My prediction is the mortgage industry will begin to get busy due to LOW RATES because w/o funds we will stay in grid lock. With the availability of funds at such historical low prices, it will be the subliminal economic stimulus package the governement is looking for.
It is believed mortgage rates are going to be on the mind of the Fed this year to further stabilize the market. We believe it will be a plethora of very low rate activity this year for those that remain in the mortgage market. Many lenders have begun hiring additional operations staff to maintain the service levels and be ready for what the new year has in store.
U.S. mortgage rates, already the lowest since Freddie Mac started tracking them in 1971, have plenty of room to fall if history is any guide. The average 30-year fixed-rate mortgage is still relatively costly compared with the yield on 10-year Treasury notes, a benchmark for home loans. The difference, or spread, between them exceeded 3 percentage points last week for the first time since 1986. The gap has averaged 1.64 points during the past two decades. Add that figure to the benchmark Treasury’s yield on Dec. 24 and the resulting mortgage rate would be 3.82 percent, well below this week’s reading of 5.14 percent. It’s possible that the spread may narrow to 1.25 points because the government is “absolutely obsessed” with making home loans more affordable.
It has been projected that the 30-year fixed rate will drop as low as 4.25 percent by March, and perhaps sooner. Treasury yields held near record lows after industry reports showed falling consumer spending during the holiday season, adding to concern that an economic slump will lead to deflation. U.S. retail sales fell as much as 4 percent from Nov. 1 through Dec. 24 as households limited purchases to necessities and cut back on clothing, electronics and jewelry, according to SpendingPulse data. One of the Federal Reserve’s preferred gauges showed inflation at the lowest level since 2004, boosting demand for government bonds’ fixed income.
Look for LOW RATES for the months to come.
Monday, December 29, 2008
Thursday, December 18, 2008
Rates Keep Dropping
I wrote the article below 2 weeks ago and did not send it out until I had proof of my prediction: I mentioned that money (loans) needs to become more affordable. This week the Fed lowered the rates from a range of ZERO to .250%.
Basically their only option to help fix the economic status is to make money more affordable through lending.
Immediately after the big news, mortgage brokers nationwide began to get a surge of loan applications for refinances.
Make sure you at least prepare yourself for the possibility of tieing your biggest debt (mortgage) to a historical low interest rate.
Please feel free to comment or call me if you have any questions or concerns.
Rick
Basically their only option to help fix the economic status is to make money more affordable through lending.
Immediately after the big news, mortgage brokers nationwide began to get a surge of loan applications for refinances.
Make sure you at least prepare yourself for the possibility of tieing your biggest debt (mortgage) to a historical low interest rate.
Please feel free to comment or call me if you have any questions or concerns.
Rick
Friday, December 5, 2008
2008, Year of 'What went up, actually came down'
Wow! What a year! Big drops and big changes.
As for real estate and economic crisis, who can honestly say they saw all this coming? Well I invite you to comment on my blog. Especially if you are one who had conversations with me in 2004, 2005, & 2006. Maybe we knew each other through family, friends, work, community committees, networking clubs, training sessions, vacation trips, college, high school, sports, or today's famous way of meeting people...through the internet. I invite you to post a comment on my blog.
Why? Simply because it is a good way to socialize and learn in today's world. The internet has given us the ability to speed up the process of communication, and it would be very interesting to hear comments from people about what is on their mind today. It does not have to be about real estate, mortgages, politics, or business. Tell us about your year, what it taught you, and your experiences.
It's a way of trying to understand what everyone was thinking prior to the current market conditions, and maybe throw ideas out there on what the thoughts are on fixing the economy or other areas that need focus.
What we thought about 4 to 5 years ago is important on how we think today. What we do in the present will determine the future, and what we think about today can and will give us our status 4 to 5 years from now.
Some of us are doing great! Some of us are unfortunately not. Bottom line: we need to keep our heads up and live today like it would be our last.
As for me and my family we are very happy and are looking forward to the holidays. My wife Claudia and my kids Felipe & Angelica have a lot of joy and happiness in them. They make me laugh on a daily basis, and I try my best to give them love and laughter in return. We are hoping to plan a trip to Utah this winter for Angelica's 15 birthday, January 1st.
