Friday, February 27, 2009
Article on Jacksonville forclosures
Click on title for an interesting article on Jacksonville home foreclosures. Our very own Adam Rigel is quoted in it!
Thursday, February 26, 2009
New FICO version will change your credit score...
On Jan. 29, 2009, a relatively quiet event took place that will shape the future credit opportunities for hundreds of millions of Americans. TransUnion, one of the three national credit reporting agencies, rolled out and made commercially available the credit scoring model referred to as "FICO 08." FICO 08, which will actually be called the FICO Risk Score Classic 08 by TransUnion, is the newest in the long line of FICO credit score redevelopments. Think of it as a newer version of Microsoft Windows; it does basically the same things as the older version but has some new bells and whistles. Since 1989 Fair Isaac has been partnered with credit bureaus to offer and sell FICO scores to lenders. Every few years they re-engineer and re-develop their credit scoring software, which is generally not a newsworthy event. So why all of a sudden are we talking about this newest version? Consumers and the media have effectively ignored every other redevelopment since 1989. Why is this one so special?
Here's why: 1. This newest version of FICO includes the patent pending "anti-piggybacking" logic. Piggybacking is a process whereby a consumer with bad credit will pay to be added as an authorized user to the credit card belonging to someone with good credit. This is an attempt to defraud lenders into thinking a poor credit risk is actually a better credit risk. Credit repair companies broker this arrangement and charge hundreds or even thousands of dollars to unsophisticated consumers desperate for better credit scores. The new FICO score claims to be able to sniff out the illicit authorized user relationships from the legitimate relationships, between a husband and wife for example. MORE FROM OTM: Web ExtraSteals & DealsAsk the Experts
2. FICO 08 will ignore collections and public record items that have an original balance of less than $100. This means that Fair Isaac concluded in their research that very low dollar collections and public records no longer are synonymous with poor credit risk to the extent that they were in the past. So, for those of you who never got your final cable bill and had to suffer through a ridiculous $79 collection for seven years, you've been vindicated. Actually, the lending industry has long considered low dollar collections to not be terribly important.
3. Consumers with high credit card utilization percentages will be penalized more in FICO 08 than in previous versions of the score. This means Fair Isaac's research has concluded that consumers who have balances that are too close to their credit limits pose a greater credit risk than they did in the past, hence the more severe treatment. Pay down your cards as soon as you can. So what does this mean for you? Your score will be different with the new model, that's a certainty. The question is whether it will be higher or lower. If you're a good credit risk then your score will be higher. If you're a poor credit risk then your score will be lower. And those of you who have been banging your heads against the wall because of that silly $79 Dominos Pizza collection on your credit reports, things are looking up.
Here's why: 1. This newest version of FICO includes the patent pending "anti-piggybacking" logic. Piggybacking is a process whereby a consumer with bad credit will pay to be added as an authorized user to the credit card belonging to someone with good credit. This is an attempt to defraud lenders into thinking a poor credit risk is actually a better credit risk. Credit repair companies broker this arrangement and charge hundreds or even thousands of dollars to unsophisticated consumers desperate for better credit scores. The new FICO score claims to be able to sniff out the illicit authorized user relationships from the legitimate relationships, between a husband and wife for example. MORE FROM OTM: Web ExtraSteals & DealsAsk the Experts
2. FICO 08 will ignore collections and public record items that have an original balance of less than $100. This means that Fair Isaac concluded in their research that very low dollar collections and public records no longer are synonymous with poor credit risk to the extent that they were in the past. So, for those of you who never got your final cable bill and had to suffer through a ridiculous $79 collection for seven years, you've been vindicated. Actually, the lending industry has long considered low dollar collections to not be terribly important.
3. Consumers with high credit card utilization percentages will be penalized more in FICO 08 than in previous versions of the score. This means Fair Isaac's research has concluded that consumers who have balances that are too close to their credit limits pose a greater credit risk than they did in the past, hence the more severe treatment. Pay down your cards as soon as you can. So what does this mean for you? Your score will be different with the new model, that's a certainty. The question is whether it will be higher or lower. If you're a good credit risk then your score will be higher. If you're a poor credit risk then your score will be lower. And those of you who have been banging your heads against the wall because of that silly $79 Dominos Pizza collection on your credit reports, things are looking up.
