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
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
114,607
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
399,812
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
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Rainer
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Dolly O'Brien

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