Saturday, February 11, 2012

Brokers You Don't Wanna Do Brokers Price Opinions

Do you need to pull down some cashas a real estate broker??. Here is the real deal.


The old standby broker price opinion. Everyone is preaching that's the best way to go for quick money.
And you think that this will be a viable form of income for you? No kidding? Think first. t.



If you're a real estate agent, we have something in common. I'm a licensed broker too. As an agent, you might as well have gone into hibernation the last few yrs. My team of buyer agents has made very few sales and even then can close on a small percentage. The whole time I've been watching the active agents roster fall, thinking there would be a point where you could make a good living again. The point was that even a tiny buyer pool could sustain a tiny broker pool. We could have seen this coming. We all chose not to.
I also looked into broker price opinions as a way to help defray costs and maybe even make a buck or two. But, I learned some hard truths, pretty quick:
The first problem is the big lie. No, you won't get listings from banks for doing bpo's for them.
Next, you don't really make anything when its all said and done.
Lastly, there's not enough work out there to generate real money.
As a realtor, your skills are not exactly an excellent resumee stuffer. The good news is that I do have a real option for you. An option that makes really big money. A lucky discovery has a led to a money making system that is perfect for realtors and can make you crazy income.We're talking huge money. And the money is created at foreclosure auctions. Let me take a step back, first.


It all begin about 5 years ago. I was involved in deed flipping with a friend. My investor and I bought a deed from an owner just before foreclosure. We were going to later sell the deed to an investor at the foreclosure sale. For the first time ever, no one bought the deed. In this instance, the only debt against the property was a single mortgage. Our research told us that the home was going to sell for far more than the debt at the foreclosure sale. We were going to sell the deed at the foreclosure sale. The person that was bidding on this property could then pay off the mortgage - because they owned the deed - and own the property. The bidder would save quite a bit because the home was bid above the total of the deed cost and the payoff of the mortgage. No one wanted to buy the deed. We could've simply redeemed the deed and owed the home for the deed owed.. But we were stretched on other deals. So after the foreclosure we checked the file to see what happened.
When we opened that file we could not believe our eyes. In this case the house sold at auction for far over the amount owed against it. The surplus funds were sent by the foreclosure attorney to the county courthouse book keeper. After some inquiries, we found out that this was the norm. Get this. As the deed holder, my investor and I were the rightful owners of this overage!
The deed had cost us only a few thousand dollars. We were going to end up with over $45K just for owning the deed!
As you can imagine, this got us pretty fired up. We spent the next few weeks trying to get a list of all the surplus funds that the clerk had collected. After an incredible amount of dead ends, we got our hands on the list. And it was a really big list.
After more research, we figured out how to get around finder laws and make much more money.


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Avoid Brokers Price Opinions like Plague! They will not make you money

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