Depending on where you live (hopefully not Nevada) many lenders are crawling out from under the rubble at last and getting back to business almost as usual. And while our delicate mobile seems to be growing calmer after that wild ride on the wind in August and September, we have absolutely no idea which way things will go right now. Those who have been in this business a lot longer than I have this to say: If you intend to seek financing of any kind...do it NOW...don't wait for things to get worse or terms to get harder. This may be the calm before the NEXT storm.
I could whine (if anyone's listening) about how many times the rules have changed recently on how to disclose fees on the Good Faith Estimate. Lenders are pickier about what can be paid by whom and for what. Underwriters are looking MUCH harder at appraisals. Longer chains of title may be required. Evidence a property was bought on the cheap and flipped will often wreck a sale unless you can provide solid evidence of improvement costs to justify a higher price within a year or two. Apparently what the borrower is willing to pay for something is not necessarily considered the 'maket price' these days! Good appraisers are doing double duty on comps because if they aren't reviewing some one else's appraisal their own are being reviewed...some have been blacklisted by lenders for suspected padding. Whine whine. Had enough? I have!
Thought: Let's inject a little more FUN back into our vibrant industry. Take up whistling while you fill out that contract or GFE. Smile when you answer the phone (after all, it is ringing!) Or just take some time out to relax, call a friend in the trenches...and enjoy the wonderful wacky profitable world of people and events we call Real Estate. After all, we picked it...or did it pick us?
Let's share our fun ideas on this blog!
For example, a couple was having a tough time deciding which lot to buy for their construction project. I sent them a dart board with pictures of lots pasted around the target so they could think about the pros and cons of each lot while they tossed darts. (I did NOT put my own picture in the bulls eye).
Someone I knew put a disposable camera into their buyer's welcome home gift (they were buying a fixer upper) With a card attached...asking them to document their renovation and send her some pictures when they finished...but before he gave them the camera, the first shot on the roll his team holding up a "Welcome" sign standing on their new front porch.
Do you have a fun funding or sales story to share? I'm all ears!!
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