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4 Things A Mortgage Broker Must Tell You

So You Have A Specific Mortgage Minimum You Need The first thing that you must ask a broker is if they are a mortgage broker or an agent. Most states require that agents have a license and are able to perform mortgage broker functions. Keep in mind that there are many...

Lenders Assisting Equipment Repossession, Property Returns in Bulk

One of the most challenging areas facing business today is the region of property and equipment repossession. As the amount of property being repossessed rises, so do the difficulties facing those who have borrowed or are unprepared for the financial commitments they...

Bank Owned Foreclosed Properties

The year 2021 will be a year full of change and a time of change for the financial sector. So there are many changes going on, certainly, there are several ground forces that will affect the housing market at a global level. There are so many issues and factors that...
4 Things A Mortgage Broker Must Tell You

4 Things A Mortgage Broker Must Tell You

So You Have A Specific Mortgage Minimum You Need

The first thing that you must ask a broker is if they are a mortgage broker or an agent. Most states require that agents have a license and are able to perform mortgage broker functions. Keep in mind that there are many different variations of mortgages you may want and you want a qualified professional to help you choose which path works best. A broker is typically compensated by the lender.

According to Beyond Mortgages: The Best Source For Information You Will Ever Need, a broker can already pay all the closing costs, which can save you up to 33% of the purchase price. On a $300,000 home, that means you save $18,000 or more.

Most states also require that a broker must be a mortgage professional for a minimum of 5 years. A broker that has been in business for many years has seen many changes in the industry and is therefore experienced whether the industry is booming or crashing.

The Benefits Of Using A Mortgage Broker

Brokers have access to and established relationships with many lenders and banks. They are also able to shop around those lenders to find the most cost-effective products and interest rates available to you. A good broker can also navigate a lot of the difficult paperwork and deal with the underwriters; making the purchase process much easier with less hassle. You will know right away if you are working with a professional.

The Disadvantages Of Using A Broker

Even though a broker can get you pre-approved for a mortgage, that doesn’t mean that you are going to get the best deal. The agents often have more connections. They have a list of lenders they have established relationships with and can offer you more personalized service. A bad broker can end up using up a portion of your valuable time getting back to you after the purchase was through. A good broker, on the other hand, will make sure that you are spending your time wisely and getting the best return for your efforts. A good broker is skilled in all the different elements of helping you get the right loan, and be able to crunch the numbers for you to ensure that you are getting the best deal.

So, How Do You Select A Mortgage Professional?

First, ask your friends and family who they have used for a mortgage. You can also ask for references, and check for websites and reviews. Once you find someone you feel is professional, you can call them to make sure they did a good job.

Contact the broker and get their rates. Then, ask them to also provide you with the benefits of using them for your mortgage. Do they go above and beyond to make sure you are happy with the lender? Ask for any extra services they can offer you.

The last question you should ask them is if they lock in their rates. These days, rates can change on a daily basis. As rates change, your mortgage rate may change as well. You don’t want to have to refinance at a moment’s notice. You want to feel safe where you are putting all your money.

Final Thoughts

Most brokers will make some money on your transaction and may also charge fees. However, there’s a lot of work that goes into finding the right broker for you as well as the right mortgage. In the end, working with the right professional is best for you, and it yearns for you to be happy with your purchase. Your home is likely the biggest purchase you’ll ever make.

Lenders Assisting Equipment Repossession, Property Returns in Bulk

Lenders Assisting Equipment Repossession, Property Returns in Bulk

One of the most challenging areas facing business today is the region of property and equipment repossession. As the amount of property being repossessed rises, so do the difficulties facing those who have borrowed or are unprepared for the financial commitments they have needed to make in order to buy or keep their home.

In the past equipment and buildings were used as a readily available resource to enable companies to grow and thrive, but in recent times, downturns in the economy have affected just the same, as many people have been forced to work in a climate in which they are simply unable to endure. This has included significant numbers of businesses and even governments forced to close their doors for a period as unemployment increases.

