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  1. #1
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    Default Home sales are dead

    I'm guessing that everyone is seeing a major slowdown or for that matter a stoppage of home sales and inspections in their area. I have nothing scheduled for the rest of the week or next week.

    I just had a cancellation for a Friday inspection and the prospective buyer told me that their mortgage banker put their loan "on hold" until the problems with the marketplace are straightened out. He told them that they (the bank) can not get the money to make a loan, this was with Fifth Third Bank.

    This guy is transferring in with Nissan and does not have a option about relocating and buying a home.

    Has anyone else seen this happen?

    Similar Threads:
    Inspection Referral SOC
    Scott Patterson, ACI
    Spring Hill, TN
    www.traceinspections.com

  2. #2
    Richard Stanley's Avatar
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    Default Re: Home sales are dead

    The Fifth Third bank?? No wonder - with that name they are way down the list.
    He should get his loan from the Nissan credit union.


  3. #3
    Ron Bibler's Avatar
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    Default Re: Home sales are dead

    Not yet Scott. I dont have but one sales inspection on the books. all the others are REO Inspection for the banks.

    Bogart: Say, pardon me but, could you help out a fellow American who's down on his luck...

    Some out In my area are very active and others are very slow...

    Have a nice Cigar and a good cup of coffee... don't get excited.
    Its going to be a long winter...
    I was thinking how many of the banks and the wall street markets were sitting back just to see what the wack jobs in congrasssss are going to do. if this is the case the congrass just saying they were going to do something has made a mess of things...

    Scott Q. you have your WEBSITE. I think you stated that most of your work comes from your web-site... do you do much home owner work or more Real estate sales. I have been working on my website. I have a meeting with a new website guy on thursday to go over things.

    Scott Im in the boat with ya...

    Best

    Ron


  4. #4
    Ted Menelly's Avatar
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    Default Re: Home sales are dead

    I for one am extremely slow. As a matter a fact I am going to the state fair today. Just a few inspections so far this week. And the past few weeks. From what I am told by many of the Realtors , whether it be listing or buying agents, things are real slow. Half the folks with good credit are already needing more money down. I knew that was going to happen. It does not have to do with money down this mess came from giving folks loans that could not afford the mortgage.

    Me thinks the over correction is going to go way to far in the wrong direction


  5. #5
    Ron Bibler's Avatar
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    Default Re: Home sales are dead

    Im with ya Ted.

    Best

    Ron


  6. #6
    Ted Menelly's Avatar
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    Default Re: Home sales are dead

    Also in regards to another thread but it has to do with this.

    The bottom is no where in sight yet.


  7. #7
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    Default Re: Home sales are dead

    Quote Originally Posted by Ted Menelly View Post
    ...Just a few inspections so far this week....
    I'd love to have just a few inspections this week.
    Dead in the water.


  8. #8
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    Default Re: Home sales are dead

    Fortunately I'm getting by. Not dead but not extremely busy.

    With everything that is talked about with the upcoming election and McCain having more experience with international affairs than Obama, I couldn't care less about that right now. While the president will obviously represent our country, there are advisers and people appointed to positions to help out and lend assistance in those areas.

    What I'm more interested in is how the new president is going to take care of things in our country.


  9. #9
    Ron Bibler's Avatar
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    Default Re: Home sales are dead

    Quote Originally Posted by Nick Ostrowski View Post
    Fortunately I'm getting by. Not dead but not extremely busy.

    With everything that is talked about with the upcoming election and McCain having more experience with international affairs than Obama, I couldn't care less about that right now. While the president will obviously represent our country, there are advisers and people appointed to positions to help out and lend assistance in those areas.

    What I'm more interested in is how the new president is going to take care of things in our country.
    Eather way. We will be fine we are AMERICANS. All of us will do just find.

    Best

    Ron


  10. #10
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    Default Re: Home sales are dead

    Quote Originally Posted by Ron Bibler View Post
    Not yet Scott. I dont have but one sales inspection on the books. all the others are REO Inspection for the banks.

    Bogart: Say, pardon me but, could you help out a fellow American who's down on his luck...

    Some out In my area are very active and others are very slow...

    Have a nice Cigar and a good cup of coffee... don't get excited.
    Its going to be a long winter...
    I was thinking how many of the banks and the wall street markets were sitting back just to see what the wack jobs in congrasssss are going to do. if this is the case the congrass just saying they were going to do something has made a mess of things...

    Scott Q. you have your WEBSITE. I think you stated that most of your work comes from your web-site... do you do much home owner work or more Real estate sales. I have been working on my website. I have a meeting with a new website guy on thursday to go over things.

    Scott Im in the boat with ya...

    Best

    Ron
    I do very little real estate agent referral inspections. Most of my work is from folks who find me via my website.

    Scott Patterson, ACI
    Spring Hill, TN
    www.traceinspections.com

  11. #11
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    Default Re: Home sales are dead

    A Canadian perspective.

    My business is down about 50% over last year. Two inspections this week. Its definitely a buyers market at least up here.


  12. #12
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    Default Re: Home sales are dead

    After all of the inspections this last spring and summer, I'm kind of glad it has slowed down somewhat.

    I'm happy to do just (1) inspection a day right now which hasn't been a problem in booking them.

