Ok, so we've made another 8 offers....mostly on REOs. We're also still waiting to hear back from last week's offers. Nothing yet. One bit of progress is that I got a call from a woman in Hollywood who is in pre-foreclosure and wants to sell her 3/2 home for $100K. She owes $85K on the mortgage and based on recent comps the value is likely between $130-150K. We'll check out the home on Friday and see what happens. Meanwhile I've sent out another 30 letters to folks in pre-foreclosure who have equity in their homes and hope to get some calls from that soon. The idea is to send out around 100 or so letters every month to 5 targeted zipcodes in Broward county.
We're still awaiting news on what our "leaders" are going to do with this bailout bill. I'm simply not convinced that there is much creativity in Washington. There has to be a better way to solve this problem than place a $700 billion dollar tax burden on the American people. Seriously. Dave Ramsey sent out an interesting proposal on how to deal with this situation. I think it has real merit and I've sent it along to my House rep and Florida senators for consideration.
Anyways, back to REI. Hoping we'll close our first deal before the end of October so gotta get plugging away.
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2 comments:
Sheesh... REI? ARV? All these acronyms. Break it down for us common folk! LOL!
Thanks for sharing Dave Ramsey's plan. What did you like about it?
As we know, the $800+ billion bill passed. It is a travesty.
My theory on the situation is this: Congress doesn't care about a low approval rating. Each congress-person can always blame someone else in congress for all the incompetence.
This HUGE bill was initially a 2.5 page proposal. Can you imagine asking for $700 Billion in just 2.5 pages?
And where did the $700B number come from?
Thin air.
They just wanted a really big number.
Travesty. Our grandkids will be saddled with this debt.
Travesty. (Oh, I said that already, didn't I?)
Travesty indeed.
What I like about Dave's idea is that the mortgages are backed by government insurance (which means they CAN recoup some losses in case of foreclosure) BUT in exchange for that, they have to make some adjustments to the mortgage that will help keep homeowners in their houses. This won't stop foreclosures but it absolutely will reduce them which is good news for all. The bonus to Dave's plan is the elimination of capital gains taxes which will encourage investors to invest, rehab, and resell or hold and rent out like crazy.
Foreclosures aren't going away. People are losing jobs left and right. But a plan to reduce foreclosures and not leave even our grandkids with a HUGE debt is an idea moving in the right direction. I won't go into philosophical discussion about personal responsibility, who is at fault, predatory lending, etc. I'd typing all day...but bottom line is that this bill is exactly what you said...a travesty.
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