As for our careers, to put it in perspective, 2008 was like a tsunami that wiped out a lot of homeowners & colleagues. I've been trying to help clean up the mess. I helped people in foreclosure by short selling their home and saving their credit. I helped homeowners with adjustable rates that made their mortgage payment skyrocket to an amount too difficult to handle by modifying into a new type of loan. I helped buyers get into their first homes. I helped investors create new investments to recover from the bad ones they made. It has been a clean up year in my industry. I was not successful with everyone I met due to the challenges the lenders gave us, but it was a learning experience that will help me help more people in the future.
What's happening now? A lot of the same, but better news is starting to come up in the mortgage industry. The rates keep dropping. Two weeks ago, I was announcing that borrowers with loan amounts up to $625,500 were able to get a 30 year fixed rate under 6%. Today? Under 5.5%. Tomorrow? Could be lower. (Actually while I am writing this blog, we got a surprising jump UP in the rates. This market is very, very volatile.)
How can people benefit from this? Stay in touch with your loan representative. Your loan representative is no longer in the business? Make sure you work with someone who is very knowledgeable in this area and has experience from the 1990's or before. In the 1990's we experienced the same events of today, but in lower dollar amounts. You might notice the the majority of the loan agents still in the business today are ones who had more than 10 years experience.
What is happening today that happened in the 1990's? FHA loans are popular again. FHA are government insured loans that allow a borrower to get approved with minimal conditions. It is not a stated income program, which in my opinion was the main cause of our current economic condition(that and the inexperienced individuals abusing the system, making large commissions, and thinking about their pocket before the borrower's best interest). FHA is a program for first time home buyers that looks at compensating factors for an approval. FICO scores do not have to be great, but income documentation is a must. Unfortunately there are still mortgage predators out there (see December issue of Business Week magazine). Therefore stay in touch with someone you can trust.
REO's were big in the 1990's and they are back today. Who knew they would make such a huge comeback? When you look at the history of real estate back to 1900 and analyze the graph of real estate values, you will notice the incredible peak from 2000 to 2007. Our real estate values ventured into territories that were never seen before, and now our values need to come back down to reality as they have in the past year and will continue in the next.
So what's the good news? The price to borrow money will continue to drop. There is no other choice in my opinion. As unemployment continues to rise and real estate prices continue to adjust to the median income, money needs to become more affordable. Yes, unfortunately that will cause our U.S. dollar to drop in value, but are we the only ones in the world dropping in value? Absolutely not. All other countries are currently dropping and will continue dropping in value as well.
What we as a country have to look forward to is innovation. We've always been a country of ideas and originality. How many times have you been to another country and seen items, products, or fashions that we already seen 2 years before? We will always be ahead in the race or very close to other countries that are ahead because that is the way our country rolls.
Please feel free to post a comment or a testimonial if I have worked with or for you in the past. It would be great to hear from everyone I've met in the past and read your thoughts of today.
May you and your families have a wonderful holiday season and a prosperous new year!
Rick Izquieta
As for real estate and economic crisis, who can honestly say they saw all this coming? Well I invite you to comment on my blog. Especially if you are one who had conversations with me in 2004, 2005, & 2006. Maybe we knew each other through family, friends, work, community committees, networking clubs, training sessions, vacation trips, college, high school, sports, or today's famous way of meeting people...through the internet. I invite you to post a comment on my blog.
Why? Simply because it is a good way to socialize and learn in today's world. The internet has given us the ability to speed up the process of communication, and it would be very interesting to hear comments from people about what is on their mind today. It does not have to be about real estate, mortgages, politics, or business. Tell us about your year, what it taught you, and your experiences.
It's a way of trying to understand what everyone was thinking prior to the current market conditions, and maybe throw ideas out there on what the thoughts are on fixing the economy or other areas that need focus.
What we thought about 4 to 5 years ago is important on how we think today. What we do in the present will determine the future, and what we think about today can and will give us our status 4 to 5 years from now.
Some of us are doing great! Some of us are unfortunately not. Bottom line: we need to keep our heads up and live today like it would be our last.
As for me and my family we are very happy and are looking forward to the holidays. My wife Claudia and my kids Felipe & Angelica have a lot of joy and happiness in them. They make me laugh on a daily basis, and I try my best to give them love and laughter in return. We are hoping to plan a trip to Utah this winter for Angelica's 15 birthday, January 1st.
As for our careers, to put it in perspective, 2008 was like a tsunami that wiped out a lot of homeowners & colleagues. I've been trying to help clean up the mess. I helped people in foreclosure by short selling their home and saving their credit. I helped homeowners with adjustable rates that made their mortgage payment skyrocket to an amount too difficult to handle by modifying into a new type of loan. I helped buyers get into their first homes. I helped investors create new investments to recover from the bad ones they made. It has been a clean up year in my industry. I was not successful with everyone I met due to the challenges the lenders gave us, but it was a learning experience that will help me help more people in the future.
