April 20, 2020
Monday News You Can Use!
April 20, 2020
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- Sobering news from Realtor.com – How much is Corona affecting the market?
- And Fannies Maes Prediction – down 15%
- Mortgage Rates at record lows!
- Nice ads from Zillow & realtor.com
- Rural homes making a comeback?
Conversation Advancer:
I was just calling to see if you’ve done a mortgage review recently? Many of my clients are finding it to their advantage to see if its time to refinance – with low rates, low fees 9that can be added to the loan amount) and the potential to eliminate Private Mortgage Insurance it could save you a lot of money each month.
I was just calling to see if you’ve done a mortgage review recently? Many of my clients are finding it to their advantage to see if its time to refinance – with low rates, low fees 9that can be added to the loan amount) and the potential to eliminate Private Mortgage Insurance it could save you a lot of money each month.
I’d just need to know :
Your Current Balance
Your current interest rate
And then I will give you a professional valuation. Next would be another discussion about your options!
Any interest?
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Monday News You Can Use!
April 13, 2020
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Monday News You Can Use!
March 30, 2020
WOW – What Year the last two weeks have been!
Conversation Advancer:
We are (I am) here to help. What do you need? Good Write-ups (thanks Roberta) about Mortgages in this the Great Pause:
FRIDAY NUGGET: “INSANITY WEEK WRAP-UP” Today will end the craziest week in the mortgage business in the last 12 years. Here’s a recap of what’s occurred:
Mortgage investors are so spooked out by cities and businesses shutting and the thought of 20% unemployment that they completely abandoned the mortgage market. Mortgage rates went skyrocketing from an all-time low into the mid 4’s in just a few days.
The Fed said, “don’t worry… we will buy all the mortgages as we did in 2008.” Rates then came crashing back down into the low to mid 3’s….in one incredible day. Fannie and Freddie announced they would allow borrowers to reduce or defer up to 12 mortgage payments with no credit hit. They obviously don’t want a foreclosure or short sale crisis like 2008. Call your mortgage company for details. Fannie and Freddie acknowledged that appraisers may be freaked out going into stranger’s homes so they made it so they don’t necessarily have to physically inspect the property. They now allow for desktop and drive-by appraisals on some transactions. Mostly owner-occupied purchases but some second homes and investment homes too. The IRS extended the tax deadline to July 15 but then shut down their offices making tax transcripts very challenging to obtain. Lenders must now use alternatives. Title companies tried to slip in a waiver to give themselves an out for virus issues. Lenders said “uh, no,” but provided other ways to protect the collateral. Fannie and Freddie told lenders to start being way more cautious. Confirm employment on, or very near, the day of funding, don’t trust dated documents, make 100% sure the borrower has the ability to repay the loan for the next few years and make sure again at closing. Do not fund loans where you have any doubt even if that means denying loans on closing day. Congress gave Americans $2 trillion in relief to help get us through the coming weeks or months. The jumbo loan market completely melted down. Those loans will be very hard to get going forward and will take way longer to close. Those loans are not backed by the government. Talk to your lender about alternatives. The non-QM market (bank statement loans and alternative doc loans) completely melted down and those loans have nearly all disappeared going forward. Those loans are not backed by the government. Nearly every down payment assistance program in the nation was suspended. Lots of lenders had to make very difficult decline calls to crying borrowers this week…some who were at the closing table ready to sign. Just awful. FHA and VA loans are struggling for survival. They will make it but with massive changes. Some lenders shut them down. Some Lenders raised credit scores and raised interest rates to limit risk. Congress may need to step in and rumor is they will. Many raised our credit score requirements from 580 to 640+. Not all lenders will make it through this. Some may not make it through next week. Quicken, the nation’s biggest lender, is rumored to have alerted the government that they may need help to survive. Let’s hope next week is way less eventful and less stressful, than this one. As I posted earlier, an agent partner/friend of mine and I were talking this morning about today’s crisis vs. the one in 2008. I said “In this crisis, we were driving down the freeway at 75 mph and now we have to stop and wait as there’s a 25-car accident pile up ahead. Once it clears, we’ll get going again. In 2008, we were driving down the same freeway at 75 mph and the entire freeway collapsed.”
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Monday News You Can Use!
March 23, 2020
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Be Safe- do your job! Your Coaching Matters
- Will the Corona Virus Threaten Our Housing Market?
- Save and send to all potential Buyers- What to expect in a Home Inspection
- Tax returns not due until July
At Your Coaching Matters, we love our clients and want you all to be safe and productive. We are concerned for you all during this time of change and a pause in our normal routines. We are all trying to adjust daily to a rapidly changing environment that may impact our sense of safety and sanity. It is time to love on one another, as peers, coaches, and clients and reach out (virtually) asking ourselves how can we become more sensitive and active and serve our communities. Here are our suggestions. Feel free to print and post in your offices.
