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Ken Cook of Novation Mortgage shares his insights on the Real Estate Market (9:31 min)

Posted by ActiveRain Video on 09/08/2008 04:57 PM

Comments (9)

Real Estate Outlook in the Mortgage / Finance Channel

ken cook, novation mortgage

9 Comments on Ken Cook of Novation Mortgage shares his insights on the Real Estate Market (9:31 min)

SEP

2008

Hey thanks for the post and the info keep up the great work

Well at first I thought, wow a 9 1/2 minute video, I'll take a peek. I must say "AMEN" to that... I believe that the media is blowing up the market and making it worse then it truly is. I also think that we have a new type of buyer in the market. They may be seeing a lot of foreclosures in their neighborhood and got freaked out with several of the homes around them going back to the bank and they CHOSE to walk because they feel like they will never get a decent price for their home compared to what they paid for it. Well... do I blame them? I refuse to answer that due to the fact that it may later come back to bite me! But I will say that they are also the buyers who got into these homes with no downpayment or had all of their closing costs and prepaids paid for by the sellers. They basically have nothing "vested" into the homes they are leaving so it is easier to leave. Now this certainly doesn't pertain to everyone who chose to not make their payments, I am just making an observation of sorts that I have never seen before in the market... Anyone else seeing this?

Hey Ken Great video,

You are right! In Oklahoma we withstood the great winds of ' the bubble' WERE DOING FINE IN OKLAHOMA!! Can you come to Ada Ok and teach a motgage class to Realtors, AND CUSTOMERS? kEEP UP THE GOOD WORK!!!!

Ken,

God love ya brother! More time reading your cereal box than understanding your your mortgage? Hallelujah! Hoodwinked into getting evil loans?! You're hilarious not to mention right on the money.

After seeing your video I'm left wondering how we as Mortgage Professionals and Realtors take a big swipe back at the inept media? If anyone has some brilliant answers or enough money to buy CNN, I'm all ears. Well, you're off to a grand start here on AR. You, my dear (jeez... and I don't even know you) are a breath of fresh air!

Julia

"This Video is no longer available" - Disappointing! In fact, I went down through about 5, and none of them were available...

SEP

2008

Preach on Brother....It is absolutely the fault of the home buyers. I had one client that I spent two months finding a lender who could work with him because he owned his own business (for less than 2 years, of course), low credit score, and nothing to put down and also wanted to finance in a new air conditioner. Well, my guy found him a loan. He couldn't sit still long enough for me to write his purchase contract in one sitting (he had to get back to work). So it took three sessions to get that done. Now he is crying the blues that he didn't know his loan would reset after 3 years. This is an IT guy, so you know he is smart in some areas. So, YES, I totally agree, the consumers won't take the time they need to learn about their loans. Gee, buying a home is only the largest invest most of them will eveer make! They lull themselves into thinking what they don't know can't hurt them. And I'm so sick of the media hype about this situation. It is just a market adjustment. Severe, yes, but I can remember seeing about three of them in my lifetime. I remember when you could not drive down any street in Houston, TX, without seeing at least 1/3 of the houses in foreclosure. So get a grip! This will happen again.

Great video, I appreciate your insights and direct comments not ot mention your personality.

Great Video. Thank you for the info Aloha Stephanie

SEP

2008

Great video, and oh so true.

I would love to pick this thing apart, but I loved every minute of it.
I'm ok with the truth getting out in the media, and I am still waiting on it to happen.

The only thing I think I would have added, (as if it needed anything) but I would have said or stressed that as Real Estate Agents and as mortgage professionals we need to stress working with other full time people.

I honestly believe those people jumping on the entitlement bandwagon, due to their own failure to educate themselves, were also trying to save a nickel and didn't even properly look for a full time agent who would look out for their interest. I would venture to say over 50% of the problems out there would not exist if Real Estate Brokers and POP UP low transaction fee brokers, (for agents not for buyers & Sellers) who thought the numbers game was the way to win. Meaning, if they had stuck to the principal of: "hire full time agents and continue their training" and leave the part time agents to only represent themselves, and not clients.... we would not have half of the problems we do.

Full Time Professionals often know how to TCB & TCC (take care of clients)

but thats just my opinion: Great post..... Believable post. 9 min + 31 sec of good stuff!

Brady Pevehouse

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