Wednesday, November 22, 2006
Questions from our Customers and Clients
This section of our blog is designed for our customers and clients to ask any questions pertaining to Real Estate or obtaining a Mortgage such as rates programs and etc... We hope everyone will find this post useful. Please feel free to post your questions and one of our team members will post a reply.
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6 comments:
Yes I just wanted to say thanks to the Dream Team for selling my home. I was listed with another broker for 6 months. When my listing expired Matt called me. He showed me how the team sells so many houses. I gave them a chance and they sold my house in just 30 days! If you are serious about selling, Call The American Dream Team!
-Jeff Eno
11138 Jim Place
Warren, Mi
Michigan Foreclosures on your buying list in 2007? Read this first...
New to buying Michigan foreclosures? Where should you spend your precious time?
I sound like a grumpy old man once in while when I am teaching new real estate investors when I talk about watching your time. Most of us are trained at least mentally to watch our money. The smart ones figure out early that money could be got later but time lost is gone forever.
So when you are new to this buying and selling bank foreclosures in Michigan and you have a daytime job or worse your own business that has you as the hardest working employee (most small business owners are nothing but glorified employees.)
Robert Kiyosaki, Rich Dad Poor Dad guy has explained this thing far better than I ever could in his earlier and best works – Rich Dad, Poor Dad and Cashflow Quadrant
But anyway – you are busy; add family, God, friends, hobbies to the mix and you really don’t have too much to fool around with. So you must work smart and do the right things from Day 1.
The whole idea is this:
Step 1: Find and do one deal.
Step 2: Get a check; your first check.
Step 3: Smile
Step 4: Repeat Step 1
So how can you and I make sure that we don’t spend our precious time wasted in ho-ha stuff where the other guy in your Michigan city is going to the title insurance company to his closing, picking up the check and cashing it?
Some strategies you want to print and implement:
1. Dumb Deal Evaluation: I cannot understand when somebody is perfectly willing to spend months on rehabbing a bank owned foreclosure in Michigan but not spending three weeks on smart deal hunting and evaluation to finding a house which only requires paint, carpet and cleanup.
I am not big fan of rehabbing houses. Period! Anymore in Michigan. The number of Michigan foreclosures coming to the marketing is mind boggling. You can find a decent deal, negotiate a good deal if you know that part of business, and be in and out of house in a matter of weeks and then concentrate on selling that house.
But instead, a lot of our fellow Michigan real estate investing community becomes desperate when they start and they buy the first foreclosure they come across, seduced by the equity number and not thinking about our buddy called TIME.
Look it is not about the money that is needed to rehab foreclosures in Michigan – dozens of places will throw checks at you to do that with hardly just a check for appraisal out of your pocket.
It is the time that is needed to pull a $30,000 rehab, which is a killer especially if you are new to the game. I have Rita Dalian and Alan Boike in my Inner Circle who are rehab tigers – drop them inside a Junker, no matter how bad it is today; in a matter of weeks they will get it done.
But they are the exception and very good at fixing houses because they kind like the idea of turning garbage into gold. They also have half a dozen deals just in the last couple of months between them.
If you are new and your are spending months fixing the darn house then what you are telling me that is you are perfectly alright with not getting a check for couple of months.
Bad idea.
Your time is better spent on finding a foreclosure in the first place that does not require this kind of rehab. I say wait 7 more days, find the right deal, know how to negotiate with the bank to get a big ugly discount and then walk in and walk out of the house.
2. Waste time looking for deals on the Internet spending their money buying Michigan foreclosures lists that have nothing but crappy houses on it.
The above is a total waste of money. Period! These houses are either in really bad shape, or in war zones, or the rehab needed to fix these houses is so much that by the time you are done busting your butt fixing it – there is no money left.
Look in Michigan if you add together the months of the entire foreclosure process – it is almost 12 months right now; Wayne and Oakland are almost 13 months to actually eviction because the number of foreclosures has risen dramatically.
So you mean to tell me that a good deal literally slipped through the cracks and ended up on some Internet site? Come on!!! Every REO Realtors has couple of dozen houses on their list that have been there for a long long time – well there is a reason if you could buy a 3 bedroom house in East Side of Detroit for $3000. That is not a typo by the way and I am not missing a zero.
You can really buy a house for $3,000. But the point I am trying to make is should you buy a foreclosure for $3,000??? How is the area? How much is the rehab? How long is going to take to fix the house? Three months or six months? That is not a business but rather like buying an old car and trying to restore it to its former glory. Bad idea.
Understand these 2 key points and you will be able to buy the right Michigan foreclosure, at a right price to get a decent check on your first deal. Leave the dreams of becoming a rehab goddess till your Michigan Foreclosure Deal #5.
Come back as we are always updating our blog with useful information. Thanks,Matt B
To Whom it may concern,
My name is Deanna Reneski and I had Matt B. as my representative. I would like to say that this man went out of his way to find me and my girls a home. It was hard because I am disabled, but Matt did every thing he could to make it easier on me, he even came to get me a few times so I didn't have to drive. He needs to know how thankful I am for him. I have never had someone care so much about a person not just to try and get someone in any house but my dream home. I am so grateful to have had someone so nice and caring. He should be given a medal because he cares about his clients. not just to make a sale but to really care about the person to make sure they are in a home that they will stay in for a long time. If I have to ever do this again I wouldn't think twice about who I would come too. It has been a pleasure to have him as my rep. I would like to thank Matt for all he has done for me and my girls, he will be missed but never forgotten.
