2018 REAL ESTATE BOOKS


Selling The House That Nobody Wants

By James J Elleyby

How do you sell a house that nobody wants? You see, because you have been holding on to this piece of trash for phreakin' forever! It's so dam stressful now! What we gotta do to get paid? Burn it down and try to collect insurance money on it? I mean, you're willing to let it go for far below the market value! So, what the hell?

First, calm down. Take a deep cleansing breath, and let's clear the air.

You are going to sell that house. Yes, you are. And, I am going to help you. By the way, I want my three percent commission fee too! So, make sure you get in touch with me after the sales transaction has completed! LOL! I'm just kidding about the commission fee, but if you did contact me and offer it to me, I surely wouldn't decline the offer.

Let's get back on track now. Why isn't this house selling? Do you think it's your asking price? Is it the neighborhood? Is the home even habitable? Do you think it's the condition of the house? Because, if it is the condition of the house, then with all due respect, let me ask you this. Why in the hell are you trying to sell a piece of trash? I mean, would you buy that house? Could you put your family in it?

Well, I'm gonna shine some light in the dark areas for you. This way, you can see what is truly happening here.

First of all, it is not the condition of the house! Because I'm quite sure you have heard that old saying plenty of times before. "One man's trash, is another man's treasure." So, it's not because this house is a piece of trash, because to the right buyer, it is a piece of treasure! For the correct buyer, this is the most perfect house! Understand that concept,

But, is it the price, then? Maybe you're too high! Or, is it too low? No. It's not the price. It's not the neighborhood. It's not the condition of the home. It's not the realtor. But, are you ready for the truth?

It's you! Yes, you! You are the reason why this house isn't and hasn't sold yet! Your energetic thinking, and your desperate demeanor, and your negative irritating mood is preventing this home from leaving you. The very energy you have been projecting thus far is stopping your progress, so you need to turn things around now. You must correct your posture, your attitude, and the signal you are putting out there into the world, if you really want to sell this house now.

Think about this. If you don't want the house, what makes you think that anyone else would want the house? If you believe that it's such a piece of trash, then how can you realistically expect to get paid for it? I mean, do you generally go around selling your garbage? Not cans or recyclables, but I'm talking about your waste? The stuff you flush down the toilet, or the stuff you want to toss directly into the trash truck. Of course, you're not gonna get any money for that type of garbage! Because it has no value to you.

What we need to do here is, clear the slate. You must adjust your pitch. I am telling you to recompose that sorry sounding, pathetic sales song you've been singing! You just need a new, upbeat tune now! So, this is what you do.

Go into that house, and identify all the good qualities about this home. Take your note pad with you, and simply jot them all down. I'm asking you to ignore everything that you think is bad about it. So, the bad plumbing, poor wiring, effed-up roof, no heating system, yada yada yada. Ignore all that for right now! Just write down all the good qualities about this home.

Is it spacious? Are there plenty of rooms? Are the ceilings high? Does it promote privacy? Can a garden be planted? Does it resemble anything historic?

Maybe you grew up in this house. Did you or someone you know once occupy the home? You could have bad memories of the home, and this negativity can certainly impede your progress. If this is the case, I am recommending that you go see a good Life Coach, like me!, to help you clear this energy up. No, it's not a ridiculous recommendation, and yes, it's totally worth it! Because in the end, not only will you be able to sell that house with ease, but you will have cleared up a lot of personal baggage too.

Stay focused, though. After you have written down all of the good qualities, you should try to imagine yourself living in this home. Go ahead, do the exercise. Envision where you would place a bed, where you would put an entertainment system at. Where the kids room would be. What type of curtains you would hang. What color stove you would install. What type of cabinets you would install. What type of flooring you would install.

What you are doing, is you are raising the value of the home in your mind. You are turning this piece of trash, into a real home! But, you are doing it all in your mind!

After you have made this a nice home, and you have done these exercises, guess what? This house won't seem like such a piece of trash to you after all! Because, now, you are able to see the true value of the home!

You see, the home wasn't selling, because of the nasty energy signals you were putting out. You've been putting out, "I don't want this house!" So, people are picking up on that negative energy, that negative vibe that you are emitting! They're in turn, responding, "Shiddd... We don't want that house either!". But more! You've been putting it out there, "This house is a piece of trash!". And, again, they're picking up on your energetic signal! They're going, "Shiddd... Well, we don't wannna buy a piece of trash. Why would we go looking for a home in the local dump site?". And be honest. Would you go home shopping for your house at the local garbage yard? Hell no!

