Real Estate - Buying a Short Sell or Bank Owned Property – Be Prepared

Remember the old Boy Scout motto "Be Prepared." As in most aspects of life this is especially true when you decide to get into the short sale and/or bank owned real estate market. There are a lot of great deals out there but, you must be prepared to move quickly when you find the property you want.

In most real estate transaction the seller requires the perspective buyer to have a pre-approval letter from their financial institution and/or proof of funds to submit with their offer of contract. This is especially true with short sales and bank owned transactions. They do this to protect the seller by giving them an indication of the buyer's credit/financial worthiness prior to them taking the property off the market by putting it under contract.

A smart buyer who has done their homework prior to beginning their search is a buyer who is ready to jump on a good deal when one comes up. Not only does it allow the buyer to move quickly it also lets them know what the can and can not do upfront, thus avoiding issues later in the process. This is a win-win necessity.

In our local market there is an abundance of low priced bank owned houses becoming available everyday. This has brought out the cash investors who are looking for great deals and have the cash available to move quickly to lock up these opportunities. As an individual buyer trying to break into this market either as an investor or to purchase your personal home you have to be ready to compete with the cash investor.

During the last several weeks I have seen several buyers lose great deals on a possible new home because they were not prepared to make a quick offer on the property. By the time they got there paperwork ready the listing agent said he already had, in one case, five offers on the property and 3 were cash offers. This could have been avoided and may have resulted in a contract if the buyer had done their homework and been prepared.

It is relatively simple to seek pre-approval from a financial institution. If you have a preferred financial institution or bank that you like dealing with go to them and request it. If you don't have one then ask your real estate agent and they will be able to refer you a reputable financial institution. In either case you will have to answer questions about you income and financial status and the institution will run a credit check on you to help determine if you meet their credit standards. Typical they can have you an answer within 24 to 72 hours.

There are two important caveats to this. The first is this is only a pre- approval and not a final guaranty of credit. A more in-depth approval process will be completed once you have a contract and the mortgage lender has all the information on the property and any additional information on you they may require.

The second is that there is a difference in a "Pre-Approval letter" and a "Pre-Qualification" letter. Generally a pre-qualification letter is not worth the paper it is written on and often used as a sales gimmick. Be sure to specify to your financial institution that you want a "Pre-Approval Letter."

This is a tough market for both sellers and buyers with stiff competition on all sides. But, you can help level the playing field by doing your homework upfront and being prepared.

Just remember; "If you snooze, you lose."

Dressing For Success In Today’s Business Environment

Several years ago the latest buzz in the business world was “Dress for success.”  It stressed that part of being successful was looking successful, talking successful, acting successful and basically emulating success in all aspect of your life and actions.

This all revolves around how others perceive you and react to you. The old expression “you only have one chance to make a first impression” is very true. Whether we want to admit it or not we judge people by their appearance. A successful person looks successful and we use this impression as bases for our decisions.

Have you every looked at kids walking down the street with their pants dragging on the ground and trying to hold them up with one hand. I have often thought how ridicules they look. This is my perception of them and this is the perception that will determine how I interact with them. Right or wrong my opinion of them and there abilities is based upon this impression. In most cases this is the only impression I will every have of them so any future interaction will be limited.

Then I look at the way some “professionals” look, dress, and talk. I am amazed at the lack of professionalism in appearance when they come to the office; go out into public and worst of all when they met with clients. Whether we like it or not we are always on display and need to act accordingly.

I look at what they post about themselves on social media and other public outlets. Social media is becoming one of the top sources of initial business contacts which includes real estate, service providers at all levels and other contacts. When I think about it I have to wonder what kind of image are they trying to put across?

When you are thinking about buying or selling what may be the largest single investment of your life do you want some party animal handling your business or do you want a professional working with for you.

Something to think about.

Today in Business - Decision Makers Need to Make it Happen

In today's environment teams, groups and committees are all the rage of the modern corporate structure. It is all about empowerment and flattening out the hierarchy and with more acronyms describing how to do it than sand in an hour glass. Every year new gurus come out with their programs, which are just warmed over last year’s programs, but with a few new letters put together to make the latest and greatest acronym ever. Yet, sometimes you have to step back and remember past advice and apply it today.

When I thought of myself as a young corporate ladder climber and the team concept of management was just starting I had a manager who gave me two pieces of advice on how to implement these practices.

1. “A committee of 3 gets more done when 2 people are absent.”


2. “You don't call a committee to kill a rattlesnake, just kill it.”


In our daily business lives there are times we just need to make a decision. Not stand around and wait for others and see which way the wind is blowing today. There comes a time when we need decision maker who can step up and is not afraid to make decisive decisions. True leaders in business are becoming a rarity. I believe this is in part due to the way we are teaching our young people that everyone is equal and everyone deserves a trophy even if they lose. Leaders lead and should be recognized as such.

