William J Archambault Jr

Self defeating behavior is just one of the unintended consequences of a new short sale addendum form propagated by the Florida Association of REALTORS®! I have not had an opportunity to review this short sighted document, form SSA-2 my knowledge of it comes from a blog here on Active Rain: Short Sale Addendum & Mid-Florida Regional MLS Rules: Which One Wins?

As presented: "Unless otherwise agreed upon by Buyer and Seller in writing, Seller may continue to market the Property for sale and accept other offers and submit those accepted offers to the Lender."

At a time when lenders are dragging their feet on approving donations to delinquent home owners this ill-conceived document undermines other wise acceptable sales. Short sales are not a right, delinquent home owners are not entitled to the banks money! Banks accept short sales if they are in the banks best interest. If the seller/delinquent is inconclusive about the offer being presented or is reticent about the offers likelihood of closing why should the bank accept the offer? If the seller/delinquent keeps the property on the market seeking either a higher offer or a back up offer why would the bank believe in the current offer?

What? Can be gained by such incongruity?

As we get deeper and deeper involved in this extreme buyer's market it's time to return to basics, our Grand Father's basics! Probably your Great Grandfathers.

I got a call from a nice lady this she need to talk about financing a flip! A tough but doable deal with about a quarter million in profit potential. We talked, but it could have been easer and much more productive! That's what I want to talk about. Facts are facts! Put the facts in writing!

Back in 1974 I went to my first meeting with Chapter Number One of the Farm and Land Institute a division of the NRA. At that time they were the dominant commercial arm of the NAR, Unlike the better known and educated CCIMs these were people, people.

They taught me you don't need to talk about the property. Yes, I said that you don't need to talk about the property! At FLI marketing sessions we talked about solving the people problem! It's not that we don't need to know about the property we do, but facts are facts, put them in writing. Print a flyer, a hand out a fact sheet, a copy of the MLS print out, post a video, hand out CD with all of the above. A link to extensive information and picturers. Don't except people to take sufficient notes about your property to sell it to our clients home! Most of us are multil-tasking to the max.

Here we are thirty-two years later, I just added the video and CD, but that's still great advice. I think it's time we apply this simple logic to the most troubled of our residential listings.

It's a given when you offer a short sale opportunity that your seller is in trouble. You're not embarrassing the client by selectively sharing information.

Our network gives us access to people like those old FLI brokers who can help, people with hard earned experience, people that will with-in reason share freely.

Please don't waste their time! Send them the facts in writing before you call, or between calls, so that they can have them in hand while discussing your problem. If you have a sales agreement send it, if you have an MLS print out send it, an appraisal send it, if in question send it, and for God's sake included your full name and complete contact information on every page! When we talk we're going to look for solutions which more often than not have much more to do with the buyer and seller than the property.

When you talk be prepared to discuss your clients troubles needs wants, desires, and assets, because that's where the solution lies. Use discretion judiciously, if you fail to help your client there mistakes, their shame will be on the public record forever.

Remember "within reason" there is a point after which help should be paid.

I do enjoy and encourage your calls I'm sure most everyone else on AR feels the same way.

Bill

William J Archambault Jr

The Real Estate Investment Institute

Many, many people are waiting for low cost 4% mortgages. The unfortunate thing is they are passing up today's great opportunities for this pipe dream. The American Dream and system are being dismantled day by day those that wait may never have a chance again.

Every one wants a bigger and better deal so they do nothing. Those that succeed will take advantage of today's options which are great when compared to any ones experience.

As Mike Jones said so apply: "Strike While the iron is hot" Mike's Forecast: (February 24, 2009) Strike While the Iron Is Hot

Bill

William J Archambault Jr

The Real Estate Investment Institute

I have an idea! An epiphany! A Wow moment!

In January the reverse mortgage program started allowing people over 62 to purchase a home using a reverse mortgage up to 60% LTV I wrote about it in: Over 62? No Qualifying No Payments Then again in There Is Always More Than One Way / Then And Now . Today my friend Ron Withers writes about FL down payment grants in: Florida Housing's Mortgage Revenue Bond and Down Payment Assistance Program: Availability of Funds as of February 20, 2009 .

Why not combine the two? That means that a couple over 62 could retire to FL and with only $30,000.00 plus closing cost buy a $100,000.00 for just the cost of taxes and insurance!

I don't know for sure if this can be done we'll need some input from the FHA reverse mortgage people but why not? O' I forgot things aren't done that way! Well why not?

Ron, can you help?

Bill

William J Archambault Jr

The Real Estate Investment Institute

PS: We have a similar grant program here in Houston to $6,000.00. I know Henderson and North Las Vegas in Nevada have similar programs. Think about the possibilities of a leveraged retirement home for only monthly taxes and Insurance.

I've been playing with You-Tube the first one I recorded I included the pome "A reluctant investors lament" it when fair. Then the second I recorded one of my blogs, my own words, that when much better. Today I tried just looking at the camera and talking. I knew what I wanted to say, but it was unscripted.

Now I've done seminars which are semi-scripted, I've done interviews both planned and unplanned. I pod-cast, in my youth I did amateur and professional stage work, but I'm not at all sure I like extemporize recordings!

When we write and or pod-cast I can edit, when we're live if you hold peoples interested they don't hear minor speech flaws in my case the "A's" and "K's" that betray my Michigan background. But, when recorded with out editing they stand out like a sore thumb!

Does any one know of a good video editing program for dummies!