This is my first blog, so bear with me and my rambling...
I want to share with everyone what I know, and what I have done to help people regarding the situation with the mortgage industry and the current housing market. Believe me, selling Bank Owned and Short Sale homes, is no picnic! I have experienced short sales that went to bankruptcy and caused the whole transaction to freeze into limbo for 45 to 90 days. And whatever those bankruptcy laywers are telling their clients, the foreclosure does NOT GO AWAY! When the assets are released, the foreclosure clock just keeps on ticking, like a time bomb on their credit. And even now, with the homes that have gone back to the bank, the bidding war on the properties is like a war zone! As fellow agents, we need to communicate and educate each other to learn the new methods, or get out of the business.
I urge all good realtors, to go to all the seminars that title companies and your brokers hold, so you know the struggle and what these families are going through. I know we did not cause them to go into these bad loans, but we can at least offer them some hope on salvaging their credit, as they lose their American Dream. When I counsel my buyers on this type of transaction, I give them all the Short Sale information so they know the mindset of the sellers whose home they are bidding on. I also let them know that they NEVER want to be in this position, and to always know all specifics for their loan program. I also interview and only work with lenders that have the highest ethics, to not get families in trouble all for the sake of the the mighty dollar.
The days of the "cash cow" for Real Estate is gone. We now have to uphold our fudiciary duties to the buyers and sellers and support the industry in the light that we have everyone's interest at heart. I have only been in this industry for 3 years, so I only know this type of market. I think I have "cut my teeth" on the realization of door knocking, farming and true marketing of yourself to your clients. In light of this new phase in the market, we need to help each other get through the changes.
I look forward to sharing and learning from all who experience this market as a new agent, or those who have seen this cycle before. Have a great week!!
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