Quote:
Originally Posted by Nietzsche13
Thanks for the support Mode Rogue. I'm out of the business now, but I still know what is going on in real estate.
I'd like to know what you think of my last post. I'm more interested in the big picture right now. The word on closing deals is that the financial aspect is much more difficult than having a meeting of the minds. Its very frustrating when you actually have a buyer who is ready, willing and able and the only thing separating you from completing a transaction is the financing.
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Your assessment was solid. I certainly don’t know the answer, from a big picture perspective, but I think it’s obvious that everything starts with putting a halt to foreclosures. Personally, my business is transitioning from lending to loan modification. It’s “smaller margin” but HUGE demand & quantity. Initiatives like loan mods will go a long way in curving foreclosures. Once we get our arms around foreclosures, banks will loosen up and gradually crawl out of the panic mode that has attributed to some of the significant changes we’ve seen in guidelines today. I have to reiterate, there is R.E. demand out there. More than is reported or people generally know. Buyers are waiting for the bottom to fall out. I think we’re close. Once that threshold is reached, guidelines will move closer to center, prices will finally stabilize and purchasing statistics will trend in the opposite direction.
I hope.