Thank You
Deanna M. Reneski
National property foreclosure activity was up 55 percent in the first half of 2007 over last year, according to new data released today, as many housing markets across the country continue to see slowing sales and stagnant price growth.
A total of 925,986 foreclosure filings -- which includes default notices, auction sale notices and bank repossessions -- were reported on 573,397 properties nationwide during the first six months of the year, according to a midyear report released today from foreclosure tracking service RealtyTrac. The findings show increases of more than 30 percent from the previous six-month period.
The report also shows a foreclosure rate of one foreclosure filing for every 134 U.S. households for the first half of the year.
"Despite a slight drop in June, foreclosure activity shows no sign of slowing down," said James J. Saccacio, chief executive officer of RealtyTrac. "Based on the rate of foreclosure activity in the first half of 2007, we could easily surpass 2 million foreclosure filings by the end of the year, which would represent a year-over-year increase of over 65 percent."
Nevada posted the nation's highest foreclosure rate, with one foreclosure filing for every 40 households during the first half of 2007, according to RealtyTrac. The state reported a total of 25,208 foreclosure filings on 14,687 properties, more than double the number of foreclosure filings reported in the previous six-month period and nearly triple the number reported in the first half of 2006.
Colorado reported one foreclosure filing for every 60 households during the first half of 2007, the nation's second-highest state foreclosure rate. The state reported a total of 34,287 foreclosure filings on 19,411 properties, a 15 percent increase from the previous six-month period and a 38 percent increase from the first six months of 2006.
With one foreclosure filing for every 69 households during the first half of 2007, California registered the nation's third-highest state foreclosure rate. The state reported a total of 189,560 foreclosure filings on 104,572 properties, up 122 percent from the previous six-month period and up 232 percent from the first half of 2006.
Other states with foreclosure rates among the top 10 included Michigan, Florida, Ohio, Georgia, Arizona, Connecticut and Indiana.
California's foreclosure filing total and unique property count were both highest among all the states in the first half of 2007. Florida reported the second-highest totals, with 102,213 foreclosure filings on 64,250 properties. Florida's foreclosure rate -- one foreclosure filing for every 81 households -- ranked fifth highest among all the states.
Texas reported 69,471 foreclosure filings in the first half of 2007 -- the nation's third-highest foreclosure filing total. But the state's unique property count of 41,592 came in fourth place behind Ohio's 44,594, RealtyTrac said. Ohio reported 60,728 total foreclosure filings, the fourth most of any state. Other states with foreclosure filing totals among the nation's 10 highest were Michigan, Georgia, Illinois, Colorado, New Jersey and Arizona.
Addressing concerns over the way RealtyTrac counts foreclosure filings, the company added the new "unique property" count, which presents the number of unique property addresses with some type of foreclosure action filed against them during the six-month period. RealtyTrac said the new metric counts a property only once, even if there were multiple foreclosure filings against the property during the report period.
The tracking service said it will issue this count four times a year, including a mid-year and annual report. (See related Inman News story.)
"The addition of this metric to our foreclosure report was spurred by a data request for unique property addresses from the Federal Reserve Bank, which is using our data for market and risk analysis, and we believe it will serve as a valuable complement to the total foreclosure filing count that we have been including all along," said Rick Sharga, RealtyTrac's vice president of marketing.
"It's interesting to note that the total foreclosure filings and unique property counts reveal almost identical trends on the national level: foreclosure filings are up 39 percent from the previous six months and 56 percent from the first half of 2006; unique property counts are up 32 percent from the previous six months and up 58 percent from the first half of 2006," he said.
The company notes the consistency is similar at the state level, where the same five states have the highest numbers of households in foreclosure and foreclosure filings, and the same six states have the highest percentages of both foreclosure filings per household and percentage of households in the foreclosure process.
"The bottom line," Sharga noted, "is that no matter how you count -- by individual households or by the total number of foreclosure filings -- foreclosure activity is up significantly in 2007. We hope that by providing both the total amount of foreclosure activity and the number of households involved, we're providing information that legislators, regulators, lenders, home buyers and sellers can use to make intelligent and informed decisions."
Call the American Dream Team to get on the pre-foreclosure list. If you sign up, you will be aware of forclosed homes before they offically hit the market. Meaning you get first dibbs before the homes are multi listed. Call Matthew Benedict for details 586-634-5451. This offer applies to all 50 states. Matt is involved in a nation wide network with all the top REO companies! This could be the most profitable call you will ever make!!! First come first serve!
If you have clients who are looking for new homes in South Haven, Michigan, I came across this great new development I thought I would share. Great prices and wonderful craftsmanship. Not to mention a variety of home plans available. Follow this link to check out these new south haven homes
Do not work with these idiots! They will not even send you a small house warming gift or a thank you card like most realtors do. Once they get paid they will drop you like your garbage. DO NOT WORK WITH THESE LIARS!!!
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