Tag: firsttimehomebuyer

We’re Watching . . . And You’ll Be Glad

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Real estate agents and homebuyers alike are feeling the squeeze from the lack of homes on the market.  Don’t despair!  For both real estate agents and home buyers, there’s a great untapped source for finding deals before they ever hit the market: your lender.  If any of you are a bit confused by what I mean when I say “your” lender, I mean . . . well, us.

How do we do this, you ask?  Two words: equity watch.  For the real estate agent who helped their client buy a home, say, seven years ago, we let them know when their client has reached a certain level of equity in their home and prompt the agent to give their client a call with the good news.  It’s a good excuse for them to call, catch up, deliver the great news, and see if their client is ready to sell their home and either upgrade or downsize, depending on their station in life.  Statistics have shown that almost 70% of people selling their existing homes DON’T call the real estate agent who originally helped them purchase it.  If the agent can get out in front of this and be the one bringing this type of news to their clients, that number is going to swing in the other direction, right?  And with one call, you’ve picked up a new listing AND the chance to help them purchase another house.  You’re welcome!

For home buyers, could help you get a jump on the huge number of buyers vying for just a small number of homes in a certain price range.  Before doing anything else, come in and get qualified for a mortgage.  Once we know what you’re qualified to purchase, the moment a home comes up on our equity watch that fits your parameters, you can be notified immediately. That sure beats getting three years of spam emails because you entered your contact information on a particular website that shall remain nameless but possibly rhymes with Killow.

If the benefits to real estate agents and homebuyers aren’t enough to convince you of the awesomeness of this service we offer, let me give you an example of what this can do for a home SELLER. Recently, we reached out to an agent who sold a home to her client about seven years ago and let her know that her client now how a decent amount of equity in his home.  With a bit of prompting (none of us is perfect), she remembered the gentleman and gave him a call to let him know.  While the agent was able to pick up an instant listing AND a subsequent purchase for her client (absolutely NOTHING wrong with that!), the client himself did EXTREMELY well: with the money he made off the sale of his home, he was able to use a portion for the down payment on his new (BIGGER) house and use the rest to pay off some debts.  The upshot: not only was he able to upgrade to a bigger house, the elimination of debt increased his monthly cash flow by $1700.  I’m fairly sure we made it onto his Christmas card list for the next ten years.

In conclusion, let me assure you that there’s nothing creepy or voyeuristic about our equity watch –no matter how nicely you ask.

Individual Value Trumps Group Opinion

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When my friend was in college, he minored in English and enrolled in a course called “Feminist Literature” (don’t worry, we’re not about to get political, I promise), which was taught by a very outspoken and intelligent professor who polarized the small university community. On the first day of class, the professor introduced herself and welcomed everyone to the new semester, and then she handed out the reading list for the course. As the professor was giving an overview of what she wanted the students to take away from her course, my friend started scanning the reading list. The authors and their subjects didn’t surprise him in the least – he went into this happily and with eyes wide open. What made him do a double-take, though, was the sheer number of books he and the rest of the class were going to be required to read fully and be prepared to discuss at length and cover in exams. At that moment, he knew he was going to need to make a beeline to the administration building after class and withdraw from the course – there was no way he would be able to pass all his other courses if he devoted the time needed in this one.

The professor then asked that they go around the room and have everyone introduce themselves and tell the class why they chose to take this course. She started on the opposite side of the room, so it gave my friend time to get a feel for his classmates and see if there was a slim chance that he could convince himself to stick it out. The class was composed of about thirty students with four of them (including my friend) being male. Almost every single person who introduced her or himself gave a very (I’m using his term) “brown nose” answer to why they chose to take this course – everyone was clearly in love with this professor and the idea that they were taking this course to “rebel” against the conservative nature that pervaded the small university he was attending. The funny thing was he also noticed that each time a student sort of professed her/his love for the professor’s daring nature, the professor had a look on her face that could be interpreted as stoically pleased or slightly perturbed.

At long last, it fell to my friend to introduce himself and tell the class why he had chosen to take this course. Still not quite sure what the professor’s “look” was telling him, he decided to gamble by just introducing himself and then going silent. As the next student was eager to introduce herself and was about to launch into her story, the professor stopped her and asked why my friend was taking this course. He smiled and took his time to look around the room and make eye contact with as many of the female students as he could and then said, “Because I’m looking for dates.” Amid a few groans and some stifled laughter, he looked up at the professor and noticed that his gamble paid off: she smiled and openly laughed – she valued a sense of humor over blind servitude.

He had decided to withdraw from the class (the “brown nose” classmates clinched it for him), and he knew that in the future he might cross paths again with that professor in another course. He figured if the professor remembered him, and remembered him positively, that would bode well for him. Even if she hadn’t found it funny, he figured it would be a lot easier to reason and work things out with one person than a group of them. (And he already had a girlfriend who would become his wife, so dates weren’t something he needed.)

In the real estate/mortgage world, it’s all about focusing on the single person rather than the group. If you’re someone who is looking to purchase a home, it’s important to focus on yourself (and your goal) by foregoing an occasional night out at the bar with the group so you can save for a down payment – the group won’t be buying the house for you. For use on the business side of things, it’s a sad day when you ask someone if they can name the agent and the lender who helped them buy their first house, and their response is, “I remember he/she was with X Company, but I couldn’t tell you his/her name.” When that happens to you, you’ve been lumped into a sad group, and that group isn’t going to help you get new business.

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