    All I've had is the big homes lately that prior clients have upgraded to since they are pretty much a steal right now. As I said in the other thread it is a great buying opportunity if one has the downpayment and great credit. Not good credit but GREAT credit.

    As far as first time homebuyers calling or inquiring about foreclosure properties have come to a halt as now one must have some money for a down payment. Isn't that the way it should be anyway? Was when I bought my first home. I didn't have a handout or a contribution to get me in a home.

    rick


  13. #13
    Ron Bibler's Avatar
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    Default Re: Home sales are dead

    Quote Originally Posted by Scott Patterson View Post
    I do very little real estate agent referral inspections. Most of my work is from folks who find me via my website.


    Scott are you saying you do very little Real Estate work ?

    What would say you are doing off your web site.

    50% home owner
    50% Real eatate

    I do about 80% real eatate work. thats why i was asking.
    how your web stie was working for you. with non real eatate jobs.

    Best

    Ron


  14. #14
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    Default Re: Home sales are dead

    Look at the positive.

    Now is the time to do that early Christmas shopping as we only have 84 days left till Christmas.

    The malls are empty except for those senior citizens walking laps around the mall because they can't afford a membership at the gym.

    Or maybe its those Pretzels.

    rick


  15. #15
    Ted Menelly's Avatar
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    Default Re: Home sales are dead

    Quote Originally Posted by Rick Hurst View Post
    After all of the inspections this last spring and summer, I'm kind of glad it has slowed down somewhat.

    I'm happy to do just (1) inspection a day right now which hasn't been a problem in booking them.

    All I've had is the big homes lately that prior clients have upgraded to since they are pretty much a steal right now. As I said in the other thread it is a great buying opportunity if one has the down payment and great credit. Not good credit but GREAT credit.

    As far as first time home buyers calling or inquiring about foreclosure properties have come to a halt as now one must have some money for a down payment. Isn't that the way it should be anyway? Was when I bought my first home. I didn't have a handout or a contribution to get me in a home.

    rick
    Rick

    I understand where you are coming from but I must say once again. This has nothing to do with money down. This has to do with giving mortgages out to folks that could not afford the mortgage anyway. Money down is not going to keep a home from being foreclosed on if one can't make the payment anyway. Houses go into foreclosure because folks try to hold on as long as they can and not lose their home. No one wants to lose their home.

    Giving someone a mortgage that has good credit and can afford the mortgage and their bills at the time of the application and closing is not a problem.

    The only folks that are getting slightly protected with money down is the gambling lenders anyway. They are not going to be protected with massive foreclosure's and a flooded housing market and declining home prices because the rest of the economy is in the tubes. It is the total borrowing and spending of not just the American people but the rest of the folks on this fine planet of ours. It is far from just the US that is hurting. It is in fact a world wide recession. Everyone wants to put it solely on bad mortgage paper. It is in fact bad paper on all investment. It has all been hype and fluff for years. There was no real money out there for any of these stocks and make belief worth. It was all made up worth.

    Just like in the dot com boom. There was never any worth there either. It was all make believe bloated worth with absolutely no value what so ever.

    Is it the fault partly to the guy that got the mortgage that he could not afford. Yes. But it was more of the fault for the greedy sob's that bought this known bad paper, knowing quite well that the paper was worthless. They want to put the blame on the seemingly Gov backed paper. Not one investor that created this crap wants to take the blame.

    Isn't it funny that investors want a guarantee and backing buy the Gov (American people) when they buys knowingly bad paper. But then when I say i want my 20,000 (make believe) back from the Gov cause I went to Vegas and lost, everyone scoffs at that. It is a gamble. The gambler lost.

    If the investor did not gamble, the guy trying to buy the home he could not afford could not have obtained the mortgage.

    Dangle some cheese in front of a hungry man and he will snatch it.

    That was the investor and the guy buying the home.


  16. #16
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    Default Re: Home sales are dead

    Quote Originally Posted by Ron Bibler View Post
    Scott are you saying you do very little Real Estate work ?

    What would say you are doing off your web site.

    50% home owner
    50% Real eatate

    I do about 80% real eatate work. thats why i was asking.
    how your web stie was working for you. with non real eatate jobs.

    Best

    Ron
    Gotcha! Volume wise I do about 60% residential real estate inspections. About 15% for homeowners with problems and the rest is commercial and draw inspections. Thank goodness for the commercial work, it has kept the bread on the table and amounts to about 75% of my income.

    Scott Patterson, ACI
    Spring Hill, TN
    www.traceinspections.com

  17. #17
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    Default Re: Home sales are dead

    Quote Originally Posted by Ted Menelly View Post
    Rick

    I understand where you are coming from but I must say once again. This has nothing to do with money down. This has to do with giving mortgages out to folks that could not afford the mortgage anyway. Money down is not going to keep a home from being foreclosed on if one can't make the payment anyway. Houses go into foreclosure because folks try to hold on as long as they can and not lose their home. No one wants to lose their home.

    Giving someone a mortgage that has good credit and can afford the mortgage and their bills at the time of the application and closing is not a problem.

