By avoiding toxic loan programs that seemed too good to be true, an independent real estate brokerage was able to weather the storm of mortgage crisis and grow in a time of loss.
As a real estate broker in the Michigan realty markets in the 1990s and 2000s, my Realtors were asked to make a lot of concessions in deals, both in residential home sales and in business and commercial property.
Mortgage officers often visited the office with details on new and exciting loan programs to place home buyers or investors into property they wanted very much to get their hands on, whether times were good or bad.
Agents often needed a direct policy on what banks were approved, what types of loans were acceptable, and how we could turn a better profit against the competitors. In each and every case, my ruling was the same, follow the ClickAnnArbor.com mission: To put people in homes. That meant no “interest only,” no 100%+ loan amounts, no “adjustable rates.”
When the housing market began to shake up, our customers suffered losses in property value, but they didn’t have “stinger” loan problems. They kept the homes they loved but they raved about us to all their friends!
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