Since the start of the current economic conditions, the UK property market has seen a marked change for the better in terms of both the amount of property available and the rate at which it is being sold. Traditionally, any property which a company had purchased was sold to the highest bidder, but in a climate where resources and companies were being cut, many businesses and organizations found themselves having to sell at reduced prices to survive and return to the business and normal life within the UK. However, this has not been the case for all, as those purchases which were secured over a fairly short period of time are safely insured against a period of foreclosure on the property in question.

This is generally a bad thing as some lenders and companies have found themselves in need of a good plan in order to ensure that they were able to manage a rough period in the rate of repossession without persistence if needed. With this in mind, companies and lenders have set up the “Equity Purchase and Leasing Plan” (EPL, also known as the commercial Residential Agreement or the CPLE, which is basically a legal document that details the close and intimate relationship between a company and its businesses, its equipment, and its landlords.)

Fortunately, just this month (February 8, 2012) the EPL had made a number of major alterations, with an additional provision handed to each company and landlord which ensures they will never again be at the mercy of the company in possession. The EPL, which is a direct attack on such a delicate ecosystem as the property market, ensures that purchases and leases on commercial premises and other types of property will be treated as amongst the only ways where businesses can raise money, even in the face of a challenging economy.

In order to facilitate this system for landlords and businesses, there are numerous changes that are being proposed today which will allow both the property purchaser and the professional purchasing business to make payments on a property ideally suited to them in a guide of successful payment structures and the methods desired. This will be a welcome relief, leaving property purchasers in the best possible position when it comes to taking on commercial or business Risk.

Firstly, with its improved access to finance, businesses can keep an eye on the state of the market, and be advised of any changes which can be made to the business which may render them more appealing to new clients. This will inevitably prompt businesses in a good position to make huge profits, as their level of preparation is much improved and there will be far less risk of anywhere else being affected.

Secondly, businesses will be able to acquire new space which they can just move into immediately, allowing them to start working with their new equipment immediately. That means again that there will be no wasted time waiting for their infrastructure to be built up enough to allow them into business space, which can be profitable in the long run but is often very unproductive, especially because of the increased operational costs it can involve, causing the business cash to dry up.

Thirdly, these improved arrangements will make the business more attractive, increasing their sales, counteract any reduction in the value of their ugly property, and guarantee them a much-improved rate of profitability over the course of time.

The prospects for businesses in bad positions are all the more encouraging with the EPL acting as a document scarcity within which industry is assured assistance actions; a major benefit for the consumer who will enjoy the improved rates of good credit between landlord and purchaser, and for the business who will be assured an improved opportunity to raise the capital necessary between themselves to embark on new path possible.

Also, the government has decided to make the ERP change a part of the theBISst allocated sum of £3.00 million. This will thoroughly amend the burden of business for the benefit of the investor, allowing the investor up to £15,000for every £3,000 they borrow. That has been calculated by taking into account any VAT and fees and is calculated at 5% of the whole loan amount.

Bank Owned Foreclosed Properties

Bank Owned Foreclosed Properties

The year 2021 will be a year full of change and a time of change for the financial sector. So there are many changes going on, certainly, there are several ground forces that will affect the housing market at a global level. There are so many issues and factors that are altering things from beginning to end, so it is quite difficult to anticipate and predict the effect the housing market will have on the economy in the future.

One of the main things which will affect the housing market is the continuous rise of foreclosures in various markets around the country due to economic decline, job losses, and general lack of finances for the affordability of people. It is quite a difficult situation because there is definitely a decline in the capability of the bank to earn and therefore the economic condition is down and the number of loans that should be granted and given to people each year will lessen significantly. As a result, there are not enough funds to keep the economic system afloat, and therefore many loans are foreclosed and suddenly banks are in the need of financing.

When this happens there are many foreclosed homes with no potential buyers. And because of that many homes left vacant for sale suddenly have a value appraised as they are considered a loss to the banks that are in need of immediate liquidity. Therefore, as more and more homes are left vacant, there’s no taking of those properties by the banks, therefore the value of the foreclosed properties eventually depreciates.

What with that condition the value of the landlord’s residence charged below the mortgage’s amount can be quite a great loss for the landlord and the value of the mortgaged property reduces considerably within that circle, by that time the market is able to change for the good.

