Wednesday, September 05, 2007

As the saying goes: “Everything old is new again”.

Good Morning,

Before today's 3 Minute Tip, I would like to take this opportunity to say that these tips are not intended as business generators for my team or myself. While we have appreciated the opportunity to work with most of you in the past and would enjoy working with you again, these updates are intended to keep us all working … period!

As you may know one of my 'Guiding Principles' or base core values is to "Lead With A Giving Hand." I will continue to do so, I will keep you informed as info is available and will pass along issues that we have seen or been through as this credit crunch situation continues to develops so that we can all be better prepared to succeed in this volatile market.

Okay, on with today’s 3 Minute Tip:

As the saying goes: “Everything old is new again”. We’ve been through this before (with over 20 years experience, how could we not!) Here’s a few things we’ve learned from our own experience or from speaking with some of your veteran peers over the last few days:

Get on the phone with your buyers!

  • Give them some of the info noted below. They’re probably nervous so just hearing from you will probably make them feel better.
  • Encourage them to call their mortgage contact person and make sure everything is moving forward
  • Make sure that they have turned in any and all documentation. This point is especially critical if the buyer is obtaining any type of alternative financing. We’re receiving e-mails daily from our wholesale lenders telling us about programs that are being removed and establishing criteria for loans already in process but not approved or locked. If they’re missing paperwork that’s holding up approval, they may not be allowed to close under that program!

Get on the phone with your sellers!

  • Again, update them on the current market conditions. Changing program availability will likely reduce the number of qualified buyers so as we move forward over the next weeks and months “priced right” homes will be the ones that sell!
  • Do this in conjunction with your mortgage person. Sometime’s 3rd party validation helps get the seriousness of the market conditions across and will help clients make better decisions with more confidence.

All listing clients should be pre approved for their next home.

  • Ask them to call their mortgage person if they are pre approved to make sure that market conditions have not changed their approval status, program options or interest rate range so that they have current information about the financing of their next home.
  • Ask them to call your mortgage person if they are not pre approved to make sure that they have a way to move into their next home when you sell their current one! A good tip here is to ask them in an e-mail: “What time would be good for me to have Jane Smith from Wicked Good Mortgage Company call you?”. When they respond, forward the e-mail to Jane. This allows Jane to call your client even if there phone number is registered with one of the Do Not Call lists and you’re not waiting for your client to make a call. This will save you a lot of time, money and effort in marketing a property that the owner may not be financially able to move out of!

Your mortgage person (or their’s) should also be assisting them with a “Seller Net Worksheet” so that they are:

  • Educated on their financing options and how much or how little they need to put down on their next home
  • Prepared for price reductions (knowing that there are options that don’t require a lot of equity gives them more confidence with a lower offering price)
  • Prepared for the harder negotiations that will most likely come in this market (they are more prepared to be reasonable if they know what they need to, realistically to net from the sale)

Get on the phone with the co-broker!

  • Make sure that their listing client is all set with their financing so that doesn’t delay closing or at least there’s time to offer help or make accommodations if necessary.
  • Make sure that their buying client is doing all that’s necessary in a very timely manner to clear any conditions on their loan pre approval or commitment letter or, again, there’s time to offer help or make accommodations in the contract.


The more we focus our energy here, the better the chance that we, all of us, endure and succeed in this market.

To our success!

Thanks for spending 3 minutes with me...
The best is yet to be!

Your Trusted Advisor For Life
Jeffrey Stanton

You read Jeffrey's Journal every week because you, like me want the best for yourself.And you, like me want to build a strong referral based business.Who else like you, like me loves referrals that you can share this blog with right now?

No comments:

Legal Stuff

CNE is a registered tradmark of Negotiation Expertise,LLC Your Professional Development and the information contained in/om , www, is the sole property of Jeffrey Stanton. the information contained is opinion only and should not me taken as legal or profesional advice. This website may not be duplicated whole or in part with out written permission.
This Site is not affilated with any othe web site and my contain links to outside web sites and is not responsible for other web sites content.

Certain statements contained on this blog may be deemed to be forward-looking statements within the meaning of the federal securities laws. The words “anticipate,” “believe,” “estimate,” “expect,” “project,” “plan,” “forecast,” “intend,” “goal,” “target,” and similar expressions identify forward-looking statements that are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, the effect of economic and market conditions including industry volumes and margins; the level and volatility of interst rates; the Company’s hedging strategies, hedge effectiveness and asset and liability management; the accuracy of subjective estimates used in determining the fair value of financial assets ; the credit risks with respect to our loans and other financial assets; the actions undertaken by both current and potential new competitors; the availability of funds from lenders and from loan sales and securitizations to fund mortgage loan originations and portfolio investmetns; the execution of growth plans and ability to gain market share in a significant market transition; the impact of disruptions triggered by natural disasters; the impact of current, pending or future legislation, regulations or litigation. The statements here are not offeres to extend credit as defined by Regulation Z. Rates, Programs, & Availability of Credit is subject to change

Jeffrey S Stanton
DRE ID # 01865119