by David Depman

As we head towards the end of the year, many loan officers are looking ahead at the holiday season and wishing it would come sooner. Some, though, are putting in late hours searching for opportunities from unexpected places before the pendulum swings its final stroke. But even those of you venturing beyond your normal comfort zone may not be able to spot the large, virtually untapped market we bring to you here. The key to this market is to know not only where to look, but also how to look. Pay attention though, these clients may not always be where you expect. This silent majority, or SMers as they sometimes prefer, may be a significant source of value to loan officers with the innate ability to see them.

Meeting the Silent Majority

They live and work in the cities and towns you call home, though you may only rarely see them. They can range widely in age and income, from poor farmers, to wealthy widows, and often prefer to deal with home possession in an indirect manner.  They are typically obsessed with their exacting needs, such as ornate houses, finely tuned and rusted hinges on doors or hidden staircases and hallways.  When the right home comes along, they’ll probably demand possession of it immediately.  On the other hand, they usually stay for more than a lifetime, so when the right home is identified, a courageous loan officer can seize the moment to strike a deal.

Location Location Location

Location is key.  These house hunters prefer older homes and neighborhoods with few children. Because of their wraithlike appearance, children tend to gape and stare, which they can find uncomfortable; whereas adults try to ignore them completely. They are mostly homebodies, rarely leaving the house even to vote (though in some municipalities, like Chicago, there are groups of them specifically organized for political action)

The best approach

Given their natural reticence, your best bet may be to approach them though some sort of intermediary. If you don’t have good contacts in the space, the AAPM can can serve as a good source of introduction.

Once introduced, tread cautiously. With the specter of FICO importance haunting every deal these days, you may have a hard time getting their loan approved — and if you don’t, they’re liable to bedevil you for an eternity. That said, their current dwelling may be a hidden treasure, promising more than enough cash to offset such bureaucratic inconveniences.

Caveat emptor

Truth be told, going down this path may not be the best course of action, unless you’re incredibly behind on quota. Even if you’re dealing with a legally haunted house, if a ghost wants a loan, you’re probably better off referring him to one of your colleagues, preferably one that steals the yogurt from the break-room fridge.

Compounding the risk of corporeal litigation with the ethereal matters that arise whilst sitting in the same room with a phantom and discussing down payments is insane, and will probably only lead to you running for your life through a frozen maze. The ONLY person you might consider getting into a deal of this nature with is the Amazing Kreskin, and even he might be too much to handle.  Besides, I hear his income is derived from magic… try explaining that one to your banker or broker.

NB: if you do move forward with a spectral closing, follow some simple safety tips: don’t go into the basement, don’t open the closet when the fuse burns out, don’t look under the desk, don’t go into room 237…

Have a great Friday, and a safe and happy Halloween!