It's a tough time in the mortgage business for everyone. What you said above is true, coming up with an elevator pitch or value proposition is tough.
With rates, fees, and guidelines the same for everyone it appears the value proposition has become "You'll like me better than anyone else!"
SpokaneHomeGuy
· 2 months ago
This cracked me up. Reminds me of the old Avis ads "We Try Harder." Fortunately we're not that far out on loan processing here in the Northwest, FHA/VA is still 45-50 days out, but if we order the appraisal early enough we can get it through sooner but we don't hold our breath.
Great post.
Justin McHood
· 2 months ago
@SpokaneHomeGuy
Thanks. Those tears in my eyes? They are from laughing at my battle scars recently. Crisis+time=humor.
jtboyer
· 2 months ago
Hi Justin,
I still do not understand why the banks need seasoning requirements for properties that are to be flipped. At least in my area "Northern New Jersey" The people who would purchase these renovated properties are likely to be the most qualified home buyers, as these are likely to be the most expencive homes in their size/price range.
House flipping is good for the neighborhoods they are in, the towns, and the local /national economy. Why do the banks seek to make life difficult for the people who are trying to make things better?
Justin McHood
· 2 months ago
@jtboyer,
I am asked this question quite a bit here in AZ - where there are plenty of houses to go around that have recently been foreclosed on.
Is it okay to admit that I have no idea what a possible plausible answer would be to your question?
I hope so.
Justin
Justin McHood
· 2 months ago
@Matthew,
I found that saying it with a big grin and putting a "panic pause" at the end of it helps... I have been using it as an icebreaker.
Most people start their response with something similar to "well at least you are honest..." and I just kind of shrug as they tell me their horror-story-of-the-day as to why lenders are doing/requiring crazy things.
I just nod, promise them that that we will do the same crazy things, but at least we will try to be up front about rather than tell them how easy it will be and then surprise them with pain.
That, and I just can't help myself but try to put a funny spin on a tough situation.
jtboyer
· 2 months ago
Yes Justin it is ok to admit that you don't know. I am guessing that a bunch of egg heads at the top think that home flippers caused most of this mess. Well I flipped 6 homes in 2005 - 2006 and happen to know that all have the same owner that I sold them too. I think that people who buy these homes are some of the more solid buyers, but then I am just a Realtor working with the actual people, what do I know.
startabuzz
· 2 months ago
Justin, this is fantastic! First of all, I heartily applaud your ability to keep your sense of humor during a time when your business isn't terribly easy (in many people's minds, it would seem that mortgage officers are just a few steps above being a defense attorney for Roman Polanski.) The quotes from both sides of the fence are incredibly eye-opening (and have me hoping against hope that, when I was one, I never said anything like the Realtors you've quoted).
This was a wonderful post. Well-written, funny, great. If Twitter ever rises like a Phoenix (or a Scottsdale) from the ashes, I'll be a'tweetin' it out. :)
justinmchood
· 2 months ago
@startabuzz:
Thanks! Looking forward to meeting you in Vegas next week... I will be the chubby kid in a blue shirt standing next to Elvis.
Justin
Portland Real Estate
· 2 months ago
Loan officers dont generally have much choice in the matter. Even if they are the very best, they still have to work with the underwriters and banks and can only go as fast as they go. Unfortunately that means long waits and stupid red tape.
-Tyler
justinmchood
· 2 months ago
@Tyler,
Very astute observation. Just let me know when you can come down to Phoenix and hold a seminar for 3/4's of the Realtors here. They have started ignoring me when I ramble about this stuff I think.
Justin
Augusta Real Estate
· 2 months ago
Refreshing honest!
If people in every profession would just be honest instead of being politically correct or trying to save their own hide, they would be tremendously successful. Honesty will go a long way in developing lasting relationships with colleagues and clients.
caroline11
· 2 months ago
Thing seems to be improving here (Denmark), but still very many people are still very uneasy.
Homes in Baltimore
· 2 months ago
While reading your post I was thinking of all the issues we have had with loans over the past 12 months in the Baltimore Metro area. From crazy stipulations after a 3 week underwriting wait, where the AE insisted that their review process was the “fastest in the industry”. To the subcontracted out of state appraiser who calls me and says “I really do not know where this property is, since I have never been to Baltimore City”. Then finally, the Johns Hopkins Physicist who made over 250k per year with a 700 credit score that could not buy 300k condo with 30% down in Baltimore Cities Harbor East because the “new construction complex was not over 40% owner occupied. Try telling the underwriter that it is new construction and only 30% of the units are sold.
Kansas City Real Estate Broker
· 2 months ago
The mortgage business has the same problem the real estate business has, it is way too easy it get in. If we had better training in either industry, we all would be better off today.
JoeLoomer
· 2 months ago
Funny, Justin. I've been using the "sucks less" analogy in my market reports here in Augusta - nice to know I'm not the only one out there who uses the analogy.
I've whittled it down to two local lenders I refer almost exclusively. Mainly for the simple reasons - in-house underwriting, liberal interpretations of policies and procedures (if you can interpret it two ways, they interpret it the way that's shortest/easiest). It's also much easier to begin disclosure time restraints if the buyer and lender are physically at the same location. It (sorry for this) sucks less....
All Comments
With rates, fees, and guidelines the same for everyone it appears the value proposition has become "You'll like me better than anyone else!"
Great post.
Thanks. Those tears in my eyes? They are from laughing at my battle scars recently. Crisis+time=humor.
I still do not understand why the banks need seasoning requirements for properties that are to be flipped. At least in my area "Northern New Jersey" The people who would purchase these renovated properties are likely to be the most qualified home buyers, as these are likely to be the most expencive homes in their size/price range.
House flipping is good for the neighborhoods they are in, the towns, and the local /national economy. Why do the banks seek to make life difficult for the people who are trying to make things better?
I am asked this question quite a bit here in AZ - where there are plenty of houses to go around that have recently been foreclosed on.
Is it okay to admit that I have no idea what a possible plausible answer would be to your question?
I hope so.
Justin
I found that saying it with a big grin and putting a "panic pause" at the end of it helps... I have been using it as an icebreaker.
Most people start their response with something similar to "well at least you are honest..." and I just kind of shrug as they tell me their horror-story-of-the-day as to why lenders are doing/requiring crazy things.
I just nod, promise them that that we will do the same crazy things, but at least we will try to be up front about rather than tell them how easy it will be and then surprise them with pain.
That, and I just can't help myself but try to put a funny spin on a tough situation.
This was a wonderful post. Well-written, funny, great. If Twitter ever rises like a Phoenix (or a Scottsdale) from the ashes, I'll be a'tweetin' it out. :)
Thanks! Looking forward to meeting you in Vegas next week... I will be the chubby kid in a blue shirt standing next to Elvis.
Justin
-Tyler
Very astute observation. Just let me know when you can come down to Phoenix and hold a seminar for 3/4's of the Realtors here. They have started ignoring me when I ramble about this stuff I think.
Justin
If people in every profession would just be honest instead of being politically correct or trying to save their own hide, they would be tremendously successful. Honesty will go a long way in developing lasting relationships with colleagues and clients.
I've whittled it down to two local lenders I refer almost exclusively. Mainly for the simple reasons - in-house underwriting, liberal interpretations of policies and procedures (if you can interpret it two ways, they interpret it the way that's shortest/easiest). It's also much easier to begin disclosure time restraints if the buyer and lender are physically at the same location. It (sorry for this) sucks less....