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‘very few people in this world can reason normally. there is a terrible tendency to accept all that is said, all that is read, and to accept it without question. only (s)he who is ready to question, to think for (him)herself, will find the truth! to understand the currents of a river, (s)he who wishes to know the truth must enter the water.” - Nisargadatta
There are some incredible deals out there, for those with the courage to step forward and have some respect for those who stand in the river.
With all the hullabaloo going on with sub-prime and American Home Mortgage closing down this week, it was nice to see someone ’step up to the plate’ in the heat of it all. AND, it was no suprise, that that someone was Christine Curiale, Branch Manager from Wells Fargo Private Mortgage banking in Southampton, NY.
Christine is a real pro and has never-ever let me down with a client. Try to say that about a lot of people!
Anyway, with bullets flying and indexes dropping, here is the “jist” email that I, and many other loyal CC colleagues received:
Subject: FW: East End Mortgage/Realestate Market
(With) the changes in our recent real estate/mortgage market and the challenges that lie ahead. Many home mortgages are in a state of flux. Clients are confused and nervous. This instability has resulted in some banks and clients walking away from the closing table. Many are even afraid to begin the process. What do you do? How do we protect your East End clients and our East End business?
The answer is simple. Education. Knowledge is power — and in this market, knowledge means business.
Be proactive! They will send one of their experienced private mortgage bankers to your office. They will conference with your agents and provide the means to keep your clients informed and comfortable from ACCEPTANCE OF OFFER through CLOSING TABLE AND FUNDING. If you wish, this can be an ongoing process. Continued flow of information; up to the minute mortgage programs; continued customer service. Your clients need to know that you can deliver. You are the essence of the East End Real Estate business. Wells Fargo has been there since 1852.
They have weathered a few storms along the way. They remain the only AAA rated bank in the United States. I believe we can generate a mutually beneficial relationship that will not only ride out the storm, but provide a solid position for future markets. Time is of the essence.
Call Christine at your earliest convenience. Christine E. Curiale
Branch Manager
Wells Fargo Private Mortgage Banking
M6586-011
AU# 38690
42 Hill Street
Southampton, New York 11968
631.283.2120 x110 Tel
631.255.5888 Cell
631.287.6072 Fax
631.204.6920 Direct Fax
Christine.curiale@wellsfargo.com [tags]Beachamptons, Hamptons, hamptons mortgage broker, mortgages, subprime, hamptons real estate[/tags]
Well then - take it out before you put your house on the market.
As a broker, I’ve seen too many deals go bad over buried oil tanks and the arguments over who is responsible, indemnifications and possible long term effects.
Right now, we’re waiting for the DEC letter to give a Bridgehampton property the “clean bill of health” after a buried oil tank was removed.
Interestingly enough, the initial inspection showed there to be “oil in the soil” around the tank, which has to be reported to the DEC. Turns out there was no leak, but perhaps numerous careless “spills” by the oil delivery company in the past. Almost $8,000 later (paid by the seller), the tank is gone and we are over a month late in closing.
So, the seller can’t move on to their new home, the buyers mortgage rate lock is about to expire (and rates are going up). The buyer also wanted to get possession of the house before summer started so he could make some improvements and possibly rent it for the season - sorry.
Nobody is happy.
Underground tank? Take it out.
