Elizabeth Mosley, BIC

I recently ran into an ex-BIC at a Business Expo networking event and he just assumed I was no longer in the real estate business because he wasn’t. Everyone else he knew has quit and went back to work “a real job.” He even talked about the person he sold his business to is out of business as well.

Well, anyway, he turned out to be the motivational speaker for that day. (His new life after real estate) He was bragging about how great he was and how much money he made and how I used to work for him, but things became too stressful and his wife said he could quit.

Quit???? I said to myself….never. Lots of agents have given up. I understand. I had to cut back on some memberships myself, but I haven’t quit. Every market we know of has its ups and downs. It’s still a good business to be in.

I tried not to think about how he was trying to embarrass me after I told him I was still a realtor. I should have really rubbed it in and told him I was a BIC, but I tried to focus on the good points of his motivational speech to the eager small business owners. The only thing I came away with that he said was this: We need a system. No one knows how to operate in this new economy. Everyone is turning to one another saying “I don’t know what to do, do you? His point was, we are asking people for help who don’t know what to do. Then he gave us a mind teaser test. The first time, we didn’t know the routine, the second time we did and we all scored better.

The point is, find a systematic routine that works and do it over and over again, rather than trying to do everything too little and not seeing the results because we have moved on to doing something else. Yes, I am still in the Real Estate Business; are you?

I went to check on one of my listings and the sign was missing. It's happened again. Another sign missing from one of my listings.

I called the last agent who's last offer on the property had fallen through. It was a shortsale, however, their offer wasn't acceptable to the bank. BPO came back too high as usual. Buyer's couldn't believe it.

They actually considered spending money for their own appraisal, but changed their minds. They decided to wait-out the bank and see if they would change their minds. (apparently, they don't know banks).

Banks would rather let the house foreclose rather than accept a lower offer. Doesn't make sense to me either; that the bank would risk getting an even lower bid. Go figure. Anyway, back to the sign.

Mr. Agent stated that there was never a sign out there. I informed him that his clients called him from the sign. (silence), then he saids "oh", well no, I haven't seen the sign, then he saids "maybe I saw it in the bushes, but I am not sure"

What do you think?

How many new home buyers are still looking for their 'Dream Home".

To some, it may seem like a fairlytale, but it's not. It just takes a little more money and a little more effort. We have to work harder to find those first time home buyers with perfect credit, (it would be great if they found us) but it's not impossible.

There was a time when we were "fairy godmothers....and fathers''..lol, but not anymore. Those days are gone. They are not going to buy a house with no money and no credit, by the wrist of our fairy warn.

What is their first step in finding their dream home? They must develop a savings plan and have a goal in mind.

I read somewhere once: "How to be Rich" The answer was "pay your bills on time". The same applies when wanting to buy the home of your dreams.

You can still dream of that perfect home and your dreams will come true.

Decide what you want in your dream home and start planning.....and saving and you will soon be living in "Your Dream Home"

What's going on in the market?

As much as FHA, and HUD are advocating that their rules are relaxed when it comes to qualifying, I can't find a single bank or mortgage company that practices the same standards.

Everything is fine if you have a 620 score, but what about the people who are just under 580, 560, 540? Credit repair programs are not working for everyone. Lots of people have no score, but some medical and HUD and FHA said that this was acceptable, but I guess no bank believes them.

Only people you will find with no score, no medical or collections are colleges students and they don't have a job that pays enough to qualify for a mortgage.

First time home buyers are still out there. A person, may be able to change their score, and their income, but not right away. Not every first time homeowner is in foreclosurer. Not every first time homeowner will default.

I have a client whose score is about 560, working with a well known bank for over 5 months whose floor for FHA loans is supposed to be 500. They are dragging her through the mud, supplying every stitch of paperwork they have asked for. She has been patient, but if they are specializing in FHA loans and their floor is 500, why is it taking so long? What else is going on?

I guess I am still trying to help people.

Elizabeth Mosley (formerly Green)

Broker