Posted on September 11th, 2007 by Jeffrey Posner
You have to read this, I took it from Diana Olick’s blog on CNBC. Times are already becoming desperate!
It seems local New York City reporter Lou Young, of WCBS, came upon a story about two mortgage brokers in New Rochelle, NY, who lost money on an investment property and so, in order to keep afloat, turned the home into a brothel. They tried to sell, then tried to rent, but none of it really panned out. One can only assume the mortgage business wasn’t helping this couple either. The couple, and their four employees, were arrested, after police raided the home last Friday night. The officers were tipped to the brothel from a posing on Craig’s List offering dominatrix services, not to mention a grand opening special.
This couple of mortgage brokers were just trying to find some cash to float their loans, much like Countrywide I guess. It kind of makes you think. Thanks to Keith at Housingpanic for the tip.
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Mortgage Companies
Posted on September 10th, 2007 by Jeffrey Posner
Here is the time when the career jumpers are all leaving the industry. Countrywide has decided to lay off over 25% of their work force and others are soon to follow. This means on a local level too. If you just got into this industry and you are in it for the long haul then this is a great time to be in the business. As people in your office take new careers and “stay active” you can expand your business and “stay profitable”. Explore new areas and visit old customers who may have been stubborn to sell or list before all the news.
Realtors!
This is an awesome opportunity to get in to the short sale business. When a short sale is accepted by a bank, they will ALLOW a Realtor to get their commission paid even if they accept an offer lower than the property value. In the 80’s, when the market crashed, it was common practice for Realtors to do short sales. You DO NOT need to be a lawyer to work this transaction and DO NOT let a lawyer tell you that you need them. This is a normal practice, but only used a lot when the markets are down, so it seems complicated and foreign. Learn how it’s done and get your edge!
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Flipper Tips,
Realtors,
Techniques
Posted on September 9th, 2007 by Jeffrey Posner
Have we not been talking about this for weeks, even months. The data lag is finally catching up with the news in the industry, or is it. Think of it as a ripple effect, first the industry people working the streets start to feel and see whats going on. Most of the time this feeling is kept quiet, being that bad news directly effects their pockets. Then it’s rumored but never confirmed until some report with actual statistics is shown, which is actually from data 3 months ago.
So what does this mean to the investor. It means that you can stay ahead of the trend by playing the market just like the stock brokers do. Don’t buy or sell the news! Figure it out for yourself with local real estate professionals. If this news is 3 months behind, don’t you think they will be at least 3 months behind the news when it starts to go up?
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