This recently discovered (by me) video on YouTube hits a nerve when it comes to how many are affected by the current market dynamics around the country. I found this a bit funny, if not unnerving, considering how many people I’ve been talking to lately that are in short sale position. The discussions are because I’m not just acting as an agent but because of my involvement in a real estate investment group that is buying these kinds of properties.
What I’ve noticed while doing research is that an oddly large number of agents have been hit by the issue of needing to short sell – you’d think that these would be the people prone to seeing the fallacies of some of these loan products and how they’d impact them in a market downturn, but I’m not going to point fingers since I know as independent contractors and small business owners we are tied to these loan products that got misused during the market hey-day. Even with my own great credit score, I know that today I probably couldn’t qualify for a loan in today’s market because as a business owner, I must go stated income. I’m thankful that I was able to change my situation before things went nuts in the industry.
If you decide to watch the video, know that my linking to it here is only to provide a bit of levity to a not so fun situation for everyone right now. I feel blessed that my business is doing so well right now and that many of my choices to downsize last year seemed to be a lucky break ahead of the curve of what is happening to many right now.