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Are you talking to your local banker? CASH OPPORTUNITY | International Residential Real Estate Investors Association
Monday September 25th 2017

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Are you talking to your local banker? CASH OPPORTUNITY

Judging by the quote below, if you aren’t talking to your bank you may be missing out.

The FDIC alone sold about 3,500 commercial real estate loans with a book value of more than $6.1 billion last year; that compares to commercial real estate loans sales in 2008 of just $153 million. Nonperforming loans went for 37 cents on the dollar last year but November and December 2009 sales prices coming in closer to 30 cents. Performing loans sold for about 57 cents on the dollar, but with the most recent sales coming in at 44 cents.

I can’t find the source, but perhaps there is an opportunity here.

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5 Responses to “Are you talking to your local banker? CASH OPPORTUNITY”

  1. [New blog]: Are you talking to your local banker? CASH OPPORTUNITY http://bit.ly/c6T2XK

  2. Tammy Phelps says:

    “Are You Talking to Your Local Banker?” is a great question for folks to seriously think about.

    The news coverage, aka media sensationalism of the past 2 years has had your attention focused on the “Big Bad Banks” and the entire Financial Industry is at fault for the National Recession, correct? Why? Because negative drama sells and increases tv ratings.

    What is not shared is that 97% of all the negative press surrounding the real estate recession has been factors involving for the most part 5 States, Florida, California, Nevada, Arizona and Michigan.

    So why then are there markets today that are reporting job growth, an increase in home sales, multiple offers and low inventory if the Nation is in a recession due to the Big Bad Banking Industry?

    Because real estate markets are local!

    BB&T has a banner that reads, “Still Lending…Stronger Than Ever!” as Bank of America reports the largest quarter financial loss in the history of the company.

    The absolute critical truth here is that in this business of real estate both residentially and commercially, relationships are EVERYTHING…

    Are you willing to do “Whatever it Takes?”

    Good, I knew you would. Then introduce yourself to several of your local bankers or the local bankers within the markets where you are investing. You must follow up and nurture these relationships. Invite them out for coffee when appropriate.

    A friend was told that their chance of getting a commercial loan approved today was esentially non-existent and if they miraculously obtained the “Approval Seal” to expect a 3-4 month turn around for underwriting.

    The loan was approved in 2 weekS. How and Why?

    They took the time to nurture the relationship with the banker.
    They shared with them what their intentions were for the project, engaged in complete due diligence and shared every detail with the bank upfront.

    People do business with others whom they KNOW…LIKE…& TRUST!

    When was the last time you reached out to your local banker?

    Tammy Phelps

    Follow Us at:
    http://www.DistrictREIA.com
    http://www.PerfectNetworker.com
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    • Tammy,
      I know and visit with our local bankers but we live in a very small town. They tell me they don’t even know who to contact concerning REO’s. I am certified for short sales through America’s Home Rescue program but so far no listings or even inquiries concerning my experience. Any suggestions? Linda

  3. Real Estate Investor says:

    Thanks for this comment Tammy.

  4. Tammy Phelps says:

    Linda,

    I am sorry it took me so long to respond. We have spent the last month preparing for the incredible Grand Opening of The Washington DC DistrictREIA on March 17th.

    I have a few questions Linda…
    Are you a Realtor?
    Did you just recently sign up as a listing agent with Americas Home Rescue Program?

    As I shared relationships are everything, not only in real estate but in life as well.

    It takes time to build trust and rapport especially in such a skeptical financial economy as the one we are in. As a realtor I can share with you that the large National banks who issue REO listings to agents are usually doing so based on the amount of closed transactions completed by that broker.
    I can also share that agents are “Scored” by the banks on their turn around time for BPO’s, list price compared to actual sales price, etc…

    If you are an investor looking for the “good REO deals” then you must have a strong marketing campaign in place. 95% of all your marketing right now in 2010 needs to be on Social Media Platforms.
    What does your “Buyers List” look like?
    Is it a warm list? – Where you can pick up the phone and call the person.
    Is it just a cold list? – of email addresses that you send stuff out to.

    It doesn’t matter if you are “Small town” or “big city,” real estate is real estate. I hear all the time “Well it can’t be done where I live!” “You don’t understand, it’s not like that where I live!”

    Relationship Building, Strategic Marketing and Real Estate Sales are the same in your small town as they are in the Nations Capital.

    Consistency is the key. Lastly Linda and most importantly… You MUST BELIEVE

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