Are you "watching" the market? Or are you "influencing" the market?

Hi, Ardell- I'm stickin'.  In fact, I recently requested info on all things FHA, because like you, I think it's going to be the go-to, and I'm relieved.  An oldster, it's what I know enough about to explain it, sans updates.  I'll be watching for everything FHA.

ARDELL, You are soooo right with this post. Now is the time to make things happen and to be very proactive with our transactions. My market could be one of the worse in the country and I'm still selling houses. Why? Because I am working my butt off and I have back up plans with my pending transactions. I'm calling the mortgage brokers every other day and staying on top of what's going on. If there's a potential problem I want to know immediately. If they are waiting on docs from the buyer I will pick up the phone and chase them down. But you know...I did the same thing when the market was booming.  The strong will survive.

Ardell, I feel I am one who Influences the Market. I choose to stay busy and all my business is referrals and repeat business. I am closing and selling homes and stay on top of the latest financing and like Bryant said as well, I want to know if there is a problem and stay on top of it. Hands On. And how right you are ONLY THE STRONG WILL SURVIVE!!! GREAT POST, I think outside the box, do what is Different!

Right on! This is an opportunity for those who are aggressive and don't sit back. Be the go to person by grabbing the bull by the horns and make lemonade out of lemons.

Ardell...

This post reminded me of the "Three P Listing Program" ..

1. Put house in MLS.

2. Place ad in newspaper.

3. Pray :)

TLW...ROAR!

Ardell, I was searching for an FHA approved lender when the market was crazy and now I think I have found a good one and I am staying with him. Thank you for your great advice.

Definitely if we rely on only 20% it will cause even less buyers to buy if they can't come up with the down...other programs have to become available in order to start the buyers to come out of the woodwork. Until then...20% down...it is a nice way to feel secure in a deal but it limits even more buyers to purchase homes in an inventory flooded area.

Funny you write this because I was scrutinizing the new FHA loans a couple of days ago and things have really changed!! (for the better).  We don't have to cringe anymore when we hear FHA....although not many will cross our path, because of the price range we deal with, we will be ready to knock them out.

I totally agree with Bryant about the way we do business.  Rick and I move like crazy and our style does not change because of a HOT or DOWN market.

Ardell, Great point and I agree with you. We will see a lot of agents go away. I just love the comment you made : "the throw it up on the wall and see if it sticks agents"

Ardell,

As long as there is the assumption out there that the demise from all the 100% down or even 120% loans is still a sticking point...then some agents will still scrutinize the less money down loans because they do not feel secure that after taking a home off the market they will lose valuable time and agents naturally want to protect their sellers and of course their own butts. I for one back in 2002-2003 was laughing at 100% financing...I didn't believe in them and yes I was a bit prejudice to them. I figured ...how does one buy a home with no money down and then can afford to make the payments and carry it? Well it was a good concept but it was definitely abused. Now they are still digging out from the storm...unless agents can convince their clients that there are other ways...then the only appealing deals will be the ones with more money down...confidence levels are down. Deals are dying at the table so of course the agents are reluctant to feel that the deal will make it to close. I agree it is time for us to find ways for unfortunate people with little money to purchase a home...but unless the lenders give us the heads up early whether there will be problems..then you will see good news and the bad news late in the game. Agents who cannot survive are the ones who can't find the solution.

Hi Ardell!

Just the sort of transactions I've had serious experience with! There's lots of fantastic no to low down payments programs that can be used with FHA financing. The HART program is a great program that allows the seller to "build into the purchase price" a "gift fund" that is given to a third party (the HART non-profit agency) which keeps a small fee and turns around and "gifts" it back to the buyer. Buyers can come to the closing with very little money at all (usually to pay for minimal closing costs which can also be wrapped up into the sale, FHA approved!!)

There're a few other terrific programs, as well... First time buyers are such an excellent group to work with! I think they are the most fun of alll.