    The only folks that are getting slightly protected with money down is the gambling lenders anyway. They are not going to be protected with massive foreclosure's and a flooded housing market and declining home prices because the rest of the economy is in the tubes. It is the total borrowing and spending of not just the American people but the rest of the folks on this fine planet of ours. It is far from just the US that is hurting. It is in fact a world wide recession. Everyone wants to put it solely on bad mortgage paper. It is in fact bad paper on all investment. It has all been hype and fluff for years. There was no real money out there for any of these stocks and make belief worth. It was all made up worth.

    Just like in the dot com boom. There was never any worth there either. It was all make believe bloated worth with absolutely no value what so ever.

    Is it the fault partly to the guy that got the mortgage that he could not afford. Yes. But it was more of the fault for the greedy sob's that bought this known bad paper, knowing quite well that the paper was worthless. They want to put the blame on the seemingly Gov backed paper. Not one investor that created this crap wants to take the blame.

    Isn't it funny that investors want a guarantee and backing buy the Gov (American people) when they buys knowingly bad paper. But then when I say i want my 20,000 (make believe) back from the Gov cause I went to Vegas and lost, everyone scoffs at that. It is a gamble. The gambler lost.

    If the investor did not gamble, the guy trying to buy the home he could not afford could not have obtained the mortgage.

    Dangle some cheese in front of a hungry man and he will snatch it.

    That was the investor and the guy buying the home.
    Yes, that is what caused the problem we are now in. The problem now is that the banks are not lending the money! Almost every single bank has stopped lending or have dramatically increased their interest rates. Even buying a car has become a major ordeal.

    Scott Patterson, ACI
    Spring Hill, TN
    www.traceinspections.com

  18. #18
    Ted Menelly's Avatar
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    Default Re: Home sales are dead

    Quote Originally Posted by Scott Patterson View Post
    Yes, that is what caused the problem we are now in. The problem now is that the banks are not lending the money! Almost every single bank has stopped lending or have dramatically increased their interest rates. Even buying a car has become a major ordeal.
    You mentioned in another thread about losing inspections because of the folks not getting their loan even with good credit. Yes, it is happening to me as well. Folks with good credit and money down (a little anyway) are being held off from buying at the moment. The correction is going way to far. If they don't wise up this economy will fall and with it the the rest of the financial markets in the rest of the world. At that time it will no longer be a recession but a world wide depression.


  19. #19
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    Default Re: Home sales are dead

    Quote Originally Posted by Scott Patterson View Post
    . The problem now is that the banks are not lending the money! Almost every single bank has stopped lending or have dramatically increased their interest rates.

    Even buying a car has become a major ordeal.
    .
    So the Banks are Supporting The Hype to help Extort Our Monies via " The Bail Out " or " Buy In." ( Dependent upon who is Telling The Tale.)

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  20. #20
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    Default Re: Home sales are dead

    One fortunate byproduct I've had from not being as busy this year is that I got to spend more time with my family during the summer. We hung out at the pool and just spent more time together in general. I don't miss running around like a chicken with my head cut off. One inspection and day is fine for me.


  21. #21
    Ted Menelly's Avatar
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    Default Re: Home sales are dead

    This is a letter that the National Association of Realtors is sending to Washington.

    Just a point of interest folks

    Please take some time to read our point-by-point analysis of the major provisions being discussed in Congress, and then contact your members of Congress and tell them too much is at stake, we can't afford to wait. Tell me more

    Subject:
    Pass the Emergency Economic Stability Act


    Dear [ Decision Maker ],

    As a real estate professional and member of the National Association of REALTORS I am writing to urge you to support a bipartisan plan that brings an end to the current credit crisis crippling the housing and financial markets. The final plan MUST protect homeowners and the American taxpayers. We supported the Emergency Economic Stabilization Act of 2008 and were pleased with the safe guards in that bill.

    Keeping people in their home and protecting 'Main Street' not only benefits individual families, but helps bring stability to the housing market which greatly impacts the overall U.S. economy. Across the country, REALTORS see and feel the loss of confidence by both buyers and sellers, and now buyers are finding it harder to get mortgages.

    The faster Congress acts to relieve this constraint, the sooner we'll see a broad stabilization in home prices that in turn will help the economy recover. Historically, housing has led the nation out of economic downturns -- there will not be an economic recovery without a housing recovery.

    The National Association of REALTORS would like to thank you for your hard, and thoughtful, work to forge an acceptable solution. I urge you to move forward as quickly as possible to safeguard homeowners, homebuyers, and the economy.


  22. #22
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    Default Re: Home sales are dead

    Hmm...I sent letters to my senators and congressmen saying just the opposite. And I'm a member of NAR.

    Oh well, the Senate just passed it (including a few special earmarks that have nothing to do with it).

    I know things are slow in most places, but I just had my best month ever. August was pretty good too. But, I realize that it will eventually slow down here as well.

    Keep your chins up!

    Bruce Thompson, Lic. #9199
    www.TylerHomeInspector.com
    Home Inspections in the Tyler and East Texas area

  23. #23
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    Default Re: Home sales are dead

    Dead here. I guess my estimated taxes in January will be pretty manageable this year. I've got an addition and remodel at my own house, so I'll be plenty busy, but no money to pay for it.

    Jim Robinson
    New Mexico, USA

  24. #24
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    Default Re: Home sales are dead

    As they say... all real estate is local. Up here in the beautiful NW we starved all summer but September turned out to be our best month of the year. 'Best' doesn't mean much since this year has pretty much sucked... but it was a nice surprise considering Sep is historically one of the worst months of the year.

