Lending trials and tribulations... from a wise old dog

Does this dog Hunt?   Have your tried to get a mortgage since October of 2008?  If so you know what a challenge it is.  Unless your squeeky clean credit, job history etc it seems all else you won't get one.  Housing sales are down, no surprise, partially if not largely due to stringent lending standards that seem to be evolving to the impossible. 

All lending conduits, FNMA, FHLMC, and the government programs have increased standards.  Its obvious why, but to the point of killing the Golden Goose?  Maybe so, but thats not for today's discussion.  Bottom line is this:  I have been in real estate lending and sales since 1986.   I have never seen this kind of difficulty in obtaining a mortgage loan.  The mortgage industry is reeling from the mistakes of the past (not their mistakes mind you) continuing to search for clear bearings in this current sea of foggy muck.  Realtors, God help us,  have grown weary working in an industry that is struggling...giving the lenders our worst conduct...as we try to keep deals moving forward...and feed our families.     

With this lending climate Housing will not lead the recovery.  Theres no way it can.  The leadership in this country is faced with unprecedented challenges and seems more concerned with re-election and growing government than fixing mainstreet.  And the largest mortgage lenders would rather pick the low fruit and do the "refis" than promote new loan business.    

What can we do?  If your trying to buy or sell a home find the best Realtor you can afford.  DO NOT DISCOUNT the commissions.  The money you think your saving doesn't exist. The moment you find the cheapest Realtor is the moment you secured the lowest price you will get...if you sell.  Just know that the cheap agent will not work hard for you...they are a little ticked that your so cheap..it's human nature..they don't care. Its a volume and "dump it" attitude. 

You want the Realtor to work harder on your deal than any other!  And listen to them.  Don't overprice, stage it, paint it, clean it, unclutter etc. Have the best pix/Vt's (we do at BluDogPhotos.com)  hold open houses...Have your Realtor direct the herd through your home.  And when they have an offer, they will work hard to get you everything they can from that buyer without losing them. 

Oh yeah, when applying for a mortgage a few tips:  find local representation, preferrably a loan officer who works with your Realtor (they have a relationship to maintain).  You'll need a bulldog, someone not afraid to tell you the truth. Someone who drives this thing through the rough waters without sinking the boat!  

We can help you navigate and get you to that successful close. 

Best of luck. 
Greg Bennett

Greg has over twenty three years in the industry with hundreds of closed transactions.  BS Finance, 13 years in mrtgage lending and 11 as a Realtor/Broker.  He is currently ranked in the top 5% of agents at Keller Williams Realty Southwest's 250+ individual agents.  KWSW is the #1 producing office (all Real Estate offices) in Southwest Houston/Sugar Land market.