Good Afternoon,

I have been approached by several agents in the Cape Cod area, and asked to assist with clients that are in a Short Sale position and have had some great success.  I am presently looking for Short Sale Referrals from additional agents on Cape Cod, and am happy to pay a 30% Referral for the lead.  I have the experience to get your clients home closed in a timely manner, and can save them the lasting troubles of a foreclosure.  My average close time from first offer to close is 115 days.  Please feel free to contact me by phone or email.  I look forward to working with you and your clients!

It seems that in this day and age there are very few of us that have not been touched at least indirectly by the credit crunch, including home foreclosure.  Sure maybe it's not you, but I'll bet that it's your sibling, co-worker or neighbor?  Having successfully assisted clients in this situation I have found that the most difficult challenge is not necessarily working with the lender, but rather identifying the paralyzed individuals involved.  What I mean by this is that these individuals find it difficult, if not impossible to ask for assistance whether it stem from pride, fear, shame or a host of other feelings.

 I can truly say that foreclosures are non-discriminatory.  I have assisted clients through our H.E.L.P (Home and Equity Loss Prevention) program established here at Century 21 Shoreland, to combat the severity of the ensuing results.  You might be surprised to learn that we regularly assist clients with homes ranging from $100,000.00 to over $1,000,000.00 in value.  If you are reading this and are directly involved, or know someone that is facing pre-foreclosure/foreclosure on Cape Cod, please let them know that there are confidential ways to address their situations by contacting me here at Century 21 Shoreland.

 Time is of the essence when dealing with these situations, and the earlier one deals with the situation, the higher the chance of a successful outcome.  For some, foreclosure is inevitable.  For others, an adjusting or unreasonable mortgage might just be making their lives miserable.  Our first priority is to look at your situation and determine if you can stay in your home.  If a Short Sale turns out to be your best option, we have the experience to successfully negotiate the sale with the lender in a timely fashion.  For those Realtors or mortgage brokers that have clients in this situation, please remember that you are in a race against time and would be truly looking out for your clients best interests to refer that client to a Realtor that has experience in this area.  I have seen many clients that have needlessly foreclosed because their Realtor (with all the best intentions) failed to negotiate a sale in time because of lack of experience.

 So make that call, and let me show you how I can assist you.  Realtor referrals are welcome and encouraged.  Let's work together to assist your clients, and show that we are all in this together and are here to help!

By now, many of you have gained some experience with a ‘short sale' transaction.  Some of you will still be licking your wounds, and some will have had some level of success.  It seems that it is the lender that ultimately determines the level of time and effort that is required to close.   Whether you represent the Buyer or the Seller, you have probably been asking yourselves how they can possibly call these ‘short sales'?

 For those of you that wish to continue to pursue these transactions, I would like to offer a few thoughts that may make your job just a bit easier.  First, whether representing the Buyer or Seller, set the expectation of time early to avoid frustration when the deal is just about to gain approval.  It is my observation that most buyers withdraw their offer within 2 weeks prior to acceptance.  Set the expectation of at least 90-120 days from 1^st offer to close.  If you buyer has a definite time line, PLEASE, do not show them short sales.  Having the luxury of time will allow your clients to purchase well below market.  My wife put it best when she said, "When you buy clothes you have two options.  You can shop at Neiman Marcus, where everything is laid out nicely, they have a great selection and you pay full price.  You can also find the same item at a lesser price at TJMaxx.   The difference here is that you have to be patient and work to find the deals, and in the end you might have to fight for it!"  The same can be applied to purchasing a home.

 When inquiring about a short sale, ask the selling agent at what point in the negotiation process the property is in.  Is this an approved sale?  Have they submitted offers?  Have they reached a negotiator? Has there been an appraisal on the property?  The answer should give you a much better idea of timing.  This will allow you to strategize with your client.  Many sales are approved and waiting for buyers, as the previous buyers had withdrawn just before acceptance.  This is the time to pounce!