    October is looking pretty good, too. Maybe all of my competion just hung it up.... it was just about that bad this summer.

    We tend to lag behind the nation by a bit. Our prices have been falling for a good 6 months now. Some of the prices I see are downright amazing.

    The word I hear from my clients is that the 'credit crunch' hasn't hit them yet. There's just no more 125% financing.

    If you've got a job and some down payment money you can steal a house right now.


  25. #25
    Ron Bibler's Avatar
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    Default Re: Home sales are dead

    Slow times gets me playing with this Q. what is my % in the Iinspection Market. If I look at the number of homes sold. and plug in the # of inspection I did that month I can come out with my % in my area.

    If I have a compediter in my area that is doing very well and Im slow. then its not the market its me. But if everyone is slow then its not me its the market. this can just drive you nuts if you let it.

    Had a compediter tell me his work load was so slow. So joking around I said. nobody love you any more! the look on his face

    Well if you have a little time on your hands run the numbers. see just what your % is in your area. slow times is when we get off our duff and do something about.

    Best

    Ron


  26. #26
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    Default Re: Home sales are dead

    My business is *way* down versus the same period last year.

    But then, this is only my third year in the business, and only the second I've been doing any real marketing, so I don't have the deep referral base some here do.

    I suspect that this is probably a problem for a lot of inspectors attempting get established in highly competitive markets when we hit a downturn in the real estate market.

    The majority of my business has come via the website, many of those clients were first-time buyers attracted by the hot real estate market, but many such buyers and their friends now find that they're locked out of the mortgage market by tighter underwriting standards and higher down payments. So I take it greater hit compared a more established inspector who is apt to have a larger proportion of older, more affluent and more experienced buyers in the referral base by virtue of the fact they been in the business longer.

    It's also the case that potential clients coming in cold off the website are more apt to be price sensitive in a market where there's intense price competition, OTOH the callers I get as a result of referrals from previous clients generally don't even bother to ask what the inspection will cost, and I've never had a complaint when I quote the price.

    For the moment I'm OK, I turned a profit this year, and have enough money in the bank to cover my E&O come next spring, and I'll certainly take advantage of the currently slow market and the normal winter downturn to try and put together a really effective marketing program for next year.

    BUT I'm fortunate in that I have other sources of income (rental properties), something productive to do with my time when I'm not inspecting (work on the rental properties) and above all else a spouse with a steady income and a job that provides us both with excellent (though expensive) healthcare coverage - if she lost her job tomorrow (always possible, she works a corporate job that could be mergered out of existence tomorrow) we could live off our savings for years, but we would both have to be scrambling to take <i>any</i> kind of job and all that provided access to healthcare, and THAT would be a real problem as she has a pre-existing condition (cancer, though there's no sign of recurrence for last five years) that would make it difficult or impossible to insure her.


    So I know that 1) I'm really, really lucky compared to a lot of people here but that 2) despite two lifetimes of hard work, responsible personal financial behavior, and high savings rates we could lose it all tomorrow if we are sick and without health insurance.

    Now, we would be willing to pay - and can afford to pay - the same premium for that health insurance we were paying now, plus the employer share - but if she loses her job we probably can't get her insurance at any price - even though we're the same people, willing to pay the same price, the provided insurance as long she had the job - we are stuck in the same position as many other people in this ridiculous system where health insurance is tied to your job.

    So for me, that's the overriding political concern this election season: which of these candidates are more likely to address the problem of uninsured adults who cannot get health insurance at any price?

    Michael Thomas
    Paragon Property Services Inc., Chicago IL
    http://paragoninspects.com

  27. #27
    Ron Bibler's Avatar
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    Default Re: Home sales are dead

    Quote Originally Posted by Michael Thomas View Post
    So for me, that's the overriding political concern this election season: which of these candidates are more likely to address the problem of uninsured adults who cannot get health insurance at any price?

    I Look at just a bit more long term. which one is saying he is going to spend more money we just don't have now and then long term down the road?

    I would love to hear one of them say. im cutting everybody off. your all on your own. get off your duff and feed yourself.

    Everybody has health care now. even then from south of the border get free care. and we get stuck with the bill. or our hospital shuts own because they can't pay there bills.

    But that me

    Best

    Ron


  28. #28
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    Default Re: Home sales are dead

    Credit must be totally, or close to totally frozen. The phone has been absolutely dead this week.

    When is this $700+ billion bailout package supposed to open credit channels again? I love how Bush said it will take some time for the bailout to kick in take effect. Then what the $#%^ is happening in the meantime with the $$$??


  29. #29
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    Default Re: Home sales are dead

    Quote Originally Posted by Nick Ostrowski View Post
    Credit must be totally, or close to totally frozen. The phone has been absolutely dead this week.

    When is this $700+ billion bailout package supposed to open credit channels again? I love how Bush said it will take some time for the bailout to kick in take effect. Then what the $#&#37;^ is happening in the meantime with the $$$??

    You should call Barney Frank in congress and ask him just what he was thinking when he open the door for just any wack job to buy a house. this mess is at his door steps.

    Or we can just Relect him.

