Contrary to popular belief 100% financing is still alive and well. I had a closing yesterday on one of my listings in Dundee Fl. It wasn't easy and it took 71 days to get ‘er done but we did. This was one of my listings and I was also able to help the buyers. Very nice folks on both sides of the transaction. It was a deal where the Buyer walked away from the closing with keys to their new house and a check for $500!
Yep.....that's right. They bought a house and got a check. So 100% financing is certainly alive and well. This was a very difficult deal due to the fact that the Buyer had no credit score, no credit cards, no car payment and her utilities were included in her rent so she didn't even have utility payments in order to build credit. In fact, the only "credit" line the mortgage broker was able to use was a judgment that the buyer had been paying on for the last couple of years.
However, the Buyer does have a good paying job and had no debt. So thank goodness for FHA and Ameridream. The Seller was able to gift the down payment of 3% through Ameridream and was also able to contribute 6% towards closing costs. All parties involved were very patient and did every thing they could to get this transaction closed. It really makes things easier when we are all on the same page and working towards a common goal.
I don't normally work with Buyers but must say it sure was helpful to be in the loop on the Buyer side. I'm not sure I would have been as patient in waiting 71 days to get this closed if I didn't know exactly what was going on, on both sides. All things considered, it was a very smooth transaction.
Now folks, as you know, I am always trying to help you guys in your businesses and I love sharing what I know. There's a reason why I'm successful and it's not as complicated as you might think. Anyway, I made this little video that will give you Broker Bryant's secret to success. Take notes and apply it to your business and your struggles will be over. Until next time......
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Reserved Parking For "The Lovely Wife"...TLW...ROAR!
Blog Boy...
Ooops. Sorry. I forgot all about you. LOL.
Now that I didn't actually comment first I love what Rich said...Please don't expose yourself. Pretty please?
Okay. So I like the video too. Good coaching babe :)
TLW...ROAR!
BRYANT - This one made me laugh. It caught me offguard, which is really the essence of good comedy. Congrats on your closing, and on your attractiveness to your clients.
I think it would've been a better headline just to read "Broker Bryant exposes himself!"
Haha! Beautiful, yes people, 100% financing is very much available. And "Alt A" is making a come back. If you don't know "Alt A" is "smart non-prime" loans that make good sense for buyers who can. We're doing quite a few Alt A loans as I type. Thanks BB you are the consummate entertainer! Is that a double dip I see there? ;)
Hmm ... was the check for $500 from the closing, or from you for that glowing testimonial? :)
BB,
Congrats on the closing!..I just had an offer on an REO property ...the listing is mine...the buyer wanted the seller to pay an 87,500 gift of equity but sell the house for 50K more than the list price because the buyers % of financing could not work. I was suspect to this deal and would go more into detail with you at another time but was this similar? Usually a gift of equity is done between a relative and this was a bit more.
list price $299k
2K down
gift of equity 87,500
financing 262,500
cash to close was minus 2K
purchase price based on 260K net after these costs...buyer would pay seller closing costs above the 260K purchase.
The wierdest part was when I called to find out why they didn't even call me to tell me they were sending the off I wanted to talk to the Realtor(R) she didn't even know about this deal...yet her name was on the fax and the contract offer they sent me...it turns out another agent put the brokers name on it..why would they do this if they have license? At least your people sounded honest and kept close tabs on the situation.
What is wrong with this picture?
Neal, Everything is wrong with that deal. Don't do it. It's fraud any way you slide it. This gift was handled through Ameridream(Oops just noticed I wrote keystone). Ameridream is a nonprpfit and is sanctioned by FHA. Totally legit and above board.
That threw me off too but somehow I knew that line was coming. Great job and you certainly sound like you have satisfied customers.
Hi Jay, Thanks for stopping by. It was a very good transaction. Smiles all the way around.
Rich, I do like you title better. Oh well I can't always be brilliant:) The buyer LOVED the video. Folks like being on the Internet.
John, They cooperated because I'm soooooo good looking!
Ken, I actually gave the seller a reduction in commission to help with the gift through Ameridream. I NEVER keep full commission when I have both sides.
Thanks Jason. The video cracked me up too.
Excellente! I'm going to check out the video when I get home.
TOO TOO TOO FUNNY! I noticed the dude didn't say you were good looking though :) He was thinking it, right?
You are something else... you got them to say you're....sooooo good looking..hahaha. Thanks for the laugh. Congrats on a successful closing and this is what it's all about!