The other aspect is these bank-owned foreclosed homes are also available for sale, thus the selling pressure is high and hence properties in a wide variety of choices are available for purchase this year.

With that fixated condition, a good investment for the buyer this year is in purchasing foreclosed properties which can be deducted from the banks’ price, a plus point for those who are in need of immediate money, and a great point of security against the investment at the same time.

Further, the tendency is to take a 75 percent loan-to-value ratio loan, this increasing ratio is a great reason for Grab-22 or low covenants which were contrary to the traditional principle of a loan to value ratio. Because at that instant if taking the difference of the amount of money lent to the value of the property, the bank now owns the property and can dispose of it immediately, therefore in the place of the seller money with a low fixed rate of interest, depending on the current economy of the bank will be available to pay it off, which obviously would be a higher payment option.

Therefore, a carefully chosen method to invest in such property found on bank-owned foreclosed properties may be the ideal solution, if the only alternative is mortgaging, whereby then you will have cover for your mortgage out upon. The chances of getting a mortgage for a low loan to value ratio fractional interest is not easy, therefore, if you have the passion for investing and a certain pace of life combined, this type of investment may just turn out to be the ideal case.

Commercial Real Estate: The Importance of a Great Property Management Schedule

Commercial Real Estate: The Importance of a Great Property Management Schedule

Trustee Sales and the Success of a Realtor

Even the best in-state investor should be properly managed properties if they will be investing in out-of-state portfolios. That is why it is important that you as the in-state or regional REO agent invest in only those structures which are similar to your own neighborhood properties. For the small REO or Commercial Properties which you are taking care of from out-of-state investors, you must follow the same system as the larger properties.

That is the reason why it is important to invest in good commercial REO listings and high-quality personal property management reports.

If you are not so familiar with the tells a savvy REO agent, he or she can deliver a number of tell-tale signs about the property condition including; broken lights, windows intact, appliances, and miscellaneous electrical repairs which do not take up precious space or instead look neat and organized.

Management reports that contain a great deal of information about the condition of a property are not only needed for the simple REO sellers who understand the importance of providing qualification statements in the listings. They are also a good tool for the in-state buyers taking care of commercial portfolios. Listed below are the reasons why:

Applicability: For those who are not so familiar with the complexities of accessing REO lists from the MLS and the Net there are things they need to do to make sure that their own data is properly included in the management report. For those who need help finding out if a property qualifies for the low purchase price of $1 million, the local market properties should fit the bill.

For those who are not so familiar with the complexities of accessing REO lists from the MLS and the Net, there are things they need to do to make sure that their own data is properly included in the management report. For those who need help finding out if a property qualifies for the low purchase price of $1 million, the local market properties should fit the bill.

Fairness: When a retail property is sold, the previous owner via the lender has to agree to the terms of the sale. Real estate agents will tell potential clients about the price offered by the retail seller, but these people should have access to similar sale prices for similar properties – at least three months before the property market is in decline as well.

When a retail property is sold, the previous owner via the lender has to agree to the terms of the sale. Real estate agents will tell potential clients about the price offered by the retail seller, but these people should have access to similar sale prices for similar properties – at least three months before the property market is in decline as well.

Legal: The units subject to foreclosure are often not available to the retail public. Even less so for REOs. So if your in-state investor is planning on using a local parcel of land for prime retail locations, you better make sure that property is not listed with a Realtor for REOs. REOs frequently sell for 20 to 60 percent below market value.

The units subject to foreclosure are often not available to the retail public. Even less so for REOs. So if your in-state investor is planning on using a local parcel of land for prime retail locations, you better make sure that property is not listed with a Realtor for REOs.

Home Mortgage Refinance – Choosing a Broker

Home Mortgage Refinance – Choosing a Broker

Buying a home for the first time can be very exciting, as well as frightening if you don’t take the process seriously. Home mortgage refinance involves a lot of paperwork and involves a lot of relying on people who know most about home mortgages.

That’s why it’s always good to have a real estate broker to deal with your case. They are skilled and trained to find the best home mortgage refinance for you and make sure that your paperwork gets processed in a timely way.

