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Bailout Rejected, Dow Tumbles and I'm Waiting for Loan Approval

This is shaping up to be a dicey day to be waiting for a client's loan to be approved by one of the last banks still standing. At least we chose one of the few remaining stable financial institutions. I'm looking for reasons to be optimistic on a downer of a day and here's what I'm finding:

The middle school kids are laughing and giggling as they walk past my office on their way home from school. Life goes on.

I have an offer out on a foreclosure and I'm a wee bit more optimistic the offer will be accepted without a counter from the lender. There are buying opportunities in every market. Life goes on.

I'm planning a vacation to Egypt in January and found a great deal on airfare. A fabulous reason to celebrate today. Life goes on.

I received an invitation to "stop by" this evening from a client who purchased a home earlier this month. She's finally unpacked, the new furniture arrived and she's anxious to show off her new place. Two months ago she was overwhelmed and in tears while in the midst of selling, buying and divorcing. Life goes on.

The ride may get a little bumpy once in awhile, but banks will continue to loan money, houses will continue to sell and the economy will recover. Life goes on.

Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.

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Posted by Norma Toering Rolling Hills & Palos Verdes Property on 09/29/2008 07:11 PM

Comments (56)

Economy and Real Estate Market Economic Outlook in the ActiveRain Channel

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Originally posted at: Palos Verdes Lifestyle - Norma Toering's PV Real Estate Blog: Bailout Rejected, Dow Tumbles and I'm Waiting for Loan Approval

This post has been included in California Information Los Angeles County, CA Information Palos Verdes Estates, CA Information
Post is included in group: The Ninety-ninth Percentile
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Post is included in group: POSITIVE ATTITUDE for the Weary Soul
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56 Comments on Bailout Rejected, Dow Tumbles and I'm Waiting for Loan Approval

SEP

Awesome outlook!!! And you're right, life will go on and soon all of this will just be a memory!!!

I enjoyed reading your blog!!!

Have a Fantastic week...

Sharmaine

Aloha Norma,

Life does go on but it would be nice if the loan process had a little more liquidity.

Aloha Norma,

Life does go on but it would be nice if the loan process had a little more liquidity.

Aloha Norma,

Life does go on but it would be nice if the loan process had a little more liquidity.

It's been a CRAZY HAIR RAISING DAY for me also. I currently have 2 listings w/investors w/homes on the market less than 45 days and they told me to "dump" their properties today.

Since when do home prices drop like the stock market? Not in this market - especially when they are in good condition.

Then, I have a home buyer that I represent that made a verbal offer - they are ready to go - we're scheduled to meet at 5pm and I get the dreaded call. "You know, Tracy, the stock market plunged 777 points today and I think I'll sit on the sidelines until this is all settled"

I think I need to go home, take a bubble bath and some Aspirin, and just enjoy the fact that I live in a great area and have a wonderful life!

That is absolutely right, life goes on, we all will adapt to change and move on.

Sharmaine - We have to deal with it and move forward.

I love this post! Amid all the turmoil- humanity continues.

Bill - It will happen--just may take some time and a few more adjustments to the lending guidelines!

You are absolutely right!! Life goes on. My husband often says "don't live your life through pauses"

Yep, it will. Good thing to not make too big of a deal out of things.

Tracy - That bath sounds like a great idea. I went for my run this morning--we need to have many ways to cope with the stress of this job!

I had one of those "work at home" days (you know -- the ones where you don't actually get fully dressed because you're only going to make phone/email contact with clients?) and by this afternoon, I started to really become consumed by the whole mess. I'm trying to "forget" that as of today, my stock portfolio has decreased in value by 50% in the past 9 months (and it represents every dime I've managed to sock away over the past decade...) but you're right -- the sun will rise tomorrow and things have to improve with the economy sooner or later.

Thanks for the reminder that postive things will continue, despite the troubles of the day.

Chuck -- There is much elasticity in humanity.

Hey, you are correct but all this could have been avoided with common sense. Innocent people do get hurt and someone made it so.

What a great way to look at today. I agree! My husband and I have been waiting on a date when we can join a team to go into Haiti and help with the clean up in Gonaeaves after hurrican Hanna. Today we got word we would be leaving November 6th. With what these people have gone through (and our fellow Americans in Texas) a down day on Wall Street is minuscule. It is all in your perspective.

Sue White

Nelya - Quitting or giving up is not an option if we expect recovery. If we each do our part to keep the economy chugging along by showing up for work, applying for loans and closing transactions these trying times will soon be history.

We just have to ride the waves of the perfect econmic storm.

We may see some more all cash buyers for long term holds. Putting money into assets while the dollar is shakey is better than keeping it in the market. Return may be nicer in the form of rent too :-0

Jennifer -- I can still hear my mother's voice saying, "This too shall pass" when difficult times reared their heads. You're right, it's best not to devote too much time to them.