P.S. They got the 500 bucks because you had to pay them to say that! ahhahahaha.
Ha!!! I believe that you're a closet Buyer Broker.
That was very cute. LOL I never had any doubt!
Congrats! I have a deal closing soon at 100% financing as well. I have a couple of others in the works too. It is still out there for people to use. In our area we have up to 20k for down payment assistance if the buyers qualify it's been useful.
BB - There was never any doubt in MY mind. And we all know what TLW thinks. BTW I liked Rich's suggestion of a title better. :) Was that check the payoff for the video?
eff
Fun, fun, fun, so you do occassionally work with buyers, huh ?
BB,
Of course it is fraud...we both know that...I even asked Brian Brady and he seemd to agree:)
HAHAHA! They obviously haven't seen Bertha!
I just knew it! You are so sexy I can't stand it any longer. But.... I'm afraid of her gun!!! (maybe she'll share??)
Wait a minute here...I thought you didn't do both sides of the transaction (represent both buyers & sellers)? Or was this different from dual agency?? Now I'm all confused.
Lucy, you've got some 'splaining to do...
Any-hoo I loved the video, it totally cracked me up! Congratulations on a successful closing!
The Who have a song about a real good looking boy. It's about Elvis. Roger, John and Pete were all Elvis fans when they were kids, and they wanted to look like the King back then. That's what the song's about, Elvis, not Broker Bryant.
The secret to your success is likely billie... did you give her that $20?
BB - I was in a meeting today where a lender informed a room full of agents that as of November 1, 2007. the down payment gift/assistance programs (such as Ameridream) will cease to exist. This is going to put a serious crimp in the ability of some buyers to attain their dream.
I was very disheartened to hear this news. I'm glad you got this pulled together before the option disappears.
Good job.
ROFLMAO...caught me off guard there!
Bryant - I saw TLW in the background with that gun.
So nice to hear great news like this. And you are sooo good looking! Everyone says so.
whoo hoo good for you.... I have the prefect home for 100% just gotta find the buyer - thanks for giving us all faith
Great post BB we wouldn't expect any other answer... :o)
Bryant - you stole my idea, one day before I debut a video myself. I just got me a new digital video camera and had a buyer record a testimonial for me. Nothing in writing can compare to see them saying themselves.
I always suspected that was why you were so successful. Now we have the proof.
Very Funny!
I was expecting something totally, different of course - Great Surprise
Hey, I want to know . . . How much was that house?
But of course! I knew that was coming! LOL Congrats on gittin er done Broker Byrant! Good Job!
Come 'on Bryant, that's old news. We see your picture every day. Lot's of professional jealousy going on out here.
Great Post - The majoritiy of the homes I sell are still 100% financing the catch. Great Job, decent credit, and a little money in the bank!!! In NC we have a similar program to the Ameridream. Great photo I think I may start doing this at walk through.
Yeah...
That's it...I held a gun to their head :)
TLW...ROAR!
Thanks for sharing this success story. Congratulations too!
How funny! Thanks for the good laugh. Congrats on being able to work both sides as well.
I have also done previous deals being the listing agent and writing offers for buyers and it is so nice to know all the details going on for both sides of the transaction. Sounds like you did an excellent job and all parties were happy.
Bryant, my side hurts from laughing so much! And your buyers faces on that video said it all!
TeeHee!!!!! OK who featured this crap? THANKS!!!
OK for the ones who asked, I rarely work both sides of the transaction. In fact this was my only one this year. In Florida I work as a transaction broker so I am NOT practicing dual agency. Dual agency has been illegal in Florida for about 10 years.
This house is located in Dundee where I live. I don't do business in Dundee but the owner of this property was a young lady that contacted me off of a Google search. I have a Dundee PO Box so that's where she found me. I met with her with full intention of referring her out but I really liked her a lot and she is so young and had never bought or sold real estate before I wanted to make sure she was in good hands. She inherited this house from her parents who had passed away over the last few years and it is the house she grew up in.
The buyer contacted me off a sign call and lives just a couple of streets down from where I live. She has two young children and really wanted a place to call her own. So I showed her the house and she fell in love with it. Wrote the contract the next day and that was that. You can't tell from the picture but its actually a cute little house on about 1/3 acre and has an in ground pool in the rear.
I put it under contract in 20 days at $145,000!!! It was meant to be.
OK I swear I didn't coach the buyer at all in the video. I just said be honest and let these nice folks know why you hired me. That's it:) OR NOT!