Again, you've been putting the signal out there, "this house is giving me so much trouble!" and, of course, people are picking up on that terrible signal you were broadcasting! They're thinking to themselves, "Oh No! Run! That house is trouble!"

But, now that you have shifted your perspective about the house, and you are able to see that it is a nice home! It has a great potential! And, you even saw the potential! You've got a great list of good qualities about this home that you are selling! Matter of fact, you would consider living in it your own self!

With this new type of attitude and thinking in place, you are now going to be able to sell that home once and for all! Yes, you will! This house will sell!

Now, let's talk about the pricing for this home. It might be in a rundown condition. It might even need some substantial work done to it. You could consider taking all the needed repairs into consideration. You could start at market value, and then simply subtract the price it would cost for repairs.

But, what if you still have a running mortgage on that house?

Listen, I'm not a realtor, and this article does not constitute or substitute the counsel that they would give to you.

I will tell you this, though. If I were selling the house, I would sell the house at market value, regardless of any repairs that may need to be done.

I would make a great note of all repairs that need to be done. I would also make the effort to get prices for the work, and contacts of contractors who are qualified to do the work. I would then give all of this information to the new buyers. I would openly disclose everything about the house that I know. But, I would still ask for the market value, regardless.

Until that house does sell, you should have open houses ever so often. again, do your walk around with a notepad. Taking notes of all the good qualities about the house. Although you may have done this before earlier, you should continue to do this same process until the house has sold.

Keep a positive mindset, and I assure you, this house will sell eventually. Be patient, and don't talk bad about the house! Don't complain about the house! Don't condemn or curse the progress of process you have been making!

Yes, you have made great progress thus far. Because, you went from being stressed out trying to sell a piece of trash, to now, easy going, selling a real treasure to a very special buyer!

Again. Be patient, be consistent with your open houses. Be persistent with the faith, that this house will sell. Because, it will sell.

As a matter of fact, guess what?

That house is sold!

Good luck! Happy selling!

Oh, and please don't forget my commission fee!

Go to my website to learn more about me.
http://www.mylife.coach
James J. Elleyby
Motivational Life Coach


Why redlining and discrimination are still real estate’s problem

by Bernice Ross

Reprinted, February 2018

•             Redlining is still widely practiced across multiple industries, even though it is illegal.

You would think that today discrimination and redlining (a discriminatory practice by which banks, insurance companies and businesses limit loans, mortgages, insurance or other products with specific geographic areas, especially in inner-city neighborhoods) would be a thing of the past.

Unfortunately, the battle for minority clients and their agents is as tough today as ever.

For the past month, I have been interviewing a cross-section of California’s leading female broker-owners as part of the California Association of Realtor’s Women’s Initiative. One of the most fascinating parts of this experience has been hearing how different things were for the older women leaders who started their careers during the 1960s and 1970s.

For example, did you know that black real estate professionals began calling themselves Realtists and founded their own trade association, the National Association of Real Estate Brokers (NAREB), in 1947? The reason — The NAR Code of Behavior prohibited blacks from becoming Realtors and barred white Realtors from selling homes in white areas to blacks.

The NAR code wasn’t changed until the 1960s.

Did you also know that prior to 1974 women could not get a credit card and, in most cases a mortgage, without a man’s signature?

A major reason that NAREB, the Asian Real Estate of America (AREAA) and the National Association of Hispanic Real Estate Brokers (NAHREB) exist is to support these agents overcoming a whole spate of problems that other agents seldom encounter, with redlining being one of the most notable.

Redlining: Homes, mortgages, cabs and even pizzas

Redlining is still widely practiced across multiple industries, even though it is illegal.

For example, two of my friends in D.C. live just a few blocks from Union Station. Even though the row homes in their area are priced at $900,000 or more, they can’t get a cab to pick them up or get a pizza delivered.

When it comes to mortgage lending, redlining is more widespread than most people realize. Here are just some of the suits (and settlements) that have been filed since Jan. 1, 2017 for violating the Fair Housing and Equal Opportunity Acts.

