Don’t Let Down Payment Confusion Chase Away Home Buyers!
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May 31, 2013
June 5-6, 2013
What a great idea…..I had no idea that people thought they still needed 20%
All Regs??????? All Regs?!?!?!?!?!??!
Oh well… I LOVED the video anyway! Great message today.
well one thing you guys overlook and dont mention is that most people today do not have the ‘sterling credit’ thats needed and with work like it is/costs, doubt many could actually scrape up 3.5%…and many dont want to be burdened with a house that they might not be able to pay for or have taken away from them due to failures. Great show, but a whole lotta
wishful thinkin in it; you hit it on the head with the unicorns n lollipops part cuz it fit with alot of your thinking there.
Unicorns, rainbows, and lollipops! My favorite line in some time! I did not know I dispensed such happiness! I’m going to go catch some butterflies.
Not since Larry Bud Melman have I seen such a mastery of acting as a craft…BRAVO!!!
Anyway, thanks for the great information in today’s show.
Hi Guys,
Great message today… took your advise and posted it to my FB and guess what results have already happened… I have been contacted by two of my clients… that like you guys said “had NO idea they could get into a home with so little down” Shame on me for not educating them sooner. So I won’t let any grass grow under my feet now and will spread the word to my entire database with out delay! Thanks
The better the market gets, the farther away the public stays. They just can’t buy near the bottom, too much negative info from the press and our poor presentations have driven the public away. Investors, syndicates and rehabbers are buying like crazy. Did you ever think flipping would come back? No loans, no hassels, no commissions.
Good job guys, you pointed out what is, unfortunately, the obvious.
Great topic. I’m a loan officer here in Austin with SecurityNational Mortgage and there is a state program that will loan up to $20,000 for down payment and closing cost that does have to be repaid if they stay in the home for either 5 or 10 years depending on how much assistance they received and its not restricted to first time home buyers.
Great time to buy.
Your videos are just so entertaining and educational, I marvel that you and your staff can put together this kind of production every day. Your message is really great, because after a while you think that EVERYONE knows about the 3.5% FHA down, and other programs. Thanks guys, you are the highlight of my mornings. Gush. . .gush. . .
You guys are so amazing! I will get on this message today. Your videos are so well done and extremely creative. How do you do it eery day???? Loved the pro actors.
This could not have been better timing. I am going to use that very dialogue to get the word out in person with clients, realtors, business owners and all social media. Starting a monthly homebuyer presentation in the community to “get the word out about no money down home loans”. Kingman has USDA-best loan! Not enough people know. I’ll keep you posted. Thanks for the message today.
Like Greg, I just wrote an email to RealtyCheck@cnbc.com, giving them a hard time about the 20% down. My next email is to NAR, as they just upped my dues, then don’t do a good job for me (I’m a Realtor® in Virginia).
Board of Realtors has it’s faults…..but at least you have a strong arm in Congress and the Senate….we as Mortgage and Appraisers got screwed with Frank Dodd….and you did not …it was not that they did not try…trust me. So you guys the message today Rocks and yes the advertising does suck…but at least you have a strong arm. Bj
Great topic! I encounter misinformed potential buyers more now than ever before. There’s definitely a reason for this. There is no shortage of misinformation circulating these days. I’ve actually seen pieces on network news where an ” expert” tells their audience that they need 20% down and a credit score in the 700s to buy. Unfortunately when people see something on tv or read something in the paper, many take it as fact. We’re not just trying to overcome perceptions people have developed on their own. We’re having to overcome a ton of misinformation they’ve been fed over and over for the past few years. Not an easy task!
A while back I was flipping through the channels when I stumbled on a show with Suze Orman. I sat there in disbelief as she told the audience that if they wanted to buy a home, they should only do so if they had 20% or more to put down and had 6-12 months of reserves sitting in their bank account. To this she added that they should then only buy if they can get the home for at least 25% below the list price. I had to turn the channel before I threw something through the tv screen! Who puts these people on tv?? With all of the money NAR has, I’m not sure it’s enough to counteract the damage that’s been done by people like this! I do agree completely that it’s going to take us working face to face with people to spread the message and get accurate information into the market place.
Talk about misinformation! How about Zillo on Yahoo? Sounds like a freak show at a circus!
Suze Orman needs to be stopped! I am in the insurance field and she has done the same thing – total misinformation! She writes articles for AARP magazine, as well as Costco. I felt the same as I read her articles – I wanted to scream. I emailed her at the address given on the Costco article but got no response. It is surprising how much influence she has – I hear it daily from my clients. Our industry is hurting from all the regulations just as yours, so it is so important to get the correct info out there!
Love this mornings video. I am swallowing the proverbial frog in the new year of video blogging, as the old saying goes “Mortgage Originator heed thine own advice”, been talking about it for two years now going to take action. I’ll incorporate this message of hitting consumers over the head with all the negativity with the barriers to entry and hopefully make it humorous as you have. Keep up the great work and Merry Christmas!
Frank & Brian,
Thanks for the timely video on this subject. I just found this article online giving incorrect information on downpayment requirements.
http://www.cnbc.com/id/45601711/?fb_ref=s%3DshowShareBarUI%3Ap%3Dfacebook-like&fb_source=home_multiline
How does the average consumer make a decision with this kind of misinformation being distributed by so called experts? As always, thanks for your efforts and support of our industry.
I just wrote to RealtyCheck@cnbc.com to point out that her info is WRONG! BTW, here’s my trick – when in public, I usually ask the person that I am speaking with this question -”Do you know anyone who would like to buy ‘em (I am down South!) a real nice Home for NO MONEY DOWN? (ST of TX has a 1st Timer Bond Program) – and I picked up 3 BUYERS THIS WEEK!
Check out my story – http://www.realestateanimal.com
Great video. People need to be reminded how to sell including me. Will send off to NAR. They need help.
Phil Falcone
http://www.Addicted2RealEstate.com
Interns?
What an awesome way to start a live conversation in person or on the phone and maybe generate some bizness. I think I remember Mike Ferry using the ol’ “Hi, I am doing a survey…” bit when he told us to go door knocking for new bizness.