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Hop off the fence, if you wait to get qualified till after Oct 20th you might lose money!!

By Candice Joyner

Real Estate Agent with RE/MAX RIGHT WAY

September 16, 2007 06:01 PM

Have any marginal buyers right now that won't hop off the fence. I called my mortgage lady about a client today and she informed me that any buyers I had that were level 2 or 3 if they are not approved by Oct.20th and close by the end of December that there would be no more 100% financing for them. They would now have to put down 3 to 5%. I don't know about you but this is definetly going to effect many borrowers out there. Unfortunately besides these clients I don't have any others that are straddling the fence. My others are all A paper that are straddling the fence not wanting to make a decision. In my area our board has come out with a whole campaign about HOP OFF THE FENCE. Too many people are scared of the market because of the negative media and thats not fair. Check out our campaign and give me some feed back!!!!!!!!!!!!! HOPOFFTHEFENCE.COM

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Bob & Carolin Benjamin

Benjamin Realty LLC - Gold Canyon, AZ

East Phoenix Arizona Homes

Best of luck with your campaign. If the media would stop being so negative it would help.

Sep 16, 2007 06:20 PM

Kate Bourland

Marketing with Kate - Redding, CA

Onlilne Marketing Mobile Marketing

What, where did she get her dates from? There is still 100% financing out there for highly qualified buyers. I'm even seeing some of my lenders moving back to stated products and in one case stated income state asset...they won't go 100%.

We're not fortune tellers and we don't know what investors are going to do. I agree that we need to move buyers off the fence and that the media isn't helping, but than neither are the number of foreclosures fueling the debate.

Sep 16, 2007 06:38 PM

Chris Molina

Cooper & Associates Real Estate - Elk Grove, CA

Realtor, Elk Grove CA

I love it! I too have many clients on the proverbial fence that it drives me mad! I try to tell them that the homes that they're looking at may not be available tomorrow, but that doesn't stop them from sitting on that stinking fence! It's like dangling a popsicle in front of a child that won't budge but keeps crying.

Sep 16, 2007 06:53 PM

Anonymous

Hey Kate i guess you misunderstood what I said. This is for marginal buyers that are Level 2 or 3, not the A paper people.

Sep 16, 2007 06:59 PM

Candice Joyner

sorry I put your name in their to leave you a response and now its saying its by you. Sorry

Sep 16, 2007 07:01 PM

hey bob and carolyn, thats what this whole campaign is basically about is fighting the media. In their it tells us that as realtors its our duty to number one start with ourselves and quit talking bad about the market. Number 2 everytime you get a chance advertise this website showing that the Memphis area is not a bubble about to burst and how we have a stable market. This whole campaign basically was put together to fight the negative media and we have signs up with this slogan and all my new homes have their statistics in them and we are trying to fight back. I suggest every board do this and fight back with the media!!!!!!!!!!!!!!!!!!!

Sep 16, 2007 07:10 PM

Candace, how funny I didn't even know that you could do that. I missed the word marginal. To me the scarier issue is what's coming down the pike with the new FICO scoring algorythym in 2008. Buyers who are not marginal today, may be marginal next year. The FICO changes combined with the tightening of credit should be a major reason for people to get off the fence!

Sep 16, 2007 07:11 PM

RE/MAX RIGHT WAY - Atoka, TN

I didn't know you could either. I guess I was responding in the wrong place. I know its very scary. I will say the buyer I was working with did hop off the fence and we met her at her office. She does a great job working on their credit to get them where they need to be and this one has a few small issues that we can get cleared up in 30 days. It made them realize they had to take action now though. Unfortunately like I said besides them all my other buyers are A paper and this is not going to affect them. I have like 4 sitting on the fence that I can't get to jump off. Why? Well the bad thing is inventory is too high and they think they should be able to find their perfect home in their price range. I know from building my own home their are no perfect homes unless you have an unlimited supply of cash. The funny thing is most of these people are waiting for the builders here to drop 50,000.00 and more dollars on the houses and they don't understand theirs not enough profit in there to do that. My builders when times were good were making around 25,000.00 a house. Theirs no way they are bringing 25,000.00 to the closing table. they would rather let the bank have it bank or pay interest for the next year, its still cheaper.

Sep 16, 2007 07:25 PM

Randy L. Prothero

eXp Realty - Hollister, MO

Missouri REALTOR, (808) 384-5645

I am seeing buyers coming back out. They are concerned with lending tightening up.

Sep 16, 2007 09:31 PM

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