Short Sale, REO, Foreclosure Tips and Resources

Mark Stark, CEO of Prudential Americana Group Realtors in Las Vegas has just posted some excellent tips and strategies for short sales.  This post is a summary of the major points he covered at a recent seminar attended by over 120 people in Las Vegas (consumers and real estate agents alike).

Mark includes valuable information geared to the consumer about:

• Why consider a short sale?
• The decision-making process and mindset of the seller
• Positioning yourself for the future
• Options and Solutions

Here are links to more great blog resources on short sales, REOs and foreclosures from the legal blog of Prudential Americana Group's in-house attorney, Darren Welsh:

REOs:

http://ameglegal.wordpress.com/2007/11/09/tgif-legal-tip-resale-packages-for-nevada-reo-sales/

Foreclosures:

http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/

Short Sales:

Listing Agent Perspective: http://ameglegal.wordpress.com/2008/02/08/tgif-short-sales-from-the-listing-agents-perspective/

Seller's Perspective:  http://ameglegal.wordpress.com/2007/05/04/tgif-legal-tip-short-sale-seller-perspective/#more-40

Mortgage Debt Relief for Foreclosures and Short Sales:  http://ameglegal.wordpress.com/2007/12/21/tgif-legal-tip-mortgage-debt-relief-for-foreclosures-short-sales/

FHA Loan Limit Raised to $400,000 in Las Vegas

Las Vegas Real Estate Career Tip:  Discover the benefits of the FHA loan. 

HUD’s Federal Housing Administration (FHA) is temporarily increasing its loan limits (until December 31, 2008) in Clark County, NV to $400,000 (from $304,000) as part of an economic stimulus plan that will enable more families to qualify for a safe, affordable mortgage.

FHA loan guidelines are more relaxed than conventional loan guidelines; this includes less strict regulations about past bankruptcies and/or foreclosures, job requirements, use of alternative credit, and debt-to-income ratios.

FHA Loans have several advantages over conventional loans, including lower down payments and more relaxed credit-qualifying guidelines. The federal government created FHA loan programs to encourage homeownership throughout the country. The FHA does not supply the loan; it simply insures the loan to limit the risk to the lender.

Benefits of an FHA loan include:

• A 3% down payment, as opposed to a 5% down payment on traditional loans
• Low monthly mortgage insurance
• Low closing costs, which are regulated by HUD
• No credit score requirements
• Qualify for a loan two years after a bankruptcy
• Qualify for a loan three years after a foreclosure
• A non-occupant co-borrower can help buyer qualify for purchase
• Buyer can receive 100% gifted funds for down payment and closing costs from family member
• Seller can contribute up to 6% toward closing costs

For more information, visit these websites:

• HUD.gov
• FHA.com

vFlyer.com for Online Marketing of Your Listings - Real Estate Agent Success Strategies

Real Estate Agent Success Tip and Online Marketing Strategies series

Here's another great online marketing tool to consider for maximum exposure for your listings, lead generation and personal promotion - vFlyer.

vFlyer is an online service that enables you to create a quality eflyer / classified ad and post it to the leading classified websites.  Prices start at $12.95/month. Watch this 95 second demo video to see the power of this online marketing service.

You can also use vFlyer to distribute via:

• email
• Printable PDF format
• Embedable widget for your blog
• Posting to Craigslist
• Zillow, Trulia, Google Base, Oodle, Lycos, Vast, Hotpads, Olx, and Geebo

The vFlyer blog has tips and marketing ideas on how to get the most from their product.

Real Estate Agent Online Marketing Tips - RealEstateShows.com

Las Vegas Real Estate Career and Online Marketing & Promotion Strategies.

I am expanding on a previous post http://activerain.com/blogsview/415259/Marketing-Your-Listings-Online and highlighting some of the onlne services for your listings and personal promotion.

RealEstateShows.com is a wonderful, user-friendly and affordable solution for Virtual/Visual Tours for your listings. 

