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Marte Cliff
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The e-zine Archives
New to Real Estate Help?
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There's nothing so certain as change...
Dear Friend,
We've been hearing it for months now - huge numbers of foreclosures are coming in the wake of over-zealous creative financing.
You'll see that as good news or bad, depending on your market. Usually a glut of foreclosed properties drives prices down, at least until they're all sold. And when there are cheaper homes for sale you're apt to get an influx of investor-buyers in addition to families looking for homes.
But your listing clients aren't going to be happy when that happens.
So that you aren't considered the one to blame, it might serve you well to start preparing your sellers to face that kind of competition. You know that you can't control market conditions, but unprepared sellers don't always understand.
The other change coming now is a tightening in creative financing. After reading about it in a real estate forum, I checked with my favorite lender to be sure. The answer was yes, many of the programs are going away. For instance, a buyer with poor credit is no longer going to be able to buy with no money down. At least not right now.
As far as she knew today, lenders are still allowing sellers to pay 3% of the buyer's closing costs - so prepare your sellers ahead of time for that as well. When buyers are struggling to come up with down payment money, more of them will be asking the seller to pay everything allowed.
You might not tell the buyers they can do that, but lenders wanting to close loans will tell them. So be prepared.
If you're still trying to carve out your own place in your real estate market, be sure to read my eBook: Getting Clients. It will help you establish yourself as THE expert in your chosen niche while it teaches you to market yourself for maximum results. If you'd like to earn more commissions while having more time for friends and family, read Getting Clients tonight!
The book costs less than a typical closing gift - and will help ensure that you have to buy lots more closing gifts.
Until next week - happy selling.
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