Sharon - Portfolio pain is never pleasant, but look for new opportunities to recoup your losses.

Russ, yes, we have to go through it--no way around that.

Renee, I started calling my cash buyers last week when WaMu lost its Whoo Hoo.

Great positive outlook on such a messy day on Wall Street.

Norma this says it all: The ride may get a little bumpy once in awhile, but banks will continue to loan money, houses will continue to sell and the economy will recover. Life goes on.

Well said!

How right you are, no matter how bad things get there are still people who need to buy or sell a home---Bart

Great positive outlook on a messy messy day. Let's keep up the great blogs for young lads like myself whom need all the help they can get.

Life goes on and we go on with it, Think positive, get creative,

Great outlook and so right. It'll be nice when it all settles down. Till then the fish are biting, friends are coming down for the week to do a little deepsea fishing. Maybe by the time we get back it will be over and everything will be settled. But hey life goes on.

MARCY, Your sales fund just fine if your borrowers can afford the loan---really! Keep smiling!

Norman, thats a good attitude - life goes on and theres no sense crying over what we can't change.

Thanks for remaining positive today. I do so hate to see so many negative posts about the market and the bailout.

Life is what happens while you are making other plans... And it will go on. Whether a deal happens with Congress... life will go on, and both sides will point fingers at each other.

Yep, life goes on, I became glued to CNN this afternoon and what a bummer! So I pocketed my cell phone, went out in the yard and looked up to the sky to see if it, indeed, was going to fall. Nope, so I enjoyed the sunny day and yanked weeds. Much more productive and good for my frame of mind.

"It's all Good" somewhere it's good.......

Norma,

Good Post, Good attitude, We need to be thankful for today. I have a closing hopefully, Oct 8th, with all the bad news, it makes you nervous

Great outlook on life in general and on the financial mess to be specific.

Viewing it any other way than you are will drive you batty. As you say, Life Goes On. Make it a great one.

Norma, Yes, life goes on, but if these jerks in Congress don't get this right you won't be able to recognize it as "life."

The middle schoolers will continue to laugh and play, but they are kids after all.

It is time for the politicians to stop playing politics with our future.

Bill Roberts

Keep positive and pay it forward. It is contagious. There is a huge amount of power in what we blog. Thanks........

The middle school kids walking past your office and giggling was perfect- and offered clarity. Great post- thank you!

I know this is short, but I really needed to read your blog. It reminded me to look for the sunshine. As you said, "Life goes on" and so does business. Hey, today my web site moved up to the first page on Google for a key search word. So thats cool! Thanks.

Hi Norma...

You are so my kind fo girl. We share the optimism that this world needs today. Thank you for sharing your hope with others. :-)

Norma,.... I am a little confused by your blog. In the beginning, you make it sound like people won't lend. And by one of the last large banks standing? You don't need a bank to lend... you need investors to buy.

And then in your last statement, this is what you said... "The ride may get a little bumpy once in awhile, but banks will continue to loan money, houses will continue to sell and the economy will recover. Life goes on."

Overall, I agree with your last statement 110%... hence why I stopped by, because as a loan officer of 16 years, I wanted to see what your blog was all about.But yes, life will go on.... thanks

jeff belonger

Norma, great post! Life does have a way of moving forward, thankfully! I too am awaiting loan approval for a closing next week. Also glad the buyers picked the lender they did....it's all about growing and living. I look forward to hearing more about your Egypt trip!

Not getting caught up in the hype and the politicians playing "blame games" was tough to do today. Life will go on just as it did after 9-11.

Howard

Fasten your seat belts ladies and gentlemen because I think this ride is going to be way bumpier than the one we took in the mid-late 80's! Things are unraveling way faster and involve astronimical amounts of money. Time to tighten up our belts and get down to bare bones basics.

Norma, you're so right, life will go one. What the standard of living will be is the question in everyone's mind.

I couldn't believe the Speaker of the House today saying they were working together in a by-partisan way, yet kept insulting the other side of the isle. So much for by-partisan. I just hope they do their job and come up with a solution that actually solves something.

Norma.. this is a very intersting situation at hand. I'm still sitting on the fence post as my thoughts on all this

Norma thank you! You hit this spot on! It was so funny today I was on the twittersphere giving updates on the bailout and you know when it ended, I was like you, oh well life moves on, get back to work, the market is always in cycles and will always correct itself, there will always be people buying and selling houses. I love this post!

Hope you don't mind I want to re-blog this but will wait a couple days dont want to take away your limelight :)

Norma a few years back when this all started do you remember how we all thought the market needed a thining out of Realtors and this market would do just that. Well I have to say after 11 years of being a full time realtor ,I think I just became a part time agent. No choice of my own !! Life goes on and we will get out of this !!

SEP

You are so right Norma...people get so caught up with everything they forget that life does go on. Regardless, people will continue to buy and sell real estate. Great picture, very fitting!