Selling Poinciana One Property at a Time.: Subprime lenders, liars, cheaters and "The Man". Revisited

Subprime lenders, liars, cheaters and "The Man". Revisited

Florida foreclosures 407-873-2747

OK you're going to like this one. First posted March 15, 2007. This was the day the market crashed in Poinciana Florida. Check it out:

 Subprime lenders, liars, cheaters and "The Man".

Hey, has any one heard about the subprime lending crisis? OK, I guess you probably have. From what I understand, this crisis, we are going through right now, is due to all the low life, lying and cheating Mortgage Brokers that had saturated our business over the last few years looking to pad their wallets with the blood sweat and tears of the working class. They have been working in conjunction with money grubbing REALTORS® who have driven property values to all time highs by coercing the consumer into purchasing above their means. And "The Man" has sat idly by sucking the average Joe dry in increased property taxes while raising insurance rates to subsidizing the super wealthy who want to live on the San Andreas fault and opening the flood gates of evil money to anyone that could breath and sign on the dotted line.

OK, OK!!!!! I'M JUST KIDDING! Maybe?

Anyway, this post is not about who's responsible and how it all happened, this post is about what we can do to keep our heads above water while the storm passes.

First, let's start with the easy one, Buyers: If you want a piece of the American dream, here are a few steps you can take, to help you achieve your goal.

  • Save your money. If you are currently renting for $1,000 a month, but want to purchase in the future, then find out how much home ownership will cost you per month, subtract $1,000 and start saving the difference. This will do two things for you. First, it will discipline you to be able to pay the higher price of home ownership. Secondly, it will provide you with a down payment when you are ready to purchase. If you can't afford to start saving the difference, then you are not ready to purchase a home. Simple.
  • Work on your credit issues. If your FICO score is below 660, you have some work to do. Find a qualified credit counselor, make a plan and stick to it. If you are not able to do this, then you are not ready to purchase a home.
  • Owning a home is NOT an entitlement. It requires hard work and planning. BUT if you are able to put in the effort, you CAN be a homeowner within 24 months. If not, well, I have rental for you. You can pay my mortgage.

OK Sellers, your turn:

  • If you don't need to sell, then take your property off the market. You will not get "lucky" in this market and you may very well have to "give your house away". If you can wait, wait. Enjoy your home. Do some gardening and some painting. Make it look fresh and enjoy it. Hey, at least you have a home. Go dish out some food at the homeless shelter and thank God, everyday, for your blessings.
  • If you need to sale, find a qualified REALTOR® and take their advice. In this market it's all about the price. Look at the bright side, if you have to under sale your house, you should be able to make it up on the buying side. Don't let this market scare you, just be smart. Houses are STILL selling.

Now let's see...........who did I leave out? Oh I know...REALTORS®!!!

  • Learn your market. You must become an expert at pricing. In this more difficult market, there is no room for "Zestimates". Just thought I would throw that in there. But seriously, pricing is the key in this market. Get it right and your Sellers will love you. Get it wrong and....well, I'll come behind you and get it right.
  • Increase your listing inventory. Now is an excellent time to increase inventory. The more inventory you have, the better chance you have, of getting some homes sold. It's also beneficial for your Sellers. Listings attract Buyers. Just make sure your inventory is priced properly and the Sellers need to sell.
  • Increase your advertising budget. For some reason, REALTORS® make the big mistake, of decreasing marketing dollars, when times are slow. Don't do it!!! Now's the time to spend some serious bucks to generate those listings and Buyers you need. "But Broker Bryant I'm not making any money" Well, what did you do with all the money you made in 2004 And 2005? Spent it? Rookie!!
  • If you have Buyers that have been pushed out of the market, don't abandon them, help them with the Buyer steps I outlined above. Get them on a plan and call them every now and then to make sure they are on track. Help them when they are ready in a couple of years. Why not? Are you going somewhere? Real Estate is about building long term relationships. If you haven't been doing that, now is a great time to start.

And...Subprime Mortgage Brokers...May I please have...two all beef patties, special sauce, lettuce, cheese, pickles, onions on sesame seed bun.

OK, this post is getting too long, so, I'm going to stop here. Folks, maybe the things I just mentioned are harsh but so what? Real Estate and home ownership is not a child's game. It needs to be taken seriously. So roll up your sleeves put on your work boots and let's go help some folks get through this difficult market. I know I will. How about you?  

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Comment balloon 17 commentsBryant Tutas • February 24 2009 04:19PM

Comments

Reserved Parking For "The Lovely Wife"...TLW...ROAR!

Okay...

It cracked me up too :)

TLW...ROAR!

Posted by "The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW. (President-Tutas Towne Realty, Inc.) over 10 years ago

Bryant. I like that you tell it like it is. Just today we were talking about realtors who stop advertising and marketing because of current market conditions...big mistake.

Posted by Barb Szabo, CRS, E-pro Realtor, Cleveland Ohio Homes (RE/MAX Trinity Brecksville Ohio) over 10 years ago

Wow, you are wise beyond your years.  Now that you have proven it, tell us what to do for the next two years or so! 