What's happening now? A lot of the same, but better news is starting to come up in the mortgage industry. The rates keep dropping. Two weeks ago, I was announcing that borrowers with loan amounts up to $625,500 were able to get a 30 year fixed rate under 6%. Today? Under 5.5%. Tomorrow? Could be lower. (Actually while I am writing this blog, we got a surprising jump UP in the rates. This market is very, very volatile.)
How can people benefit from this? Stay in touch with your loan representative. Your loan representative is no longer in the business? Make sure you work with someone who is very knowledgeable in this area and has experience from the 1990's or before. In the 1990's we experienced the same events of today, but in lower dollar amounts. You might notice the the majority of the loan agents still in the business today are ones who had more than 10 years experience.
What is happening today that happened in the 1990's? FHA loans are popular again. FHA are government insured loans that allow a borrower to get approved with minimal conditions. It is not a stated income program, which in my opinion was the main cause of our current economic condition(that and the inexperienced individuals abusing the system, making large commissions, and thinking about their pocket before the borrower's best interest). FHA is a program for first time home buyers that looks at compensating factors for an approval. FICO scores do not have to be great, but income documentation is a must. Unfortunately there are still mortgage predators out there (see December issue of Business Week magazine). Therefore stay in touch with someone you can trust.
REO's were big in the 1990's and they are back today. Who knew they would make such a huge comeback? When you look at the history of real estate back to 1900 and analyze the graph of real estate values, you will notice the incredible peak from 2000 to 2007. Our real estate values ventured into territories that were never seen before, and now our values need to come back down to reality as they have in the past year and will continue in the next.
So what's the good news? The price to borrow money will continue to drop. There is no other choice in my opinion. As unemployment continues to rise and real estate prices continue to adjust to the median income, money needs to become more affordable. Yes, unfortunately that will cause our U.S. dollar to drop in value, but are we the only ones in the world dropping in value? Absolutely not. All other countries are currently dropping and will continue dropping in value as well.
What we as a country have to look forward to is innovation. We've always been a country of ideas and originality. How many times have you been to another country and seen items, products, or fashions that we already seen 2 years before? We will always be ahead in the race or very close to other countries that are ahead because that is the way our country rolls.
Please feel free to post a comment or a testimonial if I have worked with or for you in the past. It would be great to hear from everyone I've met in the past and read your thoughts of today.
May you and your families have a wonderful holiday season and a prosperous new year!
Rick Izquieta
Saturday, April 12, 2008
Testimonials
The Following testimonials are from past clients I helped with refinancing their home loans, originate their new home loans, or given them real estate financial advice:
"Several years ago when I bought my house, Mr. Rick Izquieta found me such a great deal on my mortgage. I would highly recommend him. Thank you Mr. Izquieta."
Peter Yang; Burbank, CA.
Genesis Investment LP
"My Name is Paul Almanza. I've owned my property in Los Angeles for 9 years. I have refinanced my home a few times over the years. This past refinance (2009) which helped me increase the value of my home couldn't have been handled better than the way Rick Izquieta handled it. During these tough times in the real estate industry, I needed Rick's expertize to guide me in making the right decisions, timing, and due diligence to get me the best loan around. I recommend Mr. Izquieta to anyone who demands excellent customer service, honesty, and knowledge when it comes to refinancing or applying for a loan. I am a very satisfied customer."
Paul Almanza, Los Angeles, CA.
"My fiancé and I never considered ourselves real estate savvy but we did know what we wanted to accomplish in obtaining an Equity Line, paying-off high interest loans, investing in other real estate opportunities, and creating a financial cushion. Rick Izquieta's ability to understand our financial interests was reassuring and made the transaction turn-key for the both of us…..Thank You Rick!"
Jaime E. Parker, IQMax, Los Angeles CA
"We appreciate what a wonderful job you did for us. Your professionalism, courtesy and experience put us at ease. We are very confident recommending you and your company to anyone. Rick Izquieta, my loan officer, was patient, diligent and informative."
Henry Galoustian, http://www.myhealthagent.com/
“Rick is a very dedicated Home Loan Consultant. His follow through on the paperwork and the details needed to complete a successful loan made the process easy and understandable. He was available after normal business hours for questions and to make sure the process finished correctly and on time. I would recommend his services without reservation.”
