Venice Area Homes Blog

So,

Do You Know What Distressed Property Owners Need?

We are talking pre-foreclosure, heading toward a short sale, heading toward a possible REAL foreclosure. Knocking that credit rating down 200 points possibly for 7-10 years.

Well if you said how about a bunch of money, or some other kind of quick fix, you are not looking into the hearts of people as a real estate professional.

 

We would all like to have magic wands to cure people's ills from however they got into this MESS. And do not deny it is a mess and a stressed filled time of people's lives. Divorces occur because of financial woes. And don't be snooty thinking your time in this arena couldn't take place at the drop of a hat, as there but for the grace of God go I. Look at the reasons people get "distressed" and even YOU Mr. or Ms. Snooty could be there.

• Job loss
• Business Failure
• Payment increase or mortgage adjustment
• Divorce or death of spouse
• Illness
• Relocation
• Reduced income
• Mortgage fraud
• Predatory lending

Assisting a homeowner in these tough times we can look at these options for them:

• Refinance
• Sell and bring cash to closing
• Lender workout
• Short sale (selling for LESS than the loan balance)
• Deed in lieu of foreclosure
• Foreclosure
• Do nothing and walk away

In the most desperate of times a homeowner can file personal bankruptcy and try to move on with life and not jump off buildings. BUT, back to the question. WHAT IS IT THE DISTRESSED PROPERTY OWNER NEEDS FROM US, the professionals in this industry? You may find the answer hard to swallow, looking at the "perceived EVIL banks and lenders."

But from all of us, they need COMPASSION.

If they are truly trying to bail their lives out, drowning in a sea of financial troubles, isn't it the very least we can do is talk to them with compassion and understanding? Yes, this is business. But John and Mary Doe are people. We are talking REAL LIVES here. I encourage you to put a photo of the family taped to the short sale file package. A REMINDER to everyone that touches this situation that REAL LIVES are involved here and are being impacted. COMPASSION goes a long way in life!!!

Home Buyers, Please Don't be Offended... Just get Pre-Qualified. 

Save Yourself Some Time.  It Really Is For Your Own Good.  

 

I've "lost" more showings due to one particular reason, more than any other.  In fact, 90% of the time if I "lose" a showing, it's due to this reason.  A buyer does not want to get pre-qualified. 

 

 

I live and work in an area that is abundant with folks that are:

• hard working,

• resilient,

• bill-paying,

• been doing business with the local bank all their life,

• never been turned down for a loan,

• got good credit,

• family been here forever, may even own half the town...
  

                                                                         .....kind of people. 

 

I know these things.

 

When they call about looking at a home, they'll tell me these things.  

I know, I come from a family that was the same way. 

The salt of the earth, that's what my area has. 

 

I love Southeast Oklahoma and I wouldn't want to live anywhere else. 

 

 

 

 

 

 

 

 

 

 

 

BUT things have changed over the years.  Some of those changes have come about more recently,

 

• like since you bought your home about 15 years ago..
  
• or that last 40 acres you added onto the place 4 years ago.
  
• They've even changed since you helped your daughter and new son-in-law buy their place 18 months ago.
• Or if you have never bought a home...it doesn't matter that grandpa's got money in the bank unless grandpa is going to co-sign your loan, or give you some of his money.  His good credit does is not an inherited asset that he will pass to you.
  

SO PLEASE DON'T BE OFFENDED when I say to you,

  "There's one thing that the seller has requested I get before I show you the house.  I need a copy of your pre-qualification letter from a lender". 

 

Like I said, don't get offended.  Nothing personal. I have to say that to you, make that request, or I wouldn't be doing my job. 

• I want to show you the house. I love showing houses.  I love my job.  I love helping folks buy a home.

• You want to see the house (or at least you say you do).  You say you are seriously shopping for a home.  You say you are going to buy one.

So why do you not want to get a pre-qualification letter?   Do you believe that I doubt that you can borrow the money?  Is that the way you're going to take it,  as an insult?

THAT'S NOT IT.

 

If you've turned the tv on to a news broadcast during the last year or picked up a newspaper and read more than the headlines... well even reading the headlines might do the trick...

you should have figured out that the lending situation, including credit score requirements, down payment requirements, assets to close, etc etc have all gotten more difficult than it used to be.

 

Even your local bank where a hand shake got the deal done will take a lot more than that now.  The documentation that your loan officer is going to ask you for, quite frankly is proably going to surprise you.

Now you ask me, "How is getting a pre-qualification letter going to save me time?"  and "Why do you, the real estate agent, or the sellers want me get one?"

First question - How will it save you time? 

• If you're serious about buying, you're going to have to get a loan.  Getting a pre-qual letter from a reputable lender... a lender that you WOULD borrow money from.. is the first step in that process.  (I'll even give you contact information for several lenders.)
  

The lender will check to see if you're credit worthy.  When you find a home that you want, most financing supplementals to contracts default to a 10 day period to get pre-approval on your loan.  Of course all things in a contract are negotiable but the seller is probably not going to want to allow much more time than that when/if they accept your offer.  That 10 days can go by fast and you're going to have a lot on your mind at that time, like inspections, appraisals, moving... "  If you're serious about buying a home, then act like it and get a pre-qual letter. Get the ball rolling for a loan pre-approval. It's just a matter of tending to your business.