Wednesday, February 25, 2009
Check out the start of our new project on Dancy St.
We just started demo on this job, and we have a lot more to do. Make sure you check out the porgress of the job in the weeks to come.
Are credit cards good or bad for you?
Clients come to me all the time and tell me that they are "cleaning up their credit". My next question is always, HOW? Often they tell me they are paying down bad debt, settling collections, and disputing wrongful collections.
Don't get me wrong, these are all good things to do for someone to greatly improve their credit. But there is one big problem that they are over-looking, these people still do not have any GOOD items on their credit to off set the past issues.
The number ONE thing that a buyer should do to repair their credit is add GOOD trade lines to their credit report to prove to lenders that they are credit worthy individuals.
I suggest a SECURED CREDIT CARD. This is a credit card with training wheels. It is designed to give credit cards to people that would normally get turned down for having bad credit. The borrower has to put down anywhere from $99 - $300 and in return they receive a credit card with a small credit limit. After 12 months of making payments on time, the borrower will get the money they put down back and the card becomes unsecurred.
What this credit card will do is create a history of making payments on time which will greatly increase a buyer's credit score.
Don't get me wrong, these are all good things to do for someone to greatly improve their credit. But there is one big problem that they are over-looking, these people still do not have any GOOD items on their credit to off set the past issues.
The number ONE thing that a buyer should do to repair their credit is add GOOD trade lines to their credit report to prove to lenders that they are credit worthy individuals.
I suggest a SECURED CREDIT CARD. This is a credit card with training wheels. It is designed to give credit cards to people that would normally get turned down for having bad credit. The borrower has to put down anywhere from $99 - $300 and in return they receive a credit card with a small credit limit. After 12 months of making payments on time, the borrower will get the money they put down back and the card becomes unsecurred.
What this credit card will do is create a history of making payments on time which will greatly increase a buyer's credit score.
Tuesday, February 24, 2009
How to Tell If A Property is on City Sewer or Septic
This is a question I hear from new investors a lot, so I decided to write a short how-to on the subject. As always, if anyone has any questions, please done hesitate to call me at 904-566-6400!
Unfortunately, it is very hard to tell if a property is on city sewer or septic with 100% accuracy, but there are some things you can do that will give you a very good idea. Calling JEA and asking some service rep is useless, they will be wrong as much as they are right.
The next best thing is to submit a service availability request to JEA through their website, this is a little better because the availability department will research the request, and sometimes they even send someone out to the site to check it out… but I have seen them be wrong before too. Here is a link to the webform you need to fill out: http://externalapps.jea.com/svcavail/avail_form.asp
Next, just look on the street your house is on for manhole covers. They should be every 100-300 feet, and if they are there it normally indicates that there is city sewer in the area – but that doesn’t necessarily mean your house is connected to it. Also, even if there isn’t manhole covers, the houses could still be connected to city sewer through the backyard, with the sewer lines running to a parallel street – which I have seen before too.
Finally, you can have a company come out and do a septic inspection – I use A. Carver Septic – 904-384-8999 – ask for Chad, or J.L. Smith Septic – 535-0218 – ask for Jim. They will come out, mark your tanks and drain field, tell you how many square feet your drain field is, and pump your tank for about $200. If you want an inspection letter on your tank, that will be another $100-150. If they don’t find a tank, they should only charge you a trip fee, $50-75, and if you’re a good negotiator you might be able to get out of that.
Using a combination of these methods, you should be able to come to a pretty good conclusion whether you are on city sewer or septic.
Hope this helps!
Alexander Sifakis
Progress Home Buyers, LLC
Project Manager
Alexs@ProgressHomeBuyers.com
2406 University Blvd West
Jacksonville, FL 32217
Office: (904) 755-7777
Cell: (904) 566-6400
Fax: (904) 737-0037
www.ProgressHomeBuyers.com
Unfortunately, it is very hard to tell if a property is on city sewer or septic with 100% accuracy, but there are some things you can do that will give you a very good idea. Calling JEA and asking some service rep is useless, they will be wrong as much as they are right.
