Tagged: mortgage

Oct 19

Critical Tips For End Of Year Real Estate Closings

We haven’t even polished off the Thanksgiving turkey yet and the race for closing real estate transactions before the end of the year is on. There are many advantages to inking your deal before New Year’s Eve, especially this year. However, this is consistently one of the most challenging times of the annual rotation for getting things done in this business…

Knowing what you can do to keep your transaction on the fast track, understanding the complications and choosing vendors wisely will be critical to your success.

This applies to home buyers, sellers, a multitude of real estate of real estate professionals, including investors.

This year, on top of the traditional seasonal surge to close before the end of the month, and year, many are even more concerned about capitalizing on the tax benefits buying real estate has to offer, as well as getting deals wrapped up before the Mortgage Forgiveness Act and its benefits for short sales expires.

Of course like any other industry many workers become distracted with entertaining, holiday shopping and files are endlessly handed off between employees as they take turns on vacation. This happens in real estate offices, but perhaps most significantly at mortgage lenders, which can cause substantial delays in the closing process.

This makes it absolutely essential for all parties to get paperwork in fast, get conditions cleared and order title searches and insurance policies early.

It will also certainly help to take an extra patience pill, as many factors will simply be out of your hands and freaking out on everyone involved over the phone may unfortunately sometimes more likely see your file ‘lost’ than fast tracked.

Perhaps most importantly, recognize the need to choose the right MI title insurance company to work with, and partner with – one that is fast, committed, and will shoot straight on challenges and closing dates.

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Oct 22

7 Top Marketing Tips for MI Mortgage Companies

Looking for more mortgage leads?

There are many, many marketing ideas and channels for Michigan mortgage companies and
mortgage brokers to try out today but which are the most effective right now and what else might be getting overlooked that can increase your advertising effectiveness and ROI?

1. Marketing Mix

There are many mortgage marketing strategies which work, though they don’t all yield equal returns, especially when all factors are considered. Focus on a handful which deliver the best net ROI and make sure to have a good variety of on and offline efforts going in order to protect your lead flow and income.

2. Establish Credibility First

It is a lot easier to generate action from your direct marketing efforts if your brand is familiar and trusted, not to mention a lot easier to close those leads which do come in. So think print and display advertising utilize online press releases and don’t forget elements like toll free numbers.
3. Arm Yourself with the Right Tools

Not every lead closes on the first attempt. Either they may not be ready or they just may not be a good fit for your mortgage products at this moment but as a lead and referral source they can still be extremely valuable. This makes having and using lead management software and automating follow up just as essential as the initial contact.

4.Email Marketing

Email marketing may not be a new concept for mortgage professionals but it has been turning up much better results recently. Done right it is easy, affordable, and effective and makes sure you are always there at the right time, in the right place for your prospects and past clients.

5. Blogging

You are reading this, so that is proof positive that blogging works. Blogging can help you get to the top of Google, attract new customers, position you as the best mortgage pro to work with and generate real leads.

6. Forge Strategic Partnerships

Look at the most successful entrepreneurs of history like John D. Rockefeller (our first billionaire) and you’ll see their success relied a lot on building the right relationships. Then look at failures like Apple breaking up with Google Maps and you’ll see their demise linked to failing to forge good partnerships.
Who can you partner with for marketing and referrals to lower your costs and increase your income?

7. Make New Contacts Daily

Your success at driving in more mortgage applications is directly tied to the number of new contact you make each and every day. Are you making enough? Despite all of the expensive and elaborate mortgage marketing tactics available today one of the easiest, most effective and affordable is simply getting out and
exchanging business cards or Facebook likes. Not getting out enough? Do more networking, lunching and dining with other pros, working outside of your normally environment or just doing more activities.

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Aug 14

No Money down Real Estate in MI: Flipping Houses with Transactional Funding

Mortgage money is tighter than ever but that doesn’t mean there aren’t 100% financing options for those flipping houses!

It isn’t just credit requirements which have been holding real estate investors back from funding their acquisitions with conventional mortgage financing. Limits on the number of financed properties, extensive reviews, tough appraisals, increased asset requirements all make for endless hoops to jump through, while processing times make these loan sources unfeasible for scooping up the best deals on distressed properties quickly.

Sadly hard money lenders have also become notoriously difficult to deal with and the rush to hunt down private mortgage lenders can be a trying and distracting venture for most investors. Fortunately there are other options.

Transactional funding is perhaps one of the greatest things to have come out of the recent foreclosure crisis. The best transactional lenders like BestTransactionFunding.com now offer 100% financing, plus closing costs for flipping houses; enabling truly no money down deals to be done. Better yet, transactional lending doesn’t require credit scores, income or asset verification or even an appraisal and can be used for flash funding to close on hot deals in just a couple of days.

Of course those Michigan real estate investors who are always thinking 2 steps ahead are probably already asking which title companies will facilitate double closings to capitalize on this great way to finance deals and where they can find more discounted properties to load up on.

There are title companies in Michigan who will do these double closings back to back providing they are legit and both really funded.

We all know that REO prices have been rising and the competition for them has been heating up. Macomb County investors know this all too well, following the recent blow out at the county foreclosure auction which saw all 650 foreclosure homes go to a single investor in minutes. However, that doesn’t mean there aren’t great lead sources out there for picking up discounted deals.
New software solutions providers like BankProspector promise access to bank REO data, while Default Industry provides access to hedge fund contacts and software for managing the short sale and REO processes.
Owner of My Coordinator LLC in Romeo, MI, Erika Weichel also has wholesale properties and bulk packages of distressed properties available and her title company can also facilitate double closings and connect investors with tax pros, attorneys and company formation services for investors in MI.

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