Monday, October 13, 2008

Eerily Quiet - from a different perspective

Yesterday I had a chance to sit down & chat with my favorite loan officer.  This is a guy who does a ton of business, regardless of the market conditions.  This is also a guy who has a tremendous reputation for treating his customers right, and for delivering the right loan at the right time.  Because of this, there are a lot of Realtors out there who trust him with their referrals.

When we sat down to talk, everything seemed normal.  He operates his office in a "controlled chaos" mode, while he actively works on a dozen files at any one time.  But something was different, and it took me a few minutes to put my finger on it - his phone wasn't ringing off the hook!  In fact, we talked for 15 minutes and only had 3 interruptions - a record low!

I asked him about this, and about his take on the marketplace..
He knows a couple of Realtor-clients who have a steady stream of buyers, but he doesn't know how/where/why.

He knows a couple of Realtor-clients who have connected with banks' REO departments, and are listing scores of homes simultaneously.

Everybody else seems to be in some degree of starvation.

And the 100 or so files on his desk?  More than half of them are buying short-sales; he has to keep updating the files with current information, but mostly they sit around and wait 6 months for the bank to say no.  Then they start over.

I've got to be honest; it was more than a little unnerving to hear the story from his perspective.  When a guy who is always upbeat, optimistic, and busy, and who works with more than 100 Realtors, says it's so slow that all but a handful are starving, you take note.

Your wondering if it's always darkest right before dawn, how much darker can it get Realtor,

Chris Butterworth