“Going it alone” is one of the biggest mistakes people make when looking at home mortgage refinance. And it can come with a serious price, especially if you go it alone without assistance. Many people scour the papers, look at ads, and call up lenders looking to get a home mortgage to refinance.

In most cases, this doesn’t work. If you contact multiple lenders and get declined, the rejection stings will be served to hone your elsewhere. Having a broker with you makes lenders want to work more with you. They are trained in mortgage fraud, and they have a lot of experience closing the best deals. They can find the best loan for you and can put both parties in a much better position to get the loan through.

A real estate broker’s purpose is to represent both parties to ensure that the transaction will go smoothly. While they don’t have the same authority as a lender, they have years of experience and know-how to close the loan. They will help you be sure it closes. They also get a lower rate for both of you. Not only that but a broker is paid a percentage of your total savings (if you chose to do that).

If you are looking for a home mortgage refinance, a broker is the best way to go. They are trained to find the best home mortgage refinance option. They have the experience to move through the paperwork, real estate agents are rarely trained on how to do their job, and so the lenders end up not following through with their own guidelines. A home mortgage refinance is a serious process and to ensure you receive the best options, you should work with a broker.

All lenders are different, and you want to look at each one you are considering using in addition to finding a broker. Most are full of information but you want to find those that specialize in refinances. You want to ask both lenders and brokers questions that won’t seem like they are out of the ordinary.

You would be surprised at how many lenders don’t have a clue about how it is to do a refinance and what an important financial move it would be. You want them to help you understand that your home is the only thing you have that can buy them and you should step in when you see a problem coming.

All lenders are different and you want to see that they specialize in doing home mortgage refinances for people. The lender may not know how to find the best rates so they will tell you that they can but you really should look at their options and find out for yourself what they could offer you.

A good place to start is with your current lender. Most people are happy with their current lender and they are happy to keep doing business with them. A lot of your monthly payment will actually go to interest rather than principle. So do what it takes to lower the cost you pay on each loan, do it in a consistent manner and pay off your loans in a shorter timespan. You will be surprised how much you can save.

Real Estate Terms – Knowing What They Are

Real Estate Terms – Knowing What They Are

Real estate is composed of all those immovable properties that land possess. The immovable properties are the structures that are immovable. Above there is the air, and then are immovable objects that are non-erasable. Among these non-erasable objects are planted as well as in particular the land. Hence, the properties include sand, rock, water, plants, minerals, and cement.

This is particularly important when we talk about real estate. Since the properties differ according to the state, we cannot lump all properties under one heading. Thus, we have to define several terms in order to be able to differentiate between different states and real estate.

The environmental position of a property.

When we talk about real estate, we can split it into two parts. One is connected to environmental issues and the other is connected to economic issues. It will be better if we will understand the environmental issues of a property, especially when you want to commit any changes to it.

The things that create an environmental impact are those, which are totally in your concern and control. They can be anything such as using an offshore platform for shipping purposes. This can be noticed when shipping becomes heavy. The ships use less fuel which leads to less carbon emission. As a business, there might be an increase in the minimum environmental impact.

Of course, there are lots of other issues that can behave by a property which is very critical in one’s decision making. This is the reason why environmental impact assessment is very important when it occurs to commercial property.

The common properties that are considered for real estate.

When we concentrate our search, we will find that there are lots of common real estate properties. This is the reason why we can say that the properties are divided into two different categories. These properties can be commercial or residential.

The first category is the ones that can be considered as commercial property. Since they are situated in a commercial building and should be treated as such. On the other hand, there are also residential properties that are mostly residential. They only contain apartments or condominiums. These apartments are mostly residential, which means they are situated for private use.

The reason why there are lots of commercial lands is actually simple. This is the reason why we can say that almost every business exists. Therefore, there will also be lots of jobs and people will need a place to stay. As long as these needs will exist, then the land will be there. But if there is no need for them to have a place to stay, then the immovable property will be useless.

In terms of making decisions with this, we should go with the ones that are good for our aspect. This is true enough, especially for businessmen. Normally, the businessmen are seeking a place where they can build a factory or a store. They don’t want one that is not complete instead of one that is.