    Best

    Ron


  30. #30
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    Default Re: Home sales are dead

    Loans are almost impossible to get right now according to the people I bank with.

    They said it would probably be late Dec. or first of the year before things show some improvement.

    I had to call my phone this morning to insure it was working. Hadn't had a call in 3 days. Never seen it like this before.

    LAST ONE OUT, TURN OUT THE LIGHT.

    rick


  31. #31
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    Default Re: Home sales are dead

    Quote Originally Posted by Rick Hurst View Post
    LAST ONE OUT, TURN OUT THE LIGHT.

    And I just gave a $40,000 quote on some construction consulting work.

    Don't know if they will do it, but if they do, I will probably get it. Won't know for a week or two.

    Jerry Peck, Construction / Litigation Consultant
    Construction Litigation Consultants, LLC ( www.ConstructionLitigationConsultants.com )
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  32. #32
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    Default Re: Home sales are dead

    Quote Originally Posted by Jerry Peck View Post
    And I just gave a $40,000 quote on some construction consulting work.

    Don't know if they will do it, but if they do, I will probably get it. Won't know for a week or two.
    Gunnar and I just put a package to inspect 2 schools. We are on hold with that one. So Jerry if you get yours and we don"t

    Hit the MAIN'S On your way out!

    If we get the schools. We will hit the MAIN'S.

    These were from an inspection yesterday.
    Had to hit the MAIN'S On this house Bank onwed/Vacant for over a year

    Best

    Ron

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  33. #33
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    Default Re: Home sales are dead

    I just got lucky this week and booked my 6th. For the past month I have been shutting the phone off then back on to see if there was a problem. I have had maybe a few a week since a week before school started. Maybe a little better one week.

    Yep, I keep hearing that all this wonderful money is more than likely not going out until the first of the year. The only problem is I am sure all of you will be saying "where are those wonderful folks that were buying all those homes that they could not afford"

    They more than likely made up half or more of most of the inspectors work that they had.

    Rick

    Don't be scaring me now. You are never that slow. Who knows, maybe they are all going to be moving over to the Tarrant County area where the homes are a little less that they can afford!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    Jerry

    Consulting work really has people out there that will pay that kind of money?????

    Couldn't they just go out and hire separate individual contractors for a whole lot less.

    Gees, where some folks spend their money.

    That home that you said you got 6K for. Do some folks just have a money making mind and with the rest of reality they have a deficiency.

    Not saying anything bad about you by any means. I am happy for you but just shaking my head at the folks paying it.


  34. #34
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    Default Re: Home sales are dead

    I was busier before the bailout package got passed. Then they pass the package and things go down the toilet.........and it looks like it's the same for everybody.

    Every corporation, company, and person who had a hand in creating this mess deserves a collective punch in the face for playing a real life game of Monopoly with everybody else's money and livelihood.


  35. #35
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    Default Re: Home sales are dead

    Quote Originally Posted by Ted Menelly View Post
    That home that you said you got 6K for. Do some folks just have a money making mind and with the rest of reality they have a deficiency.
    Ted,

    That is their 4th home, their "beach house".

    $2.8 mil, 9,000 sq ft under roof main house with about an 800 sf detached guest house.

    There are a lot of people out there with a lot of money.

    Not like I am used to in South Florida, where that was my market, but they are still around, just more spread out up here, and, instead of a $15 mil 4th houses, they are only $3 mil 4th houses.

    I know, a big come down. But I'll get used to "slumming it".

    My problem is, has been, getting into those money circles outside South Florida, however, I did get this from an attorney in Orlando who got my name from an attorney in South Florida. The problem is, when I went to work for the engineering firm instead of starting back up on my own 2-1/2 years ago, I changed all my numbers, the attorney tracked me down through directory assistance. Our house phone is in my wife's name, fortunately, though, my cell phone is in my name - otherwise I probably would not have gotten this.

    If this works out, I may get more referrals from this circle, only time will tell if this was a one shot deal or if it turns into a referral base.

    Jerry Peck, Construction / Litigation Consultant
    Construction Litigation Consultants, LLC ( www.ConstructionLitigationConsultants.com )
    www.AskCodeMan.com

  36. #36
    bettymiles's Avatar
    bettymiles Guest

    Default Re: Home sales are dead

    If USA is bad, the rest of the world is even worse. The Nobel economics winner told the media that the worst moment in America already passed, and EU still has about 8 months to go. Hope everything will getting better after the presidential election, and certain policies can restore everyone's confidence.


  37. #37
    Join Date
    Oct 2003
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    Default Re: Home sales are dead

    This week the phones have been just dead and then this afternoon they rang off the wall.

    Booked 6 inspections for next week. Maybe the wealth is already getting tossed around.

    rick


  38. #38
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: Home sales are dead

    Quote Originally Posted by Rick Hurst View Post
    This week the phones have been just dead and then this afternoon they rang off the wall.

    Booked 6 inspections for next week. Maybe the wealth is already getting tossed around.

    rick

    The worse 10 days since I moved to Texas 4 years ago until Tuesday I had 1 and then 3 more for the week. Next week I may a a few but that is a maybe, we will see.


  39. #39
    Join Date
    Oct 2003
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    Default Re: Home sales are dead

    Ted,

    I had one caller tell me she had been quoted 125. by another inspector, but he'd only been in the biz for a year.