Kenny Lund, Allen Lund Company
“Rick Izquieta was the perfect lender for my family. He provided me with several options that would fit my personal financial situation at a very low interest rate. Rick was available for my numerous questions during the whole loan process, and still provides me with information now that I am many months into my mortgage. Rick’s knowledge, availability and willingness to go the extra mile to get me the best interest rate would make me feel comfortable referring him to anyone"
Ray Cruz, Park & Rec. for City of Carson
Friday, March 28, 2008
Crook, inexperienced, or the honest knowledgeable professional?
When someone calls you on the phone, knocks on your door, or better yet referred to you by a family member or friend; how do you know they will put your interest on top of their priority list? How do you know they have any experience in the today's type of market (short sales, foreclosures, etc.)
It seems that no matter how hard our government tries to protect our homeowners, there will always be crooks out there. And no matter how hard our Associations of Realtors try to educate agents, some agents will try to take the short cut in their careers and not read books or study hard to be a knowledgeable agent.
With my recent experiences on helping people in foreclosure, I have ran into too many people that have been taken for an expensive ride.
In my daily field visits I find someone that was brutally abused for their lack of knowledge in the industry.
Yes, people posing as professionals have been stealing from innocent homeowners. I'm not talking about $5,000; I'm talking about $300,000!! And yes...I have been working closely with an attorney referring him these cases.
What is being done about these crooks? Are they going to be caught or are they going to continue living in their mansions enjoying the cash they thought they earned? We all know their little party will end soon.
So keep your eyes and ears wide open. Don't let your neighbor, family members, friends, get taken for a ride. They will still be out there trying to make a killing off of innocent homeowners no matter what the government does. And when you do get proof....report them! Immediately.
But also be very cautious to being quick to judgement. We, as agents and investors, are out there trying to be of service to the community and trying to make a bigger and better difference in today's homeownership reality.
We are only trying to clean up the mess the irresponsible business people left behind.
I recently visited a family who are tenants in a home being foreclosed. The property had over $450,000 in loans and the agent started listing the property at $380,000. However since nobody was making any offers and the time was running out, the agent lowered the price to $270,000. After that there was still no interest.
My investor/partner bought the property through a lease option to buy contract subject to the bank's short sale approval and I was there to collect rents from the tenant. (Yes, it's legal. If you want to how it's too much info to write so call me.)
However on my way to the property I thought to myself, if the investor is going to attempt to buy this property at $150,000; why don't I just ask the tenant a few loan qualification questions and see if he can buy the property. A good samiritan move....wouldn't you say?
I will go ahead and shred my investor's contract. My investor doesn't care anyways, he has been buying hundreds of properties these days.
When I arrived at the house the tenant's brother and sister-in-law were waiting with their arms crossed and looking at me as if I was some kind of crook. I walk in with my smiling face, sat down, and waited for the questions to come flying at me. (keep in mind, I was NOT wearing a suit and tie)
The tenant's brother has bought homes in the past and attempted to debate me and my transaction that my partner and I had already agreed with the seller, but little did they know that I trashed that contract and wanted to give the tenants the opportunity to buy a home at $150,000 that was probably worth $250,000. Unfortunately I can't guarantee the buyer will get this price, but I am there to tell them I am going to put all my efforts towards getting that price for them. The looks on their faces changed quickly.
In my 15 years of helping people buying, refinancing, selling homes, and investing in real estate; that is exactly what I've been doing.....helping people. Putting their interest first way before mine.
Afterwards the tenant's brother explained to me that there has been someone in the neighborhood taking advantage of buyers and sellers. I understood his reasons and we began to chat about the unfortunate mishaps in the industry. He shared stories with me and I shared stories with him. We ended the appointment having laughs and enjoying one another's time. Actually as I was leaving the appointment, the brother slowly approached me as if he was going to tell me a secret and he said in a low voice, "I'm going to want to buy another house soon."
The moral to the story: I passed their test.
If you feel a little uncomfortable with an agent or investor, the best agents and investors will speak in front of you, your father, mother, uncle, aunt, cousins, brothers, sisters, the family lawyer, or the family law enforcer. The best agent or investor is not afraid of anyone. Make them step up and take the test. The best and most honest always pass the test.
Thursday, March 6, 2008
The New Loan Conforming Limits and How to Finance in Today's market
We now have the new loan conforming limits. For LA County it will be $710,000 and $729,750 max amount.
What does this mean?