The next best thing is to submit a service availability request to JEA through their website, this is a little better because the availability department will research the request, and sometimes they even send someone out to the site to check it out… but I have seen them be wrong before too. Here is a link to the webform you need to fill out: http://externalapps.jea.com/svcavail/avail_form.asp
Next, just look on the street your house is on for manhole covers. They should be every 100-300 feet, and if they are there it normally indicates that there is city sewer in the area – but that doesn’t necessarily mean your house is connected to it. Also, even if there isn’t manhole covers, the houses could still be connected to city sewer through the backyard, with the sewer lines running to a parallel street – which I have seen before too.
Finally, you can have a company come out and do a septic inspection – I use A. Carver Septic – 904-384-8999 – ask for Chad, or J.L. Smith Septic – 535-0218 – ask for Jim. They will come out, mark your tanks and drain field, tell you how many square feet your drain field is, and pump your tank for about $200. If you want an inspection letter on your tank, that will be another $100-150. If they don’t find a tank, they should only charge you a trip fee, $50-75, and if you’re a good negotiator you might be able to get out of that.
Using a combination of these methods, you should be able to come to a pretty good conclusion whether you are on city sewer or septic.
Hope this helps!
Alexander Sifakis
Progress Home Buyers, LLC
Project Manager
Alexs@ProgressHomeBuyers.com
2406 University Blvd West
Jacksonville, FL 32217
Office: (904) 755-7777
Cell: (904) 566-6400
Fax: (904) 737-0037
www.ProgressHomeBuyers.com
Monday, February 23, 2009
Learn about Grant Programs
Click here to find out a few basics on different FREE MONEY programs available for you!
http://vimeo.com/3338663
See you soon!
http://vimeo.com/3338663
See you soon!
Friday, February 20, 2009
Rehab on 7724 North Pearl Street Completed!
Hey Everybody, Alex Sifakis here. I'm the rehab coordinator at Progress Home Buyers. Just yesterday we finished a rehab on 7724 North Pearl Street, 8 days ahead of schedule! It takes a lot of work just to get a rehab finished on time, so we're pretty excited when they get done early. It was a great job by all of our contractors and our project manager, Mike Smith.
It was a "total" rehab, and it was completed in three and a half weeks. The rehab consisted of changing the existing kitchen into a master suite - complete with master bedroom, master bathroom, and a walk in closet - and changing the existing dining room into the kitchen. In addition to a COMPLETE cosmetic makeover (all new bathrooms, kitchen, paint, carpet, trim, etc), we also did a total re-plumb, put in new electrical wiring, installed a brand new A/C system, replaced all the windows, and installed all new vinyl siding.
I attached the exterior before and after pictures, and will have interior before and after pictures next week. If anybody has any questions about rehabbing properties, email me at alexs@progresshomebuyers.com or give me a call at 904-566-6400!
Thursday, February 19, 2009
My Favorite Gator Fan...
Here's a really funny youtube video of a kid that just got back from the dentist. My favorite part is that he's wearing a Gators shirt. Go Gators!
http://www.youtube.com/watch?v=Gx-g8ZLGU-4
http://www.youtube.com/watch?v=Gx-g8ZLGU-4
U.S. mortgage rates drop toward record low: Freddie
Thursday February 19, 2009, 11:27 am EST
NEW YORK (Reuters) - Interest rates on standard U.S. 30-year mortgages dropped in the latest week to levels just shy of record lows as concerns of a deepening recession boosted the appeal of fixed-rate investments, Freddie Mac said on Thursday.
The average fixed 30-year mortgage rate declined to 5.04 percent in the week ending Thursday, from 5.16 percent in the previous period, Freddie Mac said in a statement. That was close to the 4.96 percent reached in mid-January, which was the lowest rate since Freddie Mac began its survey in 1971.
http://finance.yahoo.com/news/US-mortgage-rates-drop-toward-rb-14412861.html
NEW YORK (Reuters) - Interest rates on standard U.S. 30-year mortgages dropped in the latest week to levels just shy of record lows as concerns of a deepening recession boosted the appeal of fixed-rate investments, Freddie Mac said on Thursday.
