Successful Short Sales

Short Sales are being done successfully, legally and with full disclosure to all parties all over the country by sophisticated real estate agents and investors working together. They recognize that the best buyer for a default seller who has listed the property with a real estate agent is a wholesale real estate investor skilled at navigating the complexities of the short sale process and who has the patience to bridge the gap between short sale reality and retail expectations.

          

Come Home

This post is a little different than most of the others.  It’s written for a friend.

Come Home

When the struggles of your day are greater than you can bear – you know it’s time [to come home].

Jesus promised the load never too heavy, the burden is light with Him.  When it’s too heavy; more than you can stand you know it’s time [to come home].

[He Says:]  My yoke is Easy and my burden Light – When it’s not you know it’s time [to come home].

-          -

I have run the race.  I have fought the good fight – I have finished the course.  Now, it’s time [to come home].  Jesus give me Dying Grace, Help me finish up the Race.

Make my life [to] leave a Trace – of your Amazing Love; Amazing Grace.

How sweet the name of Jesus – sound that brings me Peace – He leads me in Pastures Green; beside the Quiet Streams.  It is Well with my Soul.

When the Race is Run and the Prize is Won and the Path is Done, I will see Jesus Face to Face.

Don’t Cry for me; I’m with Jesus.  I have Finished my Race.  I have completed the Purpose God Created me for.  Now it’s Time for you to Go Forward – Your Race is not finished Yet.  Your Goal has Not been Reached.  Jesus is not ready for you in Heaven Yet.  Press On.  Go Forward.  Move On.  Jesus is the sweetest name you know.  When it’s all said and done, it’s the People you Know and Love who Matter.  Put a sticker on everything you see.  Either it’s a Relationship and lasts forever – or it’s Stuff that is only Temporary.  Live for the Things That Matter.  The Stuff all goes Back in the Box.  When the struggles of your day are more than you can bear –you know it’s time [to come home].

-          -

Gone Home.  The Door is Open For You.  I’ll be Waiting for you There.

White Knight, March 2, 2010

          

Happy New Year!

Byron T Watts   www.ByronWatts.com

My team and I have been specializing in short sales for more than ten years and are currently looking to purchase more properties.  I prefer commercial properties, luxury homes and houses that are above median price for the area and will consider working on overleveraged properties in almost any area.

I’ve been receiving tons of emails asking me to explain how my process works.

If you have an overleveraged property in mind and the seller is headed toward foreclosure I can often help.  My team will purchase the property AND negotiate with the bank so you don’t have to spend your valuable time on hold with the bank.  You can focus on what you do best; finding and getting more properties SOLD!  We work with you or your Realtor to list the property and take it to closing.  We fully disclose everything to the bank and our legal team makes certain we are compliant.

You might have another kind of deal, perhaps one that doesn’t require a short sale.  If you have a discounted property and need to find a buyer call me directly at 507-319-5788.  It’s the best way to reach me.  Let’s review the scenario together, and put a plan together to take the deal to the closing table!

We have a Title Company that will close in all fifty States.  They are familiar with our process!!

We can fund Short Sales, REO’s, foreclosures, multi-family and commercial properties. 

You might have another kind of deal, perhaps one that doesn’t require a short sale.  If you have a discounted property and need to find a buyer call me directly at 507-319-5788.  It’s the best way to reach me.  Let’s review the scenario together, and put a plan together to take the deal to the closing table!

Byron

832-592-7853
507-319-5788

248-598-0004 fax

          

Too Much Debt

Do you know anyone who is struggling with too much debt?  If you do, I know something you should tell them TODAY.  Unsecured debt can be significantly reduced and the balance can be paid off at ZERO percent interest.  For example, if your friend were to owe $100,000.00 in credit card debt…and many people do, they could have that debt reduced to $40,000.00 and make arrangements to pay that balance off at ZERO percent interest.

