Be Prepared!!!

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

Most will associate the term "Be Prepared" with the Boy Scouts, and it is a term that I am very familiar with since both my sons are Eagle Scouts.  But these days this term has taken on a new meaning for me with all of the changes and challenges that we are facing in the Real Estate Industry.  These days we in the Real Estate Industry need to adopt this term for ourselves as well.  In some regards we have always had to "Be Prepared" in Real Estate, because of the possibility of last minute things popping up, but lately the need to "Be Prepared" has increased significantly.

With the constant changes in loan program guidelines, appraisal issues, and PMI requirements we have to not only be ready to act immediately, but to also anticipate any and everything that could developer during a transaction.  As if these things did not present a big enough challenge, we now also have the increased challenges of foreclosures, and short sales.  The number of foreclosures and short sales, have made these transactions extremely difficult in many cases.  I am going through a foreclosure transaction right now that I have already written about, and will write about again later in the week, that has truly given new meaning to "if it can go wrong, it will go wrong".

Many of the problems that we are facing today is in my opinion, because we were not ready for the number of foreclosures and short sales that have come on the market, and as a result not staffed adequately to handle the work load.  In other words, we were not prepared, and now need to turn that around.  That will take all of us on every side of a transaction to do that, and each and everyone has to prepare their clients for what could possibly happen along the way.  This means that they as well as we have to "Be Prepared". Anticipating what could happen in a course of a transaction, and being prepared to address it, will eliminate most of the problems, and a well prepared Buyer/Borrower will be a much happier client in the end.

 

******************************************************************************************************************

Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

Posted by

******************************************************************************

 

 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & #FL and can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Connecticut Middlesex County Middletown
Groups:
Realtors®
Mortgages
1st Time Buyers
Real Estate Rookie
Connecticut - What makes us GREAT
Tags:
portland
connecticut
middlesex county
fha loans
durham
middletown
va loans
chfa loans
middlefield
cromwell

Spam prevention
Show All Comments
Ambassador
3,937,330
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Hummmmmmm I tried to add a graphic but it would not let me, under is they are having a system problem?

May 27, 2009 06:45 AM #1
Rainer
133,865
Peter Andres - Lic. in FL & NY GRI,SRES,CNE
REALTOR - The Villages, FL

Thanks, here is the short version I use - "Failure to prepare is preparation for failure"

May 27, 2009 06:53 AM #2
Ambassador
3,937,330
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Peter, that is short and to the point, and a good thing to follow.

May 27, 2009 08:18 AM #3
Rainmaker
1,068,677
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

There are so many changes today it is mind boggeling. Nothing like the good ole days:)

May 27, 2009 08:23 AM #4
Ambassador
3,937,330
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Bill, I have a feeling that someday we might be referring to these days as the good old days, scary isn't it.

May 27, 2009 08:28 AM #5
Rainmaker
891,855
Debbie Walsh
Shahar Management - Middletown, NY
Hudson Valley NY Real Estate 845.283-3036

Yes they are having trouble with the system today.


May 27, 2009 11:47 AM #6
Rainmaker
1,317,701
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Boy is that the truth!  It looks like the second wave of foreclosure and short sales has hit here in So. Nh and things are moving very sloooowwwwwwlly!

May 27, 2009 02:20 PM #7
Ambassador
3,937,330
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Debra, think they have fixed it so I will add my graphic.

Joan, sloooooowwwwwwly is putting it very kindly.

May 27, 2009 02:57 PM #8
Rainmaker
564,259
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi George -- If everyone were as knowledgeable and responsive as you, this crisis wouldn't be nearly as large.

May 27, 2009 04:39 PM #9
Rainer
147,934
Marc Blasi
Palm Beach Gardens, FL

You just have to prepare for the worst-

Many people will say that that is being negative, but it's not - you owe it to yourself and your Clients to be ready for whatever might happen.

May 28, 2009 04:50 AM #10
Ambassador
3,937,330
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Chris, thank you but I have to keep reminding myself to not take anything for granted.

Marc, you are right, nothing negative about that.

May 28, 2009 02:06 PM #11
Rainmaker
299,243
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

Being prepared...kinda hard to be prepared when the rules change daily, but being prepared mentally works.  Hope and pray all the way, and help the client understand "it's just the way it is."

May 28, 2009 02:57 PM #12
Rainmaker
679,489
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

Have to echo Kathy on that one, George. Hard to prepare for anything when you just don't know what's coming next. But doing our best to help clients understand the changes that have already taken place, and the changes that we see coming, is a step in the right direction.

May 29, 2009 04:30 AM #13
Ambassador
3,937,330
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Kathy, preparing them mentally is huge, but those of us that have been around for a while should be able to anticipate the things that might go wrong.

William I agree, we need to understand the changes that have happen, and if we do it will give us an advantage on anticipating what might still change.

May 29, 2009 12:17 PM #14
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
3,937,330

George Souto

Your Connecticut Mortgage Expert
Call Me With All Mortgage Questions
*
*
*
*
Spam prevention