    People are hungry out there.

    rick


  40. #40
    Join Date
    May 2007
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    Tyler, TX
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    Default Re: Home sales are dead

    Quote Originally Posted by Rick Hurst View Post
    Ted,

    I had one caller tell me she had been quoted 125. by another inspector, but he'd only been in the biz for a year.

    People are hungry out there.

    rick
    ouch...

    He probably coulda got $135 if he'd held out a little longer

    Bruce Thompson, Lic. #9199
    www.TylerHomeInspector.com
    Home Inspections in the Tyler and East Texas area

  41. #41
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: Home sales are dead

    Quote Originally Posted by Rick Hurst View Post
    Ted,

    I had one caller tell me she had been quoted 125. by another inspector, but he'd only been in the biz for a year.

    People are hungry out there.

    rick
    I quoted a 1000 sq ft house for a previous client just down the street from me. even with a discounted price for a previous client it was much greater than his 200.00 with a termite. Now that aint hungry. Thats desperate. Another one was 150 for a 2500 sq ft condo.


  42. #42
    Join Date
    Mar 2007
    Location
    Cape Cod, Massachusetts
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    574

    Default Re: Home sales are dead

    Quote Originally Posted by Ron Bibler
    Slow times gets me playing with this Q. what is my % in the Iinspection Market. If I look at the number of homes sold. and plug in the # of inspection I did that month I can come out with my % in my area.

    Well if you have a little time on your hands run the numbers. see just what your % is in your area. slow times is when we get off our duff and do something about.
    Ron,

    That's a great way to look at your market.
    Just wondering - What's your percent in the inspection market?


  43. #43
    Join Date
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    Default Re: Home sales are dead

    Ron,

    That may work in your area but here in the D/FW we have an inspector for every buyer. Market here is saturated with inspectors which is doing nothing but hurting the business and professionalism.

    rick


  44. #44
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: Home sales are dead

    Let me see. I get one or 2 one day you get em the next and Jim gets them the next. That otta cover it.

    Not to mention that the franchises and multi inspectors canvas all the Realtors office as it is. They have there own marketing teams that do nothing but that.


  45. #45
    Join Date
    Mar 2007
    Location
    Chandler, AZ
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    119

    Default Re: Home sales are dead

    I'm really hoping things will pick up after the election. Kind of slow but steady here.

    I got a sugar mama, but she works in the electronics industry (as I did for 25 years) and they are mentioning layoffs and RIF's. I don't even want to think about her loosing her job. Yikes!

    Of course, we always see a slow down for the holidays, so that won't help much right now either.

    Hey, people have to buy/sell houses in any market, so I think we have job security. Right? (I hope I'm right!)

    Dave Hill
    Buyers & Sellers Property Inspections LLC
    WWW.BuyersSellersPi.Com

  46. #46
    Ron Bibler's Avatar
    Ron Bibler Guest

    Default Re: Home sales are dead

    Quote Originally Posted by Rick Hurst View Post
    Ron,

    That may work in your area but here in the D/FW we have an inspector for every buyer. Market here is saturated with inspectors which is doing nothing but hurting the business and professionalism.

    rick

    Rick i hope you stay put. but this slow market will thin things out.

    in the long run the better inspector/sales guy will last.
    the others will go by the way side.

    I have the Branch #3 inspection Co. the Thermal Imaging Co. and im starting a new Home Inspection Co. Did my first one this week.

    3 in 1 inspection. Termite/HI/Infrared $ 1,050.00 not bad for 5 Hr work.

    I did home insp some 20 years back. it was fun to get back in the game. and yes thanks to all on this board. lots of good info i get from you guys.

    So i play guitar in the blues band and im just about done with a Biker movie i have been working on for about 8 months now... thats been fun...

    Never put all your stuff in one place.

    Best

    Ron

    Last edited by Ron Bibler; 11-01-2008 at 07:39 PM.

  47. #47
    Join Date
    Sep 2007
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    Fredericksburg, VA
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    885

    Default Re: Home sales are dead

    Mostly foreclosure sales around the area. Up closer to Washington D.C. I understand regular sales are still going. Slower, but that area is always in high demand. Things were busy here until right after Labor Day weekend. Except for campaign calls, the phone was growing cobwebs and the web site had echos bouncing of the pages. So much fore SEO if nobody is looking. But the last 10 days in October everything started moving again. The phone is shiny and the web site actually has visitors. Sticking all I can into the business saving account for winter.

    For you guys who haven't been blessed by the foreclosure market (yet), it really throws a wrench into the seller-buyer strategy of reporting. There are no sellers to ask for information, no sellers to have verify gas log fireplace/stove operation (or other appliances). You find very few gas based fuel properties that have furnaces and water heaters on even pilot.

    I'm sure there will be bonehead realty companies/agents that turn off all power again this winter to save a dime of their fee and create a bunch more flooded basements due to non-working sump pumps. And the idiots who "Winterize" homes will pop the TPRV and leave it open to empty the water heater (hint: crack open H & C spigots in a bathtub, leave the TPRV alone!).

