The Bail OUT Plan!!!!!!

By
Real Estate Sales Representative with Real Living Metro Real Estate

     Everyone is wondering how the Bail Out Plan will effect the Market, Realtors, Short Sales and Forclosures.  Well, after reading alot of material I do have an opinion and here it is if anyone wants to add or rebut please feel free.  Main thing is lets give everyone the support we need it! 

     First, some people are wondering how the Bail out Plan will effect short sales and foreclosures since the gov't is planning on buying all these toxic loans.  Well, it isn't such a great deal for the banks because they are forced to loose at least 10% of the loan value when the gov't buys them.  So in many cases banks are better off COOPERATING in short sales.  This means in my opinion short sales should get easier since statistics show that nation wide there will be 25,000,000 people upside down next year in the market and they predict that half of them will default.  We certainly have our work cut out for us in that we will need to become very acquainted with short sales and there are alot of people out there that need help guys.  We need to help as many people as we can stay in there homes after all I have alway believed that I am in the people business.  Help people first and you will be rewarded. 

     Second it is not such a sweet deal for the homeowner's either.  First, if they are eligible to refinance with FHA they need to get their bank to agree to write off a portion of their loan.  Also, the Hope for Home Ownership plan can realistically only help about 400,000 homeowners.  What about the rest?   I think the Bail Out Plan is a good start but it's just the beginning.  We have a lot of clean up work to do and whose fault it is doesn't even matter anymore what's important is that we as Realtors educated ourselves to help homeowners out there that will become clients for life.  When looking at NAR statistics, membership is decreasing as high as 50%, that's a little scary because it implies that Realtors are running away and giving up when in fact, we the Realtors, in peoples communities are the Hope for homeowners.  There is an incredible opportunity out there to help people and build a solid business and that is the way I see it.  I get really excited when I think about how we can really show people the importance and value of a good Realtor. 

I am going to end with a quote from one of my leaders from Century21 "If just everyone took the time to help just one person what a difference we can make in the Hope for Homeowners". 

     

Comments (2)

Patty Carroll
Vancouver, WA

Thanks Ann you have some interesting points here. We understand that Century 21 is asking homeowners to discount their home by 10% for a promo that they are doing. Are all offices nationwide participating?

Oct 09, 2008 02:27 AM
Ann Byer
Real Living Metro Real Estate - Commerce Township, MI
Ann Byer Homes

No our office.  That's interesting where did you hear that?

Oct 09, 2008 03:14 AM