Month: June 2018
The real estate brokerage business in Ethiopia is not as well developed as in other countries. You dont see large and established real estate brokerage companies so common in western countries. Here, buyers and sellers for Ethiopia homes rely on local agents, commonly known as Delalas. For the most part, these are traditional agents with no formal training in real estate but who basically mediate between buyers and sellers for Ethiopia real estate. Through word of mouth or their special network, these agents know the areas they operate in very well.
When you want to sell or buy Ethiopia homes, you just call one of these agents and tell them of your intention. These agents, in turn, inform their associates who would help them find prospective buyers or sellers as the case may be. In many cases, the Delalas work in groups of two or three and split their commission according to who was the principal negotiator and who did the most work.
A great deal of negotiation is involved in buying Ethiopia homes. Asking prices can be as high as 50% more than the final sale prices. Negotiations can take weeks, and even months in some cases. Expect to walk out of a negotiation a few times. In many cases, the Delalas play critical role in convincing both sellers and buyers to come to terms.
In general, Delalas do not help customers in completing the legal paperwork needed to complete the Ethiopia Real Estate transaction. This must be done by the buyer and seller themselves and may take several months. It is very important that buyers check the authenticity of seller documents before buying real estate in Ethiopia. Otherwise, they can waste crucial time and/or money in such endeavor. For a small fee, people who are less skilled with the Ethiopian bureaucracy may seek the help of legal assistants locally called Guday Asfetsami.
Home mortgages are hard to come by in Ethiopia. Most Ethiopia real estate transactions are conducted on cash basis. Mortgage financing may be obtained in some cases, but primarily for new homes built by developers. These companies negotiate financing terms with local banks in advance for all of their clients. Basically, they arrange group deals for their clients those who can put the required down payment. Down payments vary from 20 to 40%. Although most mortgages are for 10-20 years in duration, some companies arrange mortgages for as long as 30 years. Interest rates are variable and depend on the prevailing interest rate fixed by the Ethiopian central bank.
It is estimated that there are about sixty local and six foreign real estate development operators in Ethiopia. Examples of local developers include Sunshine Real Estate, Ayat Real Estate, Gift Real Estate, and Ambassador Real Estate. A major problem with homes built by some of these companies is the time it takes to complete construction. In the past, some of these homes were completed many years past their due dates. And some Ethiopia homes never made it to completion.
So, who can buy homes in Ethiopia? Anyone can buy real estate in Ethiopia as long as he/she is an Ethiopian citizen, foreign national of Ethiopian origin, or has Ethiopian parents. To see the latest listing of residential and commercial properties for sale or rent, please visit sites such as Ezega Real Estate, which is the largest real estate portal in Ethiopia and lists hundreds of homes for sale and/or rent at any given time. Anyone can register and post properties there for sale or rent for free.
The typical homeowner may think that mortgage acceleration is the act toward reducing the indebtedness on residential property by making larger repayments or more frequent ones than the loan contract requires. The short answer would be this is correct. Mortgage acceleration simply put means to speed up the process for paying off the loan. The part that becomes a little vague, or downright mysterious, is just what method is the most effective to accomplish this.
Creative Methods for Mortgage Acceleration
There are several hot methods that have hit the mortgage marketplace in recent years that make even 15-year fixed rate mortgages with bi-weekly payments look like financial dinosaurs. Although critics of these financing methods claim them too good to be true, the actual review dictates that when conducted with the proper information and education, many of the proposed goals stated from applying mortgage acceleration tactics are reasonably achievable.
How Can These Practices Benefit a Homeowner?
Through restructuring a mortgage correctly, an average homeowner can repay the loan in seven to 15 years. There is no sacrifice in living expenses made and, in fact, can cut total debt in half. Hearing this statement elicits instant disbelief from most responders wondering if the statement is true, then why s it not prevalently known to all? Good question! Most believe there is some insidious catch to the practice, its probably fraudulent, illegal or, at best, quite unethical. Not true!
Mortgage History Shows Conservative Mindset
The lending of money has always been mostly a conservative activity. Yes, some venture capitalists take high risks lending money but require great rewards doing so. The home mortgage market has been relatively a conservative arena based upon business practices that basically benefited the lender first. Traditional mortgages 100 years ago called for a 50 percent down payment that our grandparents slaved years to save. Our parents faired a little better, but never dreamed of no-money down arrangements or ever saw a plethora of mortgage products such as adjustable rate mortgages or interest only mortgage loans. And more recently, use of negative amortization loans have become popular mortgage vehicles for short-term real estate investments. Traditional products like a 30-year fixed mortgage possess an amortization schedule that favours the lender. However, in recent years some clever people discovered inside lending institution secrets that could help consumers win the interest war.
Interest Only Mortgage Is Key
At the heart of any successful mortgage acceleration process is an interest-only loan. About 20 years ago in Australia, someone discovered that if an interest-only loan was obtained and repaid in a specific way will allow a consumer to pay down all personal debts three times faster than associated with conventional financing. It requires a great deal of discipline including gaining a month ahead for repayment of an interest-only loan and also associated depositing money, a pay check, into an interest-bearing account. Additionally, through making your loan repayments earlier than required, you can essentially prevent any additional interest from accruing.
Home Equity Line of Credit (HELOC)
This is the vehicle that allows a consumer to deposit money directly into an account that consolidates all your debt mortgage, credit cards, auto loans into one vehicle that allows you the draw off the balance of this loan using checks or a debit card.
Check with your trusted mortgage broker for greater details about mortgage acceleration.
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Real Estate & Mortgage 6 – Foreclosure Meltdown Fraud and Scams Dec08 – Recession & Inflation
Part 6 (Excerpt)
World wide recession caused by the mortgage melt-down. Is inflation far behind?