• You pay $125 per year and get unlimited tours
• Free 14 day trial - take it for a test drive
• Use your digital photos to create Internet Shows in less than 5 minutes
• Very easy to use - simple tutorials to walk you through the entire process
• Create a 30 second (5 photos) or 60 second (9 photos) video
• Create internet flyers and distribute free to Google Base, Oodle, Trulia, Zillow, Vast Hotpads, Geebo
• Embed (post) your video on your blog, You Tube, craigslist

Real Estate Shows resources:   Blog       How to Videos

Think outside the box, get creative and use this technology to also:

• create personal promotion and branding videos,
• showcase community amenities and information,
• send just moved announcements for buyers,
• market  yourself as the niche or neighborhood expert, 
• promote your success, recent homes sold or other accomplishments. 

You can also follow the series at www.LVRealEstateCareer.com

Marketing Your Listings Online - A Resource Guide - Real Estate Agent Tips

Looking for online services, classifed ad sites and tools to market your listings on the web?  

I've compiled a list of websites (most free - some come with a posting fee). The list includes links to Zillow, Trulia, Wanna Network, MLS Online, Propsmart, vFlyer, International Listings , craigslist, Oodle, Google Base, Yahoo Real Estate, Vast, Edgeio, LiveDeal. Postlets, and Hotpads... so far.

Anyone have any other additions or recommendations?

Market Your Listings Online Resource Guide

If you are having a problem downloading the PDF above - try getting it from these posts:

• Real Estate Agent Tips - Marketing Your Listings Online
• Marketing Your Listings Online - Las Vegas Real Estate Career

Online Lising Services:

• http://www.vflyer.com/main/Guest.jsp
• http://www.zillow.com/learnmore/WhyUseZillowAgents.htm
• http://www.propsmart.com/
• http://www.trulia.com/brokers/
• http://www.wannanetwork.com/
• http://www.mlsonline.com/

• http://www.intlistings.com/

Classified Ad Sites and Resources:

• http://craigslist.org/
• http://www.futureofrealestatemarketing.com/two-easy-steps-towards-mastering-craiglist/
  
• http://www.oodle.com/
  
• http://base.google.com/
  
• http://google.com/realestatetools
  
• http://realestate.yahoo.com/
  
• http://www.vast.com/

Las Vegas Real Estate Career

Interested in a Las Vegas Real Estate Career? 

I recently launched a recruiting blog at LVRealEstateCareer.com to showcase our innovative real estate business model at Prudential Americana Group, Realtors in Las Vegas. We are a locally-owned and operated brokerage with 6 branches located throughout the Las Vegas valley.  As an avid blogger, I am excited to use a blogging platform and all the SEO benefits for a company recruiting website.  To all my fellow Brokers and Agent Team Leaders, I highly recommend using a blog to attract quality professionals to join your organization.  In just a few short weeks, our blog is climbing in the search engines for our targeted keyword searches.

Prudential Americana consistently leads Las Vegas in market share as well as the average highest sales price.

For more detailed information about our company, I invite you to visit -  www.LVRealEstateCareer.com

Real Estate Career Tip - Back to the Basics - Preview & Know the Inventory!

I've recently launched a combination blog/company recruiting website for Prudential Americana Group, Realtors in Las Vegas - http://www.lvrealestatecareer.com/.  This collaborative blog will be posting real estate career tips, legal updates, Las Vegas Market Updates and more.

Here is a recent post:

It's a basic yet often overlooked ingredient for success in the real estate business...previewing and knowing the inventory.  In this fast-paced, immediate gratification world, many real estate agents have simply gotten away from previewing available listings and really knowing what's happening in the market.Excuses abound, "There's not enough time in the day"; "It's not the best use of my time"; "Isn't that what MLXchange, pictures and Virtual Tours are for?"  The bottom line is you can't afford to not know the inventory.  It is after all the product you are selling - take the time to be the expert in your niche market, farm area, price range, and/or geographical area of town you choose to work.

Major benefits to previewing and knowing what's available right now:

• You convey confidence, knowledge and expertise with prospective clients when you can talk about properties you have recently shown or previewed.
• You will be able to convert more ad and sign calls when you can discuss the details of a property the prospect called about and elaborate on other properties that may fit their needs better.
• It is the quickest way to learn a new target market or become an expert in an area you intend to farm.