The average fixed 30-year mortgage rate declined to 5.04 percent in the week ending Thursday, from 5.16 percent in the previous period, Freddie Mac said in a statement. That was close to the 4.96 percent reached in mid-January, which was the lowest rate since Freddie Mac began its survey in 1971.
http://finance.yahoo.com/news/US-mortgage-rates-drop-toward-rb-14412861.html
Book of the Week: The Landlording Survival Guide
The Landlord’s Survival Guide
By Jeffery Taylor
“Mr. Landlord takes a step by step approach to teach the action sequences involved to solve the common landlording problems." Anthony Sifakis
The first section starts with introducing the three preparatory steps. The first is developing the right mindset. The different parts of this were; The Proactive business mindset which suggests that by developing a system or a series of actions steps and a checklist to follow you can prevent many of the common headaches that landlords get. Jeff states that by following his proactive action steps you can meet your goals and manage your rentals in less time with far fewer hassles. The second section of the building the right mindset chapter was developing a goal directed mindset. Jeff states that by having a survival mentality instead of a success mentality you would be shortchanging yourself because you will not know if you are maximizing your returns. He doesn’t only find residents that stay in his houses for five years or find residents who refer others to him, he entices them to do so from the first day he meets them. He also has a people centered mindset. Jeffery Taylor has a new school approach to being a landlord. The old school of landlording says that “tenets either follow the rules or get out” His new school attitude entices residents to work with the landlord for a win-win situation. While it is important to set and follow rules. Jeffery shows that it’s better to convince your residents that it is in their best interest to go along with the rules. By using good people management techniques you can “turn average residents into good residents and good residents into great residents. Many of the important points of this section go along with the main points of dale’s book how to win friends and influence people. It was in the next section about the Team Member mindset that Jeff explains why it is better to refer to tenets as residents. He shows that it is better to make residents feel like your business partner who plays a vital role in your success. Even the word tenet implies a temporary relationship.
The second section shows how you need to surround yourself with the right people in order to make your life easier. Jeff writes about how saving 100 bucks fixing plumbing by yourself is a waste of time because that time could have been better spent finding more residents or acquiring a new property. This section repeats a lot of the ideas I have been exposed to over the past few years talking to Alex about real estate. He explained that it was not worth his time to paint a house when he can pay someone else to do it. This section goes into more detail about it and shows the benefits of surrounding yourself with a “success team” including bankers, lenders, accountants, attorneys, contractors and the huge benefit of brining in people who you can trust like your younger brother. He then repeats how one of the largest parts of your success team is your residents whom most landlords view as opposition rather than a teammate.
The third section titled “Study what you must know to survive” explains the benefits of continuing education. One interesting thing I learned in this section is that many actions can possibly be seen as illegal in regards to fair housing. Screening calls through voicemail and choosing whom to call back based on voicemails can be illegal discrimination. Another interesting fact is that an adverse action notice is required even if information in the consumer report wasn’t the main reason for the denial of a resident’s rental application. The Ten most common and costly management mistakes are listed in this section that reveals obvious yet often over looked parts of the business. Two of these that I believe that I should make sure not to do would be poor recordkeeping, which because organization has been a weakness of mine I should be careful not to over look and also, not fully screening applicants because all of the potential residents I have spoken to have sketched out. Luckily we have a system in place to ensure this.
The book then goes on to the seven action steps. The first is the one that I view as the most important now. Fill a Vacancy with the ideal resident. I plan on rereading this one because it has a lot of useful information in it. One of the most important points I took out of this section is that when competition is high you must make your home seem like an above average home. It is important to give it special appeal. I have done this in the craigslist advertising. Unfortunately my ads have appealed to scam artists claiming to be English majors living abroad who cannot put together a coherent sentence in English. The next section is screen out problem renters. Thankfully Phb has a system to do this. Jeff goes on to explain how to facilitate getting paid and the advantages of starting evictions as soon as rent is past due. Another important section is keeping residents long after the first anniversary. This keeps down repair expenses and lost rent. Jeff proposes doing this by starting to sell them on the house and the benefits of staying before they even move in.
