Geoff Black

Sacramento Mortgage Loan Officer 24 yr Mortgage vet (GFC thriver) Econ dabbler Former mortgage bank stakeholder (We $old it)

[Geoff Black @SactoGeoff]

@SacAppraiser Price it like they would any other condo - lower than the comps. Use the assumption as a potential sweetener. It doesn't appeal or work for everyone anyway.

[Geoff Black @SactoGeoff]

Just went from contract to loan docs out in 6days. Beer me!

[Geoff Black @SactoGeoff]

@mortgagesinDC @HomeLoanBill Gotta keep that in mind whenever you are considering a switch. This particular message is from a top 10 lender. But I'm not moving anyway.

[Geoff Black @SactoGeoff]

Getting spicy in mortgage recruiting

[Geoff Black @SactoGeoff]

@CharlieFleming_ I think I have an offer like that somewhere in my text history. I think it was 275k

[Geoff Black @SactoGeoff]

@HomeLoanBill Not really a huge ask tbh.

[Geoff Black @SactoGeoff]

@DeerwoodRealty Back when I owned a piece of an IMB, we stacked up a bunch of signing bonuses to buy a group of folks. It sorta worked. The strategy is to buy someone who would signal to others and make them curious about moving.

[Geoff Black @SactoGeoff]

@HomeLoanBill @MatthewCarrell It was close for sure

[Geoff Black @SactoGeoff]

@HomeLoanBill @MatthewCarrell Loan amount? Conventional?

[Geoff Black @SactoGeoff]

@mikesimonsen @gvtslave It is growth. Anemic growth. Each year the people who need to make a change, but chose to wait the year(s) before, are coming forward. A little more each year.

[Geoff Black @SactoGeoff]

@mikesimonsen Based upon loan application data (and my desk) I would expect that curve to start pointing back down pretty sharply.

[Geoff Black @SactoGeoff]

@mortgagetruth @HomeLoanBill The debt consolidation folks just want the pain to stop. If it's that or an eventual BK, turning over the debt is better. I've gotten some pretty ridiculous calls to cashout for like $20k. But when it's $120k, different ballgame.

[Geoff Black @SactoGeoff]

@LeylaKuni Agreed. Never would have picked my wife based upon a variety of of things. But here we are 20yrs later!

[Geoff Black @SactoGeoff]

@BigBearBummers I don't see anything that looks like capitulation in the Tahoe region. But I do see a lot more realistic listings.

[Geoff Black @SactoGeoff]

@JCacciapaglia @DeerwoodRealty In your business, you can (and need to) draw from way outside your immediate region. So that makes a lot of sense. Different for a Realtor or a lender.

[Geoff Black @SactoGeoff]

@BigBearBummers Can we get you to expand your franchise to Tahoe Basin-ish too? I see softening up there for sure.

[Geoff Black @SactoGeoff]

@shawngorham Yep its mind bending for many. But the whole play for most investors is getting someone else to help pay down the balance, while the home appreciates. In order to cash-flow, it often takes 40%+ down payment. And the cash on cash return is crap.

[Geoff Black @SactoGeoff]

@JCacciapaglia @DeerwoodRealty Except X is shouting into the abyss and FB is pinging people within your circle. Depending upon your goal, the differences can be enormous.

[Geoff Black @SactoGeoff]

@HomeLoanBill @mortgagetruth I've seen some really elaborate rationalizations posted online to justify a cashout Vs a HELOC. I'm a simpleton & just look at the total blended rate either direction. I've yet to encounter one where cashout 1st makes more sense.

[Geoff Black @SactoGeoff]

@1RentalataTime @TheICHpodcast Could do a whole series on professions that pay well but historically spend too much on stupid things. Would be super entertaining!