    The above statements are expressed solely as my opinion and in all probability will conflict with someone else's.
    Stu, Fredericksburg VA

  48. #48
    Patrick McCaffery's Avatar
    Patrick McCaffery Guest

    Default Re: Home sales are dead

    Hi Everyone,
    I had four inspections scheduled last week, which is really good for me. The bad thing is that two of the deals fell through. I hope this is not a trend.


  49. #49
    Join Date
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    Default Re: Home sales are dead

    Quote Originally Posted by Patrick McCaffery View Post
    The bad thing is that two of the deals fell through.

    Why is that a "bad thing"?

    You now get to inspect two more houses for those clients when they find something 'not totally screwed up' like those must have been.

    Unless ... you bill to closing and you are saying you did not get paid ... but that is an entirely different problem and an entirely different "bad thing" ... caused by business practices which allows for that set-up. Hoping I am wrong here.

    Jerry Peck, Construction / Litigation Consultant
    Construction Litigation Consultants, LLC ( www.ConstructionLitigationConsultants.com )
    www.AskCodeMan.com

  50. #50
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: Home sales are dead

    Quote Originally Posted by Jerry Peck View Post
    Why is that a "bad thing"?

    You now get to inspect two more houses for those clients when they find something 'not totally screwed up' like those must have been.

    Unless ... you bill to closing and you are saying you did not get paid ... but that is an entirely different problem and an entirely different "bad thing" ... caused by business practices which allows for that set-up. Hoping I am wrong here.
    Me thinks he was saying that the deals fell thru before he inspected them so the inspections were not there.


  51. #51
    Join Date
    Sep 2007
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    Fredericksburg, VA
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    Default Re: Home sales are dead

    Quote Originally Posted by Jerry Peck View Post
    Why is that a "bad thing"?

    You now get to inspect two more houses for those clients when they find something 'not totally screwed up' like those must have been.

    Unless ... you bill to closing and you are saying you did not get paid ... but that is an entirely different problem and an entirely different "bad thing" ... caused by business practices which allows for that set-up. Hoping I am wrong here.
    The deal may have fallen-through because the lender backed out at the last minute. Oh, maybe the buyer's credit report was 1 point below the minimum set for the moment. Or, maybe it was a FHA loan and the FHA inspector knocked the property. My son's FHA application was killed because the FHA inspector/appraiser reported two deficiencies: 1) BAD ODOR in house. I was there a day before ($1 inspection) and other than a general closed up stale air and a faint trace of spicy food smell, there was nothing that smelled bad beyond what some carpet deodorizer and air freshener would fix. The house was very clean and had been well maintained and cared for. 2) Noisy environment! Okay, there is a high school and middle school probably 300 yards through the woods. When they make the AM or PM announcements you can hear it.

    The above statements are expressed solely as my opinion and in all probability will conflict with someone else's.
    Stu, Fredericksburg VA

  52. #52
    Patrick McCaffery's Avatar
    Patrick McCaffery Guest

    Default Re: Home sales are dead

    Jerry,
    You are abosutely right, I guess I woke up this morning looking at the glass as half empty. Yes hopefully I will get the two inspections back.


  53. #53
    Join Date
    Oct 2003
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    Default Re: Home sales are dead

    Its just the nature of the beast.

    If I had a buck for every HI that had been booked and fell through at the last minute or 30 min. before I was to be there; I'd be rich.

    But then I'd have to spread that wealth.

    rick


  54. #54
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: Home sales are dead

    Quote Originally Posted by Rick Hurst View Post
    Its just the nature of the beast.

    If I had a buck for every HI that had been booked and fell through at the last minute or 30 min. before I was to be there; I'd be rich.

    But then I'd have to spread that wealth.

    rick
    That is why you a sitting home this morning.


  55. #55
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    Default Re: Home sales are dead

    Ted,

    You've got to get one of these "wireless cards".

    Actually I'm at an inspection sitting in my truck waiting for my client to get here so I can go over things with them.

    I can get online with card from just about anywhere. Its been great. If I have time in between appt. I can sit here in my truck and do the report (or at the Starbucks) and email it out to the client and agent. Don't have to wait till I get back in the office and then sit up till midnight doing up the reports.

    Technology is a great thing.


  56. #56
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: Home sales are dead

    Quote Originally Posted by Rick Hurst View Post
    Ted,

    You've got to get one of these "wireless cards".

    Actually I'm at an inspection sitting in my truck waiting for my client to get here so I can go over things with them.

    I can get online with card from just about anywhere. Its been great. If I have time in between appt. I can sit here in my truck and do the report (or at the Starbucks) and email it out to the client and agent. Don't have to wait till I get back in the office and then sit up till midnight doing up the reports.

    Technology is a great thing.
    I had one of the older att cards and did not have good luck with it. Every now and then it would zip right along and other times it was so slow I could have walked to my email recipient faster. Maytbe I'll try one of the new cards.

    I have an inspection this afternoon but it is pretty down slow compared to a month or so ago.

    I do the report on sight and just email it when I get home. It only takes a couple minutes. When I meet the client I give them a printed report and just email the realtor so they can go over it with their client.

    Last edited by Ted Menelly; 11-05-2008 at 05:26 AM.

