Our resistance to change almost cost us everything. Because of our market leadership, we actually had three different banks come calling. We had been recommended by different local loan officers, and it was a golden opportunity. As JoAnn turned away the first bank, then the second, I thought about it.
I ran the numbers and found foreclosed properties selling in 30 days. I looked at the foreclosure notices filed with the county and saw them dramatically increasing. These notices gave homeowners 90 days before the bank took back the property. This meant that four or five months from now, the market would be flooded with real estate owned (REO) properties. This flood of homes would underprice the competition so they could be sold first. The rest of the market would go unsold. Our clients would have to compete or remain unsold. And if they wouldn’t or couldn’t compete, we would no longer, for all of our good intentions, be in business.