1) Don’t stop contacting people. MORE THAN EVER people need to hear from you. For many, this economic crisis is causing some to lose income or entire jobs. Some are elderly. Many are isolated. We want to learn who those people are and reach out to resources that may be able to help. There are a lot of people willing to pay it forward and share the blessings they have received in life. Find those people in your contacts as well.
One of our property management owners volunteered that if any tenant cannot pay rent April 1st, that he will give them a month’s free rent. He owns 7 properties. ASK those who can help to do so if they are able. You may be surprised how generous people are if we give them a chance to be. Start connecting those that can help with those that need help.2) When showing homes carry multiple pens for your clients to use. Don’t have buyer clients in your car, instead, prepare a list and have them drive separately. Have the sellers vacate the home while you tour it and don’t touch surfaces while you are there. Consider disposable gloves. Carry a box of Kleenex and ask if anyone use it if they need to cough or sneeze. Carry a trash bag to dispose of these and sanitize hands after.
3) Consider upping your Virtual Tour efforts and consider 3D tour companies so buyers can get a feel for the home and narrow down the list of homes they must see in person before going out. Open houses should not be held until gatherings can be deemed safe again. Then start again on those immediately using the good sanitizing efforts as you would for showings above.
4) Home inspections should not be attended. If you are listing a home, we recommend you have a pre-inspection done to provide to the Buyer to limit the number of visits to the home later. By handling this upfront and fixing most items or disclosing them, the entire transaction will be smoother with less people in the house later.
5) Use Video Conferencing for non-essential in-person visits. Buyer Interviews. Listing Presentations. Contract Negotiations. 90% of your conversations can be effectively held using video conferences like Zoom.us and others.
6) Small Sweet Steps. Every day do something toward moving your business forward. Make contacts. Do 100% follow-up. Organized your Database into Actives- people who get personal contact from you as needed; Email/Mail Only people; And the rest are “Done”. If you go through your first two categories quickly, run through your Done’s. You’ll find some that can move up in category. There is plenty of work to do. Now is the time to DO it. You will feel better about everything if you are actively working your business.
7) Start a Pipeline Board. This will show you that not only do you have some business that is ready to go now, but what you have scheduled coming up for 60 days+ out. This is re-written quarterly. The sample below is the first 1st of the year. You’ll be working on the 2nd Quarter now and beyond. Each quarter, transfer outstanding to the next board. This is FUN and brings HOPE.
8) If you feel ill for any reason, no matter how minor – stay at home. Get support from others that are feeling well. Someone else in your office or team will cover for your in-person needs if you are ill. This is the time to ASK for support when you need it.
9) Work from home whenever possible. Sanitize your hands and work surfaces often.
10) Continue to work – people need to buy and sell. They need you to be a calm leader in the midst of a transaction that is increasingly uncertain. Many agents will push the pause button on their efforts. This is an opportunity for you to be a voice and example of leadership. Many of our clients are getting into great conversations with their clients. They are calling and texting and emailing and asking “how are you doing?” They are offering refinancing information (and referring them to trusted lenders who will call them back). And in some cases offering to shop for those who might be in more danger by going out. The point is to be that person who cares and offers a calm voice creating the sense that all is well.
If you’re looking for other productive uses of your time we would like to offer any of our courses at 50% off (75% off if you’re a client.) Check them out here or at https://www.yourcoachingmatters.com/ Courses. If you sign up for Group coaching at $49 a month we will waive the $50 sign up fee and again, as a client we offer you any course at 75% off for the next 30 days at least. If you want a course and can’t afford it right now, ask us. We will find a way for it to work to take the course now.
Email us for discount code or with any questions at Info@YourCoachingMatters.
com
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Monday News You Can Use!
March 16, 2020
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Monday News You Can Use!
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Monday New You Can Use!
March 2, 2020
You must say it and mean it with honest curiosity
Tell Me More App of the week:
 Punch Interior Design for your mac.
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Monday News You Can Use
February 25, 2020
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And they don’t. When you hear this the goal is simply to get a small yes – ask if they can answer 2 quick questions in less than 1 minute. This will set you up for further conversations later, where you can offer more detailed help.
“I understand, if I can just ask you 2 quick questions I can have you off the phone in less than 1 minute. Would that work?”
Are you still planning on (Buying or selling) or have your plans changed?
When is the best time for me to reach out again?
Are you still planning on (Buying or selling) or have your plans changed?
When is the best time for me to reach out again?
App of the week:
GasBuddy: Find Cheap Gas
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Monday News You Can Use!
February 17, 2020
Some Smart people are quoted in this article.
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