If you’ve got any hair left on your head that’s saying something. The roller coaster ride we’ve been on for the past few years has been a hair-pulling nail-biting experience. I think things are turning in our desired direction, providing relief and restoring a sense of equilibrium to housing.
There are terms used in your everyday vocabulary that you hadn’t even heard of before that huge housing bubble burst. Short sale, loan modification, strategic foreclosure…everything has changed, and even your voracious pursuit of relevant information has left holes in your confidence of being up-to-date in your profession. Google has posts that rank highly in your search, but many are dated and obsolete. Sometimes, 3 months is not current enough for what your lender will require today. How do you say “credibility gap”?
There’s lots of stale information circulating out there. Lending Guidelines have changed more in the last three years than in the preceding 30 years. Lenders are trying to keep current with all this “change”, and you can hear several differing solutions to a single issue, and there’s a chance none of them are exactly right.
How frustrating is it after being in one bidding war after another for the “good properties” as soon as they’re listed, only to find yourself in a value conundrum on the home that your buyer’s offer took weeks or months to get accepted by the seller (and their lender)? Then, to make matters worse, your steady-Eddie go-to financing person that worked so well with you is now selling clothes at Nordstrom’s. Things are changing my friend. We can’t not change with them and expect to remain relevant.
If you’re looking for some sympathy, you’ve got mine. But looking at the process from the perspective of a first time home buyer, I’ve got to say that I can understand their confusion. In the 40 years I’ve been financing real estate, none have been more challenging than our current marketplace.
I’ve read in a number of industry publications that buyer education is most sought-after commodity in the industry. People have been buying homes successfully for a hundred years without much preparation. So what’s with all the current fuss? If you want to be a part of the solution and bring this lingering recession to a speedier conclusion and, at the same time, give your clients a chance to juice-up their personal financial standing, the fuss is about FINESSE and TIMING!
Right now the housing industry is a mess, BUT THERE’S A SILVER LINING that can pay-off HUGELY! Sure, we’re in trouble. But you already knew that. This is an emergency as clear as war itself. It’s an American problem that must be solved by Americans.
You’re thinking “Oh, they’ll take care of it”. THEY WHO? IT’S US! There is no “they” to do this for us. We’ve got to WAKE UP AND LIGHT THE FUSE OURSELVES! We don’t have the luxury of waiting for a government solution. We’re all in this together. Discard any notion of “business as usual”, people are suffering, and we simply must apply ourselves to the solution with the same sense of urgency, the same spirit of sacrifice and patriotism we would employ if we were the target of another massive terrorist attack. It must be strong aggressive action, NOW.
Stay with me here and think for a moment. The financial damage to the United States specifically attributable to this confounded “Great Recession” is greater than the financial damage from ALL terrorist attacks since 9/11/2001. What’s so disheartening is that it was caused by greedy fellow Americans! They left you and me in the dust to fend for ourselves. But right now WE HAVE A CHANCE TO RECOUP SOME OF OUR LOSSES, and help our clients to do the same.
The good news is that the light at the end of the tunnel isn’t a locomotive. I see it as growing impatience that has pent-up and people want to begin spending their money on more than just the bare necessities, again. It’s time to buy a home. Right NOW! I believe that there has never been a better time in the history of America to buy a home. In my 2012 book I outline compelling factors that support this conclusion. The book is more of an educational guide for buyers, and I feel that offering my book to your prospective buyers before they begin their search will make your job much easier as it makes them better borrowers.
If you’ve been following a pattern in a number of recent book topics, you may find my book will hit the bull’s eye in our “thank you economy”. My job is simply to make your job easier.