It means those homeowners who had loan amounts between $417,001 and $710,000 will now be considered comforming pricing instead of jumbo pricing. Today the difference has been anywhere from 1% to 1.5% on the interest rates.
Suprisingly the rates have not gone down. Unemployment is low, manufacturing is high, consumer confidence has not gone down, and signs have recently been pointing to inflation.
Tomorrow, Friday, should be a very interesting day. The Labor Department will release February’s Employment report. The best formula for the bond market and mortgage rates would be an increase in the unemployment rate, a large dip in payrolls and little or no increase in earnings. Current forecasts are calling for 0.1% increase in the unemployment rate to 5.0% and approximately 25,000 new jobs added. It will be a big day for mortgage rates tomorrow. If you are currently trying to refinance or purchase, you might want to contact your agent to find out if they can still get you the rate they promised or get you a lower one.
The loan guidelines between conforming and jumbo aren't much different because of the recent mortgage implode we have been experiencing. It is still challenging to get a home loan approved compared to 2 years ago. I still originate loans, but not a lot lately because this market is not demanding loans as much as it did before. Getting loans approved today is like driving a VW bug to Mexico with an elephant sitting shotgun.
This year there will be a lot of creative financing that will not include the lenders. The banks are too busy handling their default departments. Loan origination is still important for them, but they do not want any flexible demanding borrowers.
If you are a seller, have plenty of equity, and would like to sell; your best bet is to sell low or create a lease option to buy.
For those sellers who have a property that is free and clear, it is a great opportunity for you to become the lender by preparing a seller financing contract with your buyer. If the buyer defaults, you will own the property again. Why not make 6 to 9% of interest on your equity during these hard times? Makes all good sense. Remember to always consult with your attorney and CPA about these types of transactions.
Lately I have been learning a lot from a veteran real estate investor....something I've been wanting to do for a while now. I have been gaining great knowledge about getting through this market, and his plans go hand in hand with mine. I am very excited to share this with all my friends. Let's talk about it over a cup of coffee.
What does this mean?
It means those homeowners who had loan amounts between $417,001 and $710,000 will now be considered comforming pricing instead of jumbo pricing. Today the difference has been anywhere from 1% to 1.5% on the interest rates.
Suprisingly the rates have not gone down. Unemployment is low, manufacturing is high, consumer confidence has not gone down, and signs have recently been pointing to inflation.
Tomorrow, Friday, should be a very interesting day. The Labor Department will release February’s Employment report. The best formula for the bond market and mortgage rates would be an increase in the unemployment rate, a large dip in payrolls and little or no increase in earnings. Current forecasts are calling for 0.1% increase in the unemployment rate to 5.0% and approximately 25,000 new jobs added. It will be a big day for mortgage rates tomorrow. If you are currently trying to refinance or purchase, you might want to contact your agent to find out if they can still get you the rate they promised or get you a lower one.
The loan guidelines between conforming and jumbo aren't much different because of the recent mortgage implode we have been experiencing. It is still challenging to get a home loan approved compared to 2 years ago. I still originate loans, but not a lot lately because this market is not demanding loans as much as it did before. Getting loans approved today is like driving a VW bug to Mexico with an elephant sitting shotgun.
This year there will be a lot of creative financing that will not include the lenders. The banks are too busy handling their default departments. Loan origination is still important for them, but they do not want any flexible demanding borrowers.
If you are a seller, have plenty of equity, and would like to sell; your best bet is to sell low or create a lease option to buy.
For those sellers who have a property that is free and clear, it is a great opportunity for you to become the lender by preparing a seller financing contract with your buyer. If the buyer defaults, you will own the property again. Why not make 6 to 9% of interest on your equity during these hard times? Makes all good sense. Remember to always consult with your attorney and CPA about these types of transactions.
Lately I have been learning a lot from a veteran real estate investor....something I've been wanting to do for a while now. I have been gaining great knowledge about getting through this market, and his plans go hand in hand with mine. I am very excited to share this with all my friends. Let's talk about it over a cup of coffee.
Saturday, February 23, 2008
The Ride Down in Real Estate
I'm sure you get a lot of news today about real estate and mortgages, and how BAD it is. It really is not that bad if you know what you are doing.
To give a good example for today's real estate reality, I would like use skiing as a metaphor. Before 2007 (from 1998 to 2006) life for everyone tied to real estate (even homeowners) was like a very comfortable ski lift always going to the top. Imagine sitting on the lift, there is a beautiful view of the mountains, it's not too cold, and you are very comfortable. That is how life was in real estate before 2007.