The court entered a consent (settlement) order in United States v. JPMorgan Chase Bank for monetary relief of $53 million, including a civil penalty of $55,000. The complaint had alleged that the defendant charged African American and Hispanic borrowers higher rates and fees for wholesale mortgages than similarly situated white borrowers.

The complaint in United States v. KleinBank filed on Jan. 13, 2017 alleged that the defendant structured its residential mortgage lending business in the Minneapolis-St. Paul area to avoid serving the credit needs in areas where the residents were predominantly minorities.

On Jan. 3, 2017, the court entered a settlement order in United States v. Union Savings Bank and Guardian Savings Bank for redlining majority-black neighborhoods, in Cincinnati, Dayton and Columbus, Ohio, as well as in Indianapolis, Indiana.

Black homeownership is down

There has been quite a bit of press about the dramatic decline in black homeownership, though Hispanic ownership has increased. When you start speaking with agents who work with minority clients, reasons for the decline become painfully obvious.

Boots on the ground

Dolores Golden, the broker owner of 1st Interstate Realtors in Culver City, California, provided me with just a few of the obstacles that she has faced in terms of closing transactions for her clients.

Triple the length of time to close an escrow

When Golden sells a property in Culver City, it can close as quickly as 30 days. If she sells a property just a few miles away in Los Angeles, it can take 90 days because of the difference in the underwriting requirements.

Ridiculous documentation requirements

One of Golden’s buyers was an elementary school teacher who was in her early 30s and was employed by the L.A. Unified School District. Even though the lender had the buyer’s pay stubs, the lender still demanded that she produce a copy of her degree and her teaching credential.

I bought my first property when I was in my 20s (and I have purchased subsequent properties since then) and have never had to produce anything more than my pay stubs from the Los Angeles Community College District, which was originally part of L.A. Unified.

Golden had a similar situation with an X-ray technician who again had pay stubs, but they required proof that he had graduated. He wouldn’t have received his state certification if he hadn’t met the requirements that include both educational documentation and passing approved state exams in his areas of certification.

Impossible barriers

Golden represented a buyer who was purchasing a non-conforming property that was on 2,500-square-foot lot. The buyer had a 3 percent down payment plus $60,000 grant toward the purchase, the equivalent of a 25.3 percent down payment.

FHA had no problem with the lot size. Nevertheless, the lender wouldn’t fund the loan unless the borrower persuaded the City of Los Angeles to issue a rebuild letter (which it did.)

That, however, didn’t satisfy the lender who wanted the city to guarantee that the property could be fully rebuilt. (The rebuild letter was only for 75 percent.) What’s absurd is that many of the new multi-story homes are being built on similar sized lots.

Golden also worked with a client who was doing a reverse purchase mortgage — that meant that she had at least 50 percent equity. When the New Jersey lender found out that the property was in Carson, they decided not to make the loan. It was a great property located in a beautiful area.

How they cope

Golden explained how they have rented buses and taken large groups of underwriters from various lenders to see the various areas they serve. Most of the underwriters had no idea how nice many of these neighborhoods are.

To help Los Angeles minority brokers to deal with these issues, the Multicultural Real Estate Alliance for Urban Change was founded back in 1992. Its goals include:

•             To stop red-lining in loans and insurance.

•             To increase and maintain homeownership opportunities through education, literacy programs and to rejuvenate the community.

•             To prevent predatory lending practices thereby reducing foreclosures, delinquencies and evictions.

•             To educate and counsel the community on how to avoid foreclosure situations.

•             To increase economic development and growth in the community.

Minority brokers have fought these battles for decades. What was fascinating is that each of the brokers I spoke with shared the same “can-do” attitude: Put your head down, and work through it.

As Golden summed it up, “The lion’s changed his costume, but he’s still there.”

Bernice Ross, CEO of RealEstateCoach.com, is a national speaker, author and trainer with over 1,000 published articles and two best-selling real estate books. Learn about her training programs at www.RealEstateCoach.com/AgentTrainingand www.RealEstateCoach.com/newagent.





What Type of Property Should You Start Out Flipping?

By Dwij Parashar 

Now, you've heard me say it before, and I'm going to say it again, money makes money. I don't want you to forget that. I want you to prove to yourself that you can work hard, stay frugal, and save $50-$100,000. For all of you guys and girls who have saved $50-$100,000, you're probably wondering what to do next.

Where would it be advisable for you to contribute this cash?