 On the selling side, make sure you have confirmed all the documents that the particular lender requires.  Mark every page with the loan number at the top right hand corner, as they have a habit of loosing paperwork, and this makes it easy to identify if dropped or mixed in with other deals.  Make sure that you follow up 72 hours after submitting your short sale package, no earlier.  Just because the fax machine says they got it, doesn't mean that they received it.  Typically, there are separate numbers for authorization and loss mitigation.  Make sure that you have confirmed those.  Document all faxes including the dates as this will aid in recalling account details. 

 One overlooked detail is the way in which you treat the people on the other end of the phone.  You are hired to take the emotion OUT of the transaction.  Treat the bank representatives politely, and I guarantee a much better result.  Let them know that you appreciate their time and that you understand they have a difficult workload, even if this is contrary to what you believe.  Be confident in your process.  Once you have your sale on the way, check back on a weekly basis and request a simple status update.  Do not call the bank incessantly, as this is a sure way to find your deal on the bottom of the pile.

It is only over the past few years that my wife and I have entered the world of investment Real Estate.  I have always said that it is ok to lose, just not on your first try.  So, let's assume that you have done everything right up until this point in time.  You've purchased your property at a great price, renovated to add value and now you're ready to rent.

The next question you should be asking yourself should be, "How am I going to protect my asset from those that would look to take it from me?"

Well, after a great deal of research and a great deal of opinions, I believe we have determined a decent course of action for the newer investor.  We looked into LLC's, Inc.'s, Trusts and a myriad of other options and we found that the easiest and most cost effective way of protecting our property was through the use of an umbrella policy.  Now some of you are going to say that it makes you a target, or that it still holds you personally liable.   This may be true, but the fact of the matter is that you really can't just place a property with a note in an LLC. (Not if the lender has anything to say about it, as it is a conflict in ownership).  Also, trusts can many times be vulnerable to the ‘piercing of the corporate vale'.  The litigating attorney sees that you are not only the trustee, but also the beneficiary and determines that the trust is truly not valid.  The umbrella policies are great because they cover you from litigation not only in and around the property, but also if you're out driving, boating or what have you.  Another little tidbit that we learned is that the insurance companies do not assign just any old claims adjusters to these policies.  No, they assign their barracudas, the best of the best so that they don't have to pay out any claims.  Some attorneys actually see it as a difficult target.  You are protecting yourselves from gross negligence on your part and it takes a lot to prove.

The cost for an average policy of $1 Million dollars should run you about $200.00 per year.  Not bad.  You may have to increase some of your current limits on your existing policies, but it is all worth it in the end to protect the asset that you have worked so hard to create. 

Have you ever read the description of an amazing home promising water views only to ascertain on arrival that it involves looking through the windows of the waterfront home across the street?  Better yet, the views are evident during one season and then gone the next?  Presto! You've just witnessed the incredible disappearing view.  I thought a little interpretation of the language might be in order.  Take a look at a few of the terms below and see if anything looks familiar.

• The "Distant" view:  This view involves using a highly powered optical device to determine whether or not that blue line on the horizon is water or just a visible Windex streak.
• The "Seasonal Peak" view:  This view involves looking through a forest in the dead of winter to see your water only to find that it is substituted by foliage and poison ivy for the remaining three seasons.
• The "Unfinished Attic" view:  This view has you climbing over the Christmas decorations and Dad's Radio Flyer only to arrive at what you might describe as more of a porthole than a window to see your water.
• The "Room with a View" view:  This view involves a view that can only been seen by entering a bathroom, walk-in closet with a window or by leaning up against a wall at an extreme angle while straining to look out the closest window.
• The "From the Lot" view:  This view involves travelling to some suspect location on the lot like the back corner behind the shed to see your water.

I could go on and on, but all jokes aside, this type of advertising borders on questionable misrepresentation.  This type of description is likely to leave your Buyers wondering, rather that wanting.  Note:  This also includes photos taken in a highly zoomed fashion.  (You're looking a bit guilty).  I know it's tempting as water views do increase the potential selling price of a home, but let's make an effort to represent the properties to the Buyers in a way that better reflects what they are actually getting. I should note that I have been guilty of some of these in the past, but I have vowed to change my evil ways :)

Just a few of many, and I'm sure you could think of a dozen of your own!

