OfflineWe have heard that the current market will turn. There are situations in our world that will create bumps in the road such as Dubai. The market will turn, however. When it does you will need to be prepared for what will occur.
Sometime soon we will see banks accepting short sales quicker as well as REO's. Many have seen that the market for buying bank properties has slowed if not even come to a halt.
Banks have been given a lot of leniency from the government and I feel that they government is getting sick of the delays of lending and delays of selling properties that banks have given.
For most investors we receive acceptances here and there on properties and for many of us we see that our short sale offers are put on hold. I myself have 22 offers waiting for bank acceptances right now.
If you are like me and have a lot of properties in the wings you will want to ask yourself what will you do if they all get accepted - say after a government intervention?
I suggest that you start planning now. How will you use your exit strategies? What about multiple buyers. Could you handle a larger load?
If you are just starting consider that many banks will hold offer for a long period before acceptances. This may be of great use for yourself.
Enjoy and make this market the best it can be for yourself. If you are prepared you shall succeed.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
If and when this happens, will it cause property values to drop considerably?
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This is one great info. A lot of us will be keeping an eye on this. Thanks for sharing. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
The answer is yes property values will drop. This is a big reason that the government does not want to put all the requirements back on the banks at one. This also why the government has put moratoriums on properties actually restricting how many and when properties can be listed for sale in certain areas. Too much supply will decrease demand and property values will drop.
Even though we know that property values will drop look to see more restrictions being enforced at a pace that will be reasonable. You will then see better progress on the bank properties.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Think they will let go of some of these short sales before 2009 is up to get some of these "off the books" before the end of this year?
"Be very careful, then, how you live- not as unwise, but as wise, making the most out of every opportunity..." Apostle Paul writing to the church in Ephesus
Makes you think of what the future holds for us. I am optimistic that despite what happens, we will come out winners. Our job now is to devise strategies of how we intend to make our lives better through real estate. I want to stop living pay check to pay check from this very minute. To our success, God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
That they are waiting until next year because they don't want to show the losses right at the end of the year so we can only hope there will be more listings after Jan 1 2010 !!!!
That's the problem right now -- The government getting the money through the banks , to the public.
I do believe in 2010 that will change.
Randy
I tend to think both that the banks need to finalize some sales for accounting, write-off purposes before the end of the year as well as starting next year to dissolve the losses in the rest of the year will be true. Just this month I have seen more activity on my short sales than I had for the 6 months previously put together.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125