Time is Flying by!

Another week gone, can't believe the year is coming to a close. Finished the week strong had 2 deals close for myself and looks like my Realtors have a few that will close before years end. In addition we have a few short sales that are looking to carry over in to January 2012. They are still a "pain" but they are getting better and closing faster depending on the lender and or lenders involved.

ASSOCIATES NEEDED!!!

Things are picking up! The phone is ringing and leads are coming in daily. I really could use about 10 hard working Realtors to join us in our Lakeland Office. Our virtual office program allows us to pay our people better and to not have to COLLECT ANY FEES for the priveledge of being with our office. We provide E&O Insurance, all signage, Institutional Advertising & Full brokerage support at no cost to you! With no monthly overhead this allows you to focus on what you do best selling Real Estate. Since we do not collect fees it is to no advantage for us to flood the brokerage with 100+ agents to bolster our bottom line but to hire just enough agents so as to spread around the incoming leads to a smaller group so everyone makes money! We believe it is better to be a big fish in a little pond vs. a small fish in a big pond. Making money selling Real Estate is what we do! Call me today for your confidential interview Richard Castret (Broker) cell phone 863-640-3127. You will be glad you did.

What do we do now?

Our phone is ringing once again. No call is the same as the last. I find that the majority of the public are totally confused as to where they stand in the Real Estate Arena today. When I started my career 10 years ago in Lakeland (2001) the market was nothing to get excited about but I was able to dig in and found some inovative ways to market and move Real Estate. I had no circle of influence in the community and had to build my clientelle list from scratch. I was able to accomplish that and have many repeat customers and referals and have been able to weather out this down market which quite frankly makes 2001 look like a bonanza time. Through that time I learned a lot and now am able to mentor my associates and give good solid advice to them as well as their and my customers. I spend a lot of time on the phone with customers listening to their concerns and more often than not can devise a plan that works for them. I can answer the question "What do we do now?"

Investment Opportunities Abound!

STOCK MARKET FALLS! Seems to be the headline of the day on far to many days. It used to be a great place to make a decent return but not so much these days. If you are sitting on some capital and would like to start making some bucks again you really might want to consider Real Estate. I am not kidding. The Real Estate headlines appear dismal but not really. The fact that Real Estate prices are down and the fact that most people are upside down in the homes they have has created a Mecca for a savvy investor. Never has there been a better time than now to buy Real Estate. We have developed a great program and retrained our associates to identify the real deals. Our people will help you acquire properties of value, advise in the developement of your property portfolio, acquire qualified tenants for your properties and manage the property from start to finish. All you need do is cash your monthly Rent checks and watch your Investment grow. Two to five years out you should be able to resell your properties at an increased value if you so desire. Call us today and let us explain how this works for you!

SHORT SALE NEWS!

This article just came accross my desk and I feel it is worth sharing. It appears that the Banks are finnally coming to grips with the reality of today's Real Estate market. With that in mind I am going to share it with you:

Bank of America: $20,000 short sale incentive to struggling homeowners
CHARLOTTE, N.C. – Oct. 7, 2011 – Bank of America, the nation’s largest mortgage servicer, is offering Florida homeowners up to $20,000 to short sale their homes rather than letting them linger in foreclosure.

The limited time offer has received little promotion from the Charlotte, N.C.-based bank, which sent emails to select Florida Realtors earlier this week outlining basic details of the plan.

Only homeowners whose short sales are submitted for approval to Bank of America before Nov. 30 will qualify. The homes must have no offers on them already and the closing must occur before Aug. 31, 2012.

A short sale is when a bank agrees to accept a lower sales price on a home than what the borrower owes on the loan.

Realtors said the Bank of America plan, which has a minimum payout amount of $5,000, is a genuine incentive to struggling homeowners who may otherwise fall into Florida’s foreclosure abyss.

The current timeline to foreclosure in Florida is an average of 676 days – nearly two years – according to real estate analysis company RealtyTrac. The national average foreclosure timeline is 318 days.

“I think this is a positive sign that the bank is being creative to try and help homeowners and get things moving,” said Paul Baltrun, who works with real estate and mortgages at the Law Office of Paul A. Krasker in West Palm Beach. “With real estate attorneys handling these cases, you’re talking two, three, four years before there’s going to be a resolution in a foreclosure.”

