BloodhoundBlog

There’s always something to howl about.

Tag: first time home buyers (page 1 of 1)

June 6, 2009

Why Real Estate Agents Should Stop Playing Loan Officer

by

Las Vegas Mortgage Blogger

Author website

I wasted a few hours this week cleaning up the messes that real estate agents created for their first time home-buyers.

End result – loan officer still looks like a jerk, but now the borrowers are really confused about who to trust.

I’m going to combine about five separate scenarios and conversations that I had this week into one rant just to get my point across.

First of all, the mortgage industry is changing very rapidly.

True  mortgage professionals are paying attention to things like:  HVCC, concerns of HR1728, Mortgage Insurance companies changing their guidelines, Fannie’s new condo rules, FHA fico score requirements, Loan Level Price Adjustments, new FHA appraisal guidelines, adjusting interest rates in an unstable market, and a constant stream of mortgage Twitter chatter that only adds to the noise.

For those of us primarily working with FHA First-Time Home Buyers, we’re also keeping tabs on the $8000 Tax Credit being used as a down payment, as well as how long the Fed plans on purchasing Mortgage Backed Securities to keep rates lower.

Just as real estate agents are learning about short sales, bank owned properties, and transparency, mortgage originators have a full-time job keeping up with industry news so that we can lead our clients down the right path.

I don’t think that I need to throw another 9 links in this post to demonstrate that there are a lot of things real estate agents and loan officers need to understand before we can express with confidence to our clients that we truly have a handle on their unique scenario.

Imagine what the effect would be on a first-time home buyer if puked all of this overwhelming information on a them in the first 10 minutes of the initial phone call?

I had to do this all week just so that the agents and borrowers would understand why I wasn’t able to issue a quick pre-approval letter and GFE simply based on a 15 min phone call and credit score.

We’re in a tough market, and I totally empathize with the hard working agents who are competing for new business by giving the highest levels of service possible.

However, Read more

February 22, 2008

Working With Virgins

by

Real Estate Broker

Author website

I like working with experienced buyers, somewhere in their fifties, savvy, know what they want, know they can get it. I like working with investors because investors don’t cry, they’re rational, straightforward, wham bam, that’s it, buy it.

I like working with experienced home buyers and investors, but I love working with first time buyers. There’s something about the mixture of fear and excitement that’s exhilarating J. The dream in their eyes rekindles mine. It’s a special joy of achieving something big, something life changing.

There are many cynics who would read this and snipe about subprime and foreclosures, anything to tarnish what the jaded and hip-ironists see as illusion. May I never become jaded.

Of course there’s a huge difference in the check at closing between a waterfront home on the island and a starter home, but the satisfaction is greater with the starter home, and whatever high-end niche I may lean towards, I don’t think I’ll ever quit working with first time buyers.

There’s a sense of satisfaction in doing a good job and most times work is work and the satisfaction comes from doing it well; however, there’s a spiritual aspect to work that makes it more than a job. “Spiritual” is a loaded word and sounds pretentious in the context of real estate.

To me, spiritual, in the context of work, means that part of experience that transcends the banal actions of accomplishing a job, or the routine, logical actions of work – it’s the combination of physical action, mental  application, emotional connection and something greater that includes the participation of others. The “something greater” is the spiritual part.

When buying a home becomes more than buying a home, as it is with many first time buyers, it creates in me a sense of participating in “something greater”. The buyers are planning their life, thinking about the future, the creation of “home”, the pride of ownership, and the excitement is contagious.

They are also open to new knowledge, asking questions, absorbing the experience, connected to the experience, alive with the idea of having something that’s their own and full of creative ideas of how Read more

Inventing Real Estate 2.0

Welcome to BloodhoundBlog, the national real estate industry marketing and technology weblog written by, for and about real estate professionals. Better yet, welcome to the wired world of real estate. We are busily inventing Real Estate 2.0 – technology, marketing, service and salesmanship. Like all Bloodhounds, we are smart, frisky and fiercely independent. We've built a spot on the earth – beloved over all – where each one of us can be who we are, no matter who that might be. We are committed to an idea of excellence that will flush the bums, the con-men and the crybabies out of the real estate industry. If you yearn to have your failures excused, your moral lapses absolved or your boo-boos kissed, seek elsewhere. But if you are sick to death of mediocrity – welcome home. Read all about us, subscribe to our feed and steel yourself for the hunt. We work hard, we play hard, we learn everything we can – and we bow to no one.

Media Contacts