| Foreclosure, Modification, deed in lieu, "cash for keys", | | | | forward in this tumultuous market, the message for |
| HARP, HOPE, short sale,etc. These are the terms | | | | our buyers, sellers and investors should be that the |
| that have come to the forefront of the Real Estate | | | | window of opportunity will not remain open forever. |
| vernacular and that of society as a whole. Common | | | | If you're a short seller, you have to know that the |
| questions are " How did we get here?", "What do we | | | | banks will not be so forgiving, once the onslaught of |
| do now?" and "What does the future hold?". As Real | | | | foreclosures starts to taper off. If you're thinking |
| Estate professionals, we know that this is nothing | | | | about buying, you should be aware that they're not |
| more than another temporary market gyration, | | | | going to hold both interest rates and home prices at |
| ephemeral at best but knowing something and | | | | record lows for an eternity and if you're n investor, |
| conveying it to the uninitiated are unfortunately two | | | | you should be buying everything in sight! No one |
| different things. | | | | wants to be the investor who says " if I knew then, |
| If you're looking for a great piece of advice to tell | | | | what I know now, etc. Investors have the rare |
| your clients, something that will assuage their | | | | opportunity to see hindsight... up ahead. |
| concerns, a morsel so brilliant, it will have them | | | | When you sit down in front of your client, remind |
| believe that you are the greatest of geniuses and a | | | | them of the opportunities that this market creates. |
| true Guru's Guru, I will give you 4 words..." This too | | | | Remind your buyer of the homeowner who |
| shall pass". Too simple? Not the usual verbose | | | | purchased in similar turmoil, only to emerge victorious |
| explanation encompassing everything from the Hang | | | | upon market recovery. Remind your short sellers that |
| Seng Index averages, to how many toothbrushes | | | | while NOD's and NOS' are not the greatest addition |
| were sold at Walmart this quarter? The truth is that | | | | to one's credit profile, it will not be impossible for |
| it IS just that simple. We saw it in the eighties, again | | | | them to purchase a home in the future (irrespective |
| in the nineties and now it's once again our turn to | | | | of what the media is telling them), Give your |
| suffer the consequence of our sustained lucre. At the | | | | investors a math/ history lesson so that they will |
| end of the day, the piper is always awaiting payment. | | | | understand that every penny they spend today, will |
| So here we are, in the midst of a litany of client | | | | return in the guise of a nickel 3-5 years from now. |
| concerns. We try to mollify their fears by providing | | | | It's time for action! We have to inspire our customers |
| them with data. How many units have sold and at | | | | to respond to today's market conditions and convey |
| what price....How detrimental foreclosure can be to | | | | concisely that inaction is the only bad move. Buyers, |
| their financial well being and how bankruptcy is a | | | | short sellers and investors all benefit from the current |
| permanent fix for a temporary problem but when it's | | | | economic climate, and as we know, when hindsight is |
| all said and done, the only thing they really need to | | | | actually hindsight, it's infinitely more difficult to act on. |
| know is that " This too shall pass". As we move | | | | |