Agent Short Sale Students…AIG And You….

Ok, lets all agree to have a strong mindset while you read this. Think of great news you got, where you were…when your kid was born, or when you got a huge commission check…something to put you in a good mood.

Ready? ‘K.

So AIG is belly up and the US government loaned them a cool $85 billion over night.

Lets be clear about that last point…you and I ARE the government..
We just bailed out AIG…American Tax Payers.

A trillion dollars means $3300 for every person in your household.

So $85 billion is roughly $300 per person in your household.

That means the average American family of 4 just loaned AIG $1200, approximately.

Ugh.

Okay, so what caused AIG to need this big bailout and how does it help you do short sales?

AIG owned thousands of mortgage backed bonds.

They had bought these bonds by borrowing money. Sort of like going to Vegas.and playing the slots with your nearly maxed out credit cards.

Sound familiar?

The bonds were on AIGs  books (let us say) at one buck on the dollar. That is, AIG paid a dollar for each dollar’s worth of bonds.

But it turns out that those bonds are backed by mortgages that are defaulting right and left. Those bonds aren’t worth a buck on a buck. They are worth maybe forty cents for each buck in face value.”

So, the bonds aren’t really worth $100 billion….they are now worth just $40 billion. Bet that sounds like your housing market!. Can you say S H O R T S A L E?

This historic AIG Government take over is really not all that different than what is happening with nearly 50% of all the homes for sale in the US. The sellers simply owe too much…they are upside down and they have to sell. In order to sell they must get the lender to accept less than what is actually owed…a short sale.

Yet, AIG had borrowed close to the $100 billion to buy each $100 billion in bonds.

Eeek.

How big was AIGs ‘short sale’ ?…… AIG had about $600 billion in bonds that were worth only 40 percent of $600 billion, for a total loss of $360 billion.

Whoops.

Barclays, another financial institution, is buying those bonds from AIG for a fraction of what those bonds were worth to begin with.

In effect, AIG has done a mammoth short sale.

Many people feel ashamed that they are in a financial mess. Your clients probably feel this way……

Many homeowners probably feel like you should have done things differently.

Well, stop blaming yourself. It’s not your fault. This IS the toughest, meansest market in the history of our country. AND if you are an agent who does not have the short sale skills mastered…you are already out of business…you just don’t know it yet.

You have to explain to your clients that the situation they are in with their home is just temporary. And even the big boys….like AIG….are going through basically the same thing.

It’s time to think about short sales as a business rather than a personal problem.

AIG is run by very smart people. They got snookered by the real estate madness. So how could you have expected that you would be spared, if these amazingly smart people got taken in?

The important thing now is to turn lemons into lemonade.

You have the opportunity to slowly lower yourself until you’ve melted into a puddle of goo, like the wicked witch in the Wizard of Oz.

Or you can rise above the carnage, more like Dorothy does.

You can turn today’s short sales into your friend.

How?

By becoming a master of the short sale. So you can start to help others and make a meaningful difference
in your lives and those whom you help.

Yes, it’s your turn. To become the short sale guru in your home or office, so you can help yourself,
help others, and make a good deal of clams in the process.

What if you were an absolute expert in short sales?

You could close deals for your clients. You could train someoneelse to do the legwork, perhaps a friend or family member, and build your own short sale real estate business.

You could actually make this market….your market.

Remember, this is not a Sellers Makret…this is NOT a buyers market…this is YOUR market…this market belongs to the agents who have the mindset of ‘being of service’ and the skill this market demands.

Start here. Download your 7 Part Agent Short Sale Secrets Crash course. Instant Free Download Now.

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