Do You Really Have to Get A Pre-Approval Letter First?
ShareWe are living in hard times as far as the mortgage industry goes. Banks have some amazingly strict and convoluted guidelines and policies for getting approved for a loan, and many people that used to be able to qualify, no longer can.
Even if they are self employed, make a lot of money and have been in business for awhile, they may have lots of write-offs and therefore do not have the ability to qualify for a loan.
So in short, confirming that your potential clients have pre-approval letters in their hands in the best way to ensure that you do not waste your time on an unqualified buyer.
Donne Knudsen provides more detail on this subject at the following location:
May 17, 2011 | Real Estate Marketing, May 2011 Real Estate Articles | Leave a Comment
Being Realistic With Your Clients
ShareWe all know that right now we are in a down market, and while I don’t like being grim or overly negative with a potential client, I also want to make sure that I am honest with them.
Because of the real estate bubble burst, many people are finding themselves with more mortgage than home value. And if they truly need to sell now, getting them out of their house without them having to write a check at the closing table just might not be feasible.
Here is a good article on being honest with your real estate clients:
http://activerain.com/blogsview/2297339/now-isn-t-a-good-time-to-sell-your-home-
May 17, 2011 | Real Estate Marketing, May 2011 Real Estate Articles | Leave a Comment
6 Tips to Landing a Discount Property
ShareWhile you may know a few of these, I believe these 6 tips can help you focus your real estate energy and acquire some great deals. Remember that when you are looking into investing in real estate, the most important factor is to buy right, which means finding and negotiating a heavily discounted property.
This information comes from AddPR.com, and you can view the full article here. The six tips they mention are these:
Tip 1: Research comparable properties
Tip 2: Know the market
Tip 3: Play in a down market
Tip 4: Don’t go for the ‘renovator’s dream’
Tip 5: Follow auctions
Tip 6: Buy by private treaty
May 17, 2011 | Real Estate Investing, May 2011 Real Estate Articles | Leave a Comment
Handyman Special?
ShareHave you ever seen an advertisement that read “Handyman Special”? I sure have. But often it is not a deal. In fact, most people, especially if they have a realtor involved in the transaction, will price a home for market less repair costs.
And even then, the “repair costs” that they estimate will likely not be the true costs, and/or they will add money to the price to be able to negotiate down.
So here’s the big problem when you see this type of advertising. All the wannabe and green investors come running. And they are likely to bid more than the house should go for, because they lack the required experience necessary to facilitate a profitable investment transaction.
My advice – either be the first one to the property and negotiate a deal that works, or be the last one to look at it. A handyman special that has sat on the market for months could likely be a deal. The key, as always, is knowing the seller’s level of motivation.
A seller who just lists the property and has 2 or more offers come in is not very likely to negotiate much, because they don’t have to. But let the property sit for awhile, and the seller tends to soften up. Be the seller’s last hope for a sale, and now you really have some leverage!
Be careful in the real estate investing game, the most important part by far is getting the property at a significant discount, or you won’t make any money.
May 17, 2011 | Real Estate Investing, May 2011 Real Estate Articles | Leave a Comment
Banks Giving Incentives for Short Sales?
ShareWith the real estate market currently in the tank (as compared to several years ago), banks are scrabbling to find ways to preserve as much of the profits out of their mortgage holdings as possible. And the average home owner is seeing declining values, as well as potentially losing their job or having to take salary cuts.
It’s pretty much a no win situation for the home owner, however the banks “seem” to be trying to help the mortgage holders out, by offering them an incentive for doing a short sale. The problem with this is, they may not be providing the necessary fine print in their marketing, and consequently, most average home owners with no real estate knowledge could get taken advantage of.
Take a look at the following post providing more details on this subject.
May 16, 2011 | Real Estate Financing, May 2011 Real Estate Articles | Leave a Comment
Real Estate Rehabbers Making a Critical Mistake?
ShareWhile they are some real estate investors out there that are making good money even despite the declining home market, many of them are going about it the wrong way.
I’m talking about investors who approach lending organizations and expect to acquire loans that consider the property’s value after repairs. So when they find out the loan will be given based on the current market price of the home, their plan often snaps like a twig.
Stout Street Funding has released a report further detailing these problems called The 12 Deadly Mistakes to Avoid When Applying for a Private Real Estate Loan, which you can download here.
May 16, 2011 | Real Estate Investing, May 2011 Real Estate Articles | Leave a Comment
America: Bankrupt
ShareNot like it is a big surprise, however lawmakers face the legal ceiling today, i.e. the maximum amount of money that the Federal Government can legally borrow. So if something isn’t done today, the government will begin defaulting on its bills.
So what’s the solution?
Well, any idiot can figure out if you don’t have enough money to cover your expenses, you have to stop spending money.
But our government doesn’t work that way.
They just increase the legal limit and continue to borrow. Don’t expect anything different to come out of today’s politics.
My question is, how long can we keep this up before another country conquers us on economics alone?
May 16, 2011 | Personal, May 2011 Real Estate Articles | Leave a Comment
Marketing Your Open House
ShareIf you are going to have an open house for a client, you probably want to have some folks show up for it, right? Of course, and having a scientific marketing strategy that is proven to work is definitely something you want to develop.
But why not follow someone else’s proven strategy, then modify it to fit your needs?
Take a look at this open house article, and see if you can get some ideas. Just a hint, in today’s market, you need to be doing offline and online marketing if you really want to be effective, and drive a lot of traffic to your open houses…
May 14, 2011 | Real Estate Marketing, May 2011 Real Estate Articles | Leave a Comment
How To Embed Google Maps into Your Real Estate Site
ShareThe web has grown up from what it used to be. Static pages are a thing of the past. People are looking for ways to interact, and as a real estate agent or broker, you need to give your users what they want.
So things like videos, neighborhood breakdowns, market pricing information, and maps are a wonderful thing to keep people on your site and interested in what you have to offer.
So instead of just pasting a static picture of a map to your site, why not embed a real one from Google?
Check this out for a great way to accomplish this task.
May 14, 2011 | Real Estate Internet Marketing, May 2011 Real Estate Articles | Leave a Comment
Commercial Real Estate Turning for the Better?
ShareAccording to IBTimes.com, sales and leasing volume has increased in the commercial real estate sector. It will be interesting to see how this number changes after June when the Federal Reserve ends its QE2 buying program.
Commercial real estate has seen major declines in the last few years, so it is good to hear some good news. But again, the major flaw in the commercial sector (as well as the residential sector) is financing. Investors as well as primary home owners are feeling the pain of stiffer lending requirements and higher down payments, just to name a few pains.
What will that mean for the future? I don’t know, but you can read the full story here.
May 13, 2011 | Real Estate News, May 2011 Real Estate Articles | Leave a Comment
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