Make Previewing an Ongoing Success Tactic- Try These Ideas:

• When holding an open house, preview all the available listings in the neighborhood
• Schedule at least an hour a week to preview listings, new homes, high-rise projects of interest
• Prior to a listing appointment, take the time to preview the competition
• Attend broker Open Houses and support office caravans or car tours

How to Thrive in the Current Real Estate Market - Seminar Notes

I recently conducted a seminar in Las Vegas with Matthew Hardy of REST - real estate software I use and highly recommend!  The seminar was entitled "How to Thrive in the Current Real Estate Market".

If you are interested in the outline and links to resources and other materials - just go to the REST-Event link at www.CareerRealty.com - How To Thrive in the Current Real Estate Market.

Matthew and I reviewed key lessons and business applications of 4 excellent books:

    * E-Myth Revisited by Michael Gerber
    * You Can't Teach a Kid to Ride a Bike at a Seminar by David Sandler
    * Millionaire Real Estate Agent by Gary Keller, Dave Jenks and Jay Papasan
    * Getting Things Done: The Art of Stress-Free Productivity by David Allen

We also detailed Seven Secrets to Thrive in Real Estate... a condensed version of an earlier post on the subject.

   1. YOU Are the Creator of your Reality.
   2. Educate yourself about the market and learn how to better present the current market story.
   3. Get back to the basics NOW.
   4. Develop and implement an Action Management System.
   5. Adopt a daily ritual to start your day in a positive mindset.
   6. Have a daily activity plan, show up and work it.
   7. Ask for help.  Get an accountability partner or hire a coach,

3 Steps to Creating a Real Estate Business Plan and Obtaining Your Goals

Getting Things Done - A Must Read/Listen

I recently re-read and listened to the audio book by David Allen Getting Things Done - The Art of Stress-Free Productivity.  The difference this time - I was ready to put the techniques to use and have discovered a system that works for me.   The major aha for me was realizing my "to do" list is not enough.  The key step I was missing was taking the time to think about and record the "next action" to take in order to move a project forward to my desired outcome.

The basic premise of the book is to get everything out of your head, off your mind and into a trusted system you know you will use.  Older time/resource management systems are inefficient in today's fast-paced, multi-tasking world.  Our minds are powerful instruments - constantly reminding us of things to do, unfinished projects, seemingly endless "open loops" of information.   Our stress levels are increased when we don't have a method of emptying these thoughts and collecting them in a system that we individually trust and know we will use.  The book goes into detail on how to do exactly that. 

A review of key principles that I've integrated into my Action Management System:

Two key questions to ask for all projects and to do.

1. What is the successful outcome?  What has to happen so this can be checked off as completed? If it takes more than one step it's a project.
2. What is the next action?  If this was the only thing you had to get done, what is the very next physical thing you would have to do?

5 Phases of the Workflow Process

1. Collect - capture everything you need to remember, track or act on in a container or bucket - a physical inbox, to do list, PDA, recorder, eamil inbox. You must empty the buckets regularly. Keep the collection buckets to a minimum.
2. Process - Deal with one item at a time. Never put anything back into "in". 
   • If the item requires action:
     • Do it (if it takes less than two minutes) OR
     • Delegate it, OR
     • Defer it
   • If the item does not require action:
     • File it for reference, OR
     • Throw it Away, OR
     • Incubate it for possible action later
3. Organize and keep track of items awaiting action
   • Next actions - every project always has a next action to move it forward
   • Projects - every "open loop" that has more than one action meeded to accomplish it
   • Waiting for - Items you have delegated to someone else
   • Someday/maybe - Things you want to do at some point in the future
4. Review - as often as needed to keep your head empty
   • Loose papers
   • Process your notes
   • Calendar items
   • Projects, Next Action lists, Waiting for lists, Someday/maybe lists
   • Empty your head
5. Do - in the moment, guided by intuition, supported by the four previous phases, influenced by the reality of current situation
   • context
   • time available
   • energy available
   • priority

There are abundant resources, blogs and fans of GTD on the Internet.  Here a few I recommend:

• David Allen's Website   Be sure to download the free Advanced Workflow diagram
• 43Folders - Getting Started with "Getting Things Done"
• What's the Next Action
• ZenHabits
• Simply GTD
• Lifehack.org
• The Ultimate Getting Things Done Index
• GTD software list
• List of GTD resources and blogs