By Jeffery Taylor
“Mr. Landlord takes a step by step approach to teach the action sequences involved to solve the common landlording problems." Anthony Sifakis
The first section starts with introducing the three preparatory steps. The first is developing the right mindset. The different parts of this were; The Proactive business mindset which suggests that by developing a system or a series of actions steps and a checklist to follow you can prevent many of the common headaches that landlords get. Jeff states that by following his proactive action steps you can meet your goals and manage your rentals in less time with far fewer hassles. The second section of the building the right mindset chapter was developing a goal directed mindset. Jeff states that by having a survival mentality instead of a success mentality you would be shortchanging yourself because you will not know if you are maximizing your returns. He doesn’t only find residents that stay in his houses for five years or find residents who refer others to him, he entices them to do so from the first day he meets them. He also has a people centered mindset. Jeffery Taylor has a new school approach to being a landlord. The old school of landlording says that “tenets either follow the rules or get out” His new school attitude entices residents to work with the landlord for a win-win situation. While it is important to set and follow rules. Jeffery shows that it’s better to convince your residents that it is in their best interest to go along with the rules. By using good people management techniques you can “turn average residents into good residents and good residents into great residents. Many of the important points of this section go along with the main points of dale’s book how to win friends and influence people. It was in the next section about the Team Member mindset that Jeff explains why it is better to refer to tenets as residents. He shows that it is better to make residents feel like your business partner who plays a vital role in your success. Even the word tenet implies a temporary relationship.
The second section shows how you need to surround yourself with the right people in order to make your life easier. Jeff writes about how saving 100 bucks fixing plumbing by yourself is a waste of time because that time could have been better spent finding more residents or acquiring a new property. This section repeats a lot of the ideas I have been exposed to over the past few years talking to Alex about real estate. He explained that it was not worth his time to paint a house when he can pay someone else to do it. This section goes into more detail about it and shows the benefits of surrounding yourself with a “success team” including bankers, lenders, accountants, attorneys, contractors and the huge benefit of brining in people who you can trust like your younger brother. He then repeats how one of the largest parts of your success team is your residents whom most landlords view as opposition rather than a teammate.
The third section titled “Study what you must know to survive” explains the benefits of continuing education. One interesting thing I learned in this section is that many actions can possibly be seen as illegal in regards to fair housing. Screening calls through voicemail and choosing whom to call back based on voicemails can be illegal discrimination. Another interesting fact is that an adverse action notice is required even if information in the consumer report wasn’t the main reason for the denial of a resident’s rental application. The Ten most common and costly management mistakes are listed in this section that reveals obvious yet often over looked parts of the business. Two of these that I believe that I should make sure not to do would be poor recordkeeping, which because organization has been a weakness of mine I should be careful not to over look and also, not fully screening applicants because all of the potential residents I have spoken to have sketched out. Luckily we have a system in place to ensure this.
The book then goes on to the seven action steps. The first is the one that I view as the most important now. Fill a Vacancy with the ideal resident. I plan on rereading this one because it has a lot of useful information in it. One of the most important points I took out of this section is that when competition is high you must make your home seem like an above average home. It is important to give it special appeal. I have done this in the craigslist advertising. Unfortunately my ads have appealed to scam artists claiming to be English majors living abroad who cannot put together a coherent sentence in English. The next section is screen out problem renters. Thankfully Phb has a system to do this. Jeff goes on to explain how to facilitate getting paid and the advantages of starting evictions as soon as rent is past due. Another important section is keeping residents long after the first anniversary. This keeps down repair expenses and lost rent. Jeff proposes doing this by starting to sell them on the house and the benefits of staying before they even move in.
Wednesday, February 18, 2009
Website to Bookmark
Rich Ricci over at SunTrust Mortgage is my hook-up for any hot breaking news on government grant or loan programs that can help first-time home buyers purchase a new home.
Here is a great link that he just sent me to keep up-to-date with the Federal Tax Credit that just passed with the stimulus package last week.
Check it out...
http://www.federalhousingtaxcredit.com/
Here is a great link that he just sent me to keep up-to-date with the Federal Tax Credit that just passed with the stimulus package last week.
