I'm a real estate agent and mortgage consultant in Miami-Dade County, Florida specializing in Second or Vacation Homes and Financing for Condo-Hotel, Fractional Share properties and Foreign National buyers. My second specialty is distressed property sales.
Absolutely! In this market, the only way to survive is to empower yourself with knowledge, work your database and colleagues for referral business and keep looking for business opportunities all around you. www.MiamiRealEstateKing.com Certified Distressed Property Expert Miami-Dade County, Florida.
Certainly difficult situations to be in. Second lenders could be deal killers and you definitely need someone in your team who has patience and negotiating power. However, there are other things to consider in both cases and the following can generally be applied to both. The first reader for example, is having issues with the PMI company. These are the folk who insured the loan and they're in as much trouble as the next guy. Unfortunately, they can be difficult because their position is different than that of the bank. They typically don't get stuck with the house, the lender does. Negotiating with them requires as much finesse as it does negotiating with any stubborn lender or counterparty. You must discover their pain and motivation and use them to your advantage. One thing for sure is, if you like the house enough and it is underpriced enough, it may still make sence to buy it. Don't get cought up in greed or positioning yourself as someone not willing to negotiate. Perhaps offering to meet them half way would also do the trick. Do your homework in determining the value of the property and don't get emotional about it. If you have determined that another $7,000 or any amount above your offer is more than your Maximum Allowable Offer, then simply, start a new search and fall in love with a different house. There are plenty today. If you are willing and able to meet them half way, and the house is still worth the additional money, don't do like our politicians and get theatrical about it. If you have a long term horizon planned for the ownership of this house, and all your buying criteria is met, do it. In the long term, you would have won anyway. www.MiamiRealEstateKing.com Certified Distressed Property Expert Miami-Dade County, Florida.
I would like to add the importance of reading relevant material that serves as a blueprint for success. Two books come to mind: The Millionaire Real Estate Agent and SHIFT: How Top Real Estate Agents Tackle Tough Times. I had the spine of the MREA book cut off and had it bound with spiral for ease of use as a workbook of sorts. This book is intense and covers everything under the sun for agents. Shift was recently published and covers 12 critical tactics for agents to use in shift markets. www.MiamiRealEstateKing.com Certified Distressed Property Expert Miami-Dade County, Florida.
