ft myers loan officer: Southwest Florida's Waterfront Properties, No Oil, No Hurricanes, No Problems!
- 08/05/10 03:22 AM
Maybe you should consider buying NOW! or not. It's up to you. Everybody talks about the age olde adage; Buy Low sell High, I'd like to add a thought here. Maybe you should just keep the property with the knowledge that you got one of the all time great buys. Here's a question for you? Do you really think that prices will stay down at their current levels? Here's the answer; NO. The fact is that there is only so much waterfront property available. Add to that that there is only so much waterfront property available in a resort style area. … (4 comments)
ft myers loan officer: We killed Downpayment assistance programs, BUT gave away 12.6 billion in taxpayer funded credits.Should we rethink this?
- 08/04/10 01:05 AM
Okay I was watching TBWS, and they brought up HR 600, a piece of legislation which is lingering around with no activity. The purpose of the bill is to restructure DPA's (downpayment assistance). First a quick note on TBWS.com. That's "Think Big Work Small" and if you've never seen these guys, I personally think you should. You can get a basic subsciption free, that's right free, meaning at no cost, and the info is great, and presented in an exremely entertaining manner. Check it out. Back to DPA's and Tax Credits It has been reported that the taxpayers funded 12.6 billion … (4 comments)
ft myers loan officer: You've just gotta give em a chance to say NO!
- 08/03/10 05:45 AM
In the olde days, way back when, I attended a Tom Hopkins seminar, part of the presentation was about answering objections, and why you should be happy when the client says "no." The reasoning here was that if on the average it took 10 clients to generate a sale that you needed to first have 9 that said "no." Actually, Tom said, "you should thank them." NO! well thank you very much. You'd need to say it with sincerity, because after the 9th "no," well you know, the next client would be saying YES! As much as I don't like to … (2 comments)
ft myers loan officer: PRE-APPROVAL LETTERS-If they're WORTHLESS why are they required? and other questions which need answering.
- 08/03/10 03:03 AM
So what's the answer? You tell me. Just like Frazier Crane, I'm listening If you think they have no value why require/use them at all? why not INSIST on content that creates value? why don't you hold the lender's feet to the fire? why not establish consistent guidelines? Do something about it. Make them pass the test they MUST be base on hard core data, currently in the issuers hands the issuer MUST disclose what they based the preapproval on, what type of program is involved, how long the preapproval is good for. the lender MUST disclose what type of institution they … (11 comments)
ft myers loan officer: LOOK!!!!! what's happening in Southwest Florida with mortgage financing!
- 08/02/10 06:56 AM
Wake Up! Cape Coral, Ft. Myers, Lehigh Acres, San Carlos Park, Estero, Bonita Springs, and the rest of Lee County. Hey, you too in Collier County. It's a new day when it comes to mortgage financing. Last month the door swung open for Condominium financing for primary residences and second homes. Ya, you need some skin in the game; 75% LTV (25% downpayment) for primary residences 70% LTV (30% downpayment) for second homes (second homes MUST be considered to be in a resort area) the door slowly began to open. Now! 95% LTV (5% downpayments) for primary residences 90% LTV (10% … (0 comments)
ft myers loan officer: Which Wolf do you feed?
- 08/01/10 06:13 AM
The following comes from an old Cherokee tale, or so I'm told. I cannot give credit to the author, as the author is unknown, at least to me. A Grandfather is telling his grandson; "inside of every person a battle is raging between two wolves. One wolf is evil. It's angry, jealous, unforgiving, proud, and lazy. The other wolf is good. It's filled with love, kindness, humility, and self control." Thes two wolves are constantly fighting. The grandson asks, " which wolf is going to win?" The grandfather smiles and answers, "whichever one you feed." So, which one do you choose to … (5 comments)
ft myers loan officer: Contract Dates, Some Helpful Hints
- 07/28/10 12:15 AM
Okay, so what's the big deal about contract dates? Well quite frankly, for me at least, the big deal is that I take them seriously. I hate extensions! Let's start by pointing out the obvious, or not so obvious. A 30 day closing is not a 30 day closing. Here's the formula; Take 30 calendar days, subtract 8 days for weekends, and we now have, you got it 22 business days Just for fun let's throw in a holiday, allow 2 days. That's right 2 days, because that's the impact I see major holidays having. Now recalculate, and the new result is 20 … (10 comments)
ft myers loan officer: If you're facing FORECLOSURE, is Bankruptcy the answer?
