Ann Sabbagh

Ugggh...ohhh...."Brick and Mortar" banks part of our past????

Please read this article:

http://money.cnn.com/2009/07/28/news/companies/BAC_branch_closures/index.htm

Basically the article states due to "online and mobile services: Bank of America is closing 10% of its branches. Well, this trend can not be isolated to just Bank of America.

So, what impact can this now have on our economy? More layoffs, more empty buildings. America is clearly being redefined.

I do believe we will always have some "brick and mortar" banks in existence, but at what number is the question. As the young generation takes over, fewer and fewer will be required. The youth are the tech savvy part of our culture. They are VERY mobile and online consumers.

We have fallen victim to our own advances: our own technologies.

What do you think?

Ann Sabbagh

Vice-President

Seacoast Mortgage Corporation

LICENSED LENDER AND BROKER

Residential AND Commercial loans

508-243-1190

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR future!"

Real estate can be like a game of cards. Each deal is a separate hand of cards and a different game. How you play each hand and game will determine the success of that transaction. Play it well and the buyer and seller will be smiling at the closing table!

So, even when you are dealing with short sales and foreclosures, the "hand" can be played well. Here is a perfect proverb to sum it up:

"Life is not holding a good hand; Life is playing a poor hand well." Danish proverb

Play well today!

Ann Sabbagh

Vice-President

Seacoast Mortgage Corporation

LICENSED LENDER AND BROKER

Residential AND Commercial loans

508-243-1190

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR future!"

Loan modifications are creating a BIG question: HOW WILL MY CREDIT BE IMPACTED?

Many different answers. This is my attempt to simplify the answer. Check out this site:

http://myloanmodificationcenter.com/blog/how-does-a-loan-modification-affect-your-credit/

and:

http://savemefromforeclosure.com/blog/2009/04/08/with-a-loan-modification-credit-scores-may-be-affected/

Bottom line: If you are late on mortgage payments your credit WILL be affected. If you are asking for a loan modification with no lates, make SURE you sign documents which state VERY CLEARLY your credit will NOT be impacted.

Pure and simple.

Have a GREAT day!

Ann Sabbagh

Vice-President

Seacoast Mortgage Corporation

LICENSED LENDER AND BROKER

Residential AND Commercial loans

508-243-1190

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR future!"

It is so true, we all have to be careful what we say and do throughout life. In the real estate industry, what we say to our sellers and buyers are taken more literally now than ever before. People are in financial crisis. This is the worst financial crisis since the Great Depression. The elderly citizens have lived through it, but the rest of us are experiencing it for the first time and it is NO fun!

So, when we speak to sellers, it is best to not over promise and under deliver. To raise expectations for their home selling for a greater price than it is really worth, is just doing an injustice to that seller.

Concerning buyers, they need to be led by the hand and feel confident they can afford the payment. For loan officers to approve a client to their maximum ability is truly an injustice to them. Ask then what their "comfort" level is and approve them based on their comfort level and NOT their DTI (debt to income) maximum.

The following quote sums it up:

"I believe that we are solely responsible for our choices, and we have to accept the consequences of every deed, word and thought throughout our lifetime." Elizabeth Kubler-Ross

Do you agree?

Ann Sabbagh

Vice-President

Seacoast Mortgage Corporation

LICENSED LENDER AND BROKER

Residential AND Commercial loans

508-243-1190

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR future!"

So, we have a client all lender approved with a signed P&S agreement for $525,000. It's time for the home inspection. The client selects the inspector and arranges a time through their buyer's broker.

The day arrives and upon entering the house, there is the listing broker with her seller right behind her.

As the inspection begins, almost every comment by the inspector was followed by a rebuttal from the seller. It all came down to one issue: some water damage that was found on the floor. Our client has asthma issues and had to make sure there were no air quality problems with the house. The seller said this was a minor issue. Upon further investigation, it was more than minor. There had been a leak in the roof, causing possible mold.

The client wanted a licensed inspector to review the situation paid for by the seller. The seller refused. The buyer walked away from the property. The seller then had a change of heart and was willing to take care of the situation 100%. Too late! Buyer got too nervous there was more to the house than what was being told.

So, I ask you, should a seller be present at a home inspection? If the seller was absent, this could have all been ironed out in a calm manner. The seller reacted too quickly on the spot. It is best full disclosure be made on the proper forms and leave the inspection to the listing and buying broker and the buyer and their inspector. AGREE?

Ann Sabbagh

Vice-President

Seacoast Mortgage Corporation

LICENSED LENDER AND BROKER

Residential AND Commercial loans

508-243-1190

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR future!"