You're taking a gander at a wide range of properties and there's a ton of masters out there pitching their own jibber chatter. You're dousing up a ton of data, you're doing your examination, you're viewing the recordings, and you've most likely burned through six to a year (if not longer) on the sidelines considering what you ought to do and how you ought to do it. Yet, learn to expect the unexpected. You folks need to make a move. I require you to make a speculation. I require you to accomplish something at this moment.

Sitting on the sidelines will just give you an establishment to take in the essentials of how to do certain things; it will never give you educational experience. Careful discipline brings about promising results. In the event that you contribute, regardless of the possibility that you wind up losing cash, you will gain quite a lot more from losing it than spending another six to a year or longer perusing on the web gatherings, watching recordings, and going to courses.

Presently, what sort of arrangement would it be a good idea for you to do?

I have no cracking intimation. This is my conviction: when you're beginning your land tries, minimal measure of cash you can contribute will break even with minimal measure of hazard. In this way, if that implies purchasing a D-class property in a harsh zone for a couple stupendous, so be it. I'm a major adherent to making a move, putting your cash where your mouth is, and gaining from the experience whether it's great or terrible. Gain from the experience. Comprehend where you turned out badly. On the off chance that you turned out badly, ensure you don't rehash those same slip-ups. Take what you realized, recreate it, and go into another arrangement. Simply don't commit similar errors.

How about we simply say, speculatively, you're taking a gander at getting one of these very economical properties. Have the mentality that you will light a match and that cash will go poof, however that will be your learning knowledge. I'm glad to state that I lost over a large portion of a million dollars when I began my excursion as a land speculator. I call it my Harvard level of land. The lessons that I gained from those misfortunes have empowered me to be the land financial specialist that I am today. They've Empowered me to be the business person that I am today.

I am presently running two organizations that are doing a great many dollars in income. So when you lose on that D-class property, getting your feet wet and beginning your trip in land, those misfortunes, and the lessons from those misfortunes, will shield you from rehashing botches when there are more chips on the table. Consider it that way.

Conclusion

What kind of class property you should take a gander at flipping? I for one figure you should perceive what you're alright with. Take a gander at how much cash you have spared. Perceive how certain you feel in your capacity, and the capacity of your encompassing group of systems and after that, I say contribute minimal measure of cash. Why? Since that will liken to minimal measure of hazard. I trust that bodes well. I trust you delighted in this article and don't hesitate to leave any inquiries underneath.




How to Choose a Realtor - 7 Questions to Ask Your Real Estate Agent

By Charles A. Kush III 

Buying or selling real estate is probably the most significant transaction you'll ever make in your life. That's why it's important to choose the best Realtor to help you achieve this goal. But before you hire the services of a real estate agent, there are important factors to consider.

Many people have the perception that all real estate agents are the same. Some sign with the first one that comes along. Unfortunately, they realize later on that they should have been more selective before signing an agreement. To guide you in choosing the best Realtor for your needs, below are seven questions to ask your prospective real estate agent.

1) What is your experience in real estate?

The first thing you need to ask a real estate agent is how long they've been in the real estate business. It doesn't mean that you cannot enlist the services of newly licensed real estate agents. Just keep in mind that those who have years of experience under their belts are probably more knowledgeable on what to do, from listing to closing. Aside from the number of years in the business, ask them what segment of real estate they focus on - residential, commercial, luxury, etc. Find out if he/she is primarily a listing agent or a buyer's agent (or both). Familiarity with the market is also essential, so ask what geographic areas the agent usually covers. You can even dig deeper by asking if the agent has received any awards for outstanding performance.

2) How many and what types of properties have you listed and sold in the past year?

It's one of the most important questions you should ask a real estate agent. The number of properties he or she has listed and sold in the past year is a valuable indicator how good a real estate professional is in getting the job done. Take note that this question consists of two parts: properties listed and properties sold. Agents may demonstrate their ability to list homes; however, the more important thing is the sales part - the ability to close deals. If they have many properties listed and sold in the past year, it shows that whatever strategy the agent is using, it's certainly working.

3) What was the average sales price for the properties you've sold over the last year?

Asking this will give you an idea in what kind of market the agent specializes. Find out if the real estate professional has experience selling properties in the price range you're listing at. If a majority of properties sold falls on the low-end market segment, it might take longer for the agent to sell if yours is a higher-end home. Although agents can sell any property regardless of price range, it's likely that they will have better success in the market and price segments in which they have the most experience.