Then came 2007 and you had to finally get off that comfortable lift and the only way down were the double diamonds. If you've never been skiing, double diamonds are the most difficult trails to go down a mountain. Just imagine going straight down.
But you don't know how to ski the double diamonds….how are you going to get down the hill?
Today in real estate we are on double diamonds and the only skiers getting down the hill are the ones who prepared for it. Sure there will be one or two regular transactions (skiers taking the lift down), but you can't deny the massive amount of foreclousures, short sales, and reduced prices that have recently been popping up.
When you look at historical real estate drops, the graphs always show a quick, hard, straight down drop. Much like double diamonds look like at ski resorts. So what do you do in this case?
If you are a real estate agent: get acquainted with short sales, explain to your sellers they don’t have the equity they thought they had, and start building your "buyer" inventory….there are a lot of great deals out there.
If you are a mortage agent: get acquainted with FHA, start reconnecting with those real estate agents, and brush up on those "full doc" skills and all other important guidelines…because the underwriters are being hung if they get anything wrong on a loan approval.
If you are a consumer: make sure your agent's knowledge is current. What do they know about foreclosures, short sales, new tax laws, loan modifications, banks closing & changing, guidelines changing, etc?
If you are an investor: GET READY TO BUY. MAKE OFFERS AND BE AGGRESSIVE.
As a buyer or investor you don’t want to sit on the bench and watch the team bring the prices down so you can then come in and have to battle other buyers in multiple offers. If you are planning to take advantage of this real estate drop….YOU NEED TO BE THE ONE MAKING THE AGGRESSIVE OFFERS AND MAKING THAT HISTORICAL DROP DOWN TO THE LEVEL YOU PUSH IT TO.
This is what I deal with today and will be dealing with tomorrow (for the next 1 or 2 years)….many banks are willing to sell a property to the first person who makes a bid.
So don't bother listening to negative news. It's time to take that chance down the double diamond. The only difference is you won't break a leg, instead you'll have an opportunity in making a great investment.
Question is…who is going to make it drop? Answer: buyer's demand.
To give a good example for today's real estate reality, I would like use skiing as a metaphor. Before 2007 (from 1998 to 2006) life for everyone tied to real estate (even homeowners) was like a very comfortable ski lift always going to the top. Imagine sitting on the lift, there is a beautiful view of the mountains, it's not too cold, and you are very comfortable. That is how life was in real estate before 2007.
Then came 2007 and you had to finally get off that comfortable lift and the only way down were the double diamonds. If you've never been skiing, double diamonds are the most difficult trails to go down a mountain. Just imagine going straight down.
But you don't know how to ski the double diamonds….how are you going to get down the hill?
Today in real estate we are on double diamonds and the only skiers getting down the hill are the ones who prepared for it. Sure there will be one or two regular transactions (skiers taking the lift down), but you can't deny the massive amount of foreclousures, short sales, and reduced prices that have recently been popping up.
When you look at historical real estate drops, the graphs always show a quick, hard, straight down drop. Much like double diamonds look like at ski resorts. So what do you do in this case?
If you are a real estate agent: get acquainted with short sales, explain to your sellers they don’t have the equity they thought they had, and start building your "buyer" inventory….there are a lot of great deals out there.
If you are a mortage agent: get acquainted with FHA, start reconnecting with those real estate agents, and brush up on those "full doc" skills and all other important guidelines…because the underwriters are being hung if they get anything wrong on a loan approval.
If you are a consumer: make sure your agent's knowledge is current. What do they know about foreclosures, short sales, new tax laws, loan modifications, banks closing & changing, guidelines changing, etc?
If you are an investor: GET READY TO BUY. MAKE OFFERS AND BE AGGRESSIVE.
As a buyer or investor you don’t want to sit on the bench and watch the team bring the prices down so you can then come in and have to battle other buyers in multiple offers. If you are planning to take advantage of this real estate drop….YOU NEED TO BE THE ONE MAKING THE AGGRESSIVE OFFERS AND MAKING THAT HISTORICAL DROP DOWN TO THE LEVEL YOU PUSH IT TO.
This is what I deal with today and will be dealing with tomorrow (for the next 1 or 2 years)….many banks are willing to sell a property to the first person who makes a bid.
So don't bother listening to negative news. It's time to take that chance down the double diamond. The only difference is you won't break a leg, instead you'll have an opportunity in making a great investment.
Question is…who is going to make it drop? Answer: buyer's demand.
Subscribe to:
Posts (Atom)