Is it better to pay $100,000.00 at 30% interest, or $40,000.00 at 0%?  I suppose it depends on the ability to pay.  If your friend can carry the debt load at normal bank rates and pay the 30% off quickly enough, they’ll be fine.  Most people discover that $100,000.00 (or perhaps even more) at 30% interest rates will take a very long time to pay off. I know.  They signed on the dotted line.  They promised to pay back the borrowed money.  Things just didn’t work out that way so far.  The credit line has dwindled.  The resources to just cover the interest grew and grew.  Maybe they missed a payment.  When someone misses a payment the friendly bank commonly jacks up the interest rate on the entire credit balance.  They also reduce the remaining credit line to “reduce their losses” it seems.  When the credit line is reduced and the interest rate jumps up to 30% or even more in some cases, your friend will be buried by the bank.  Not exactly a friendly banker picture, right?

Fortunately, the United States does not treat debt as a crime.  We really do have options.  The credit card company might offer a reduced interest rate and lower payments while you get back on your feet.  Keep in mind that this is after you’ve been run through the ringer.  They’ve already made several annoying phone calls and told you to pay (the call frequency can reach several calls in a five minute period).  It’s amazing sometimes how much the bank is willing to work with someone to keep them buried in credit card debt for a very long time….after they’ve jacked up the rates and cut off the credit line.

The best options for credit card debt ARE NOT the ones the credit card companies are offering to people with too much debt (SURPRISE!).  The best opportunity is NOT credit counseling.  It’s NOT bankruptcy in most cases.  Credit card debt can be handled much better using debt resolution.

Bankruptcy NO – Debt Resolution YES

Debt resolution is the process of negotiating with the bank to reduce the credit card debt.  It also removes many of the blemishes from the credit report.  You and your friend can take advantage of a clean slate much more quickly when the balance remaining is paid off at 0% interest.  Every nickel that is paid toward the debt is actually going toward the debt, not the banks interest…at 30%.

BAILOUT FOR WHOM?

The banks got their bailout.  Most of them are swimming in money provided by government bailouts.  Debt resolution is one way that YOU and your friend can be bailed out.

Imagine having NO credit card debt.  The freedom of being debt free can be yours much sooner than you thought possible.

Sign Up Today

There are several things I’m asking you to do.  Sign up for debt resolution by clicking here.  If you need it, you can sign up for credit repair by clicking here.  Our legal team will assist you or your friend to have much less debt and a significant improvement in the credit score.

CLICK.

It’s very easy to get started.  It does have a cost, but the cost is significantly less than paying off that credit card debt at 30%.

Real Estate Tip:

Be debt free as soon as possible.  Sign up for debt resolution.  You might not need debt resolution, but you can sign up for credit repair to make serious improvements to your credit score.  Tell your friends to sign up TODAY.  Those heavy debt burdens can be significantly reduced more quickly than you thought possible.

          

Never Give Up

One of the more famous speeches of the twentieth century was given to a group of people who were at their lowest.  The hope of survival was seriously in question as the power of the enemy rained down on them.  The only hope of World War II Great Britain was hope.  Winston Churchill spoke to a hurting nation.  The only way that the nation could survive the attacks by their enemy was to NOT QUIT.

Quitting

Quitting is sometimes a habit that protects us from the consequences of success.  We start projects with the intention of succeeding; the project might go smoothly, or poorly.  Some people are wired to either win, or quit.  Others are wired to fail and do so by quitting.  Success is just too scary for many to consider that it might be possible for me.

Comfort Zone

The way we are raised sets our expectations for what we can get out of life.  Any time the results that we see happening around us do not match those expectations, our systems adjust our actions to match the expectations.  This is a bit like a thermostat that sets the temperature for your home.  If the temperature drops below the level you’ve defined for your comfort zone, the thermostat turns on the furnace and warms your environment till you are comfortable.  If the temperature rises higher than your comfort zone, the air conditioner kicks in to lower the heat level till you are once again comfortable.  When our personal comfort zone is threatened by too much heat, or cold, our body kicks in to take action.  We will generally do anything to avoid changing our comfort zone.  Once you realize that you are being controlled by your comfort zone, intentional adjustments to your expectations can be made to radically change your results.

Results

Results are the things that are most measurable.  Are you seeing the results from the investment you’ve made in yourself?

