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Category Archives: real estate

Cheap Sex and Real Estate…

One Night Stand (musical)
Image via Wikipedia

I don’t know why, but I was reminded this morning about two very different people, one quote from both, and how cheap sex is like real estate success… for some.

Back when I first got into real erstate, a local “power agent” told me that the goal was to list as many properties as possible.  She said that I needed systems in place to spend as little time as practical for each listing, and to avoid spending money like the plague.  Seriously. She was all in favor of spending money, but not on marketing property.  Her quote was, “It is a numbers game, the more you list, the more you sell.”  She didn’t care if the houses were over-priced, in bad condition… whatever.  It was just a numbers game.

And then there is a ‘friend’ of mine from my early college days.  He had a pattern… and it worked on occasion.  At a party or a bar or a gathering, he would casually ask girls if the wanted a one night stand.  And every once in a while… he would find one that said, “yes.”  He told me that it worked out to about one in 50 or 75…  It is a numbers game, don’t waste time getting to know people… ask and move on,” he said.  I think it goes without saying that the girls that responded with a “yes” weren’t the girls that the rest of us were looking for…

In both case, these very different people weren’t looking out for the needs of their ‘target’.  They didn’t care about the other person.  An agent that takes an over-priced listing without reservations and then refuses to market it isn’t helping anyone… and someone that will have a fling with anyone that agrees to it obviously isn’t exactly responsible.

But their attitude was the same.  It’s a numbers game. The goals, needs and desires of the client/target aren’t important.  Don’t invest in the relationship.  Meet your personal and selfish needs and/or move on.

I lost touch with the ‘friend’ decades ago.  The agent is still listing property in the area…

Sorry, but I don’t think that is a way to effectively conduct business or personal life.

Is this a bit racy?  Absolutely, but I bet you get the point…

from GwinnettGarageGuy.com

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Have a horn? Might as well toot it…

Image representing LinkedIn as depicted in Cru...
Image via CrunchBase

I’m not one to spend a lot of time tooting my own horn…  so, I am going to let some others do the job for me.

I got a few recommendations on LinkedIn.

If you are on LinkedIn, they are easy to see.  I’m not sure if they are accessible to those that aren’t.  But, you should be… and feel free to link to me.

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Can I tell my sellers it is a good idea to offer seller financing?

Banknotes from all around the World donated by...
Image via Wikipedia

Looking at the legislative landscape, I see a new danger on the horizon.  In addition to the existant dangers of financing a mortgage for a buyer such as their credit-worthiness and ability to repay, there is another risk which could soon be inserted into the pool…

Cram-Downs

If you aren’t already familiar with the term, take a moment to read the definition…  From the perspective of a lender, it is a scary scenario.  In effect, a bankruptcy judge could force down the balance of a loan based on their view of the value of the property.

Regardless of whether the seller is in the first or second position, they could face financial danger in this situation.  While helping out the buyer and hoping to make a little extra money on the sale of their home, they could find their investment principal… in effect, having the base value of the loan reduced.

Congress is looking at allowing cram-downs in residential mortgages again.  It is the second time this year that the subject has come up.  Currently they are saying that the new rules would only apply to loans before January, 2009, and that there would be other safe-guards in place to protect the investments of the lenders.  And remember, the lenders aren’t actually the banks and mortgage brokers.  The lenders are investors… and that means that they range from school teachers (through their pensions) to corporate portfolios… and anyone else that has money in the MBS (Mortgage Backed Security) market.

For a look at how cram-down provisions affect mortgages, one only needs to look as far as the commercial mortgage market and compare it to residential.  In effect, rates are higher, down payment requirements are higher, reserve amounts are higher and credit is tighter.  Before the lenders are willing to part with their money, they need to be more sure that they will be paid back, because a judge could reduce the value of their investment if the borrower has a problem.

And getting a higher interest rate for the increased risk might not help… the same judge could reduce the interest rate prior to lowering the principal balance.

So, I am telling my sellers that they need to be MUCH more aware of the risks, and that those risks could increase if Congress gets too populist.

from GwinnettGarageGuy.com

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New listing coming later in the week…

I am in the process of building the website for the property… I don’t have the final address, so I am not going to publish it until later in the week… and thought I would give you a sneak preview.

This is a really cool property.  It has two 2 car garages, one attached and one detached.  It has 4 bedrooms and 3½ bathrooms as well as a full finished basement.

The real star of the show is the setting.  It sits on 3 acres, and has a long meandering driveway leading up to the house.  It is truly a country experience, but still close to everything in Lilburn.

If you can’t wait to find out more, give me a call or shoot me a message.

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A (very) Quick Rundown of Some Current Buyer Programs

Just in the last few days I have highlighted a couple of Buyer Programs that are currently available.  I have also hit a couple of others in the last few weeks… there are a lot of programs out there to spur buyer attention!

Dollars !
Creative Commons License photo credit: pfala

If you are a buyer, especially one that doesn’t have to sell a house in order to buy, you can find all sorts of great options to help with the purchase.  Let’s hit some…

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