- 07/26/10 01:57 AM
First of all in bold print and capital letters; I AM NOT, AND I REPEAT I AM NOT, AN ATTORNEY. If you're facing foreclosure and you want to know if bankruptcy is an alternative you should seek out a reputable, knowledgable attorney who specializes in Bankruptcy. If this is where you're at, hire the best, it's that important. With no disrespect to your neighbor the attorney, or the attorney from church, hire the best in the field, even if he/she is a complete stranger. After all you're looking for legal advice, not friendship. How do you know if Bankruptcy is the … (0 comments)
ft myers loan officer: "Unemployment at 9% till 2012," One angry man's response!
- 07/24/10 02:38 AM
CNNMoney.com's Jeanne Sahadi reported yesterday that the White House expects that unemployment will stay at or above 9% until 2012. This Is NOT acceptable! Period, end of discussion! Well, not quite, the end of discussion part I mean. Maybe if the White House would spend it's time on job creation, as opposed to extending unemployment benefits, we might see some progress. Maybe, if our elected officials, both parties, would devote their attention to job creation, instead of their constant bickering and finger pointing, we could solve this probelm. I actually believe we could. When it comes to jobs we don't care about … (7 comments)
ft myers loan officer: I'm LOOKIN', LOOKIN', LOOKIN' for Veteran Buyers in Lee and Collier Counties, Do You Want To Know Why?
- 07/22/10 02:50 AM
I'm LOOKIN' for Veteran Buyers in Cape Coral ....and I'm LOOKIN' for Veteran Buyers in FT. Myers...and I'm LOOKIN' for Veteran Buyers in Lehigh Acres...and I'm LOOKIN' for Veteran Buyers in San Carlos Park...and I'm LOOKIN' for Veteran Buyers in Estero...and I'm LOOKIN' for Veteran Buyers in Bonita Springs...and I'm LOOKIN for Veteran Buyers in Collier County...and Do you want to know why? Well, I'll tell you why. One reason is that I continue to hear Veterans tell me that they have been discouraged by their Realtor from using their VA benefit. That's a benefit that they earned! it was not … (0 comments)
ft myers loan officer: It's baaaaaaaaaaaaaack! Condominium financing is making a comeback in Southwest Florida.
- 07/16/10 01:33 AM
If you're looking to purchase a condo in Cape Coral, Ft. Myers, Estero, Bonita Springs, the beach, the islands, or in Collier County I've got good news for you. The door is opening for condominium financing. That's good news, but let's not get too crazy here. First the obvious, from "the master of the obvious," you need to be looking at a stable community. That's a must for a lender, it should be for you too! Delinquent dues, habitual special assessments, a lack of cash resrves, excessive foreclosures, and an excessive investor ratio are just not things that we're interested in. Oh ya, … (0 comments)
ft myers loan officer: The Coulda, Shoulda Club Annual Membership Drive!
- 07/15/10 03:44 AM
Man, membership has just skyrocketed since the formation of the club back in the fall of 2009. I just can't keep up with it. Thankfully the feedback from the members has been strong. I keep hearing comments like, boy the houses that we liked last year all sold at prices that just aren't available any more. Well you know, you coulda/shoulda, but you didn't. But you will get a chance to solidify your status in the club and help introduce us to new potential members. Maybe I can do a t-shirt or something. All you have to do is take a … (4 comments)
ft myers loan officer: Buy LOW, Sell HIGH! pssst, this is the LOW part, BUY NOW!
- 07/13/10 01:25 AM
This is a real old overused, cliche' right? How does it manage to survive through all the years? The answer is obvious. By the way I live in Southwest Florida, Ft. Myers/Cape Coral specifically, and this is the LOW part. So what creates a market with low prices? Well, it's not when we have full employment. and It's not when we are maximizing our incomes. and It's not when we are all flush with cash and it's just oozing out of our accounts. Usually something negative has happened to create an environment of low prices. I'm not going to point out … (2 comments)
ft myers loan officer: Lenders Just Can't Do Anything Right!