What their ratings were based on was simply that nobody thought real estate would go down again. They were just going to keep going up forever, doesn’t really matter if you call it AAA or BBB. Isn’t going to matter if the note never get’s called.
We certainly saw that for years in the mortgage industry. We would refinances somebody and a couple of years later they would call us up again and say hey my house went up $100,000 in value and I bought a car and a boat and my kids need to go to school and give me another hundred grand out of my property, and it just kept going up forever and ever and ever and as long as that was happening everything was just fine. But then as we know everything just stopped.
There’s only so much leverage that could exist out there and that is why the stop started if you will. Because as that leverage continued to balloon; how much more leverage can a Wall Street firm or a bank take on to buy up more mortgage backed securities? Oh I know we’ll carve out these tranches and we’ll sell them off overseas. So that is where it ballooned, how wide reaching and impactful has it been?
Well we see it now it’s a global recession. It’s not a US recession for that reason. And that is starting to clean itself up, not only by the Fed aggressively here at home, by working with other developed nations around the world with their equivalents of the Fed in those countries they are doing the same thing. They are acting aggressively and that’s great for the short-term but that is like putting a band-aid on a carotid artery that has been severed, it doesn’t work. That is okay for today and tomorrow, long term there are bigger issues, bigger issues translate into inflation. Where I am going with this is the fact that right now with money being cheaper than it has been at any other time in the history of the United States.
That’s your motivation, if you’re looking for a loan, if you are looking to refinance a loan, if you’re looking for a loan modification, whatever your circumstances are, this is your opportunity. I am of the opinion that five years from now we’ll look back on this time period and say, my gosh look at all the mistakes the Fed made.
One of the things I want to go back to is something you said earlier about how all these mortgage derivatives were broken up and put back together. And most of them certainly many of them got bought by hedge funds. A lot of them got bought up by foreign governments and whatever around the world. One of the things about where that’s coming in is it’s causing a massive structural problem, especially in the mortgage industry when it comes to the servicing aspect and a loan modification aspect.
These hedge funds are now coming along, and they are suing the servicers because the servicers are doing what they had a right to do under the contract that they signed with the hedge fund in the first place which was to modify these loans. While the hedge funds are saying if you’re going to modify the loan we want all the money and the servicers or the bank or whatever is saying, no we’re not going to so now they are getting into a big fight and I have a feeling we’re going to see a lot of lawsuits, which is only going to hurt the American homeowner, because unfortunately it’s only going to delay a loan modification process.
But it’s also one more reason why you want to have an attorney on your side negotiating with the servicers, negotiating with the bank, maybe even negotiating with the hedge fund for all we know. But negotiating with somebody on your behalf, somebody with the legal power, negotiating for you so if they need to go after the bank for lack of standing, because maybe that’s what it takes to get their attention, go after them and prove they have a lack of standing and say, oh great now that I have your attention let’s do something to help the home owner.
Well, I want to point something out here because Brett, Dan, and I have talked about this many, many times, every single case that we have that is a loan modification case through Velocity Financial and through the debt alliance law firms that we use. Every one of these cases where the people tried to do this on their own, eventually they gave up, they were told No. One case that we were successful in a loan modification was a case where they were told No three separate times by his servicer. Three times, they told him No. I have this case documented, I know this person well. He was told No three separate times and we sicked the law firm on them and we got that loan modification that has actually relieved him of about $30,000 in interim monies…
The most successful companies in the world choose words carefully when they create their advertising taglines. You can learn from their advertising strategy and experience. Treat your mortgage tagline as a critical part of your marketing campaign and choose your words very carefully.
In case you don’t know what a tagline is…it’s a short (usually one line) advertising blurb that aids in establishing credibility for you. Your mortgage tagline helps customers and prospects to feel that calling you and working with you is a “safe” choice. Your tagline can help drive business for you.
The really nice thing about taglines other than they work, is…they’re absolutely free! Once developed, they sort of tag-a-long and enhance all of your mortgage marketing material and summarize your advertising message in one short sentence.
How much more effective could your advertising be if you treated your tagline as a sales opportunity? With just a few additions and small adjustments, you could significantly improve the power of the tagline in your ads, and improve your return on your advertising investment.
Here are a few examples of some highly profitable taglines: Coke – “The Real Thing”, Pepsi – “The Choice of a New Generation,” Maxwell House Coffee – “Good to The Last Drop,” Budweiser – “The King of Beers,” All of these companies know that their tagline is a sales opportunity, and they use every word carefully to take full advantage of that opportunity.
One thing to keep in mind is that the key to creating your very own “mortgage brand” or “mortgage tagline” begins with creativity. You want people to think of you when they think of mortgages. Make sure your brand has an emotional ring to it. The right choice makes people want to do business with you and actually creates customer loyalty. The right brand tugs at their heart strings and says “buy me.”
If your business card says “Vice President” that’s great…except it really doesn’t describe exactly what you do, does it? Instead let’s use the title “Home Loan Consultant” or “Investment Specialist” instead.
Now, not only do you have a great title, but the title describes to folks exactly what you do and what you’ll be talking to them about. There’s no mistake here…you don’t work for an Automobile Dealership, or a Dry Cleaner, or whatever. You are involved in loans and mortgages.
If you’re having a problem getting started, just Google your competition and the consumer goods industry, then convert their marketing campaign and sales message into your very own mortgage business strategy. Work your chosen tagline into every single facet of your business plan and marketing program.
By simply improving the power of your tagline, you can improve the response to your marketing material, improve the return on your advertising investment, and improve your mortgage business. Go for it!