Hello All:
I just got off the phone with a real estate attorney friend of mine that confirmed what I have been telling you, my faithful readers for the past 3 months! What's that you say? That the 3rd wave of foreclosures has begun to raise its ugly head. He said he can't handle the amount of individuals coming to him seeking loan modification/foreclosure help on properties that have first and second mortgages on them (AKA Prime loans). Also, individuals with home equity loans that are in default are starting to become more numerous!
Most individuals have been living off their credit cards hoping to trend water until a turnaround in the economy; but most have run out of time. My attorney friend said the average credit card debt he is seeing is between $50K - $200K; that means we will also see an uptick in bankruptcies!
If this trend continues, which I don't see any evidence it won't, we will see commercial foreclosures sky rocket! Fasten your seatbelts; this is going to be a bumpy ride…
So what does that mean for us as Independent Arbitrators? It means another avenue for income; mainly negotiating loan modifications, and possible negotiating that credit card debt if there is consistent cash flow in order to structure payment plans , and of course, enough money remaining to pay our fees
For more information on how you can cash in on this lucrative niche – click here .
Remember, those who can recognize trends and patterns, and act on them quickly will always make money in any economy.
Until next time be well.
James A. Gage
Showing posts with label Negotiating Real Estate. Show all posts
Showing posts with label Negotiating Real Estate. Show all posts
Monday, January 18, 2010
Thursday, December 24, 2009
Negotiating Wishes
On behalf of myself and everyone here at Negotiating For A Living we wish to wish you and yours a Merry Christmas and a Happy Hanukkah.
As we rest and spend time with our loved ones and families, let's get ready to make 2010 the best year yet!
Peace be with You.
James A. Gage
As we rest and spend time with our loved ones and families, let's get ready to make 2010 the best year yet!
Peace be with You.
James A. Gage
Wednesday, July 29, 2009
Negotiating Tip: Helping Others
Hello All:
Have you ever encountered a homeowner that is in pre-foreclosure and there is no way you can help them because of the numbers? Of course, we all have and as ethicial real estate investors we want to help people even if there is not a pay day in it for us.
So, that being said, I have used this non-profit organization that will help the homeowner, FREE of charge, obtain a loan modification. This organization is Springboard, which is endorsed by the Attorney General of the State of Massachusetts, Martha Coakley. They can be reached at 951-781-0114. They also provide credit counseling for FREE, which will provide a certificate, if an individual needs to file bankruptcy! Since the bankruptcy laws changed in 2005, you must have a counseling certificate before you can file a bankruptcy petition.
Until next time - be well.
James Gage
Have you ever encountered a homeowner that is in pre-foreclosure and there is no way you can help them because of the numbers? Of course, we all have and as ethicial real estate investors we want to help people even if there is not a pay day in it for us.
So, that being said, I have used this non-profit organization that will help the homeowner, FREE of charge, obtain a loan modification. This organization is Springboard, which is endorsed by the Attorney General of the State of Massachusetts, Martha Coakley. They can be reached at 951-781-0114. They also provide credit counseling for FREE, which will provide a certificate, if an individual needs to file bankruptcy! Since the bankruptcy laws changed in 2005, you must have a counseling certificate before you can file a bankruptcy petition.
Until next time - be well.
James Gage
Tuesday, March 24, 2009
Negotiating Tips: Real Estate Short Sale - Part 2
Hello All:
Welcome to part 2 of how I negotiate a pre-foreclosure way under fair market value. As you read in the last post I assembled some pointed info that assisted me during the negotiations.
This is what I did with it...
First, I knew their chances of taking a substantial below market offer was high, due to the days on market, which was 180 days. Secondly, it had been vacant for a long time meaning the longer it stays that way the greater chance of vandalism and the greater chance that the bank will have their insurance policy canceled ( Most insurance companies will not insure vacant properties).
So during the first round of offers we strongly stress these waiting hazards with the listing realtor, so they may also stress to the bank are concerns for their property when they presented my offer. My goal here was to cause the bank to feel the pain of what if(s)!
During my next post I will explain how things ended up.
Until next time be well.
James A. Gage
Welcome to part 2 of how I negotiate a pre-foreclosure way under fair market value. As you read in the last post I assembled some pointed info that assisted me during the negotiations.
This is what I did with it...
First, I knew their chances of taking a substantial below market offer was high, due to the days on market, which was 180 days. Secondly, it had been vacant for a long time meaning the longer it stays that way the greater chance of vandalism and the greater chance that the bank will have their insurance policy canceled ( Most insurance companies will not insure vacant properties).
So during the first round of offers we strongly stress these waiting hazards with the listing realtor, so they may also stress to the bank are concerns for their property when they presented my offer. My goal here was to cause the bank to feel the pain of what if(s)!
During my next post I will explain how things ended up.
Until next time be well.
James A. Gage
Monday, March 16, 2009
Negotiating Tips: RealEstate Short Sale - Part 1
Hello All:
As I said in my last post, I would be blogging about how I obtained a home way under fair market value through the use of negotiating stratergies and tactics.
The first thing I did is something I learned a long time ago : Know your compettition, know your subject matter; another words I needed to know the property.
I found out how long the property was on with the realtor, was it vacant, where was the owner, who were the bank or banks involved, what did the market hold. when I received the information it played out like this:
On the Market : 180 days
It was vacant for months, owner moved out of US and was being represented by an attorney.
The note was bought from a bank that went out of business.
The market showed that homes of similar square fotage and layout sold for a pricing point between $120k - $149K.
On my next post I will show you how I took this info and formulated mu offer to the bank.
Be well,
James A. Gage
As I said in my last post, I would be blogging about how I obtained a home way under fair market value through the use of negotiating stratergies and tactics.
The first thing I did is something I learned a long time ago : Know your compettition, know your subject matter; another words I needed to know the property.
I found out how long the property was on with the realtor, was it vacant, where was the owner, who were the bank or banks involved, what did the market hold. when I received the information it played out like this:
On the Market : 180 days
It was vacant for months, owner moved out of US and was being represented by an attorney.
The note was bought from a bank that went out of business.
The market showed that homes of similar square fotage and layout sold for a pricing point between $120k - $149K.
On my next post I will show you how I took this info and formulated mu offer to the bank.
Be well,
James A. Gage
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