Determining the importance of the environmental impact when investing in real estate will also depend on the reason why you are entering into that estate transaction. However, we should keep in mind that as a businessman there are things that can help us in gaining clients. If we can be helpful enough to our customers, then it will be easier for us to make money for our business.

Phoenix, Arizona Real Estate

Phoenix, Arizona Real Estate

Almost any city in the United States has been and continues to grow as an attractive place to live in and own a home. There are many city’s that offer their residents several tax-saving incentives and savings. Why wouldn’t you invest in a city that gives you money back? Real estate experts have made out ratings very high on the Phoenix, Arizona real estate market, and they are being proven right now.

Phoenix, Arizona, was recently listed as one of the two most favorite cities when it comes to favorite team sports throughout the United States. It is believed by experts, including people like sports celebrities David Beckham and Capella, that the Phoenix, Arizona real estate market is one of the top 2 markets for using either of the team sports available: American football and baseball, and Arizona basketball. Phoenix, Arizona rates high in all sports categories.

It is believed that Phoenix offers the best and most beneficial sports opportunities and team sports. What about taxes, does this rating sound good to you? Below you’ll find some of the things you should be hoping to achieve if you are an investor in real estate using one of these two team sports: American football and baseball and Arizona basketball.

Both sports offer tax-saving opportunities that most professional sports don’t, and there are very good reasons for it:

– When the owner of a qualified Phoenix, Arizona property hires a qualified property taxes accountant and obtains property tax advice from a professional property tax attorney, not only will the owner potentially save on their property taxes, but they may also potentially reduce their income tax, not to mention the money they pay in representation fees to their team, which are usually referred to as ” Supports”.- The owner of a Phoenix, Arizona property who is a qualified property owner and negotiates with his team in order to lower his team’s salary, get rid of the team’s “lockbox” appearance fees, and not pay any “locked-in” fantasy costs, benefits, or guarantees to his/her team, may potentially save up to an additional $700,000 in fees and taxes alone! Sounds better than the team’s revenue stream you ask? Depending on the size and complexity of the property, tax-paying owners can potentially receive up to 2/3 of their total team’s revenue stream by lowering their tax bill. That is an amazing way for owners to save money for their investment just by “helping” out their own team. This is like putting a leaf on their own back.

Phoenix, Arizona is an eight times millionaire tourist destination. That means, its population of over 2.3 million, plus, millions of leisure travelers, visitors, students, workers, and retirees, spends an average of 16 hours a year in the city. Each of the 8 times during the year will spend money in the city that generates more money for Phoenix, Arizona out of their pockets than they would anywhere else. These statistics represent only the city’s purchase power. What about the other 120 plus cities and towns in the province and county of Maricopa, Arizona? They all have as much spending power as the city of Phoenix.

ESCROW & burial combining is a sure magic. The first step is to get the owner’s tax bill and take it to the assessor. This process requires 2-4 weeks of your time though. Half your tax bill will not have been submitted yet because the owner had already submitted it to his or her tax assessor. The second step is to contact the tax assessor, have him or her call the tax collector in order for the county treasurer to obtain the purchase and re-assessment asking price of their “borrower”. Now, all that’s left is to find the nearest appraiser to verify the value. You have just helped the tax collector increase his/her whole tax bill. By lowering your tax bill, you have saved your buyer thousands of dollars in ad valid fees. The bottom line, the seller is happy, you are happy, and most importantly, the seller’s agent is happy. No Lowball Offers.

If your team does not have a “Team Truck”, let me suggest a very inexpensive Service Contract that any good real estate company should use. This is for one real estate transaction. It costs only a few dollars for the Realtor to maintain, bunch the receipts together, make a transfer from one account to another, and submit the file to the company that is paying you for the transaction. Let’s do a closer look…

Let’s assume that we have a Seller for our property who avails him/herself at your expense to do some cleaning, knock-off some fixtures, make some minor repairs to the plumbing, some carpet cleaning, etc., and is now ready to list their property. Usually, for this type of property, the seller doesn’t want to pay your fees, so they hide this information from you.

Lead Generation Strategies for Realtors

Lead Generation Strategies for Realtors

Real estate lead-generating strategies are a great way to maximize your real estate business.

lead generation is one of the most crucial aspects like advertising and marketing all business-oriented companies need to have stable lead generating strategies because, with proper use, lead generation techniques make the customer base pool much wider and more reliable. The key to success in lead generation is to follow a few important guidelines.

