Sam's Blog

Think Michael Phelps was fast?    

Here's what I need in order to make sure your FHA and VA loans are processed fast too!  

1. Agreement of Sale contract and verification of property address making sure the individual unit numbers are accurate, if applicable.  

2. All addendums and disclosures referenced in the Agreement of Sale are part of the contract and are fully executed by all parties.   

3. The owner of record is confirmed and is listed as the "seller" indicated on the Agreement of Sale contract.  If the property is bank owned, the power of attorney may be needed.  

4. If there are any seller concessions, the seller can pay prepaid expenses, discount points and closing costs.  Money for repairs, etc., cannot be included.  

5. Only permanently affixed personal property is included in the Agreement of Sale (FHA Loans Only).  

6. The real estate certification is signed by buyers, sellers, and selling agent (FHA Loans Only).  

7. The FHA Amendatory Clause is signed and dated by both the buyer and seller (FHA Loans Only).  The exact sales price must be indicated on the form.  

8. VA Amendatory Clause must be signed and dated by both the buyer aqnd seller (VA Loans Only).  It is acceptable to use the words "sales price" instead of listing the exact sales price.  

9. VA Appraisals require a legal description of the property (VA Loans Only).  The lot and block number are required to place an order for a VA appraisal.  

10. For both FHA and VA loans, any changes must be initiated by both the buyer and seller.  Addendums and disclosures referenced in the Agreement of Sale must be part of the contract and fully executed by all parties.    

Call me for your quick Govie closings and once we get these items collected, we will be able to close them almost as fast as your conforming loans!   

Senior Mortgage Advisor

PHH Mortgage - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

"We are in the midst of a once-in-a-century credit tsunami"...   Quote of the week from former Fed Chairman Alan Greenspan   He says this crisis will pass and we will learn from our mistakes and we will have a better system when all is done.  The question is how bad will things get and how long will it take and his best guess is several months.  

So, what can we do about this?  Sell harder!  Our industry is the key to pulling this nation and the world out of this.  Sell that we are probably seeing this best conditions for a new home purchase in our lifetimes past and future.    When the going gets tough, the tough get going!  

Remember the following selling points:   1. $7500 first-time home buyer tax credit, 2. low interest rates with programs down to a 580 FICO score and 3. some of the best home values in this greatest buyer's market in history!  

Also, please make sure that your buyers and sellers know that WE HAVE MONEY TO LEND!!  With all the negative mortgage news, many in the public do not know that we can lend money.  Spread the news.  Put this in your print ads too!  

CALL ME FOR A QUICK CLOSING TOO!  WE HAVE A NEW QUICK CLOSING CHECKLIST TO GET YOUR BUYERS CLOSED IN A HURRY!  

Try us for your JUMBO LOAN clients too!  We have a new Jumbo pricing special that is kicking butt right now!

Senior Mortgage Advisor

PHH Mortgage - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

Danielle Kennedy Sold Me!   I heard the famous real estate author and coach talk about reference letters a couple of years ago and it really was very good advice.  The way she explained it was to make this a part of your closing process and then use it to really build your business.  Here's the process...   1. Immediately after the closing when you hand the keys to the house to the new buyers, ask a favor.  Say, "I have a very important favor to ask of you!"   They'll be anxious to help you since you just helped them get their house and they'll probably say, "Absolutely, whatever you want!"   2. Then say, "Can I get you to write a quick reference letter for me and can I pick it up no later than tomorrow afternoon around 4PM?"   They'll probably say something like, "Sure, I would love to do that, why the urgency?  What can I say?"   3. Then say, "I am out interviewing for new clients every day.  How many interviews have you been on where you didn't have references?  As for what you can write, just write how you feel I did and why you liked me"   4. Then, pick up the reference letter and add it to your file and the next time you get a prospect, always end your presentation with "Buying or Selling a home is a very important transaction.  Always ask any agent you talk to if they have reference letters and by the way, here are 5 of mine..."   Also, if you get a client that says, can you write one and I'll just sign it?  If they do, you can write one that is over the top, one that is very low in singing your praises and one in the middle of the road and then ask them to sign the one they think is about right and give them a self-addressed/stamped envelope to mail it back to you.   Start this practice today for your future business!  These 3rd-party referrals are much better than anything else you can do.      CALL YOUR PAST CLIENTS TOO!

Senior Mortgage Advisor

PHH Mortgage - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

Let's get our prospects focused on real estate again...  

