atlanta reo: Rolling a Giant Boulder Up a Hill?
- 12/01/10 12:02 PM
Have you ever had muscle fatigue? You know, you are holding something really heavy and your muscles start to shake and ache and finally just give in. Have you ever pushed with all you’re might against something extremely heavy that just won’t budge and your legs buckle or your feet slip? I have felt that way while trying to keep my business afloat in between real estate deals. Have you? Every business has monthly costs. Those costs are a recurring event every month. Bills don’t wait just because you haven’t closed a deal or a real estate closing is delayed. … (7 comments)
atlanta reo: And the Answer Is...
- 11/30/10 11:36 AM
Question: How many days can you go without paying your mortgage before you lose your home? Answer: 492
That’s according to the latest data released by Lender Processing Services for October 2010. And that number is just the average. In some states, particularly those with judicial foreclosures, that number is over 500. Consider this. In January of this year, the average days in default before foreclosure was 410. That’s about a 20% increase and we’re not even all the way through 2010. Even more depressing? The average days in default in January 2008 was 251—which means that time-frame has essentially … (7 comments)
atlanta reo: MMMMM - mmm Better than Punkin Pie!
- 11/24/10 03:46 AM
For those of you handling buyers of short sales or who have real estate investors interested in short sales, it looks like Thanksgiving has come a little early for you. All the recent foreclosure paperwork problems (with the big banks being found out about using robo-signers) are causing some shoppers to stay away from distressed properties. This means more opportunity for you and your investors. Campbell Surveys’ conducts a monthly study of home sales and real estate market conditions and its October survey was answered by more than 3,000 real estate agents nationwide. These servicing issues disrupted both REO and short … (1 comments)
atlanta reo: Can You Go Backwards On a Short Sale Offer Price?
- 11/19/10 08:22 AM
Absolutely….if there is justifiable reason. Case Study Part A: We generated a short sale lead that matched the criteria for one of our rehab investors. This property needs extensive rehab. It was built in 1971 and has never been maintained or updated. Everything is original except for the hot –water heater. Our team will be heading up the REHAB project for an equity share and the exit marketing.
When we generated the lead, they were only 7 days away from the courthouse auction. There was not enough time for our investor to do a full due diligence inspection and contractor … (6 comments)
atlanta reo: Is the Economy Scaring You Away from Real Estate Investing?
- 11/17/10 09:28 AM
Are you on the fence our just down right chicken to dive into real estate investing? Well, quit being chicken sh*#@ and take the leap. There has never been a better time to monetize the opportunities of this market.
Properties Prices Are at All-Time Lows! A “bad” economy does not mean a bad time to invest. In fact, if you study the investment models of some of America’s wealthiest you will note their patterns to buy when the economy tanks. Remember: A good investment is anything that means a gain over a term. Right now properties are sitting at 20-50% … (3 comments)
The lenders are tired of getting a ton of offers that are not fully ratified. Too many offers confuses the ‘overwhelmed’ negotiators. Not to beat a dead horse here. But, the main reason that you don’t send in multiple offers is that the lender does not own the property until they foreclose. Yeah, that’s right. In a short sale, the property owner is the distressed seller. The seller reviews offers. The one they accept is the one that is sent to the lender for … (1 comments)
It used to be unspoken under-the-table practice to juice a seller in a short sale transaction. You know, the 1973 couch is suddenly worth ten thousand on a bill of sale. But, we must remember that a seller is asking for their lender to take less than is owed. The mortgage debt that they will potentially walk away from is the only way they profit from the deal. Sellers are not allowed to be paid any money … (33 comments)
atlanta reo: Pull Up Your Big Girl Pants and Find the Win!
- 11/12/10 02:49 AM
Ask anyone and they’ll tell you that I have a sign in my office that reads: “No Excuses, No Whining, No Tire-Kickers, No Time-Wasters.” As I have gotten older (in my young age) I have less and less tolerance for non-committal not driven real estate dreamers.
We all know the agent or investor that wants to go from real estate ‘interested’ to successful real estate entrepreneur but does not want to commit to the work required. No one, except for late-night infomercial gurus, promises that a successful career in real estate will be easy. Worse than non-committal are those that … (2 comments)
atlanta reo: Some Housing Market Declines Nearing Great Depression Numbers
- 11/11/10 04:38 AM
The latest Zillow Real Estate Market Report indicates some markets are approaching the five-year home value drop of 25.9% that was seen during the Great Depression. In Atlanta, for example, home values are down 26% from their peak in June 2006. In just four years, Atlanta has matched totals of the Great Depression era. Unlike some markets, however, Atlanta was a late bloomer in the housing market decline. States like California, Arizona and Florida were among the first to be in a real estate market tailspin. In the last year, Atlanta’s home values have experienced a 13.2 decline, when comparing third … (2 comments)
atlanta reo: What is a Discounted Property?
- 11/11/10 01:34 AM
Investor calls me today and says, “I got a great deal on a property. Bought it for a 57% discount.” I asked him what it was a discount from? He answered back, “the original mortgage balance.” Say what?
What is a real property discount exactly? The word “discount” is riddled with relative meaning. RealtyTrac and all the other housing report number crunchers love to tout macro analysis of the average property discounts. Unaware buyers jump up and down with excitement and demand to receive at the least the national average. BUT…..stop everything. We need to bring the discount talk into … (4 comments)
atlanta reo: Generate Motivated Seller Leads The SOCIAL 14
- 11/10/10 08:54 AM
In today’s market you simply MUST be harnessing the power of the social web. Did you know that the average person spends over 20 minutes a day on facebook? Using social media you can reach out to hundreds, even thousands, niche specific consumers with a targeted message for FREE in just a few minute. No other platform provides this kind of power.
Old school real estate like politics had always been ‘shaking hands and kissing babies.’ But, the issue with shaking hands is that it takes a long time to shake a lot of hands (not to mention the germs.) … (2 comments)
atlanta reo: A REAL Pre-Approved Short Sale
- 11/10/10 08:31 AM
A veteran agent on our team today had an epiphany. After years of working in the industry as a top 5% producer, she learned for the first time that FHA and VA borrowers in default can apply for a short sale ahead of having a contract on the property.
FHA and VA borrowers with provable hardship and who meet other requirements of the programs may be given a pre-approved minimum acceptable net and marketing period. The borrowers have to seek the services of a licensed agent to help them with the sale. As agents looking to differentiate yourself in seller … (0 comments)
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