4) What is your average sale to list price ratio?

The sale to list price ratio (sometimes called the sale-to-list or list-to-sale ratio) is the final sales price divided by the listing price, expressed as a percentage. If it is 100%, it means the sales price was equal to the list price. You can view this ratio in two ways. A skilled listing agent can negotiate sales prices that are equal or close to the list price, and sometimes even greater in a very competitive market. So ideally, listing agents should have sale to list price ratios closer to 100%. On the other side of the coin, a good buyer's agent can often negotiate a sales price that is lower than the list price. Therefore, buyer's agent ratios ideally should be lower than 99%.

5) What marketing strategies will you use?

Deciding on what strategies to use can spell the difference between success and failure. A poor marketing strategy will diminish the chances for success. Do your own due diligence by asking how the agent will sell your property. There are lots of options - staging, open houses, joint marketing, print advertising, and of course, online marketing. Whatever approaches are used, they should be designed to bring in the highest number of qualified potential buyers. Higher end properties can also often benefit from professional staging. In any case, your agent should advise you on how to best prepare the property to make it the most attractive to potential buyers.

6) Can you give me some references?

Reputation is important in this line of business. Whether you're buying or selling a property, you should ask for references (past clients). If possible, call a few and ask them about their experiences with the agent. Were they pleased with the service provided? Also ask if they are in any way related to the agent. A list of references made up of friends or relatives generally won't provide an objective assessment of the agent's qualifications.

7) Do you offer any type of guarantee, and will you let me out of my contract early if I am not satisfied with your service?

You can't say with certainty how things will go, even if you did your due diligence. For this reason, you should ensure that you're prepared for any eventuality. If you sign a contract and later find that you're not satisfied with the service, will the agent allow you to cancel the agreement? If things don't work out the way they're supposed to, you should have the freedom to choose another agent who can deliver better results.

As you can see, there are many things to consider when choosing a real estate agent. Finding and interviewing Realtors can be a very time-consuming and laborious task. However, now armed with these seven questions, you are on your way in choosing the best Realtor for your needs.

Why not leave all of the hard work to us? Visit WRARealty.com today to have an experienced professional referral agent from Weichert Referral Associates help you find a real estate agent that best meets your needs -- for FREE!

Charles A. Kush III is a professional Referral Agent with Weichert Referral Associates Co. Inc. Find a Top Local Realtor today at https://www.WRARealty.com.

Copyright © 2018 WRA Realty.com. All rights reserved. A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®.

2018 MAGAZINE


HOUSING RESOURCES

TOP 5 LOW INCOME HOUSING RESOURCES

-- How to find the best and the safest available low income housing options --

When the U.S. economy first entered a recession, millions of families were forced to take advantage of low income housing programs. And, according to federal statistics, those numbers continue to increase every month.

Low income housing properties are defined as apartments or houses that are a part of some kind of affordable housing initiative, usually sponsored by the federal government, the state, the city, or a non-profit organization. Such properties offer either an income-based rental rate or a flat rental rate designed to be affordable for needy individuals and families.

While there are many helpful programs available, finding the best and safest options can be a task. In addition, it can be difficult to find the best options available to families who qualify to remain in the home that they are already occupying.

Here are the top five resources to use:

1) HUD Office of Affordable Housing (OAP)

This government agency brings federal resources directly to the state and local level for use in the development of affordable housing units, or to assist income-eligible households in purchasing, rehabilitating, or renting safe and decent housing. Learn more

2) Making Home Affordable ® Program (MHA)

This program, sponsored by the Obama Administration, is a comprehensive plan to stabilize the U.S. housing market by helping homeowners get mortgage relief and avoid foreclosure. Learn more

3) PublicHousing.com

This web site provides a listing of public housing properties across the country, and other types of housing deals. The vast majority of their listings are affordable housing bargains. Learn more

4) Affordable Housing Institute

This non-profit organization provides housing finance expertise and thought leadership to other organizations working to make housing accessible to low-income people. Learn more

5) Low Income Housing Authority

This organization produces a free online national resource that is dedicated to helping individuals and families find low income housing, apartments, shelters, and more. The web site also provides answers to frequently asked questions. Learn more


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