I had a great session in the Evil Scheme Hatchery today.
It was quiet, and I was thinking...about you.
I was thinking, "what would I do right now, if I were Chuck Charlton, or John Duncan, or Barb Bohan?"
I know this Sub-Prime thing is big news, and then it just came to me...and I wrote this letter that I would send to my clients, sphere, and/or GetResponse list.
here goes...it's pretty long.
Wednesday, March 21st, 2007 From: Winter Haven, Fl
Dear Dean,
You've probably seen in the news, and read in the paper about the melt-down going on in the subprime mortgage market right now.
Here's what it means...
For the last 3 to 5 years while interest rates were low -- and house prices were rising -- mortgage companies were bending over backwards to get people to borrow as much money as they could lend them.
They were offering things like 103% financing, interest only loans, and adjustable rate mortgages with ridiculously low payments where you could add the unpaid accruing interest on the loan to pay later.
Plus -- you could get all this money even if you had less-than-perfect credit. (That's why they call it "sub-prime" lending)
Now, of course, house prices have fallen, interest rates have risen, and a lot of those people who bought homes they couldn't afford...are now realizing they OWE MORE THAN THE HOUSE IS WORTH!
They're walking away from these homes left and right.
Or -- they find themselves in a situation where thier adjustable rate mortgages are converting to REAL interest rates and the payments are so high, they're being forced out of their homes.
So...there are 2 opportunities here.
First, the next 6 - 12 months may present us with the very best buying opportunity of the last 10 years as banks and mortgage companies dump these defaulted homes on the market at fire-sale prices.
This may only last for a little while, as we're coming in to an election year which may lower interest rates and stabilize prices.
I've decided to start a Newsletter Alert for the very best investment opportunities as they come on the market.
If you've ever thought about picking up an investment property or two -- this may be the perfect time.
I've arranged with a local lender to get up to 90% investment loans for my clients and subscribers to this new newsletter.
So, here's how it's going to work...
I've got real-time access to the Multiple Listing Service for Winter Haven, Auburndale, Lake Alfred, Lake Wales and Haines City.
I've programmed the service to notify me as soon as a new foreclosure, or potential investment property comes on the market.
Once a week, I'll put them all together and sent them to you...along with any news updates that may affect the short-term market.
In the case of a "fire-sale" property that can't wait til the next broadcast - I'll send a special alert bulletin right away. That day.
I don't know if investing in property is something you've ever thought of -- but if it has ever crossed your mind...this may be the time.
The second opportunity is in buying a BIGGER home for your personal residence.
Bigger homes are being offered at even bigger price discounts because the market tends to rise and fall proportionately.
So...as the market has dropped by at least 10% over the last year or so -- $200,000 homes are selling for $180,000 while $400,000 homes are selling for $360,000 -- or a $40,000 discount.
Anyway, I just wanted to let you know about the new service.
I'm not sure how long I'm going to continue the alert service since the situation could change at any time -- but for now, it's a big opportunity.
If you'd like me to put you on the list -- just reply to this message and let me know.
Chuck Charlton LivingInMilton.com
PS - If this comes up at work, or in conversation...I'd be happy to include any of your friends in the alerts.