If you have been in this business for at least a week, you know that certain words, commonly called buzz words, will probably dominate your conversation. Well, not 100% of your conversation. Only the ones you have with other investors and potential buyers.
This list is only a partial coverage of words unique to the business. I bet you’ll recognize all of them.
lots of possibilities
neutral color scheme
move in special
I purposely left off REO or bank owned property because of a thought coupled with a conversation I had on this very subject the other day. It is my opinion based on unscientific thoughts and conversations that only one word will be the new buzz word.
That word is REO.
While technically not a word but an acronym, REO is known and understood by the real estate players. I say it’ll be the 2010 only buzz word because I believe 2010 is the year lenders will be unloading a significant portion of their inventory. If I am right, that 2009 bargain will become an overpriced commodity.
I’m not saying my prediction is ground in concrete but having the vantage point of several industries under one roof – that being my insurance agency – I think I’m on as solid ground as anyone can be at the moment. I simply listen to my clients and read every piece of information I can find on real estate and make my prognostication.
Here is my main line of thought. If you can find a real estate agent who plays in the REO playground, I think you will have found your best source of bargain real estate in 2010. Of course you can do your own scouting and reconoitering, but why waste the time and effort when all it would take is having this one good source.
That’s my mindset and I think I will move in that direction.
My Son And His Buzz Word
My son is the motivator for this thought. We have several real estate agents and lenders as clients. Carson knows them and it was because of him they became clients. They have all basically said the same thing to us. If we are interested in acquiring properties, do it through REO. The lenders are actually paying closer attention to offers and seem willing to make a deal.
Mind you, this is in our area. I don’t know what it is for your area. You’ll have to do your own research for that information. Let’s say it is the same for you. Bingo, you just found someone who will do your homework and actually be in your corner during the offer process.
My son also tossed out another good source for those wanting to sell. It seems our veteran – you can call veteran a buzz word if you’d like – clients are still able to get VA loans making it easier for them to buy a house than folks without this benefit. Again, do your homework but with two pools of resources for your property you should be able to put something together.
To me, money will always be a buzz word I never get tired of hearing or spending.
Photo: Google Maps