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NO MONEY, NO BUYERS, NO SALES, NO..NO..NO? Then....a "YES"!

By
Real Estate Broker/Owner with Gold Star Realty, Inc.

YIKES !  Let's discuss all of these No's and turn them around!

This industry has always survived on the 'X' amount of 'No's' before we come to a 'YES'!...so, let's keep that thought fresh in this market.  It's still a number's game.  We just have to count a bit faster!

People need us more than ever NOW!  They don't know who or what sources to trust..which way to turn and, who to turn to!  Confidence is pretty low out there amongst our 'prospects', clients, customers, industry in general.  Raise your hand and take the responsibility of the power of real estate....it will be the 'grounding' of the recovery of our entire economy.  Remember, "under all is the land" and, my saying then is, "above all is knowledge".

No money. In my old days...about 35 years ago, we didn't have 100% financing, institutional second mortgages, lenders on every corner, etc.  We met with buyers and sellers and put transactions together by matching the benefits each 'needed' or 'wanted'!  Sometimes the seller's would carry a portion or all of their equity and use the property as their security...often times their yield was greater than what they could get from the local bank and, more importantly, they achieved their sale.  The buyer's were able to get into a home they could afford with little money out of their pockets and a lot less cost to close!  Sometimes the parties would trade their properties or, something of value...a car, jewelery, art, boat, services, whatever!  Each party would attribute a value to the item being offered and, both parties would benefit by achieving their goal!

No buyers.  Who says?  The buyer's are out there...they just don't know how to deal with the 'no money' situation or, the property they have to sell to trade up, down or sideways...!  That's our job!  We have just got to learn how to focus on some of the more creative scenarios...like:  Create a note against the equity in the home the buyer's have to sell and use it as a partial downpayment on the home they want to purchase.  Put a tenant in the home they want to sell and let the tenant pay the note until the property sells, or a specific time frame negotiated in the transaction.  Yes, we are doing these deals TODAY!!  RIGHT NOW, AS WE TYPE! 

No Sales.  We have to stop hiding from this market.  It's a doozy and, we can make a tremendous amount of money while helping a lot of people in the process!  Learn how to attract investor's who, like Warren Buffet....buy like crazy when, 'there's blood in the streets'! 

Stop hearing the "NO'S" and translate them in to opportunity and success.  The "NO'S" are a resounding cry for our help.  We are a powerful profession with an astounding ability to be the base of turning this economy around....WE WILL SURVIVE!

'YES'....'WE WILL!'

 

Melina Tomson
Tomson Burnham, llc Licensed in the State of Oregon - Salem, OR
Principal Broker/Owner, M.S.

Those are some great ideas.   The problem is learning how to structure those deals.  I know I don't have the skill to structure that type of financing without some mentoring.

Dec 20, 2008 08:19 AM
Robin Moffitt
Gold Star Realty, Inc. - Nampa, ID
"Gold Star Service....Gold Star Results !"

No worries....That's part of the reason we stay in this business 'cuz there's always something to learn and experience.  Find someone who's been in the business long enough to have been in the 'seller carry' era...most likely 10+ years or more.

Our Purchase and Sale Agreement here in Idaho has a pretty self explanitory "Seller Financing" Addendum which is a good start...does yours have such an addendum? 

Another source is a veteran escrow officer who can explain the structure and theory in addition to the fact, they have to insure what you create so, they're a good 'sounding' board.

I'm a state certified instructor in Idaho...'don't know everything but, feel free to give me a call or, email if you want some input. 

Also, find a good lender who understands the 'cross collateral' concept...

Remember, these concepts are not illegal, imporal, or unethical...they've been around a lot longer than you or me!!!  It's such fun to put together a transaction that allows folks to achieve their ultimate goal...in a market where they either thought they were 'stuck' or, on the border of losing everything.  It's our job to know and understand this great 'stuff"!

Enjoy the journey,   Robin Moffitt Broker/Owner  Gold Star Realty, Inc.  Nampa, ID

Dec 20, 2008 09:28 AM
Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

Anyone who doesn't handle rejection well... is not prepared for a career in sales.  Gotta wade through those "no"s to get to the "yes"s... and rebound with a positive attitude every time.  Sounds like you've got it mastered!

Dec 29, 2008 05:22 PM