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This product is truely only going to be a real market for the next year and hopefully just a little longer. I am not licensed to sell investments and this is not a solicitation to sell securities or investments. Any suggestions taken from here must be reviewed by legal councel or your broker. Now, did that scare you? LOL...this is serious stuff...lets get started.
I have to immediately admit that I am not one of the "Big Boys" on a national level, I work regionally and I am specific to my State so I can provide the best information and servicing to my buyers and sellers as possible. Also, it's important for you to know that what you are about to read comes from walking the walk (experience specifically). The only way one is going to learn how to work in this atmosphere is to work it and lose his/her butt several times before figuring it out or getting blown out. Economics and understanding what is truly going on in the market also makes a tremendous difference. The one true saving grace for me is that I understand that money does not disappear, it just changes form. When one person is losing, someone else is gaining and there really is no other way around it. We are the ones that help lube the wheels of major investors and knowing what to ask and who to talk to is very important in this industry of Real Estate. I hope that over the next several weeks we will cover this well with you. There are a couple of quick notes that will help you understand what's real and what's not real about this type of transaction to begin with. Before all, if you embelish in any way...stop here and leave well enough alone.
First, you cannot be a control freak and be successful, it just will not work. Second, there is a level of trust that will end up reverting back to the first point when dealing with your buyer of seller as well as with communicating with any Daisy Chains. Thirdly, you cannot ignore Daisy Chains...you will have them, however when representing your buyer or seller, they don't want to deal that way, so you have to create the atmosphere to conduct the transaction and do it Tabletop...all money on the table. Finally, Buyer and Seller will communicate with each other with and WITHOUT you. This determines how much additional business you will get from one or the other, as there is always MORE to be had.
One other point. Money does funny things to people, expect it.
I have enjoyed the short curve of reactions to Bulk buying and selling recently and the "Swamping" of the "Market" of agents and wana-be investors. This has created a dynamic that is quite fun if not totally annoying...almost like going back to elementary school. This thing used to be easy...simple conversation along the lines of, "I have X property at xx% LTV"...and I have a buyer that has a Letter of Intent that is looking for X property at XX% LTV that is proofed up and ready to close in 30 days with 5-7 days review". You introduce buyer to seller and close the deal. Now, with "BUBBA the Realtor" involved, you have a bunch of people saying they have XX property at XX% LTV and they don't. Also, you have "Sellers" out there that do not have property they claim to have and Investors are fed up with shopping for the elusive and have created the schoolyard atmosphere. When it comes down to nuts and bolts, believe me when I say you are much better off acknowledging that you are new to the industry but have X contact with X moneys etc. At the end of the day, the only value you have is your word and people being able to trust that what you say is what the situation is specifically...no shady or iffy BS. Your word is good or not, if its good, you will get business over and over again and again. Otherwise, don't read any further...if you are ready further, here some examples of the schoolyard activity I mentioned earlier:
These phrases are VERY indicative of a Bulk Transaction or School yard Bully...you decide.
I'll show you mine if you show me yours. VS/ You prove you have the list and I'll prove I have the money.
My mommy is better than yours. I can prove it! VS/ My buyer is able to perform better than the others...I can prove it!
I can hit a home run if you pick me. VS/ My LTVs are more current and better rated.
I'm better than you are. VS/ I'm better than you are. Oooops...LOL
All of which is complete BS. Treat this like a 8000 piece puzzle...If you have a space and there is a piece that fits, introduce the piece to the spot and let it do its job of completing the picture. Dont try to force what you dont have.
I can say I've watched 120MM in transactions this year alone disappear because the seller did not like the buyer's attitude or visa versa...Next.
Let's look at the Terms used to communicate with our buyer and seller:
LTV- Loan to Value. What the home is CURRENTLY worth in the ACTIVE marketplace. (Current value and active are important...not 2005 values against sold units have been in the last 2 years...be careful here.)
"Proof up"- This is in referencing that a buyer has to prove that he/she/it is capable of getting, has gotten, is getting X dollars and can close in X days. Verification is done in several ways, from Bankers and Lawyers conversing, Bank statements, Teller verification, all the way to a letter from the banker or Lawyer stating it is so...funny huh.
LOI- is the Letter of Intent. I will purchase 400MM in new construction housing at 81% LTV with 0% occupancy in the areas of XXXXX with a 30 day close in cash with 100MM deposit upon acceptance of Tape, remainder at close.
Tape- This is the list of homes, businesses, properties, etc that are for sale by the seller with descriptions, addresses, costs, LTVs, and other information depending upon the involvement of the developer.
Direct Only- This is where the buyer or seller will only talk to BUYER or SELLER, not you...you may be lucky to introduce one to the other, but that is it.
EGO- This is what you need to leave at the door and what you have to deal with for the most part from one or the other buyer or seller.
Daisy Chain- Where there is more than one broker representing buyer or seller in any transaction which requires split of commissions from one side or the other or both sides.
Next Blog will be What buyers can expect and how to move to make the best situation for yourself and your investments when working with sellers (sellers agents, lawyers, bankers, etc.) Email me with your questions so I can be sure to cover your needs.
Working with Agents, Buyers, Sellers to put together a nice little mess of questions, answers, concerns and points of view that might otherwise be overlooked or not even considered. Listen to 1440 AM in the North CA Bay area for my radio show on Saturdays from 11AM to 12noon Saturdays. Real Estate this week!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.