void and bridge that gap between these two to write a deal and successfully reach the closing table.

Become an expert on FNMA, FHLMC, FHA, and VA, obviously.  I shouldn't need to tell you this.  You already know this.  The question is how will you find these borrowers in our present market?  The answer is it's never been easier to find them.  Look to the millions of sellers who are attempting to sell their home ‘by owner'. 

What if you could contact a seller and offer to help them to market their home free of charge and ultimately bring them a buyer that will result in a sale?  How difficult a phone call is that?  It's easy.  I had a few loan officers working part-time doing this in the past few weeks and they found over 150 sellers that are receptive to this.  Many of them were gung-ho ecstatic!  I'm sure this much you know too; where a big group of people are found dispirited and down in the dumps and then someone with positive energy, positive ideas, and a plan walks in the room, then the music starts playing and the whole environment and outlook changes.  This is how mortgage brokers and loan officers can bring life back into this broken industry.  That's why I'm typing all of this today.

Anyway, I have a lot more to say about this.  I've typed enough for now.  I'm not selling anything here.  With the blessing of some foresight, I created a website that allows loan officers, realtors and sellers to showcase properties where the seller is willing to help with one or more of the above options.  The website also includes a loan officer marketing section with professional voice-overs you can add to your call capture.  There are also yard signs that can be ordered for $5 each directly from the vendor. This week I received an attorney opinion letter for the yard signs.  With the demise of Alt-A, I am now officially opening the website up for everyone to add listings free of charge. 

What's in it for me? 

I've been in this industry since 1991 and I love it.  I also love the people that I work with.  Now I have an opportunity to give something back and I am happy to do so.

What's in it for you?

While realtors and sellers can add properties to the database, the entire transaction revolves around the mortgage broker's ability to secure financing.  This website gives the LO the unique opportunity to telemarket 700+ credit score borrowers who are presently selling their investment properties, second homes, etc.  They will be receptive to your call and offer of free help.  Those are valuable introductions and can lead to a variety of mortgage loan solutions in today's market with Seller Helps Buyer