Wake Up!! Calling All Small Investors or Anyone With a Little Cash and Credit
Some poeple think that there are great opportunities in real estate these days for poeple with a lot of money. Thats true, but there are soo many more small deals for the average investor. I will be breif, but when Im not working on BidaBing.com, I look for real estate deals. I see great cashflowing deals in good areas more and more these days. I recently called on at least 4 of my, so called investors, and not one of them cared to even preview a deal I found. I dont consider myself a rocket scientist, but if a property cash flows, with minimal down, and its in a decent area, its worth looking at. Now, if this property has a nice development upside, well then, you just buy it – like I did!
While some of my better contacts are vacationing in Negativeville, Im looking for a few good investors. If you would like to here about some of these real estate opportunities in Miami, Coconut Grove, Pinecrest, Coral Gables and the Florida Keys, contact me. Its always nice to meet new people, especially those who dont give up just because everyone else has.
Turning It Up!
Even though I haven’t posted much in the last few days, doesn’t mean that nothing is happening. There is plenty going on at BidaBing.com. To all the agents and buyers who have registered to bid on real estate in Miami, we want to thank you for being among the first to use our site. To those who have made comments and suggestions we are especially grateful and we are working on a surprise within the next few days. Most of the suggestions have been implemented in our new version of the site. We are aiming to market a full blown launch by April or May, but there will be auctions on the site throughout the preparations. Two auctions will start in February that we know of; the first is a 4 bedroom 3 car garage home in Waterfords Floridian Bay Estates, and the second is a beautiful 1 bedroom condo in Downtown Dadeland. Become a fan of our facebook page to learn about any updates. Go to facebook.com/bidabing for our “page”.
Happy New Year! Let the frustration begin!
I guess my wishing that banks would resolve to improve the short sale process is not happening, at least not at PNC Mortgage. My first listing of 2010 is a short sale (how strange) and the loan is with PNC. After a brief conversation, it’s clear that they will not even start the short sale process until they get an offer. Then, by own admission, a response can take up to 12 weeks.
Buyers are already asking agents to show them specifically “approved” short sales. If we, as agents, could somehow persuade banks to tweak the process, maybe we can get through this market a little faster with less frustration. Approving a short sale price before marketing or auctioning (bidabing.com) is not so much to ask. If selling these properties before the foreclosure, is really in their best interest, then why treat the two most important parties, the agent promoting the property and the buyer, with such disregard. It’s downright inconsiderate to take 12 weeks to respond to anything.
Not all banks have a ridiculous short sale system though. One of the newest agents to join the BidaBing Auctioning Network gets her listings directly from the banks foreclosure attorney who presents his contact at the bank with BPO’s. He is also able to produce official response to her offers within one week. Using the BidaBing auctioning application, she plans to present the bank with the results of a certified, competitive bid from an open platform with verifiable transparency. She may not be able to shorten the banks response time any, but she will be one of the very few agents who can turn over listings in a normal 45-60 days.
Thanks to a good bank and the BidaBing Auctioning Network, at least one of us is starting off the year on a happy note.
Happy New Year!
What’s the truth about short sales and how can we make things better?
Every day I see and hear all kinds of stories about how some banks seem to rather go to foreclosure and others are really great at helping with the short sale process. The popular assumption seems to be that a short sale is a better option for the bank than a foreclosure. It seems to me the process should not be that complex.
All banks should have a department that will answer the phone and proactively work towards realizing an arm’s length sale at the current market value. I will make a step by step list of what I think might work and maybe we can discuss how banks are actually doing it. Call out the banks by name; it would be great if they could learn from our blog.
- So, step one would be to determine what the property value might be. That way, the agent is not wasting time by marketing and showing a property with an unapproved asking price. The most cost effective way is through a BPO or two.
My understanding is that most banks will not even consider this until after you can produce an offer. It’s no wonder why so many buyers and agents wish they could avoid short sales altogether.
- Step two would be to market the property in the mls and as an auction. Today, a BidaBing online auction is inexpensive, effective, attracts more qualified buyers and offers the bank transparency that should make it easier to establish that they are receiving a bona fide offer. Online auctions also allow you to set the end date, which is a great way to manage the time that a property sits on the market. Instead of forwarding one or two contracts per week to the bank while they wait for them to reach a number they like (and may not appraise for), one contract with a certificate that is the result of a competitive process should satisfy the bank. If time is money, this is a wining proposition for everyone involved, especially the banks.
The banks way of establishing whether they have a genuine offer is to request tons of paper work from the seller and several contracts from the agents. This seems pointless and inconsiderate to the all involved, and I mean the general public included – time is money them as well as for everyone from the buyers with whom they are playing with, to the tax payers who will be bailing them out for years to come. Although many agents are using some form of auctioning, and the banks are essentially conducting the most inefficient form of auctioning of all, the truth is that bringing buyers and product to one place, at one time is the best way to establish the current market price of anything. My point is that it doesn’t have to take months. It can be accomplished in days with a simple preapproval of the BPO.
- Step three would be to submit the winning contract and the certificate that shows the auction details from the approved buyer to the bank for final approval (of the preapproved price) and proceed to closing with no delays.
There you have it. This is my current life’s thesis. As a soon to be 20 year veteran agent and as the founder of BidaBing.com I share the frustrations of the current market condition. I hope that the work we are doing at BidaBing is embraced by the real estate industry as a whole and plays an important role in bringing a positive change to the only job I’ve ever known, helping people attain their very own home.
