Coaching For Real Estate Agents
Real Estate Agents- How is the Sub-Prime fallout affecting you in your market?
Wow! I was not even able to post on my blog this past week! We have had our hands full with the effects of New Century filing bankruptcy. This effected several deals we are working on so all of our waking hours were spend dealing with these issues and working to salvage our closings. So it made me wonder how is this affecting Real Estate agents in different markets around the country?
Please feel free to post your comments about how this is affecting your Real Estate business and how you are coping with it. What strategies are you implementing to overcome this obstacle? And how is this affecting your clients being able to get loans?
This is putting even our best credit scoring clients through the ringer if they have to go stated income on their loans! This is the worst that I have experienced in all the years I have been in the Real Estate business as a Real Estate agent.
I remember when Jimmy Carter was President and interest rates were totally out of control. Our clients were trying to buy homes at 20% and 21% interest rates. We were doing wrap around mortgages back in those days to be able to get homes sold and buyers moved into homes. Of course, in the wake of those high interests, assumable loans and wrap-arounds became nearly extinct. I weathered through those tough markets; I will weather through this one as well.
Real Estate agents bring so much value in times like these if they are keeping up with current events in the mortgage industry. When you understand how a loan is done, how underwriting works, what the industry is expecting; you are better equipped to counsel the distraught seller who is waiting for the closing only to find out he/she is being asked to sign another extension of the closing or the buyer who is being asked for the size of his/her pants and having the guidelines being changed on him/her from day to day! And believe me, these days I feel as though my counseling skills are being put to good use!
My advice is for you to find a good mortgage broker, hopefully one you are using as a referral for your clients, and ask him to mentor you in the process of getting a loan approved in today’s changing climate. This knowledge will empower as a Real Estate agent and put you ahead of other Real Estate Agents because if you do not how to help your buyers and sellers you will lose them!
If you are a new Real Estate Agent and do not have a relationship with a highly qualified mortgage broker you can email me at Katerinag@bellsouth.net and I will introduce you to Steve Dalia with Summit Mortgage here in
You can also email me at Katerinag@bellsouth.net for coaching and consulting information for Real Estate Agents. I am a Realtor and a Business, Career, Health and Personal Coach, Real Estate Business Consultant, trainer and speaker. Yours In Real Estate, Katerina
Coaching For Real Estate Agents
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