Posted by Diane Aurit, Lake Norman Real Estate (LKN Realty, LLC) over 10 years ago

Hi Bryant!  I LOVE the Mickey D's reference!  LMAO at that one!  One thing that I've noticed agents have decided is that they MUST cut back on marketing--NOT smart.  Just like you said, you have to spend it to make it and you simply HAVE to beef up your marketing in a slow market.

As for what the agents did with their earnings from 2004 & 2005--I'd LOVE to know that myself!  I just don't see anything shown for those years of being top producers--perhaps they invested overseas?!!

Have a good one and give TLW a hug for me!

Debe in Charlotte

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) over 10 years ago

Thanks for sharing ,  We need to continue to advertise and move on....  Might need to try different medias to advertise...

Posted by Diane Daley (Caron's Gateway Real Estate) over 10 years ago

I love what you said about Realtors not spending money when times get tough....I hope that continues - LOL (fools)

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Thanks, great advice all the way around. I am determined to be one of the ones "left standing". Always a pleasure to visit you and TLW!

(Did I get here too late for the horse-doovers?)

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 10 years ago

Thank you for the great post.  I know several agents who have decided to reduce or eliminate their advertising all together. 

Posted by Zilkia Olmeda-Martins, GRI, Realtor, San Antonio Texas Luxury Homes (RE/MAX North - San Antonio) over 10 years ago

By the way, I just want to let you know that because of your posts about pricing to sell (not using Zestimate, LOL), I have a new outlook on not only pricing homes to sell, but also for assisting my clients with offers. (not the kind TLW does the infamous Broker Bryant counter offer to). But, in taking your advise to heart, it looks like I may have nailed down a house for my clients somwhere around 40,000 less than asking. Now we are at a price that is inline with the market TODAY. I just wanted to share, and say Thanks!

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 10 years ago

All great points Bryant, especially for sellers to get out of the market if they don't need to sell.  They are only frustrating themselves hoping for that "magic person" to come along.  They are right, someone will love their property, but when the competition is so strong and so low, the buyer is just going to go the foreclosure or SS down the market.  Let the market settle down and then put your property on the market when you are competeing with other retail sellers, not banks!

Posted by Janie Coffey, Uniting Extraordinary Homes w/ Extraordinary Lives (First Coast Sotheby’s International Realty) over 10 years ago

Subprime lenders were amazing to say the least. I was always thinking why in the world would you lend to these people?

Posted by Chip Jefferson (Gibbs Realty and Auction Company) over 10 years ago

BB,

Funny how timeless that seems today.

Posted by Rebecca Levinson, Real Estate Marketing and Online Advertising Consultant (Real Skillz-Clear Marketing for Your Real Estate Vision) over 10 years ago

Two all beef patties. special sauce lettuce cheese pickles onion on a sesame seed bun...LOL  Yeah I was waited on the other day by a former mortgage broker...seriously.

Banks are now in a different mind set than they were in 2007-2008 before their "assets became liabilities" and they had to declare their bad loans openly.  As a result they are more willing to negotiate, however the ones which will not conform to paying a fair wage to the Realtor who effectively facillitates the sale.. need closer scrutiny- the overall haul should be inclusive of holding banks to the same standards of practice as home owners are.Meaning if yu are not going to pay for our services then PLEASE do not list the homes with us for sale.

Posted by Allison Stewart, St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904 (St.Cloud Homes ) over 10 years ago

LOL Allison...

I thought I was the only one who still sings that song as it relates to Real Estate :)

TLW...ROAR!

Posted by "The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW. (President-Tutas Towne Realty, Inc.) over 10 years ago

Don't forget the fries and a coke... I mean as long as they're dishing it out...

Posted by Jesse & Kathy Clifton, Retired (Jesse Clifton & Associates, REALTORS®) over 10 years ago

We worked with a young couple a few months ago wanting to purchase their dream home. Credit wasn't a complete mess but there were a few unpaid bills. Their loan officer recommended they write a letter of explanation and start working on paying off those bills to at least show they are trying. Nope, they decided they didn't want to do that = no dream home! Yes, they are being kept in the loop!

Posted by TheMillsTeam YourSebringRealtors, 863-212-5441 (Advantage Realty #1) over 10 years ago

Bryant, you are so right about homeowners.  They feel it is their right to own a home, and now look at all of them who are looking for a handout to save their home.  They got themselves into this mess, let them figure out how to get out if it.  Why are they getting reduced interest rates, a reduction in the amount owed on their mortgage, etc., while those of us that can still afford to pay on our mortgage (because we were smart and didn't buy this huge home with a payment we couldn't afford, and we had a savings account we regularly deposited money into) are stuck with higher interest rates and no lowering of the amount we owe on our homes.  It's like we are rewarding people who made bad decisions, and punishing those who made good decisions.

Posted by Troy Erickson AZ Realtor (602) 295-6807, Your Chandler, Ahwatukee, and East Valley Realtor (Good Company Real Estate www.ChandlerRealEstate.weebly.com) over 10 years ago

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