All Forum Posts by: Jason F

I think you might be missing my point. I am meaning those who were unable to purchase a property because of the credit restrictions OR those who lost their home due to foreclosure. It seems to me that these people are going to stay far away from RE purchases for a while.

For instance, I had a couple that was interested in purchasing one of my properties. This was going to be their first purchased home, although they were in their mid-forties.

Unfortunately, they were denied financing very close to the closing date. They still had to pay for the appraisal and some other things and these aren't very rich people.

Its people like this that I think will stay far away from any RE purchases for a while due to one or two bad experiences.

Do you think the current market will have a lasting effect on the way the general public views purchasing a home?

It seems that after losing a home to foreclosure or having to negotiate a short sale would leave people with a bad taste. I think it will be a long time before buyers become comfortable enough with their home purchases.

Do you think the negativity of this market will have a lasting effect on buyers?

I bet with the inflation our country is going to go through after this bailout, you will actually need close to that for milk.

Whenever I'm selling a home I always get frustrated with the amount of investors that call me and the first question that they ask is what the mortgage is on the property and if I'm interested in them taking over payments, etc, etc.

This actually just happened a couple of minutes ago which is what prompted this email.

Just a word of advice:

Try talking to the seller for a couple of minutes and building a relationship with them before asking them who their mortgage is with, how much it is or if they would be interested in letting you take over payments. I'm sure you have dozens of FSBO signs to call in a day, but do yourself a favor and ask about the house first, before, trying to work your creative financing magic.

I just get so frustrated when investors seem to be looking for a house based solely on whether or not they can creatively finance it not the house itself.

Just some advice. I'm sure spending 5 minutes extra with these people will make it a lot easier for you to ask them to let you start making their payments for them. Build some trust, people.

Your response rate is a direct reflection of the amount of time/money you put into your advertising.

For instance, if you lived in Gainesville, FL, your absentee owners would be getting your postcard and a letter from me, personally addressed and signed in blue ink.

Who's do you think they are going to pay more attention to?

It sounds like you are doing great with COVERAGE, just not as good with IMPACT.

Somebody loves Whatta-Burger

Slimy?

Don't you think blaming your problems on your mortgage broker is a little slimy as well.

Yeah, I'm sure djm4 had no idea that he was falsifying his income....it was all his broker's idea....blame it on the banks right???

Don't drag the broker into your bad RE decision. You were smart enough to pursue an investment property, you should have been smart enough not to let them lie on your loan app if that was the case.

djm4, you bought a property in the real estate MARKET. Key word is 'Market' which means prices fluctuate. Deal with the price drop and take the hit on your credit and move on.

Think about this, would you give WAMU extra if you made money off this property?

Is the result of this happening, the ability to call the loan due?

It probably already is against the law. But honestly, do you think Florida's main concern right now is people actually PAYING on their defaulting loans???

this kind of bothers me about some wholesalers.

in reality, they aren't buying any houses "quick and for cash". sometimes it's quite the opposite. as a new wholesaler you may be bringing a dozen investors to the property until you find the end buyer. they may/or may not buy with cash and it may not be quick.

does anyone agree that probably 90% of the people that say they can pay cash, can't.