Looking to purchase water view or waterfront property on Cape Cod?  Email me at mhansen@c21shoreland.com and I'll assist you in finding views that you will really love.

Good Day Everyone,

I thought I would tackle short sales today.  It is apparent to me that many Realtors say that they understand short sales, but their actions would lead me to believe otherwise.  In all fairness to your clients, I think it is important to educate them as to the short sale process BEFORE you make an offer.  Not doing this ahead of time will inevitably lead to frustrated buyers, as this process does not move quickly, nor does it offer instant gratification.

Here are a few questions to ask yourself and your clients when considering the purchase of a short sale.  Does my client have an immediate need to close on a property? (eg. 1031 exchange, their home is sold or they have a specific rate lock on their mortgage)  Please, if your client has a tight time line, you truly have no business showing them a short sale.  The average close time on most short sales in my experience approaches 90 days.  If a seller is selling short because they will be experiencing a financial hardship in the near future in comparison to actually having a foreclosure sale date, the bank will move slower to resolve the sale as they will deal with the most urgent cases first.  It is not uncommon for it to take 4-6 weeks to reach a negotiator at the bank and even then some banks are better than others.  Personally, I have had decent dealings with CountryWide, WAMU and Bank of America.  There are others, but it is good to know which bank the listing broker is dealing with and also how many loans are being negotiated?  One, two or maybe even three! 

Here is another tip.  Calling the listing broker once a day will not speed up the process.  Typically, the listing broker can call once per week to request the status of the package.  We try to call more, but the sqeeky wheel doesn't always get the grease.  Sometimes it just gets you put to the bottom of the pile.  There are a ton of great buys out there, and short sales are definitely one of them.  It is just important to know your clients tolerance level.

We all know that it is important to know your area.  It is our expertise within our area that shows our true value as Realtors, and I believe that referring business to capable individuals within markets that our clients wish to buy is in their best interest.  I know it can be difficult to let go of a sale that you convince yourself is not really that far out of your market.  But let me tell you, you can cause your client more pain than good. 

Living and working here on Cape Cod this couldn't be more true.  The constant addition of new laws, zoning issues and septic provisions would dizzy one alone.  We have built our business as experts in the Second home market and know that many of you have clients that have visited our little island at one time or another and may be considering a purchase for future retirement while the market is down.

Let us take care of the clients the way that they deserve to be treated.  With the same expertise and care that you have shown them in your own market.  Many of you may be reading from outside the state, or perhaps from Canada.  If this is the case, please take a minute to contact either myself Mark Hansen @ 508-292-3737 covering the MID-Cape area or Rick Tourgee @ 508-237-4632 covering the Lower Cape including Provincetown.

We love to refer business out and would love it if you sent us your cards and contact information.  There is a whole referral opportunity that we don't want you to miss out on and we are here to assist you.  We both look forward to doing business with you and your valued clients in the coming year.

Mark Hansen mhansen@c21shoreland.com

Rick Tourgee Rick.Tourgee@Century21.com

Just about three years ago, I was working in the automotive industry here on Cape Cod.  The market had begun taking its toll on the market and I was becoming ever increasingly unhappy with my job even though I was still able to make a living.  I was looking for a change and I had long been involved in Real Estate renovation with my father and thought that it would be the right move for me.  Needless to say, I made the move with the blessing of my wife right into one of the worst downturns in the market in many years.

My wife Jacqueline travels from Cape Cod to Andover, MA which is a grueling 130 mile round trip commute, five days a week.  She has remained supportive throughout and we have seen our share tough moments over the past two years while I found my stride.  She to this day is the reason that I work so hard and have finally seen the light at the end of the tunnel.   My business is taking off and my days are filled with productive activity. 

I'm sure one day in the near future we'll be able to look back on those first few years and laugh, but I'll never forget the one who allowed me to pursue my dreams and become a success in my field.