The most crucial aspect of lead generation is getting good information. It is necessary to work with up-to-date information that provides details about the status of the leads and the importance of each lead. This information should be able to generate all the details that will eventually provide information that will generate leads.

The next important thing that needs to be known is the proper way of passing the important and harmful information. In certain severe cases, the customer might not be able to get through his or her telephone or may face difficulties while talking with the realtor. To avoid such circumstances, it is better to pass the important but harmful or sensitive information in different ways so as to avoid sensitive information getting into the wrong hands. Proper customer service will be a big help in this case.

The guidelines provided by the World Wide Web will be helpful in building a good base for the business. Knowledge is power in every field, so the more you know about the real estate business, the more would be your chances of success in the market. Through proper lead generation, customers can easily find the details they require, and hence, lead generation can become a source of constant cash.

Another powerful tool that leads to generating great leads and staying at the head of the industry is the use of online websites. Online websites are one of the most effective and quickest methods of lead generation. Besides, there are several real estate business define websites that help in generating new leads to their success.

Lead generation is a two-way process, but the most important thing is that it has to be done carefully. Mistakes in lead generation are very costly because they can result in the loss of good clients and a lot of money.

There are many effective lead-generating strategies, but a lot depends on the skill of the person. Knowing these skills will allow a person to create new and result-getting strategies.

Some of the best strategies in lead generation are mentioned below:

1. Targeting Leads – It is always possible to get targeted leads by multiplying your advertisement advertisements with the help of websites that are popular and ninety percent reliable. Advertising on these websites can work because there are a large number of interested customers on these websites.

2. Qualify Leads – It is a common practice among the realtors to get a head start in checking the eligibility of the leads by asking for a small initial deposit, agreeing to the conditions of the lead generation website. Once the lead has been converted into a client, then that transaction is handled by the buyer’s agent at a fee that both parties agreed on before the transaction.

3. Goals – Any lead generation method will require a well-defined, focused goal. In order to create goals on these leads, an agent needs to get to work on his or her lead generation business in a systematic way. Check out target marketing to get the industry on track.

How Much Do I Know As a Mortgage Broker?

How Much Do I Know As a Mortgage Broker?

Kind of I should say I don’t know anything because what I know is still just a testament to my education. My education in divert visits, credit, pricing, Come values, etc and my State’s license is very good, over 6 years, I learned very well. These are all subjects I know very well but I would never forget the various courses, monthly, quarterly, year to year training, webinars, etc, which cost MONEY!

Now you ask what is a Mortgage Broker, what’s the difference? A Mortgage Broker is the guy that finds the borrowers and calls up the banks and eventually submits the ” duly accredited wishes” in the form of an offer on a property. Brokers for mortgage brokers have to join either a national electronic or a board recognized association.

Most people think that a Mortgage Broker makes a lot of money and that he checks up on all of the borrowers. What they don’t understand is the responsibility of the broker is to make reasonable and “simulate” offers to the different banks, even though the brokerethanks. The responsibility of a Mortgage Broker is to get the borrowers approved (which has to be in process) and the bankers have to make a decision. So this may look something like this:

Mortgage Broker finds borrower and finds bank happy to lend. A broker gets paid 3% commission/points, the bank doesn’t take any less. Now we know what occurs. But let’s say that the Broker has done his job and he brings the borrower and a bank is happy to lend, so now we have a happy broker/banker. The mortgage broker has to get paid 3% of the loan. He is not paid anything because he is the mind and they have to pay the mortgage broker.

Now we need to make a determination as to what the “Sum of the parts” is. The mortgage buyers lump sum of the loan for ¼ of the parts. Where did all the money come from? It came from the wholesale bank charges. It is known that wholesale bank charges are a very, very high percentage. So I am just wondering, why are all of the bankers giving away money in wholesale loans. Hey, they have to pay the mortgage broker, right? What’s wrong with that? If everybody is getting paid, everybody is benefiting, right?