Guy Cecala, chief executive officer and publisher of Inside Mortgage Finance, called the short sale payout a “bribe.”

“You can call it a relocation fee, but it’s basically a bribe to make sure the borrower leaves the house in good condition and in an orderly fashion,” Cecala said. “It makes good business sense considering you may have to put $20,000 into a foreclosed home to fix it up.”

Homeowners, especially ones who feel cheated by the bank, have been known to steal appliances and other fixtures, or damage the home.

“This might be the banks finally waking up that they can have someone in there with an incentive not to damage the property,” said Realtor Shannon Brink, with Re/Max Prestige Realty in West Palm Beach. “Isn’t it better to have someone taking care of the pool and keeping the air conditioner on?”

A spokesman for Bank of America said the program is being tested in Florida, and if successful, could be expanded to other states.

Wells Fargo and J.P. Morgan Chase have similar short sale programs, sometimes called “cash for keys.”

Wells Fargo spokesman Jason Menke said his company offers up to $20,000 on eligible short sales that are left in “broom swept” condition. Although the program is not advertised, deals are mostly made on homes in states with lengthy foreclosure timelines, he said.

And caveats exist. The Wells Fargo short sale incentive is only good on first lien loans that it owns, which is about 20 percent of its total portfolio.

Bank of America’s plan excludes Ginnie Mae, Federal Housing Administration and VA loans.

Similar to the federal Home Affordable Foreclosure Alternatives program, or HAFA, which offers $3,000 in relocation assistance, the Bank of America program may also waive a homeowner’s deficiency judgment at closing.

A deficiency judgment in a short sale is basically the difference between what the house sells for and what is still owed on the loan.

HAFA, which began in April 2010, has seen limited success with just 15,531 short sales completed nationwide through August.

But Realtors said cash for keys programs can work.

Joe Kendall, a broker associate at Sandals Realty in Fort Myers, said he recently closed on a short sale where the seller got $25,000 from Chase.

“They realize people are struggling and this is another way to get the homes off the books,” he said.

© 2011 The Palm Beach Post (West Palm Beach, Fla.), Kimberly Miller. Distributed by MCT Information Services

Commercial Networking Lakeland Area

Just got back to the office after the CID Luncheon. Those of you that are fellow Realtors may ask what is CID? CID is an abbreviation for the Commercial Investment Division of Lakeland Association of Realtors. This organization was formed by LAR several years ago as a unique opportunity for the areas Commercial Realtors to network and share the Commercial Properties and opportunities. Our monthly luncheon meeting is normally held at Cleveland Heights Clubhouse and we normally have a guest speaker today it was a representative of Swift Mud discussing amongst some other topics flood plain map changes. This is open to all LAR members and I urge you to try and attend. Also the food is fantastic!

Real Estate is Selling Again!

I am proud to announce that I am seeing a marked inprovement in Sales and a leveling off of price declines and in some areas even some recovery in pricing. It has not been easy. We have lost a lot of Realtors from the business in the last couple of years however those that are still here will now reap the benefit of hanging in there. I have some associates that are actually making pretty decent money by taking some of our tried and true programs and signing on new listings and getting their phones to ring. For every house you list if properly handled you should pick up half a dozen or so viable buyers. After doing this for over 10 years I know what it takes to get this going again. We are actively recruiting new associates. Our group is not for those who wish to hang back and wait for the phone to ring but for those who are willing to implement the tools we provide at no charge to make you successful. If you are already successful then keep in mind that our commission structure is one of the best in the market with absolutely no Brokerage fees or costs! We provide just about everything you need to get started with our firm! Call today for more information we will keep your inquiry stricktly confidential! 863-640-3127

Branching Out

After riding out the down market in our Lakeland office over the last couple of years I am now optimistic that once again it is time to increase our presense throughout the state. Our business model is simple, providing top not service to our customers while preserving the earning potential of our Associates. A lot of your Brokerages have gone to making money directly from their associates by charging them desk fees and selling them education. These firms really don't care if they sell any Real Estate or not they are making a tidy profit at the expense of their associates. Our firm is old school we make our money from the sale of Real Estate plain and simple. Our people pay no fees to be attached to us and we all make money from the sale of Real Estate. I offer very lucrative Commission schedules with no deductions. We provide signage, E&O Insurance, forms software as well as full Brokerage support. Over the next few months I will be recruiting Licensed proffessionals throughout the State. Our concept includes hiring just enough agents (in most cases 6 to 10) for any given City/Area to Service the market. This assures that there is plenty of business for everyone so that everyone makes money! Right now I am looking for primary agents to act as team leaders in almost every area throughout the state. All inquiries will be kept confidential and can be sent to my e-mail RCastret@advantagerecinc.com