Check it out...
http://www.federalhousingtaxcredit.com/
Tuesday, February 17, 2009
Current Florida Bond Rates
Just keeping everyone up-to-date with bond rates. Here are the current rates as of today.
Effective 1/22/2009
6.50% FL First
6.25% FL Community Heroes
6.00% FL Advantage
These rates could change anytime so I will keep everyone up-to-date if anything changes.
http://www.hdsoftware.com/usbhm-mrbp/FLORIDA.htm
Effective 1/22/2009
6.50% FL First
6.25% FL Community Heroes
6.00% FL Advantage
These rates could change anytime so I will keep everyone up-to-date if anything changes.
http://www.hdsoftware.com/usbhm-mrbp/FLORIDA.htm
Monday, February 16, 2009
Friday, February 13, 2009
Housing Tax Downsized from $15K to $8K
Friday, February 13, 2009
WASHINGTON – A new tax credit of up to $8,000 for first-time homebuyers that’s being included in the economic stimulus package was far less than the homebuilding industry wanted, and analysts expect it will provide only a modest boost to the battered U.S. housing market.The tax credit is part of the economic stimulus package expected to be signed by President Barack Obama on Monday. It was scaled back from a Senate proposal of $15,000 and limited to first-time buyers who act between the start of this year and the end of November.The credit for 10 percent of the value of a home, up to $8,000 was estimated to cost the government $6.6 billion. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Source: The Associated Press
WASHINGTON – A new tax credit of up to $8,000 for first-time homebuyers that’s being included in the economic stimulus package was far less than the homebuilding industry wanted, and analysts expect it will provide only a modest boost to the battered U.S. housing market.The tax credit is part of the economic stimulus package expected to be signed by President Barack Obama on Monday. It was scaled back from a Senate proposal of $15,000 and limited to first-time buyers who act between the start of this year and the end of November.The credit for 10 percent of the value of a home, up to $8,000 was estimated to cost the government $6.6 billion. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Source: The Associated Press
Raise your credit score in ONE DAY!
Quick tip that ANYONE can do to raise their credit score instantly...
Credit scores are made up of a ton factors that are all added together to generate the dreaded SCORE that determines your ability to borrow money. The easiest factor to change is the ratio between your credit LIMIT and your current BALANCE on your credit card accounts. The magic number that you are shooting for is 30%. This means that if you have a credit card with a $1000 limit, then you want your balance to be $300 or less. If your balance goes over that 30% mark, your score goes down.
OK Adam, so how do I fix it???
2 ways!
1) Pay down your credit card balance below that 30% level.
OR........ The easiest way.........
2) Call for a credit limit INCREASE. You can do this once a month with most lenders. By increasing your limit, you are making the ratios better. That in turn makes your credit score go up!
Congratulations!!!!!!!
Credit scores are made up of a ton factors that are all added together to generate the dreaded SCORE that determines your ability to borrow money. The easiest factor to change is the ratio between your credit LIMIT and your current BALANCE on your credit card accounts. The magic number that you are shooting for is 30%. This means that if you have a credit card with a $1000 limit, then you want your balance to be $300 or less. If your balance goes over that 30% mark, your score goes down.
OK Adam, so how do I fix it???
2 ways!
1) Pay down your credit card balance below that 30% level.
OR........ The easiest way.........
2) Call for a credit limit INCREASE. You can do this once a month with most lenders. By increasing your limit, you are making the ratios better. That in turn makes your credit score go up!
Congratulations!!!!!!!
Thursday, February 12, 2009
Quote of the Day
"We have flown the air like birds and swum the sea like fishes, but have yet to learn the simple act of walking the earth like brothers." - Martin Luther King, Jr.
Wednesday, February 11, 2009
Sold a Commercial Property Today!!!!
Congratulations to the sales team at Progress Home Buyers for selling off a small home on a double lot zoned CRO. The home wasn't worth a whole lot but a double lot with CRO zoning could easily be used for office space or non-retail space. There has never been a better time to acquire real estate!!!!
Quote of the Day
“Need I remind you that they don’t give prizes to those who start the race?” – Anonymous
Book of the Week: Guide to Handling Sales Objections
Guide to Handling Sales Objections
By Barry Farber’s
Chapter 1: What Objections really are?