You do invest in yourself, right?

Real Estate Tidbit:

The adjustment in the market has caused a great deal of news.  Foreclosures are at an all time high.  Short Sales are a solution for the Foreclosure problem.  Many homes have lost a significant amount of value since 2006.  The media drives our expectations of what is happening around us.  If everyone stopped listening to the news, the problems around us would tend to be less severe….  Your house value would decline less, because public opinion is the primary reason that your house went down in value in the first place…on the other hand, your house value might also increase less.

It is the best time ever to buy a house.  It might never be this good again.

I have three cash flow properties available that you can consider if you need to add property to your portfolio.

          

Luxury Short Sale Submission

My team works with you the Realtor to find the houses that meet our buying criteria.  We always use you as the listing Realtor or Broker for any lead that you bring to me.  We want to build a long term relationship with you that includes many successful transactions!

We need to work directly with the homeowner and with the lenders.  As I mentioned on the phone, we put a contract on the property with the homeowner and list or relist the property with you as the listing Realtor or Broker.  We know that your expertise in selling properties is extremely crucial in getting these houses sold.

Currently I’m focusing on houses that are over $500,000 – $600,000.  In some markets, the number might be a little higher than this.  The house should be several hundred thousand over the median price of the area.  Houses that have prices significantly higher are very interesting.  I’m currently not as interested in Condo’s.

I have a list of things I need to know about each house and owner.

Property Address:
Property City:
Property State:
Property Zipcode:
Property County:

Owner names:
Owner address:
Owner phone:

Listing type information is helpful:
Bedrooms:
Bathrooms:
Square feet:
Year built:
Pool:
Garage:
Currently listed?                       List price:
Property Condition (brand new, excellent, good, fair, poor, teardown) : 
Reason for selling:

1.  Comps for the property.  The comps should include the subject property side by side with recently sold properties.

• 3 low comps; compared to the subject property
• 3 high comps; compared to the subject property
• 60-day Market sales price – We need to know the price that you believe the property will sell quickly for in 60 days

      The low comps and high comps need to be on separate CMAs.
2.  Are you confident about the 60 day sale price?3. 
3.  Is a sheriff sale scheduled for the property?  If so, when is it scheduled?
     – We need some lead time to get a sale postponed if it has been set.
4.  How desirable is the area?  Is the area a hot area for easy re-sale?
5.  Is the seller clear, will there be any problems recording a Deed?
6.  What type of loans are currently on the property?

• First mortgage balance:                                                   Lender:
• Second mortgage balance:                                              Lender:
• Third mortgage balance:                                                  Lender:
• Fourth mortgage balance:                                                Lender:
• Taxes Annual amount:                                         currently owed:
• Special assessments:
• IRS liens:
• Other liens?  Please list them and the lenders:
• HOA or Condo fees:

7.  Are any repairs needed?  If yes, please list repairs and estimated repair cost:
8.  Is the property vacant?
9.  Is the property decreasing in value at this time?

Thank you!

Byron
507-319-5788

          

I Think I Can

One of my favorite stories as a little child, and one that I enjoyed reading to my children; The Little Engine That Could.  Do you recall the story?  Watty Piper wrote a story about people that pretty much matches real life.  He used train engines to tell the story.

There is a problem that must be solved.  The children on the other side of the mountain won’t have any toys or good food to eat for Christmas if the trainload of gifts isn’t delivered before morning.  It’s Christmas Eve and an array of engines is asked to do the task of pulling the gifts over the mountain.

The first engine asked to help is too old and tired.

The second is too rusty.

The third is too busy.

The fourth is too conceited for such a low grade “job”.

After working through the list of engines most likely to get the job done, we meet the Little Blue Engine.  The Little Blue Engine isn’t very big.  The Little Blue Engine has never even been over the mountain.

But…

The Little Blue Engine will succeed because; “I Think I Can!”

If you think you can or you think you cannot, you are probably right.

Yesterday I talked a bit about Belief.  The way you and I think is a direct reflection of what we believe.