Happy Valentine's Day Love,

You truly prove that behind every great Realtor, is an even greater partner.

It seems that we are always trying to find new ways to drive business.  Personally, I've tried websites, lead generation companies and a host of other costly systems with no real business to show for it.  I had noticed in my first few years of Real Estate, that the agents with the most consistent and profitable business tended to concentrate a large majority of their time to a particular niche market.  It wasn't so important what that particular market was, but rather that they continually increased their level of influence and expertise within that market.

There are many different types of niche markets that an agent can target.  The following are a few that I have seen worked to great success: The short sale market (look to become affiliated with your local Housing Assistance Office as they are a great source of leads), The Renovation Market (Includes REO's. Establish a relationship with the listing brokers and ask them to give you a 5-6 day jump on property that is coming to market, as investors like to be the first to know what is available), Estate property (Link yourself with a local attorney that may not have a Real Estate contact, especially if they are taking over a practice or are relatively new.) and overseas buyers (One of the largest untapped groups of buyers of second homes and investment properties.)

What is important to note here is that there are a multitude of potential sources of business that may have been somewhat overlooked when the market was booming.  I think that it makes sense to pick a market that you are truly interested in.  For instance, I enjoy renovating homes, so I have naturally gravitated to the investment/renovation niche.  Becoming a trusted advisor within your chosen niche requires knowing the scores of information that exists within each sub-market, and constantly researching and learning new information that will benefit your clients.  It is then that your name becomes associated with being the ‘local expert' within your chosen market and you should see a noticeable increase in your business.

Remember that niche marketing should not be carried out to the exclusion of all other types of marketing, but rather as a means to a constant referral base. 

Remember, "I'm never too busy for your Cape Cod referrals".    

Hi Everyone,

So,...who's scrambling?  I know that many of you, or your clients are feeling a little uneasy right now.  Considering the market decline and feelings surrounding the economy, why wouldn't one feel a panic growing in their belly?

If there's one thing that I know, it's that markets go up, and markets go down.  I can't remember a single day in my Real Estate career to date where 'the market' has so adversely effected my business, that I had to change my routine.  No matter what...I stick to my plan.  I don't know if you have noticed, but I've been receiving a staggering amount of inquiries from investors hot to enter the market.  How about you?   It is important to note that the majority of investors that do well in any market, be it stock, housing or any other, BUY WHEN IT'S LOW, AND SELL WHEN IT'S HIGH!  I'm sorry, was I using my outside voice again?   I want everyone to remember that THIS is the time to use the reasources available to you, and seriously consider getting into the game.  My mortgage contact just locked one of my clients into a 5.5% fixed 30yr loan.  Smart buying is the name of the game.

Take some time to do your homework.  Just like successful stock market players, you need to educate yourselves.  I'll bet you are wishing that an opportunity would fall right into your lap? You know, the 'if I had only known',monday morning quarterback kind.  Let me let you in on a little secret.  Those opportunities come by every single day.  The difference is that some people choose to educate themselves to identifythose opprtunities and then ACT!  Use your Realtor.  Use the internet.  Use whatever you can get your hands on.  But know that this market will produce many wealthy investors.  Follow thier lead, and get your own little piece of the pie.

Start looking.  Talk to your lender.  Get prepared!

When that opportunity arrives, you need to be ready to pounce.  Just like a quarterback can block out the crowd noise, you to can learn to block out the constant onslaught of negative information regarding the housing market.  I'm not saying ignore it, but take it with a grain of salt and use your resources as your guide. Are we headed for a recession?  Probably.  Will this make it impossible to buy a home? NO.  This market offers an opportunity to lean up and get your foot in the door.  A small amount of sacrifice now will lead to big gains in just a few years.  So, give up that extended cable and set up a budget that will safely guide you through these turbulent times, so that when the storm clears you are a homeowner/investor with something to feel good about.

Agents.  Educate your clients by offering them resources and current market information.  Maybe act yourselves!?  Don't be a monday morning quarterback.  Call the winning plays now.