Since launching the Real Estate Rebel, I’ve gotten a lot of questions about exactly what I’m up to. I’ve taken the liberty of consolidating those questions and their answers below-enjoy!
Q: Why did you launch the RE Rebel project?
A: I saw a need in the market for buyers to get out from under properties and for banks to start being realistic about how to handle distressed properties. There aren’t really any realtors out there who understand both sides of the distressed property equation. Homeowners want to save their credit rating and be treated well as they go through a difficult time. Lenders want to receive a payoff based on the fair market value (FMV) of the property. Short sales seem to be the only way to get both the lender and the homeowner out from under a house with a negative equity position. These are complicated transactions, both from a business perspective and the emotional side.
Q: What can we expect from your commentary?
A: Honesty. I think that both buyers and sellers of distressed properties can use a reality check. The Market is tough, but that doesn’t mean that your credit score has to be destroyed and it doesn’t mean there aren’t good deals to be had. My job is to make sure everybody is on the same page. I think we get a lot of mixed signals about where the economy is headed. I don’t think we, as buyers or sellers, should believe much of anything out of Washington (or Wall Street, for that matter), when it comes to making a property decision. The world of politics and the realities of the economy don't mix as well as they pretend to, so I’m trying offer a solid reality check in the market and how it impacts selling your house or purchasing a property.
Q: What are you seeing in the market right now?
A: Interest rates are inching up, but prices are still sliding a bit. So much depends on your unique situation that there’s not much I can say on this front. It’s not about the Dow going down or the Stimulus package getting approved, it’s about your individual needs (as a seller) or specific financial objectives (as a buyer).
Q: What markets do you primarily keep an eye on?
A: My focus is the California Bay Area and other California markets, but I’m keeping an eye out all over the country. The issues we’re seeing here aren’t unique, and I think my rebellious approach can work in just about any market.
Q: Isn’t buying low and selling high just good business? What makes you a Rebel?
A: I have to go back to my answer to #2: “Honesty”. I’m not out to low-ball anybody or to squeeze every last nickel out of a property. It’s like that Dudley Moore movie about the ad executive who has a nervous break down and then rebuilds his career with help from his fellow patients at the mental hospital. My favorite quote from the movie comes from the campaign that the Dudley Moore character creates for Volvo, “Yes, they’re boxy, but they’re SAFE”. Just being straight forward seems to be awfully unique in today’s world.
Here’s an invitation to all my Rebellious Readers (RRs): I want to make sure that both buyers and sellers distressed properties get value from what I do. I’m inviting people to post questions to this blog any time, and I’ll get some straight forward answers out there for everybody’s benefit. Please feel free to send me anything you’d like me to comment on. Also, check out our current inventory at www.sterlingedwardsrealty.com
Stay Rebellious!
-Larry
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