This is going to be a short one!  I’m busy working on modifying all of my real estate loans.  In the seminars, I have heard so many negatives regarding modification of loans. If you and/or your clients were turned down on a modification, let’s say last month—do it again!  The banks and the lenders are changing their guidelines on a daily basis. It is worth your effort and your client’s efforts if you study the alternative.

First of all, your property’s value has probably been decreased by about 1/3. Secondly, most of your savings has lost value. Your choices are:  continue paying your monthly payments on a “dead horse”, short sale the property and lower your credit rating, allow the lender to foreclose and devastate your credit rating, or finally, pester the lender until they allow you to modify the loan.

Also, on a positive note, I have been in the real estate industry for 41 years and have never experienced a more opportune time to buy real estate.  Interest rates are at an all time low and property values are close to a 10-yr. low (perfect storm)!  What is our excuse for not buying real estate today?  No money to purchase?  No stomach for possible loss?  All of us are sales people – contact your friends, relatives, neighbors and anyone else you can get a hold of to partner with you on the most fantastic time ever to buy real estate.

You know the market… make sure you don’t pay more than 80% of today’s value and stay away from “fix-ups”!

Let’s go out and take advantage of the greatest market you and I will ever see!  (If we don’t, we will be kicking ourselves 5 years from now)!

Your friend,
Dave