- 07/10/10 01:10 AM
This has to be true because I hear it all the time, plus I read about it in Blogs and through the national media. You've just got to love the national media. Well, like most things sometimes it's just how you look at it, whether you see all aspects of a situation, or just what you want to, or just what supports you're position, and/or beliefs. Here's a couple of mine. Mortgage Currentcy; I will define this term not as $$$$$, but as mortgages which are current. This may stop at lot of readers right here as they do not want … (4 comments)
ft myers loan officer: Prisoners Receive Homebuyer Tax Credit, Including Some Lifers, Really!
- 06/23/10 03:41 AM
CNNMoney.com's staff writer Aaron Smith reports today that apparently the Homebuyers Tax Credit was very popular with some inmates, including some lifers. "More than 1200 inmates, including 241 serving life sentences, defrauded the government of $9.1 million in tax credits reserved for first time homebuyers." Really! That's quite the program! Like any CNN article there are some discrepencies, because the same article goes on to say that according to the Inspector General's report 715 prison lifers? which was it 241 or 715? were awarded $1.7 million. I'm not sure the actual number is as important as the fact that any … (2 comments)
ft myers loan officer: Appraisal Questions (or) Questions for Appraisers; Remember What Dad Used to Say
- 06/19/10 09:02 PM
I wrote a blog yesterday about the appraisal process and how absurd it seemed to me. I got a response that basically said it's ALL the Lenders fault. My daddy used to tell me; there's two sides to every story This situation is no exception. Here's a couple of pertinent questions, at least I think they're pertinent, along with a couple of other comments. If you know that the lender wants comps within a mile of the subject, and they exist, why don't you use them? Okay if they're not the best comps, in your opinion, why ignore them. This is … (4 comments)
ft myers loan officer: The Appraisal Process (or) Have We Lost Our Minds!
- 06/19/10 04:41 AM
Many would say that those two are pretty much the same. This morning while waltzing around facebook I saw a comment from Susan Milner (Florida Future Realty) about short sales and high prices/expectations from the lender/owners. I must say it is my opinion that when it comes to short sales, Susan is aces. I truly value her opinion. The gist of the situation is that a lender may be looking for a certain price from the seller, but if a buyer went to the same institution for a mortgage, that the price the lender wanted may not be able to be supported … (9 comments)
ft myers loan officer: First Time Homebuyers-Here's some Helpful Hints!
- 06/14/10 02:34 AM
Okay, if you're planning to buy a home in the near future, and I must point out planning is a great idea, I have a couple of suggestions for you. The first is actually develop a plan, a course of action, so to speak! Here's my 4 most important areas. There may be others but these are the 4 most important, in my opinion. Credit Let's start with the killer, credit cards. Take a close look at your monthly statement, specifically the monthly balance as opposed to the available credit. If the balance is less than 50% of the available credit, you're … (0 comments)
ft myers loan officer: HEY!!! I have four mortgage programs, Two of them offer 100% financing!!!
- 06/10/10 02:09 AM
I live and work in Southwest Florida so those of you living or desiring to purchase a home in; Cape Coral, Fort Myers, Lehigh Acres, San Carlos Park, Estero, Bonita Springs, or anywhere in Collier County Listen Up! When I started as a loan officer, actually i was called a sales representative, 30 some odd years ago I had 3 loan programs. We had a legal size rate sheet with our company name and 3 programs, well spaced. That was it. Over the 30 year period I had times when it literally looked like we had 100's of programs. We … (2 comments)
ft myers loan officer: Do CASH Buyers pay more?
- 06/09/10 01:34 AM
Well do they? What do you think? I'm in, and have been a part of the Southwest Florida market for quite awhile. I actually arrived here in 1992. It was quite different then. We are going through a challenging and unique time. Here's one of the syndromes; While fannie and freddie continue to earmark us as a declining market, that's open to challenge, $$$$$ continues to pour into our marketplace. The number of buyers who are purchasing with cash continues to swamp those who are acquiring a mortgage to purchase a home. I could spend the rest of this post trying … (7 comments)
Maybe you should consider buying NOW! or not.
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