Tired of Doom & Gloom!!

By
Real Estate Agent with Coldwell Banker Hubbell Briarwood

Every time you turn on the television or the radio, you hear about people who can't get car loans or can't get financed for mortgages. Doom & gloom all the way! I understand that there is a problem with conventional loans, but government loans are still going thru. I was informed that it was difficult to get investment financing. I just did a cash-out refinance on one of my rental properties. Other than the fact that, because of the declining real estate market, I had to do a 75% LTV instead of the 80% LTV that I wanted, I didn't really have a problem. The appraisal wasn't as high as I would have liked, but that's a declining market.

I have a friend that had several late pays on this car loan. He straightened that out last year and has been on time ever since. Because of gas prices and a growing family, he decided to trade it in. His trade-in was more that what he owed. I still don't understand that. It never happens that way for me. I'm always upside down. He had to be approved by a manager, but he still got his loan. And he got a great deal on his new previously owned vehicle. 

With all of this doom & gloom, the people interested in buying vehicles and real estate aren't even trying to buy. They are not calling because they've been told by the media, that it isn't possible to get a loan. A local newspaper ran an article about how bad things were in the real estate and mortgage markets. Several of the mortgage companies quoted had basically gone out of business, but they were the ones doing subprime mortgages. They didn't talk with agents and lenders that were still doing their best for their clients. Who might have been able to inject a little light into this gloom.

 

 

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Topic:
Real Estate Market Trends
Location:
Michigan
Tags:
real estate
mortgage
investment
refinance

Comments 13 New Comment

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Rainer
15,942
Barry Bridges
Barry Bridges Weichert Realtors Bridges & Co.

THERE IS NO PROBLEM GETTING A MORTGAGE for people who SHOULD HAVE a mortgage

Listen to this lady and buy a home!

October 09, 2008 11:19 AM
Rainer
91,941
Mike Linkenauger
Short Sale Realtor - Jacksonville FL
First Coast Realty Associates

I heard that!  To much focus on the problem instead of the solution!  Get rid of capital gains, and don't vote for Obahma!!

Orange Park Florida Homes, Real Estate, and Realtors in Orange Park Florida

October 09, 2008 11:20 AM
Rainmaker
255,686
Greg Steffens
Mountain Country Realty

Hey Dolly - Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here - it is a great education and lots of fun.  Looks like you're off to a great start...keep it up!

October 09, 2008 11:29 AM
Rainmaker
365,653
Pat Champion
Coldwell Banker Camelot Realty

It just goes to show you there is still money to lend and some help out there for those that try to find it.  Thanks for the upbeat instead of all neg.

October 09, 2008 11:30 AM
Rainmaker
90,946
Roger Stensland
King & Pierce County Homes Home Resource Group -
Keller Williams Realty Puget Sound

Good post!  I wrote about this yesterday.  My observations are similar to yours.  Now is still a great time to purchase a home!  Don't listen to the doom and gloom - do your own research to see how the current conditions apply to you.  If you don't know a good mortgage professional, contact your most trusted Realtor and see if he or she can point you in the right direction.

October 09, 2008 11:31 AM
Rainmaker
308,402
Rob & Jeannie Steward
We Work TWICE As Hard For You!
RE/MAX Realty Centre

Agreed on all points. Especially the part about the doom and gloom donkey party. What it to get worse before it gets better? Move to a blue state.

October 09, 2008 11:32 AM
Rainmaker
658,549
Sharon Paxson
Newport Beach Real Estate - HOM Sotheby's Int'l Re
HÔM Sotheby's International Realty, BRE License 01501912

Dolly - good post, and thanks for the providing positive information. I am so tired of the media telling us "how to think".

October 09, 2008 11:56 AM
Rainer
47,935
Nicole Weidauer
Keller Williams Greater Seattle

This is the very issue my office was talking about at our think tank session this morning. We are calling our lender friends and asking them about REALLY what is going on with loans, so we can shed some light to our clients about the facts.

Thanks for sharing, Nicole Weidauer

The Egerer & Weidauer Team, Keller Williams Realty North Seattle

October 09, 2008 12:41 PM
Rainer
4,428
Larry Isaacson
Bayside 81989 LP

Dolly:

Welcome to Active Rain. This is a great forum to exchange ideas in these economic times. I believe everyone should look at all income steams as we enter a new paradigm. I have multiple income streams.

Larry

October 09, 2008 02:11 PM
Rainer
42,147
Ron Martin
Ron Martin Team
Keller Williams Realty

Good morning & welcome to Active Rain, You have joined an excellent site to receive free marketing, absorb more information from others, share ideas.  Be a blogger and have fun. If you have any clients moving to the Greenville, Spartanburg, & Anderson South Carolina area we are your team. We are on all three MLS. Great blog!  Keep it up. Again Welcome!!

October 10, 2008 04:06 AM
Rainmaker
116,982
Mike Bowler Sr.
CRB, GRI, ePRO, RECS, SRES
Coldwell Banker Hubbell Briarwood

Dolly, welcome to Active Rain, I can see by you natural flow of conversation and comments received that you will do well Blogging. Isn't it amazing how businesses (especially real estate brokers) continue to support the media by spending millions of dollars each year, yet they continue to distroy our business. Another good reason to continue Internet marketing and drop the tradition, old fashion, ways of doing business. "Best to you in the 4th quarter" Mike

October 10, 2008 06:35 AM
Rainmaker
405,160
Bill Kennedy
Homes For Sale Greenville SC
Keller Williams Realty

Welcome to Active Rain! This is a great website for building your business, as well as learning from others.  Pat yourself on the back, because you made a GREAT choice in joining the blogosphere!

Write often, and write whatever comes to mind.  Blogs about personal topics and non-real estate items are often the best.  It helps your readers to bond with you, and ends up bringing you a lot of business!

Good luck with your future blogging.  If you'd like more info on points in Active Rain, I wrote a blog about it (click here). Feel free to ask me any questions if you need a hand!

October 10, 2008 10:50 PM
Rainer
153,983
Sasha Miletic - Windsor Real Estate
RE/MAX Preferred Realty Ltd.

Hi Dolly, Welcome to AR, Be a Blogholic and start writing your own blog soon on AR. All the best for your RE business. This is the right place for customers, friends, relationships etc.

Best - Sash

 PS: FREE blog traffic strategy video...Hope this will help you... http://activerain.com/blogsview/447190/New-Training-Video-Shows

October 11, 2008 07:00 AM
Anonymous
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Rainer
6,441

Dolly O'Brien

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