Truth be told, in my 25 years in the lending industry, I have seen a lot of things, I have been an asset manager on loan after loan, I have made some people fall on the pavement and I have helped them get up and walk again. But most importantly I have watched professionals in every industry work very hard for their money and get nothing in return. Is a Mortgage Broker get paid just to be a “clown?” I have made millions as a mortgage broker, I have helped people come out of bad situations, but I have heard countless professionals in every industry work harder to create business for themselves, take the risk away from other people and create policies that help other people while they suffer? No, I don’t think so.

I think that is the reason why every person should own a business. Because they can truly believe in what they are doing and they can choose to work very hard.

So how much money you make nor how much you are paid in your lifetime is where it all starts. I think you need to realize that you deserve to be treated with dignity and if you don’t receive it then you need to either take care of your business or find someone that will assist you in the process of growing it.

It is not just about how much money you make you can also get paid to help with the growing process. Most importantly, it is about how much you care about others and the value you have for a society that will bring so many good memories to someone’s life

We all have a choice on how hard we work because if we care enough about our clients and the people we work for, then good things will happen. You have a choice to work hard or play hard or sit back and count your blessings.

Deal Only With A Professional Real Estate Agent

Deal Only With A Professional Real Estate Agent

If you are a lender or mortgage professional, it would be good if you wouldn’t shave your head (and therefore your hair) off before stepping into the board meeting. You’d be surprised at how many cleaver lenders think they know everything about everyone, then curve them around and pray they don’t get burned. Here are some questions, from a lender’s perspective, that you should ask yourself when considering a short sale listing agent. If the answers are ‘yay’ or ‘nay,’ then that agent is the right agent for you. If the answers are ‘boo’ or ‘nay,’ then you should keep out of his or her hair. But let’s not go into unfair dealing.

Does the realtor have ‘guaranteed’ listings?

Some short sale listing agents may make the claim that their short sales and REO listings are ‘guaranteed to result in the listing. Does the agent have Fannie Mae or sightings of the dollar amount to list each property? No, might not even happen. But look at the listings either before or after the company claims the ‘guaranteed’ pools of ‘guaranteed’ listings. Are the listings real? Often, the listing agent simply may not know whether a property is a short sale or an REO. A short sale listing is a property in distress that a lender has approved for a short sale and is offering to let the property ‘work its way through the pipeline.’ But a listing is not a property in distress that a lender will approve for a short sale.

Will the agent give you exclusive listing leads?

An exclusive listing lead is information exclusively given to the listing agent which the lender will not be given to the acquisition agent. It costs a listing agent nothing to provide because the listing broker is actually profiting from the sale. Why then is a bank so quick to deny the request for exclusive listings? Look at the listing prices of the property. In an REO scenario, the prices are only partially negotiable because the banks are already taking a loss and will be fighting not to eat up all the upside money of the loss. In a short sale scenario, the banks are already receiving a profit from the sale and, even though they ‘may’ open the property to the public for a glimpse, often will reject the low-ball offers. That puts the listing agent in the position of ‘ contesting’ the price paid or making ridiculous lows as a way to get the listing. The listing agent is getting paid a commission for having the property listed and having contact with all potential buyers; so there is nothing ‘numbers’ to pay. If the agent is open to listening to your requests and setting your expectations at a level that will result in a successful and profitable closing, then look at the listing as an opportunity for the listing agent. The bank is paying the commission, and they don’t want you to go broke while they’re pulling the rug out from under you. If you look at the listing as an opportunity for your representative to not waste his or her time, then any other logic, the deal just doesn’t stack up.

Is the agent truly an ‘asset’ and partner to you, not the bank?

Don’t mar the wonderful relationship you and your agent have. The agent has a fiduciary responsibility to the bank to be an asset and partner to you. Be wary of any agent that tries to lose the bank as a service to you.

The larger banks are more likely to be open to working with agents that will achieve results for them that are in line with their goals, even to simply cover the operating expenses of doing business with you. They will, of course, be looking to get the highest price possible and are in it for the long haul. You can convince a bank to delay the foreclosure process and there are many other strategies you can use to work with a bank, but if you aren’t skilled in these areas you should go where the money is… direct lender money, that is.

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