Stay Calm! Stop the Domino Effect!

So everybody was excited yesterday about the Failed Bail Out plan; stock market reacted violently, sending Dow sprial down 777 points in one day - the biggest single day drop ever!

The office is buzzing with the news and what an effect it might have on the economy and, especially, real estate market. Hubby called (he's out of town) last night and asked if I heard that 'nobody is going to do the loan' anymore.

I said, "What are you saying?" He repeated. I said, "No, haven't heard, and not to worry. It'd be O.K." He asked me how many escrows I have going on right now?

Told him four. One is short sale waiting for lender approval, one is trying to close but encountered a lot of problems and is now on the 2nd week delay for COE because the lender is a small lender and comes up with all sorts of weired question, but I expect it to close soon. The other two, I told him, are with Bank of America, the big guy, and they were just pre-approved, and I
have not heard from the mortgage broker that either is in jeopardy - as a matter of fact, I was going to send the troublesome one to BofA just because they can and will close if they promised to.

Hubby is worried, thought i am going to lose all four escrows, JUST LIKE THAT, because of the mess yesterday.

I said:"STOP!""I am not going to speculate or panic. I will worry about this when I get a call from the BofA mortgage broker saying they won't fund the loans, then I wiill start worrying, but right now, I am not going to worry about it, that's just the way I work and that's that!".

I have too many other things to worry about rather than spending time worrying about something that might not be true and something I can't change, at 10:00PM at night, no less.

Hubby is still not quite sure; i suspect unhappy about my not being proactive in this case.

Well, today the stock market bounced back some 500 points, my very shaky loan is finally going to be funded (after I told them I'd yank it out and send over to BofA who promised this loan with 50+% down payment, 750+ credit score, full doc and one of the best deals in Novato can be funded in 24 hours), and the other two are going forward.

Not to mention another referral yesterday to buy a small, inexpensive 2nd home in Kentfield just for their excellent schools.

I firmly believe the only way to deal with this market is to focus, stay calm, let the storm go pass and continue to go forward.

I see a lot of activities going on in my office, agents excited, energized, determined not to let this drag us down and use it as a great time to build new grounds.

It is always the darkest before dawn and and there IS a bright side at the end of tunnel.

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate
Marin, Sonoma, ,San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

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