Miami-Dade Foreclosures Are Now Online
Officials at Miami-Dade County Clerk of the Courts have noticed the advantage of online auctions and its only a matter of time before real estate agents do the same. Online auctions offer the county a more transparent solution than the traditional live auction, which are frequently manipulated by the investors. At BidaBing we offer an easy and inexpensive solution for agents to conduct online auctions. Auctions will generally attract more buyers due to the lower starting prices and end up with an actual competition which is very difficult to achieve otherwise in this market. Joining the site is free and the agent’s listings are already there. By joining and claiming their listings, BidaBing not only offers more exposure within the site, but our entire feed is shared with a dozen other sites. For $40 agents can start an online BidaBing auction for the duration they chose. The agent sets the reserve price agreed by the owner and arranges showings and promotion. The site will help promote the auction at no additional cost through various syndicated partners, while the agent can invite their contacts from within the site. Social networking within the site is also an easy way to promote the auctions. BidaBing provides agents an innovative solution that even the Clerk of Courts has already turned to. If you need to sell real estate, give BidaBing.com a visit, it’s easy.
Auctioning Real Estate Is Here to Stay
Lately I have noticed more and more updates in my Google alerts about properties being auctioned prior to foreclosure. It seems there is a growing trend of agents using some form of auctioning or another to bring buyers together at one place and time. This confirms our belief at BidaBing.com that the fastest growing trend in the professional real estate industry is the auction and it is here to stay. We invite all agents to compare our platform, syndication, networking and marketing tools to any other Real Estate Auctioning Network in the world. You will find nothing else like it in terms of functionality and value. So sign up today for free and start liquidating those listings!
The BidaBing Solution for Agents
Although the BidaBing Network is a very open platform, it is particularly useful for agents. Noting that you must be an agent to start an auction, agents can add this powerful listing tool to their services. Auctions have been traditionally a cost prohibitive service for agents to offer their sellers, but not anymore. Best of all, auctioning really works.
BidaBing proposed that the market value of a property is more easily achieved by gathering more than a couple of interested parties to one property at the same time. What is more likely to attract interested buyers to a $300,000 3 bedroom 2 bath home in pre-foreclosure?
A) A traditional ad
Or
B) 3 bedroom 2 bath home. Auction ends January 20th at 3:PM –***auction starting price $100,000
Our guess is that B) will bring more activity. If the reserve is not met, the extra traffic and interest cost the agent $40. Not bad. For more information about real estate auctions, visit BidaBing.com.
If Obama Knew About BidaBing.com, Our Auctions Would Be Part of The New Short Sale Plan
In order to get short sales approved faster agents must establish good communication with the lender and develop a system that assures the lender the highest possible arms length offer. Getting short sales approved prior to listing is the name of the game and the Treasury Departments new guidelines for short sales require participating lenders to approve short sale terms and listing price prior to placing the homes on the market. Agents using the BidaBing Auctioning Service should make the lender aware that the offers they bring to the table are the result of a the competitive process in a BidaBing Auction. These days that should be at least more comforting. Call me biased, but Im still hopeful banks will start requiring agents to conduct all short sales on the BidaBing Auctioning Network before submitting a contract for short sale. – What? It can happen!
Six Steps to Selling Property on BidaBing
Here is a good guide on how to get started using the BidaBing Auctioning Network. At first glance the site may seem a little overwhelming so this should help. I promise that if you follow these simple steps, you will not only come out with a much better idea about how BidaBing works, but also how you can use the site as a tool for selling more real estate in these difficult times. These steps are especially useful for agents who have short sale and REO listings.
How to sell more properties on bidabing
1. Enter complete profile
2. Go to “my bidabing” and select all of your listings to be converted to bidabing listings.
3. Invite everyone you know and ask them to choose you as their registered bidabing agent in their profile.
4. Contact your sellers to obtain bidabing auction authorization for each of your listings.
5. Start your auctions from the my listings tab. Set an attractive start and reserve price. The system will notify all of your contacts.
6. Direct all callers to the auction and include it in your mls remarks as well as all of your marketing efforts. Remember that the more bidders you attract, the more likely your reserve will be met.
BidaBing Auctions
Auctioning real estate is becoming more and more popular these days. Its important to keep in mind that not all auctions are foreclosures, so not all auctions require the same closing terms. Manny people avoid fAuctioning real estate is becoming more and more popular these days. Its important to keep in mind that not all auctions are foreclosures, so not all auctions require the same closing terms. Manny people avoid foreclosure auctions because buyers are not allowed the time to seek financing. Others feel like all auction sales are final and one will lose the deposit if unable to close.
BidaBing.com auctions are usually regular distressed listings with standard terms. The site may have pre foreclosures, approved short sales and other good real estate opportunities with the terms clearly expressed in the posting. So next time you see an ad that says “AUCTION”, dont run away. Check it out. It just might be a BidaBing.com real estate auction. Foreclosure auctions because buyers are not allowed the time to seek financing. Others feel like all auction sales are final and one will lose the deposit if unable to close. BidaBing.com auctions are usually regular distressed listings with standard terms. The site may have pre foreclosures, approved short sales and other good real estate opportunities with the terms clearly expressed in the posting. So next time you see an ad that says “AUCTION”, dont run away. Check it out. It just might be a BidaBing.com real estate auction.