• Second Question - Why do I and the seller want you to do it?  See the the paragraph above...  If you're serious about buying a home...  why would I want to take my time to show you homes if you're not serious?  There are only so many hours in the day and we're all limited, please don't waste mine.  I'll go out of my way to help you with your transaction.. to the nth degree.. if you're serious about purchasing.  BUT you gotta' do your part...get the pre-qual letter.    The seller wants you to because they are going to make sure that the home is ready for you to look at and are going to have you, a stranger, in amongst their stuff.  Getting pre-qualed tells them that you are a serious buyer and not just a lookey-loo wanting to see how they live or because you're curious and you've always wanted to see the inside of that house. A buyer with a pre-qual letter is probably going to get their offer looked at in a better light.  :)

Now you tell me, doesn't it make sense to get at least a pre-qualification letter before you start looking at homes? 

Pre-qualification letters are the best way to get scheduled to see the homes that you want to see and in a timely manner.  They are an excellent boost to getting your offer taken seriously when you do find the perfect home, investment property, or land. They probably will help you get a seller to take an offer more seriously.

Got that pre-qual letter?  Want to look at that house today?  Call me... I'll be more than happy to show it to you.

Some photos courtesy of Morguefile.

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I love sharing Southeast Oklahoma with you.  The Country Life in Southeast Oklahoma is written to highlight our great area of Oklahoma, whether it's the beautiful scenery, the wonderful people, a happening or event, or maybe a restaurant or business that just does a great job. 

Southeast Oklahoma is endlessly varied and has so much to offer.  It's my desire to bring those things out.

Got an idea for a post or have something that you want to share about Southeast Oklahoma?  Contact me either by email, a phone call, or in the comment section. I'd love to hear from you

Join me in Southeast Oklahoma, where life usually moves at a little slower pace, the people are wonderful, the landscape can be breathtaking. 

We love where we live!  Call me and let's visit about McCurtain County or Choctaw County.  The "fartherest southeast you can go in Oklahoma and still be in Oklahoma."

We are SOUTHEAST OKLAHOMA.

 

Judi Barrett, Broker, Integrity Real Estate Services, Office Address:  RR 5 BOX 126, IDABEL, OK 74745  580-212-5946

Our Name Says It All.
Real Estate Services You Can Trust.

Last week I attended a specially held meeting at Mote Marine Laboratory to discuss the oil spill in the Gulf of Mexico and its potential threat to our Southwest Florida coastline. In attendance were a handful of area real estate leaders as well as Kumar Mahadevan, President and CEO of Mote Marine Laboratory, and Ed McCrane, Emergency Management Chief for Sarasota County.

I walked away from the meeting with a handful of comforting impressions. First and foremost, the threat of oil directly impacting the coastline in Sarasota, Manatee or Charlotte counties is minimal with less than a 1% chance according to this map released by NOAA .

Several factors contribute to this analysis, but most importantly, the direction of Gulf currents reduce the likelihood of oil washing ashore on our area beaches.

The second overwhelming impression I experienced was how fortunate we were to have Mote Marine Laboratory and the dedicated scientists and staff right in our own back yard. From day one of the oil leak, Mote Marine has been proactively seeking to provide input and analysis to assist with the response in the panhandle as well as prepare for a potential threat to our coastline. Dr. Mahadevan pointed out something interesting during the discussion – our area is fortunate that we have the benefit of time to take baseline measures of water quality and wildlife quantity throughout the aquatic areas locally. Those areas closer to the spill site, Louisiana for example, did not have the benefit of time and will have a difficult time assessing the true damage without a baseline to compare. The volunteers and scientists at Mote Marine stand at the ready, prepared to assist in whatever capacity and I am proud that such an organization exists in our community.

When asked what “we” can do to assist Mote Marine in their efforts, Dr. Mahadevan’s response was quite simple:

1) Donate to Mote Marine Laboratory since it is a privately funded institution, and

2) Inform as many people as you can of the accurate information regarding the oil spill and its unlikely direct impact on our area beaches.

Another reason to feel fortunate for living in our local community, is the caliber of preparedness and preparation that our local government exhibits through their Emergency Management division. While we typically think of this group responding to hurricane threats and response, they are equally vigilant in their preparation for a potential threat of oil landing on our coastline. Again, Mr. McCrane stressed the benefit of time that our area has to monitor, prepare and learn from the ongoing recovery efforts to ensure the most effective response in the unlikely event that the oil reaches our shores. Another interesting fact is that many beach goers may be fooled into thinking that “tar balls” have landed on the beach, when in fact they are looking at naturally occurring aquatic life known as tunicates or “sea squirts.”

It is no secret that our area beaches are one of the most precious resources in our community. Our white sand is the reason that millions vacation here and many decide to stay permanently and live in paradise. This group of area real estate leaders simply wanted to know “What can we do to help?” and do our part to preserve the pristine coastline that we are fortunate to call home. This article is one small part to provide some accurate and non-sensational information to you, the reader.

Please pass this information along so that we can get the word out that Manatee, Sarasota and Charlotte County beaches are as beautiful as ever and open for business!