Tucson By Choice!: WaMu Fails. Bailout Talks On the Ropes. What Does It Mean to My Business Today?

WaMu Fails. Bailout Talks On the Ropes. What Does It Mean to My Business Today?

Cellphone related wreck in Alberta, CanadaThe problem with big wrecks, apart from the very real consequences for the immediate participants, is that everyone else stops what they're doing to gawk.  They stop thinking about the task at hand.

This spectacular accident happened in Alberta, Canada when the driver of the semi took his eyes off the road to reach for a demanding cellphone. 

Little actions can have huge unintended consequences for the participants, and if everyone else rubbernecks, traffic can back up for miles.  Commerce grinds to a halt.

This morning, that's what's happening in Washington.  Washington Mutual failed last night.  The administration didn't come away from meetings with Congress and the Federal Reserve with a consensus plan for the $700 billion dollar credit bailout. 

None of it matters--not to you or to me.  That's right.  IT DOESN'T MATTER! 

Oh, it will matter in the long run.  But my business requires my total attention today.  This morning.  While we keep our eyes glued to the networks, the business of selling and financing real estate slows down and comes to a halt.  That's only going to happen if we let it happen.

So here's what I'm going to do when I open the office at 8:30 this morning.

  1. Refresh.  I'm going to thank God that I'm in the business I'm in right now.  There are one million people in greater Tucson, and a lot of them need (and will happily pay for) my expertise.
  2. Refocus.  In spite of wars, pestilence and famine somewhere else on the planet, my office will run the same way it has always run.  It's quiet.  My surroundings are conducive to business.  I'm going to spend two hours on my lead tracker.  I'm going to follow up with the realtors who referred me business yesterday.  I'll update them and thank them.  I'll email Title and ask for prelims.

In short,  I won't take my eyes off the goal.  The rest of the world can stop and stare at events beyond their control.  I refuse to do so.  My family is depending on me to do my job.

I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.
Mike Jones (Tucson Mortgage Company, LLC): Loan Officer in Tucson, Pima County, Arizona
Think of me as your local expert.

Comment balloon 18 commentsMike Jones • September 26 2008 05:47AM

Comments

I like your focus, it reminds me of me, most of the time.  However, I feel like you wrote this just for me.  My main Mortgage Dude literally walked away from mortgages because of the down payment assistance program going away and a couple of other things that hit him.  He was the mortgage guy of choice for me.  I trusted him and relied on him.  My focus has taken a beating and now you post this.  THANK YOU VERY MUCH! I really do feel like you wrote it for me.

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) almost 10 years ago

Evelyn,

That's how the world works; I did write it for you.  Thanks for being the first to comment.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) almost 10 years ago

Mmmm.  I believe that you may have put your finger on a good analogy of our real estate market's problems today.

The problem with big wrecks, apart from the very real consequences for the immediate participants, is that everyone else stops what they're doing to gawk.  They stop thinking about the task at hand.

The consumer, the home buying and mortgage buying consumer, has STOPPED what they were doing and are gawking at the market and not moving. 

Sure, we'll go to work today and tomorrow and move around as usual.  However, until the consumer ceases to gawking and decides that they feel safe to buy real estate, things will not begin to go forward. 

 

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) almost 10 years ago

Mike you are absolutely correct, acknowledge it, but don't ignore it and don't gawk at it either.  Its reminds me of a post written yesterday by Kristin Moran the ~AWARNESS TEST~ What are ya looking at?

~ Newbie

 

                                             

Posted by Roy A. Peterson, P.R.E.I. (Domicile Analysis of Texas) almost 10 years ago

Mike - the secret to happiness. Worry about the things you can control, do the best you can with what you have, and don't worry about things out of your control.

Posted by Larry Brewer - Benchmark Realty llc (Benchmark Realty LLc) almost 10 years ago

Mike- Yes, focus on today and the task at hand....tomorrow will be here soon enough :)

Posted by Kathy McGraw, Riverside County CA Real Estate (CELLing Realty) almost 10 years ago

Hi Mike - came by to check you out since you visited me.  Bear talk this week, eh?  KM

Posted by Kristin Moran, San Antonio,TX - Real Estate - 210-313-7397 (Owner - RE/MAX Access - KristinMoran@Remax.net) almost 10 years ago

Kristin,

Thanks for stopping by!

Kathy,

Amen, sister!

Larry,

That's the truth.

Roy,

Thanks for the link to Kristin's post. 

Lenn,

Well, there's always fine art!  We're still moving houses here, just not like it ought to be.  Thanks for commenting.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) almost 10 years ago

It's all about Focus-Pocus during difficult times!  Thanks for reminding us Mike!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) almost 10 years ago

While we gawk others will be driving right on by and ignoring the hype. I am sure it will have an effecton my business but not on me. I am sick of politicians and the spectacle they are trying to make of this. They caused it with deregulation of the financial markets and we should not give them more money to magnify the problem.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) almost 10 years ago

I was on a listing appointment this evening with a seller who kept checking his iPhone for updates on the WaMu issue. He's VERY worried about what's going to happen next.

Posted by Lisa Hill, Daytona Beach Real Estate (Florida Property Experts) almost 10 years ago

Good one! Yes...it is the power of positive attitudes...and behaviors that are going to carry us through. No matter what...people still need a place to live.

Posted by Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE (Liberty Homes) almost 10 years ago

Sally,

It's so good to see you; thanks for stopping by and commenting.

Lisa,

I don't know what will happen, but I do know what I'm doing today.  Keep on trucking!

Terry,

I'm in agreement on that.

Myrl,

Focus is the word!  Thanks for commenting.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) almost 10 years ago

In spite of wars, pestilence and famine somewhere else on the planet, my office will run the same way it has always run.  It's quiet.  My surroundings are conducive to business.  I'm going to spend two hours on my lead tracker.  I'm going to follow up with the realtors who referred me business yesterday.  I'll update them and thank them.  I'll email Title and ask for prelims.

Hi Mike,

You're doing exactly the right things.  To use a baseball analogy: Keep your eye on the ball.

Cordially,

Bruce

Posted by Not Yet Licensed almost 10 years ago

Bruce,

Thanks for commenting so early in the day!  Have a cup of coffee on me.  LOL

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) almost 10 years ago

Hi "Mike in Tucson".  Thanks for the straight talk.  I'ts so important to stay focused.  Thank goodness for stable minded people like you. 

 

Posted by Tanya "Tiyheen" Tennyson almost 10 years ago

Hi Mike, I have a short sale deal in the works right now and Wamu is the 2nd mortgage holder... I wonder what's going to happen to that deal?

You are right though, all of this "stuff" really doesn't matter... I'll still be here helping my clients with their real estate needs tomorrow, regardless of how all of this shakes out!

Posted by Cheryl Powell - The Powell Team, Concord,Harrisburg & Charlotte NC Area Real Estate (RE/MAX Executive - The Powell Team) almost 10 years ago

Cheryl,

I'll bet your short sale goes through, and that this won't affect it negatively.

Tanya,

It's good to see you; thanks for commenting.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) almost 10 years ago

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