· Objections are not rejections
· Objections are really opportunities to move a sale beyond what the customer sees as a barrier.
· Objections are buying signals. ie. I want to buy but…
· Objections are a chance to better educate the client.
· Objections help you move on to the “Next Step”. ie. If I can show you how it will save you money, would you like to go ahead and give this a try?
· Nothing is worse than not getting any objections and the customer just “fades away”. This is when they don’t return your calls, emails, or letters and you never get a chance to figure out why you didn’t make a sale.
Chapter 2: The Six-Step Method for Handling Objections
1. Listen to the objection in its entirety.
a. This may be the most important of the steps. This is both a rapport building stage and a chance to figure out what the client really needs from our service.
2. Define the objection.
a. Client “I’m not sure I’m ready to buy right now.” Ask questions to figure out what the specific objections are. PHB “Why is that?”
3. Rephrase the objection into a question.
a. PHB “So from what you have been telling me, you are worried about where you are going to come up with the money to buy a home?
4. Isolate the objection.
a. PHB “If we are able to come up find you government grant money to pay your closing cost and down payment so you don’t have to come up with the money yourself, is that the only thing that is keeping us from moving forward on this?”
5. Present the solution.
a. Spend time determining possible solutions if possible. ie. “Let me ask my boss”
6. Close.
a. ASKING FOR THE ORDER- Leads to a YES or an Objection.
b. “Bottom line is if you can’t simply say to your customer, Why don’t we go ahead with this? there is something wrong. Not with your closing, but with your approach to sales.”
Chapter 3: The Ups and Downs of Feel, Felt, and Found
· Sales technique that is basic but can be used in almost any circumstance.
1. Feel:
§ Buyer “I’m not ready to move right now. I think prices are dropping.”
§ PHB “I understand how you FEEL”
2. Felt:
§ A lot of our client that I have spoken to have FELT the same way too.
3. Found:
§ But when they FOUND out how home prices and interest rates were at historic lows, they were amazed at how cheaply they could buy a home.
Chapter 5: What Does it Really Cost: Price Objections
· You only get Price objections for two reasons:
1. The client wants to get the best price possible.
2. The true value of what you’re selling has not been conveyed to the customer.
By Barry Farber’s
Chapter 1: What Objections really are?
· Objections are not rejections
· Objections are really opportunities to move a sale beyond what the customer sees as a barrier.
· Objections are buying signals. ie. I want to buy but…
· Objections are a chance to better educate the client.
· Objections help you move on to the “Next Step”. ie. If I can show you how it will save you money, would you like to go ahead and give this a try?
· Nothing is worse than not getting any objections and the customer just “fades away”. This is when they don’t return your calls, emails, or letters and you never get a chance to figure out why you didn’t make a sale.
Chapter 2: The Six-Step Method for Handling Objections
1. Listen to the objection in its entirety.
a. This may be the most important of the steps. This is both a rapport building stage and a chance to figure out what the client really needs from our service.
2. Define the objection.
a. Client “I’m not sure I’m ready to buy right now.” Ask questions to figure out what the specific objections are. PHB “Why is that?”
3. Rephrase the objection into a question.
a. PHB “So from what you have been telling me, you are worried about where you are going to come up with the money to buy a home?
4. Isolate the objection.
a. PHB “If we are able to come up find you government grant money to pay your closing cost and down payment so you don’t have to come up with the money yourself, is that the only thing that is keeping us from moving forward on this?”
5. Present the solution.
a. Spend time determining possible solutions if possible. ie. “Let me ask my boss”
6. Close.
a. ASKING FOR THE ORDER- Leads to a YES or an Objection.
b. “Bottom line is if you can’t simply say to your customer, Why don’t we go ahead with this? there is something wrong. Not with your closing, but with your approach to sales.”
Chapter 3: The Ups and Downs of Feel, Felt, and Found
· Sales technique that is basic but can be used in almost any circumstance.
1. Feel:
§ Buyer “I’m not ready to move right now. I think prices are dropping.”
§ PHB “I understand how you FEEL”
2. Felt:
§ A lot of our client that I have spoken to have FELT the same way too.