People are scared to buy because they think the house is going to lose value or they are worried about their jobs and we are not helping because we are not selling like we should be.  We have all gotten lazy and used to people calling us and we have all forgotten how to get out and sell real estate.   Enough with the financial and political distractions, it's time for us to get out and sell, sell, sell!   

With the stars aligned now, we have plenty of things we can talk about in order to get buyers and sellers excited about a real estate transaction right now.  Warren Buffet is saying now's the time to buy and conditions are not going to stay this good much longer.

Remember the following selling points:   1. $7500 first-time home buyer tax credit, 2. low interest rates with programs down to a 580 FICO score and 3. some of the best home values in this greatest buyer's market in history!  

Also, please make sure that your buyers and sellers know that WE HAVE MONEY TO LEND!!  With all the negative mortgage news, many in the public do not know that we can lend money.  Spread the news.  Put this in your print ads too!  

CALL ME FOR A QUICK CLOSING TOO!  WE HAVE A NEW QUICK CLOSING CHECKLIST TO GET YOUR BUYERS CLOSED IN A HURRY!   Keep reading for 2 good ideas that can really help you with this.  

Good luck!    

Try us for your JUMBO LOAN clients too!  We have a new Jumbo pricing special that is kicking butt right now!

Senior Mortgage Advisor

PHH Mortgage - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

Passion is what Sells!  

I saw a sales presentation last week from a guy that was very passionate about his product and he really got everyone's attention.  His enthusiasm and energy showed in his presentation with his personal belief that he could really help his clients with his product.  After the meeting, he had 4 appointments for a product that cost $3500!  What is really amazing is that the ones attending were all realtors and I am sure most could not afford to be spending that much money right now.  

Here is a great article that explains this concept and how it can help your sales career!  The article explains how this trait separates good sales professionals from the great ones like Steve Jobs, founder and CEO of Apple, above.  

Click Here to read:  Sales Passion Article  

Are you passionate about your service and your market?  My gut tells me that this financial melt-down has gotten you down as it has me.  So, this article is for all of us!  We all need to get some more "pep in our step" and heightened confidence in our service and our markets so we can help stimulate our economy and our personal pocketbooks.  

To be passionate, we have to get excited and reel off statistics and tons of information about our market and our service by mentioning personal beliefs and "personal stories" in our presentations. Our eyes, body language, raised voice and facial expressions show our enthusiasm and this is the key to making sales happen.   Mentioning some deals recently completed or currently in the works helps us too by letting our prospects know that we are successful and that others are using us for their transactions right now.  This is the "herd behavior" that really helps in showing your passion.  

Get your clients to call me and I will use my passion to help them understand how good you are to help them get to know you better!  I'll also help them see that the time is right to buy.   In fact, it has NEVER BEEN BETTER!  I'll mention that in 5 years, they will kick themselves for not getting into this market when all conditions were perfect.  The "stars were all aligned" - First-time tax credits, great rates and great home values.  

Finally, despite what many ads and talking heads' are saying to the contrary, we can still get people approved with only a 580 FICO!!  Spread the word!   

Senior Mortgage Advisor

PHH Mortgage - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

After witnessing the worst week ever for the DOW and the most movement on any one day of 1000 points that happened last Friday, I am wondering if this G7 conference can do anything to help this economy right now.  We have to get the banking system working right away and thank goodness we have the lessons of the Great Depression to help us figure this out.   

The challenge this time is that now we are a global economy and it is going to take all of the world economies working together to help and this G7 summit could not have come at a better time.   Our "credit card economy" has finally "maxed-out" and this is going to cause everybody to have to get a grip on our personal spending. 

This is going to hurt the housing markets, retail markets, service markets and every other segment of our economy and will affect the whole world's economy.   Our government is not setting a good example either with a 11.3 Trillion Dollar Deficit!  

The positive news for us is that everyone is saying the housing industry has got to be the thing that gets our world economy going again and everyone is going to be doing everything they can to help us.  

Let's do our part to help our economy by selling some houses this month!  Think like Americans did when they chipped in to help the war effort during WWII and let's roll up our sleeves and get this housing industry going again!  Call me if you need some new creative and fresh ideas!

 ________________________________________________________________________________________________  

 Try us for your JUMBO LOAN clients too!  We have a new Jumbo pricing special that is kicking butt right now!

________________________________________________________________________________________________

 
Are you still promoting the $7500 1st-time buyer tax credit!  This will probably make the mortgage payment for the entire 1st year for most houses in our region!  How's that for a great incentive!

Senior Mortgage Advisor

PHH Mortgage - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/