I am working for a super great buyer/investor right now. He is a retired commercial broker that did very well buying and leasing huge commercial projects in the midwest. Now he plays golf , day trades, and has chosen me to represent him on a number of investment properties. He has freinds with cash and believe this is a great time to get out of the stock market and into something more stable. At long last, after all this time, Investors are coming off the sidelines and want to play again.
Its about time...
We have been busy working on finding deals. Deals are everywhere, but they are not simple. There are some with serious complications, some that look sooo good and then you see the hidden traps...Ohhhh, thats why it won't sell.. Others have appraisals, and well written, beautiful CMA's that I now see were using very flawed, loan fraud type comps even then. Many of these deals are in foreclosure now, and with good reason..
We have to be very careful. Tax issues, and other clouds on titles don't go away. We must know how to make them go away, and it will take time and money. Thats where the rubber hits the road..What seems an insurmountable problem for some is just another day at the office for others....Thats what experience will tell you. Our job is to know the difference between difficult and impossible..
My latest issues are all the people who spent good money on appraisals for the property they are attempting to sell. My crystal ball has very good backward vision, and is looking pretty clear on the 60-90 day forecast as well.
But I am now experiencing a negotiation with a lender who is using a two year old commercial appraisal as a weapon. I know they read the paper. I know they see a nightly news cast every once in a while. Every other person I meet on the street is willing to tell me how bad the market is, but this lender rep is sticking to his story like I might convert over if I hear it often enough. Its a perfectly done, $ 3000.00 appraisal that is good for making paper airplanes now. thats it. Its 26 months old...It has no bearing on current situations..
I had the lender tell me, what do you know, you are only a Realtor. This is a Certified Appraisal!!
My buyers group is having a ball with this one. They are all retired from big business, this is fun for them. I went on a fishing trip with some of our investors and learned more about what they really are interested in. Some of these guys made really big money, and playing Real Life Monopoly with a few hundred thousand is not a big deal..Some are really needing to recover back their positions lost in recent stock crashes.
All of them are looking at me, as the proffessional, to do my job.
In this market, we need to do our homework. We need to make it our business to know with certainty what is a good deal, and why. We have to power to change lives, and we need to be more careful with our customers money. We don't have to look back very far to see what happens when we get caught up in the hype.
Its time for us as professionals to act like we are proffessionals. Its only then that the public perception will change toward us in this business.
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