I have a pretty solid team in place and have strategic alliances with representatives from about every field in Real Estate. Everyone from title companies, mortgage reps, contractors, notaries…you get the gist…heck I even have people in my rolodex who will pay you before your deal even closes J
I am not too keen about meeting new mortgage reps due to the lack of follow up you generally get, which I really don’t get it, basically it’s just laziness and frankly without trying to sound arrogant, I stay away from lazy people in the business world. But I know with the changes in this crazy market you must ‘shift’ to the new programs that are going to benefit your client. So when a mortgage broker that I met today came highly recommend from one of the ‘big hitting’ agents from our area, I decided to take the meeting.
When I met Chris today he told me basically what every mortgage rep would sell me, how there’s not a loan in the country that he’s not seen or that he is the best, I can appreciate this stuff, but most reps go overboard with what they have done or can do for you. Chris just assured me that my clients would be followed up with in a timely basis and that he would also return my phone calls. And I have a feeling he will.
But he had an ace in the hole – he casually brought up the FHA 203k program and laid out the basic benefits:
1. The borrowers will have a 1st mortgage for purchase and rehab with one low rate payment
2. Few restrictions with regards to the repairs
3. LTV’s up to max financing
4. Borrowers can qualify for loans based on the ‘as completed’ value
5. Borrowers can refinance existing homes using ‘as completed’ value.
6. Minor and major repairs
7. 6 months to complete repairs
So as I was thumbing thru the material the proverbial light bulb went on. It was like BAM! I can offer a whole new set of programs to my buyer and in turn can ‘shift’ my business and reach out to more prospects. So if any of my fellow real estate agents are reading this here are a couple benefits to you:
1. You can add home improvement loans to your existing product offerings
2. You can reach more buyers
3. You do not have to wait until renovations are complete to close the loan
4. You can increase your earnings potential
5. Rates are competitive
6. You will stand out as an agent that ‘thinks outside the box’
7. You can scrub your own database and find people who are looking for loan to fix up a bank owned home
I’m glad I took the meeting and I can definitely see a great working relationship with Chris. He thinks outside the box and ‘shifts’ with the market. And that I can respect.
Everyone have a great week and I wish you much progress and prosperity.