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Help!!!! Most of my client have properties with LOOOOOOOW Values

By
Services for Real Estate Pros with Bowers Insurance Group

OK.  Can I vent for a moment?? PLEEEEEEEEEEEEEEAAAAAAAAASSSSSEEEE!!!

My phone has been ringing off the hook with people wanting to refinance their existing mortgages.  Either Arms to Fixed, Conventional to FHA, etc.  They have great credit scores, and excellent payment histories...

Problem is...Nothing is hold value.  Everything is in a "declining market" area, and 80% of the people can't qualify due to the lack of an adequate appraisal.

I know Fannie and Freddie are coming out with this new "Homeowner assistance" program, but none of the lenders have much info, and are not too forthcoming with information.  Not to mention, most of my self employed borrowers are probably still going to have a problem. 

I'm pulling my hair out. 

Thanks for letting me vent.....

John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

It will take some time for the market to stabilize and for the government to provide lenders with the exact details of their assistance programs. Then, once they do, many will still not qualify. We're all getting a lesson in patience.

Mar 16, 2009 10:45 AM
Kelsey Barklow
Hurd Realty - Johnson City, TN
423/948-9154

It's a terrible dilemma these people are in. Best of luck to you in helping as many as you can.

Mar 16, 2009 11:04 AM
TIM MONCRIEF
Tim Monciref - Austin, TX
Over 2,000 homes sold…..

Go for a long walk to vent.....then come back to AR.  It is what it is and it will be what it is for the next year or so.  So the question is how will we deal with "it is what it is".  It is all about mindset.  There is a positive too what is around you, but you have to find out what it is.

This market S**ks and we have more potentially profitable listings than ever.  Our market share is constantly increasing.  Why.  There are sellers and there are a few buyers.  The key is to focus on profitable buyers....that is profitable for you....maybe not them.  You can get stressed about things you can not control.  So find something you can control.

Mar 16, 2009 11:20 AM
Rick Huffman
Mortgage Banker - Kent, WA

I feel your pain. We have all had this happen to us in the last year. I let customers know that they need to refinance NOW just to get what they can for value out of their home or wait until the government gives us something to work with.

Rick Huffman

Mar 18, 2009 04:29 AM