  57. #57
    Join Date
    Mar 2007
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    Ormond Beach, Florida
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    Default Re: Home sales are dead

    Quote Originally Posted by Patrick McCaffery View Post
    Jerry,
    You are abosutely right, I guess I woke up this morning looking at the glass as half empty. Yes hopefully I will get the two inspections back.
    Quote Originally Posted by Rick Hurst View Post
    Its just the nature of the beast.

    If I had a buck for every HI that had been booked and fell through at the last minute or 30 min. before I was to be there; I'd be rich.

    But then I'd have to spread that wealth.

    rick
    Patrick,

    Now I understand.

    I was presuming that you were complaining that the deals feel through AFTER your inspection.

    With Rick's post, I now realize you were meaning the deals feel through BEFORE your inspection.

    Now I understand why that's "bad".

    Jerry Peck, Construction / Litigation Consultant
    Construction Litigation Consultants, LLC ( www.ConstructionLitigationConsultants.com )
    www.AskCodeMan.com

  58. #58
    Join Date
    Mar 2007
    Location
    Georgetown, KY
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    537

    Default Re: Home sales are dead

    Patrick,

    You look at it as half empty.

    I look at it as half full.

    BUT an Engisneer knows the truth.

    The glass is twice as big as it needs to be!

    Erby Crofutt, Georgetown, KY - Read my Blog here: Erby the Central Kentucky Home Inspector B4 U Close Home Inspections www.b4uclose.com www.kentuckyradon.com
    Find on Facebook at: https://www.facebook.com/B4UCloseInspections

  59. #59
    Join Date
    Mar 2007
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    Oregon
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    2,365

    Default Re: Home sales are dead

    Quote Originally Posted by Rick Hurst View Post
    Ted,

    You've got to get one of these "wireless cards".

    Actually I'm at an inspection sitting in my truck waiting for my client to get here so I can go over things with them.

    I can get online with card from just about anywhere. Its been great. If I have time in between appt. I can sit here in my truck and do the report (or at the Starbucks) and email it out to the client and agent. Don't have to wait till I get back in the office and then sit up till midnight doing up the reports.

    Technology is a great thing.

    Just want to second this.... I got a Verizon usb card about a month ago. The main motivation was a new baby which means no more meandering through reports or spending time away from home without getting stuff done.

    The card allows me to access the net and get stuff done just as if I were in front of my home PC. I initialize most reports while still at the house and write the majority of stuff from the kitchen. It's great to drive away being done.

    I also find that I'm much more focused and fiinish my work quickly (as opposed to hanging around here )

    I agree with Rick... technology is pretty amazing..... expensive, but amazing.


  60. #60
    Join Date
    Mar 2007
    Location
    Fuquay Varina, NC
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    1,072

    Default Re: Home sales are dead

    Well it finally slowed down for me. I was off all year but this month the phone is growing moss. I have been doing a few side jobs though with my bucket truck. Sat a couple of A/C units on a shopping center for a HVAC Guy. Trimmed some tree's for a landscape guy. Hung a sign at a new restaurant in our town. Now I am hanging my Christmas lights with the truck. I put up 40.000+ lights. It takes me a month to do it all.

    So during the slow times what have you guy's been doing with your spare time?

    Mike Schulz License 393
    Affordable Home Inspections
    www.houseinspections.com

  61. #61
    Ron Bibler's Avatar
    Ron Bibler Guest

    Default Re: Home sales are dead

    Quote Originally Posted by Mike Schulz View Post
    So during the slow times what have you guy's been doing with your spare time?

    Playing Da blues man on my Guitar.

    Da blues

    Ron


  62. #62
    Join Date
    Oct 2003
    Location
    Rockwall Texas
    Posts
    4,519

    Default Re: Home sales are dead

    In my off time I've been buying scrap gold from people and selling at a smelter for a great profit.

    Pennies on the dollar you can buy the stuff.

    HI business here has picked back up. Been busy lately.

    rick


  63. #63
    Join Date
    Mar 2007
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    Plano, Texas
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    4,170

    Default Re: Home sales are dead

    Rick, I hope that pick-up spreads over here! It is still dead for me.

    Jim Luttrall
    www.MrInspector.net
    Plano, Texas

  64. #64
    Join Date
    Mar 2007
    Location
    Chicago, IL
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    2,797

    Default Re: Home sales are dead

    Just had a conversation with another local inspector - and ASHI guy who's been in business for almost 20 years and whose volume has held up well so far this year due to his very deep referral base - and he is absolutely dead in the water.

    November 30 is our two-year licensing renewal cycle here in Illinois. In this economy it's not like inspectors have a lot of other places to go, but I'm wondering how many people who've been holding back on sending that $400 check (more, if you are operating as an Inc. Or LLC, and need to hold an entity license in addition ) are going to decide to to just throw in the towel, especially if they're looking at an E&O renewal next spring.

    I'm good through the end of next year, but 2010 if doesn't offer the hope of significant improvement at age 62 I'd really have to think very. very hard about what's next.

    Michael Thomas
    Paragon Property Services Inc., Chicago IL
    http://paragoninspects.com

  65. #65
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: Home sales are dead

    Quote Originally Posted by Jim Luttrall View Post
    Rick, I hope that pick-up spreads over here! It is still dead for me.
    Jim

    I picked up pretty good last week and this week looks pretty good. I did just lose 2 quadruplexes for tomorrow. They might come back. In general business is still way off.


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