Real estate broker shuts down

Real estate broker Dale Spinar is closing Missouri Home & Land Brokers to devote his career to advising people facing loan foreclosures.

“The reason I am going out of business is because I believe the U.S. economy is in a crisis, and I believe that the crisis is going to worsen,” said Spinar, who has been in the real estate business since 1995.

Spinar, 49, said he is working with American Guardian Advisors, of Memphis, Tenn., which negotiates with lenders on behalf of people who face losing their homes to foreclosures.

“There are lots and lots of sellers that are not willing to take the reduction they need to take to sell their property in this market,” Spinar said.

Spinar said his company has about 70 homes listed, and most of those clients will go to other brokers. His company employed five people, most of whom will work for other real estate firms.

“Real estate has been a good occupation,” Spinar said. “But I want a change. I am always looking for something to do.”

In his new job, Spinar will be negotiating with lenders to help people facing foreclosure. Potential customers must want to stay in their home, have the property deeded in their names, have an income and a small amount cash to offer a lender to change the terms of their loans.

“It’s an exciting business because the people you help really, really appreciate it,” he said.

Spinar predicted other small real estate brokerages would shut down or consolidate into larger firms.

“With this slowdown in the economy, you are going to see a huge consolidation. The mom-and-pop shops are going to have a hard time surviving simply because of cash flow,” he said.