REAL ESTATE DOWNS ARE UPS???

This market has alot of agents very nervous, but in reality the seasoned agent sees this as an opportunity to make even more money. As the less seasoned agents that hurried into the industry feeling like they have just arrived to the party and now all of the chips and beer are gone, the seasoned agents just wait patiently on the REO's and FORECLOSURE clients to comma knockin.

"You seasoned players get ready we are not even at the half way point for whats in store for us as lenders, as brokers, agents, and secondary market players" said Michael Covino, president of wholesale super-jumbo luxury mortgage lender Luxmac Covino and Co. Tarrytown NY He says he does not want to be the bearer of bad news, but the mortgage market place is not in a recession. It's in a depression. If you didn't prepare for this and if you are not prepared for the fallout, whether you are a broker or a banker, you are probably going to exit the business.

What some of you agents out there in the marketplace must keep in mind is that no matter how you look at it you must reposition yourself in this market to survive. I personally do not involve myself in a transaction that does not have atleast 100K in equity in it. Make no mistake in this market I am finding a plenty of these type of deals from Residential to Commercial, and I happen to love to share.

Start looking at selling notes, REO, Foreclosures and Investor Workshops.

I am very interested to know what the general feeling is out there among those left in the industry.