You totally had me on this one...I clicked on the video expecting a glowing testimonial...clearly your clients are as fun as you and TLW!
Bryant,
I knew it....we all knew it! ;) Don't forget TLW's shopping money....
Congratulations to your buyers on their new home!
NOW we know why they got a check for $500.... LOL
Good job Mr. Good Lookin'
Where are those depends??? ROTFLMAO!! That was genius BB, just genius!! Please Congratulate your customers from us (we must have the same closing agent because they have the same paintings on the wall...)
Glad to hear that your good looks are the reason for your success!
I don't know which I'm more impressed with the 100% mortgage for buyers with no credit or your good looks! LOL Very clever post!
Congrats on your closing...I working on a long one now. Hope I can finalize today..The buyer is in Australia.
It sounds like the rewards were worth the wait, both in a commision and in being able to help someone get that first home. Good job and good post.
BB,
Your Good!!!! I didn't see that one coming :0) did you see the look on her husbands face ;0) Be cautious my Friend, you got that face only TLW can Love.
Tom Weiss
Got me on that one! I might have to get a good halloween costume now to make me look better!
What can you say...the proof is in the pudding!
Bob Mitchell
ValueList Real Estate Services, Inc.
BB, Hot Damn! Now there is hope for me too. Thanks for blazing this trail to success.
Bill Roberts
Thanks BB for that....I should start getting video testimonials too....fun idea ;)
You kill me!!! You just kill me! Just when I thought I was about to discover the greatest piece of information in real estate world, you pull that one. Dern. :))
Oh yeah, Bryant, pay em $500 to tell us how good looking you are. I guess when you close both sides, you can afford to pay $500 for such a glowing testimonial. ;-P
Congrats on the closing. It's great to hear that 100% financing is still out there and that you're helping people make their dreams come true. Great job!
And here I thought we needed to do our jobs well and be ethical, price the properties right, stage them, get every buyer on the East Coast to see it and make offers. And all along, I just really need to be cute??
Damn.
BB~ You're too funny! This for you:)
Bryant,
Great story ... makes me proud to read that their are agents willing to work to help their clients ... many would have walked away because it was too much work for the money.
Yeah....that's why the only thing she said was you're sooo good looking....sure, uh huh. right.
That was a good laugh. My brother in law is looking at me funny since I laughed at loud at the computer. Glad I wasn't at the coffee shop reading this!
Bryant, your cousin Miranda looks great on camera. ;->
Thanks for sharing this success story.The video totally cracked me up!
Hey......finally I made it back here. Busy day today!! That's a good thing though. It's 7:15 PM and I just now have a chance to play(work) on ActiveRain.
As always I'm very pleased you guys took time out of your day to read my post. I hope my little video gave you the secret you need to be successful. Your success is my goal. Now where did I place my mirror:)
OK I'm going to go read and comment on some posts. So look out I may be coming to your neighborhood soon.
BB, Perfect way to work with buyers...when you are on both sides. Congratulations to you, your seller and the buyer. Oh and you are soooooooo good looking. All the best to you and TLW!
Ameridream is a great program! I've closed a few transactions with HART and FHA financing to a similar effect and almost no out of pocket costs. These really are great financing options...
Finally, Broker Bryant, you have the truth out of the clients' mouths. No more speculation, thank goodness!!!
That so fits your personality - that's awesome that your buyers participated - hope you all had fun!!
Hi Margaret, Thanks for stopping by. I hope all is well with you.
Hi Sara, I've been seeing quite a few more of these assistance programs since subprime has fallen off. I have a deal right now where the buyer is getting a Keystone grant of 20k on a $170,000 purchase. That's a pretty big chunk of chnage to not have to pay back.
Christina, This entire deal was fun. The buyer and the seller were both very sweet young ladies. Very smart too. Made my job easy.
That's hilarious. I also went to your site. I watched your "List Your House for Cheap" video, too. Funny stuff.
Your right broker bryant, I am 100% hetro but after seing the clip I think I might jump that fence and come see ya.
Take care!
RJH
Hi Joshua, Hope I made you smile. Our business can be fun!
Robert, Don't feel bad my friend many men feel the same way:) It's a curse I have to livwe with!!
BB - Wow - it must be easy when you are SOOOOOOOO Good Looking - it's just not FAIR - I'm going to right a post that real estate is so hard because not everyone can be as good looking as BB and get featured (Wahhhhhhhhhhhhhhhh) ROTFLAL - You are truly an original :-) Congrats on the closing!! :-)