In the end we are the only ones responsible for our success or failure and as leaders it is time for us to step up and lead in our area of expertise.

Make it Happen Today!

Thought For Today - Life Goes On

“In three words I can sum up everything I've learned about life: it goes on.” Robert Frost



Life does go on and no matter how bad it may seem now, life continues and is constantly in a state of change. In this day and time it would be easy to get discouraged and depressed, but we have to weather the storm as the sun will surely come out.



With all the news about the economy, the war, and the environment how is one suppose to stay positive. Every one of us knows people, friends and/or family members, if not ourselves, who have been directly affected by the hard times we face today. Whether it be lose of job, lose of a home, de-valuation of your assets, or the rising financial cost of living, the present economy has impacted our lives in some fashion. Unless you are totally hard hearted it has to hit a nerve somewhere.



The stress on our families is growing everyday but take heart and a new day is coming. Here are a few tips to help you get by.



1. Turn off the TV and stop watching the news.

2. Set personal goals to overcome your present situation.

3. After step #2 put the plan into action and do not get discouraged even if you have to adjust your plan.

4. Have fun. There are lots of free things to do with your family which are fun. Get off you rumpus, get out and have fun.

5. Find positive friends and associate with them. Negative, complaining people will only bring you down.

6. Put what Satchell Paige once said, "Seems like the harder I work, the luckier I get." into practice in your life.

7. Get out and help other people. Volunteer and be apart of the solution in someone else’s life.



It takes work but you can overcome and survive these trying times. Just remember:



"This too shall pass"

Your Central Florida Real Estate Professionals

Check out Sara Gray's new Real Estate blog at http://saragray.realtyworldcentralflorida.com/uncategorized/underwater-upsidedown-there-is-help/




When it comes time for needing help with any real estate needs in Central Florida the Gray's have you covered.

If you need help or a referral in Residential real estate contact:

Sara Gray, Realtor, CDPE

863-232-2987

saragraysells@live.com

http://www.saragraysellslakeland.com/


If your needs are in Land and/or Commercial contact:

Larry Gray, Realtor

863-205-20814

larrygraysells@live.com

http://www.larrygraysells.com/




We will gladly work with you to make all your real estate dreams come true.  Call us today.

Words From A Master

My Wish for My Grandchildren

We tried so hard to make things better for our kids that we made them worse.



For my grandchildren, I'd like better.



I'd really like for them to know about hand me down clothes and homemade ice cream and leftover meat loaf sandwiches, I really would.



I hope you learn humility by being humiliated, and that you learn honesty

by being cheated.



I hope you learn to make your own bed and mow the lawn, and wash the car. And I really hope nobody gives you a brand new car when you are sixteen.



It will be good if at least one time you can see puppies born and your old dog put to sleep.



I hope you get a black eye fighting for something you believe in.



I hope you have to share a bedroom with your younger brother. And it's all right if you have to draw a line down the middle of the room, but when he wants to crawl under the covers with you because he's scared, I hope you let him.



When you want to see a movie and your little brother wants to tag along, I hope you'll let him.



I hope you have to walk uphill to school with your friends and that you live in a town where you can do it safely.



On rainy days when you have to catch a ride, I hope you don't ask your driver to drop you two blocks away so you won't be seen riding with someone as uncool as your Mom.



If you want a slingshot, I hope your Dad teaches you how to make one instead of buying one.



I hope you learn to dig in the dirt and read books.



When you learn to use computers, I hope you also learn to add and subtract in your head.



I hope you get teased by your friends when you have your first crush on a girl, and when you talk back to your mother that you learn what ivory soap tastes like.



May you skin your knee climbing a mountain, burn your hand on a stove and stick your tongue on a frozen flagpole.



I don't care if you try a beer once, but I hope you don't like it.



And if a friend offers you dope or a joint, I hope you realize he is not your friend.



I sure hope you make time to sit on a porch with your Grandpa and go fishing with your Uncle.



May you feel sorrow at a funeral and joy during the holidays.



I hope your mother punishes you when you throw a baseball through your neighbor's window and that she hugs you and kisses you at Christmas time when you give her a plaster mold of your hand.



These things I wish for you -- tough times and disappointment, hard work and happiness.

To me, it's the only way to appreciate life.



Written with a pen. Sealed with a kiss. I'm here for you. And if I die before you do, I'll go to heaven and wait for you.



-Paul Harvey

Economic Experts

The news is not good on the real estate home front as the recovery seems to be staggering while trying to get back up on it's feet.

The US Commerce Department announce today that new home sales have had the biggest drop in history during the month of May by dropping 33 percent.

Couple with this the fact that mortgage applications also drop 1.2 percent, according to the Mortgage Bankers Association, it appears the heralded housing recovery has not started yet.

Experts are now saying the recent increases in sales and activity may have been the result of the tax incentive.

Aren't you glad we have experts to figure all this stuff out. DAH!