3. Found:
§ But when they FOUND out how home prices and interest rates were at historic lows, they were amazed at how cheaply they could buy a home.
Chapter 5: What Does it Really Cost: Price Objections
· You only get Price objections for two reasons:
1. The client wants to get the best price possible.
2. The true value of what you’re selling has not been conveyed to the customer.
Tuesday, February 10, 2009
Monday, February 9, 2009
HUGE CHANGES THAT WILL SHAKE UP THE MARKET!!!!
Can I get a collective WHOHOOOO!!!!!!!!!!!!!! Fannie Mae has reported that they are going to change their guidelines from 4 homes financed on an individuals credit to 10 homes. This is a huge victory for serious investors looking to acquire a large number of homes as inventory.
Things to ask your lender about:
Things to ask your lender about:
- Seasoning requirements for Cash-Out vs. Rate-and-Term Refinances.
- Seasoning requirements for a home that was previously listed for sale on the MLS.
- Stated, low-doc, and full-doc loans to see what you can qualify for.
- How your rental income will affect your Debt-to-Income
It's a great time to buy a home. Now is the time to acquire everything you can. Enjoy!
Friday, February 6, 2009
Dan Kennedy is the man!
For information on how to Buy a Home in Jacksonville, Rent a Home in Jacksonville, Sell a Home in Jacksonville, or Invest in Real Estate in Jacksonville, visit our website at http://www.progresshomebuyers.com/.
New free money that easy to get...
You heard it from me first, FREE and EASY. I claim it's new only because it is new to me. This program has been around for a few years but the funding has doubled this year starting March 1st. The name of the program is the Federal Home Loan Bank Ownership Funds.
Basically, all the major lender's in the Southeast are given $1,000,000 for this program. The program will then match a buyer's contribution towards buying a home. They don't just match it 1 to 1, they actually match at a 5 to 1 ratio up to $10,000 of grant money. That means that if a buyer contributes $2,000 towards buying their home, the program will contribute $10,000.
It gets better, these funds are at zero percent interest and are forgiven 20% per year until the fifth year when it's completely forgiven. You can also combine these funds with other down payment assistance programs for a maximum of $35,000 towards buying a home. Pretty powerful stuff! Enjoy!
For information on how to Buy a Home in Jacksonville, Rent a Home in Jacksonville, Sell a Home in Jacksonville, or Invest in Real Estate in Jacksonville, visit our website at http://www.progresshomebuyers.com/.
Basically, all the major lender's in the Southeast are given $1,000,000 for this program. The program will then match a buyer's contribution towards buying a home. They don't just match it 1 to 1, they actually match at a 5 to 1 ratio up to $10,000 of grant money. That means that if a buyer contributes $2,000 towards buying their home, the program will contribute $10,000.
It gets better, these funds are at zero percent interest and are forgiven 20% per year until the fifth year when it's completely forgiven. You can also combine these funds with other down payment assistance programs for a maximum of $35,000 towards buying a home. Pretty powerful stuff! Enjoy!
For information on how to Buy a Home in Jacksonville, Rent a Home in Jacksonville, Sell a Home in Jacksonville, or Invest in Real Estate in Jacksonville, visit our website at http://www.progresshomebuyers.com/.
Monday, February 2, 2009
Congratulations!
We may have the biggest Steelers Fan in the entire world on our team here at Progress Home Buyers. I want to congratulate Gregg Cohen and HIS Pittsburgh Steelers for winning the Super Bowl and becoming World Champions!
Both the Gators and the Steelers in the same year... IT DOESN'T GET ANY BETTER THAN THAT.
For information on how to Buy a Home in Jacksonville, Rent a Home in Jacksonville, Sell a Home in Jacksonville, or Invest in Real Estate in Jacksonville, visit our website at http://www.progresshomebuyers.com/.
Both the Gators and the Steelers in the same year... IT DOESN'T GET ANY BETTER THAN THAT.
For information on how to Buy a Home in Jacksonville, Rent a Home in Jacksonville, Sell a Home in Jacksonville, or Invest in Real Estate in Jacksonville, visit our website at http://www.progresshomebuyers.com/.
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