Peoria, IL

Thinking of buying a flip home, but have not look at HUD homes due to the 90 day regulation against flipping? Well now might be your chance! Below is a link to an article from Reuters. Effective Feb 1, the Housing and Urban Development Department will waive for one year an FHA rule that prohibits insuring a mortgage on a home owned by the seller for less than 90 days.

See more by clicking on the link:

http://news.yahoo.com/s/nm/20100115/us_nm/us_usa_economy_foreclosures

I have sold many HUD properties, If you need assistance please let me help!

Top Tips to Buying a Real Estate Short Sale

Many real estate bargain hunters are searching for the "secret to short sales" so that they can cash in on the deal of the century. I'm often asked how to buy a short sale. I'm going to lay it out for everyone in this blog post.

Top Tips to Successful Real Estate Short Sales

Short Sale Tip Number 1 : Most Short Sale Properties are sold "as is"

Let me explain why someone would sell a property as a "short sale"...THEY CAN'T MAKE THEIR MORTGAGE PAYMENT!!!!! This would imply they can't replace the old faucet with a new one...they can't afford the cost to mitigate the radon...if you don't like the carpet; we are sorry but we won't be giving you a carpet allowance. However, chances are you will purchasing this property under market value. Therefore, a little expense and repairs are most likely worth the "trade off".

Short Sale Tip Number 2: Be Realistic with your offer

Yes, it is true. You are, most likely, going to get a great deal. However, please don't expect to purchase a home on the golf course right next to the country club....which sold for 1.2 million 3 years ago for $50,000. I am pretty sure you wouldn't even get a counter-offer-ha! Seriously, the bank has certain variables to consider and has to answer to their investor. Please be realistic with your offer and your expectations.

Short Sale Tip Number 3: Be prepared to wait!

Short sales take a looooong time to close compared to a traditional transaction. Don't expect to write an offer and get an answer quickly from the seller with bank approval attached. It is a unique process. Be patient with your Realtor...they want it to close too! Don't threaten to walk away from the sale thinking this will move things along...it actually will do the opposite. The bank is not going to pay additional funds to get a property ready to close if they feel they have skittish buyer.

A short sale is a great opportunity for the buyer and seller involved....be patient, patient, patient...and realistic....keep your eyes focused on the prize!

You know, I have about 18 listings now and have been getting a lot of showings on them lately, which is a good thing, I guess. The problem I have is that on top of taking care of them, managing open houses, marketing, making phone calls to my buyers and everything else, I have to track down agents for showing feedback even though we have an automated feedback system that our company uses.

One thing that I have heard from some agents (thank goodness, not many!) is that they refuse to give feedback as it is only for agents who don't know how to price a property. I disagree. I need feedback so I can give it to my sellers, who demand it. I am constantly getting called back from my sellers when I don't receive feedback, even after my several attempts to get it through phoning the showing agent, emails, etc. This not only wastes my time, but aggravates my seller as well. The problem is that the seller thinks I am not doing my job when a showing agent refuses to give feedback. There should be some way of making sure that agents who show other agent's properties are required to give feedback. This would also eliminate agents showing vacant properties without setting appointments, which I have seen a lot of.

What do you think?

David Castle, Realtor, Coldwell Banker Devonshire Realty

97 Eastgate Dr, Washington, IL 61571

309-645-0537

www.DavidCastle.biz

I am an upbeat person. I alway try and see the positive outcome in a situation or how to make the best of a situation. I have realized that not everyone has this trait. Some people alway see the negative, alway complain about this or that instead of seeing the opportunity within the situation.

I believe it's personal motivation that makes us into who we are. If you have the attitude that no one can stop you, no one can and you probably see the positive rather than the negative in a situation and find opportunity where others can not. Although, even in the toughest times, ones motivation might be challenged or hit some rough spots.

So how do you motivate yourself? I have found that I need to constantly change how I motivate myself. The constant changing keeps it fresh and exciting to me, which is characteristic of my personality type: D and I. :) Here are some things that I have done in the past to motivate me:

• Getting up 30 minutes earlier and doing a workout video - it gave me energy in the morning and woke up my mind prior to getting into the office. I also found that I had more energy throughout the day when doing this. I talked myself into it by saying it's only 30 minutes earlier. I hit snooze for 30 minutes. I didn't take on a full hour workout, just something to get the blood bumping and that would work with the timeframe that I have.
  
• Doing yoga in the morning - I would switch back and forth between The Biggest Loser Workouts and Yoga DVDs for my morning workout. I found that yoga really helped me relax and cener my attention. Originally I wasn't a fan of yoga. I am a runner and feel you need to sweat and be breathing hard to get a workout. So when I couldn't really move the day after my first yoga class. I knew I had to change my thinking.
  
