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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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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Posted on November 30th, 2006 by Jeffrey Posner
BY: Jeffrey Posner
SheriffSalesOnline.com
So you have just successfully purchased your first foreclosure property at the local foreclosure auction and you wonder, now what? Well in most cases there will still be an occupant in the house who will now become your tenant. If the occupant is a renter things will usually be easier, but if it’s the homeowner it may get difficult. First thing you should do is make sure that the foreclosure sale you made is actually going to go through. In New Jersey there is a 10 day redemption period where the property owner can go to the sheriff and pay off the balance in full to get the property title back. So in many cases here investors may lay back a little until they know it is theirs for sure.
Once the sale is final, a great way to approach the situation is to offer the occupant money to leave so they can get a new rental. An eviction can be quite costly not to mention time consuming in the process so this can be a nice way of one hand washing the other.
In the case of disgruntled homeowners, you may be forced to proceed with an eviction. Just follow the normal proceedings and use a good lawyer. Let the legal process do its work, but make sure you file as soon as possible to get the ball rolling. If the occupant has children, financial issues or if it is just is close to the holiday season you are likely to be delayed. Typically, an eviction takes about 3 months if filed correctly and on time.
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