April 2011-Update:

I have been remiss in posting to my blog in the last couple weeks. My excuse is that I have been very busy. Both Commercial & Residential Business is picking up. Buyers are gaining confidence that the market has indeed bottomed out and appreciation will once again be possible. I have put several properties under contract this month and all are expected to close pretty quickly. Most involve "Cash" buyers and we can get them closed in 1 weeks time in most cases. I am now very optimistic that we have made the turn and prosperity in the Real Estate Market will soon follow! Also let me know if you actually read this thing (Blog) :)

Commercial Insight

Recently we have acquired several CREO's (Commercial Real Estate Owned) this term simply stated is Commercial Real Estate that is owned by a bank and has been foreclosed on and is now once again for sale. Currently we are dealing with 3 or 4 banks and look for that number to increase over the next several months.
Since this type of property is becoming a big part of our business we are adapting to accomodate.
Actually once a property reaches this stage of the game it can be bought at a reasonable price and decisions by the Bank are usually made quickly since they have title to the properties and are anxious to move them. Don't expect to steal the property however in most cases they are priced to sell at the posted price.
This is not something you want to go it alone you will need a trained proffessional in your corner.

Market News

I have noticed a gradual change in the market in the past several weeks. Our phone traffic has picked up but the rental requests far outweigh the buyer requests. All our rental properties are occupied and we are turning away renters on a daily basis. Lenders are requiring higher down payments from buyers and the fees on government backed loans have increased. In effect this has taken many prospective buyers out of the market and made renting a more viable option for them. Investors should take heed of this. A great opportunity exists today to purchase properties at great prices and rent them out making a tidy profit until the property values recover a few years out. Most investors don’t want the headaches of being a landlord but we not only can help acquire the properties but we will manage it for them as well.

What are Interest Rates Doing?

The average rate on the 30-year mortgage topped 5 percent this week for the first time since April. Freddie Mac said Thursday that the average rate rose to 5.05 percent from 4.81 percent last week. It hit a 40-year low of 4.17 percent in November. The average rate on the 15-year home loan, a popular refinance option, increased to 4.29 percent from 4.08 percent. It reached 3.57 percent in November, the lowest level on records starting in 1991. Rates are following the yields on the 10-year Treasury note, which are spiking on fears of higher inflation. Investors have been demanding higher Treasury yields since the Federal Reserve began its $600 billion bond-buying program to boost the economy. However rates are still extremely low by historical standards. Home prices remain depressed and even with a slight uptick in Interest Rates there are many values to be had. Rates are probably going to continue to rise so if you are thinking of purchasing you should get going!

We Are Moving in Right Direction

Our area seems to be recovering faster than other areas in the nation. Pending home sales in the South jumped 11.5 percent to an index of 101.9 and are 1.7 percent above December 2009. In the West however, the index fell 13.2 percent to 105.8 and is 10.7 percent below a year ago. (Pending Home Sales are homes that there are contracts on and are expected to close in the next couple of months.) Florida and especially Central Florida is going to be on the forefront of this recovery. A real concerted effort to create new jobs and restore old jobs is underway. We are moving to reeducate our work force with new skills that are going to enhance their technical knowledge and in turn create higher paying jobs. The one draw that remains constant is our climate and now we are going to combine that with opportunity. The fix is on!

A Look Ahead

A steady decline in layoffs is giving the vast majority of adult Americans who have jobs the confidence to spend more freely and help energize the economy. They no longer worry so much about losing their jobs. Their renewed confidence has boosted retail sales – just what’s needed to spark what economists call a “virtuous cycle”: Higher consumer spending raises company profits, which spurs hiring, which fuels more spending and growth. We are seeing the effect from this on my Commercial Side (Real Estate). Buildings that have set empty for some time are now being looked at by potential Commercial clients who are either looking to expand or are actually starting new enterprises. All of this is good news. New business means new jobs and that equates out to new potential home buyers entering the home market. Not to despair it is getting better!