• Check Facebook, Twitter, LinkedIn and other social networks in the morning, noon, and night. I found that I was constantly checking my social network accounts which started to prohibit me from working. So I realized I had to stop this. I found that if I could get online and check my social networking sites after my workout it gave me a dedicated time to do it. I would then check it prior to going to lunch. I did it prior to lunch because there was a definite end point. So it wouldn't go on into the afternoon. Then I would check it at night. Again, there is a definite end point - how long my eyes can stay open. :) While this did not directly affect my motivation, it indirectly did because it gave me my time back.
  
• Audiobooks - I have a 20 minute drive to work. So I would listen to music and just bee-bop along till I got to the office and then try and focus once at my desk. About a year ago, I purchased an audiobook for a long car ride. The book was Good to Great - excellent book btw. I found that I was so motivated at the end of the car ride that I could hardly contain myself. I needed to get out and DO something! So I thought to myself. If I listen to an audiobook on the way to work, how pumped up would I be once I got to work? I tried it and the results are amazing! I have a great mental focus as soon as I get out of my car, and I am ready to take on the day. You can also download audiobooks onto your ipod. So you don't have to worry about carrying the CDs or losing one.
  
• Podcasts - I tried podcasts a couple years ago when the buzz came out and I didn't really get it. So I thought I would give it a try again. I am pleasantly surprised. I went onto iTunes website, clicked on "podcasts", and then clicked on "business" (all on the left side) and a bunch of podcasts came up. I decided to try some podcasts on sales and project management. These podcasts are free! There are some you have to pay for, but there are a lot of them that you do not have to pay for. I recently subscribed to Sales Gravy, Zig Ziglars motivational podcast, PM, and real estate investor. I need to throw out that you might want to listen to a couple of podcasts prior to concluding if you like it or not because you might be listening to a bad topic or podcast, but all the other ones might be awesome.

So what motivates you? I have heard people making dream boards, which I have entertained doing, but haven't just yet. I have heard people getting coaches to hold you accountable. So I am thinking they also motivate as well.

Please feel free to share how you motivate you!

Strategies for businesses in a downturn economy

In reading a recent article on businesses in this downtown economy, Harvard Business School professor Michael E. Porter founder of the modern field of business strategy answered some questions on how and where businesses should focus during this time.

Question: What strategies should small businesses use to survive this recession?

He expressed that during a time period of economic downtown there is an overwhelming instinct to lay off and cut back. He recommends that if you are going to lay off and cut back, you need to do it with your business strategy in mind. The biggest mistake is to cut across the board. He goes on to state that "good leaders need a positive agenda, not just an agenda of dealing with crisis."

This reminds me of the first couple of points in the book Good to Great. You need to get the right people on the bus, then with the right people, you need to decide where you are going (aka business strategy). If we lay off the wrong people, then we have the wrong people on the bus directing our business, which can be the demise of a company. Gary Keller of Keller Williams Realty said during the 2009 Keller Williams Family Reunion that this is the "Era of Extra Effort" those who are average or mediocre will be laid off. You are seeing this across the nation. Companies are laying off individuals - cleaning house. Now, I need to throw a clause in here that some companies are letting good individuals go because they are not going about it according to their strategy.

Question: What is the best way for small businesses to capitalize on any recovery?

Porter comments companies that ramp up their capacity will aline themselves to gain market position. Larger organizations will not be able to meet the new demand due to downsizing or outsourcing.

This is inline with what Keller said - Get Real! Get Right! Wake-Up! "The Business with the Lowest Costs Wins!" - look at the investments in your business and put a dollar amount to everything. Is advertisement XYZ paying for itself? What's the ROI? Is it worth the investment? Remember the profit you seek will always be made in the way you manage your money. When the market shifts, you must create a budget that matches your revenue. You need to lower your costs now and revisit this every month.

As Charlie Munger, Warren Buffett Speaks, "Name a business that has been ruined by downsizing. I can't name one. Name a company that has been ruined by bloat. I can name dozens."

Are there opportunities in trying times?

Porter stated "during an economic downtown there is a greater level of flexibility."

Get involved in the market of the moment. What is happening now? Normal homes priced at their normal value are not selling. What is selling? What price range in your area is selling? What REOs are there in your area? Short Sales? Foreclosures? Lease Renegotiations? Companies down sizing? Companies expanding. Know your market and the market of the moment and price your listings ahead of the market.

As W. Edwards Deming said "It is not necessary to change. Survival is not mandatory."

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