Change your Results by changing your Thinking.  Your Thinking builds your Beliefs.  Your Beliefs generate your Actions.  Your Actions cause your Results.  If you need different results, you need different thoughts.

Can you do it?  Are you stuck?

The Decisions we make based on how we choose to Think bring about the Actions that can Change The World!

I’m rooting for you.  We’re all growing together.

Real Estate Tidbit:

Did you realize that a Contract for Deed (or Land Contract in some states) is considered a sale for tax purposes and qualifies for the up to $8,000 first time homebuyer tax credit?

You need to be careful about filling out the forms because this is an IRS thing, but you can turn your Tenant into a new home buyer if you do it before December 1, 2009 and get the paperwork filled out properly.

          

I Believe

“I believe that Jesus is the Christ, the Son of God. “ – Philip
“Lord I believe. Help my unbelief.” – a desperate father

What do you believe?

a. “The earth is flat.”
b. “The moon is made of cheese.”
c. “Sticks and stones may break my bones, but words will never hurt me.”
d. “I will be like God.”

The things we believe make a huge impact on who we are.

A. Columbus chose to believe that the world was very un-flat. He put his life and the life of his crew on the line to adjust our understanding and change the world.

B. NASA and the crew of Apollo 11 proved to the world that the moon is definitely not made of cheese. One small step for man and a giant step for mankind changed the world. Space travel is no longer a mystery.

C. Sticks and stones can indeed break bones. It’s that second part that we sometimes struggle with. What mechanisms do children and adults use to protect ourselves when we are threatened? We generally choose one of two options:

1. We become bigger than the threat or problem
   – The fight reflex
2. We become smaller than the threat or problem. We pretend that the threat is insignificant or that we are insignificant and should be left alone
   – The flight reflex

We might pretend that words can never hurt us, but, they usually do.

D. If you’re not familiar with that other belief I mentioned, look it up. It has caused nearly every problem faced by the human race since the beginning of time.

“For the believer there is no question. For the unbeliever, there is no answer.” – Anonymous

A Safe Secure Job

What we believe determines to a very large extent what and who we are. My belief that Real Estate is a very important part of my current and future income and financial security causes some of my friends and family a great deal of concern. We are all brought up with the notion that going to school, getting good grades and subsequently getting a safe secure (good) job is the only sane option available.

Speaking with friends and associates who recently lost their job invariably results in comments about looking for a new job; another employer.

Do you believe that your only chance for success is a safe secure job?

An Alternate View

“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw

As one who spent a number of years following the traditional path: went to school – got reasonably good grades – got a safe secure job with benefits. I look forward to years of unemployment. There are a number of valid ways to pay the bills and get benefits without signing on with your favorite local (or even international) employer of the year. Knowing the basic rules of the business makes me anxious to generate my income in other ways. Investing in Real Estate is one of the ways I will generate the funds my family needs to support our lifestyle. Doing business on the Internet is another way we will pay the bills.

Rich Dad Poor Dad

Robert Kiyosaki wrote the book that introduced many people to the business of Real Estate Investing. I found one portion of the book most interesting and helpful. Rich Dad introduced his young protégés to the interview process telling them to, “choose which side of the table” they wanted to sit on. The employee sat on one side essentially justifying why they should be given the opportunity to work. The employer on the other hand enjoys the luxury of inspecting each applicant. There is no obligation for the employer to hire and of the applicants. The person clearly in charge in this scenario is the employer.

Which side of the table do you choose?

Real Estate Tidbit:

Did you know that you can own Real Estate without spending a dime? You can also own Real Estate and have the seller pay you to take their house. Here’s the thing. If you choose to be a landlord, you must always have cash available to take care of issues that come up with properties. Keep in mind that while Cash is King you also need Cash Flow to succeed in Real Estate. If for some reason you have a vacant house, you have added cash flow needs to keep that house. Winter is the worst time in a cold climate to have an empty house. Never pay too much for an investment property. If you have a house that costs too much, it will bring you trouble. If you ever have monthly payments that are higher than market rent, you will also have trouble…eventually. Trust me.