Operation Push Back: Financial Apocalypse

Wednesday, August 13, 2008

Financial Apocalypse

From: M [mailto: m@XXXXhomesXXXX.com]
Sent: Friday, August 01, 2008 1:25 PM
To:Me
Re: Push Back

when do you suggest that a builder push back? if he has unsold specs, but 6 mos. left on his loan and some interest reserve remaining, does he wait until the interest reserve runs out?...or does he make interest payments after the reserve is used up, until the loan matures, then "pushes back?"

No comments:

Post a Comment

11 Steps to Builder Survival

Denial:
Still think you have equity. How’s that working for you? When you run out of money, we can show you how to get through.

Wake Up:
Once you can admit there is a problem, it is worth someone to aid you as you are not in denial any longer.

Be good to family and friends:
They are the ones that believe in you. They will be supportive, and that is gold in these times.

Let Go:
In order to get into control, you have to get out of control. If you have a large overhead, get rid of it, live off the land.

Fight Like Hell:
If you love it, fight for it. IF it is worth saving, use ALL of your own resources to fight to keep it alive.

Lay Still:
As you offer one solution each time one situation at a time, you are not getting any where. I say take them off the table, lay still.

Go on Strike:
Simply go on strike. With out your help, they cant fix the problem. In this phase you do not fight and you do not fear.

Share the problem:
We share a market. The goal should be to use resources together to sell and get as much back as possible.

Give Back:
In order for the problems to be fixed everyone has to give back. Builders, Subs, banks, realtors, and anyone involved in each transaction need to help each other.

50/50:
In this phase you spend half your time dying, half looking for new adventure.

Get back:
Now you are through, enjoy the fruits of being one that survived. Email us a story, let us know what worked, we can improve the health of more brothers who have years to come before we are all through. See you on the other side.

The Push Back Theory:

I intend to create an army, a revolution, a line in the sand. Homebuilders are notorious gamblers. Lets face it, times were good, and we all made hay. Now, we are creating our versions of our 80s stories, you know the ones the silver haired guys told us about 5 years ago. Funny, the nay-Sayers after all of these years of predicting gloom, finally the self fulfilling prophecy is here. We are in our prime test, the test of our true morale and survival instincts to either fight or flight. In this operation of Push Back I will exercise my wit, will, and strength along with any knowledge that has come from real time, real life experience, from a builder that borrowed too much, got over his skis, built an empire, and is watching it crumble around his feet. Losing everything was not part of the plan, yet here it is now part of the strategy to survive. Live off the land, eat berries and bushes to survive, pure instinct along with some chess moves. The blog is the first tool to inform the homebuilding world of the ways we have survived. If we can save enough people from certain disaster we will have done well. Stay strong while I learn and remember to PUSH BACK every day. "Give them nothing, but take from them everything......"

Are you following these tips to survive the housing downturn?

Combat the media. There are a lot of good reasons to buy a home today: interest rates are still low, housing prices are falling, home builders are offering sizeable cash credits and incentives, and a surplus of new homes means that there are a lot of choices for buyers. This information needs to be shared with prospective buyers in a convincing way that counters the negative news they hear.
Revamp your lending. Consider working with lenders who are better equipped to shop around for the best deals (meaning those who have a variety of products and programs…like Wells Fargo Home Mortgage!). Opt for partners who are willing to hustle for your home buyers' best interests.
Tap your HBA. Now is the time to work with fellow builders for the sake of the entire industry. In Atlanta, the local home builders association launched a public relations campaign to promote why now is a great time to buy. Jointly produce an educational brochure that is distributed through banks, home improvement stores, home shows and targeted mailing lists.
Share selling tips. Share real estate best practices with buyers. Consider providing a home staging guide or offer to list the home. One builder I know has its own realty company and is offering a 4 percent commission instead of the standard 3 percent to the buying agent.
Promote your successes. Because the high number of foreclosures has made prospective buyers nervous, let everyone know if any of your communities have zero or very few foreclosures. If they see evidence that you don't close on homes buyers won't be able to afford, they will have more confidence in partnering with you.
Offer credit advice. Consider partnering with a credit improvement service that can help customers correct false information and resolve credit problems that are preventing them from getting the best loan.
Maximize referral marketing. Your delighted customers are your best sales tool. Sponsor weekly events and activities that bring prospects and loyal customers together so that potential buyers can hear first-hand what a great builder you are.
Realize that all prospects are not the same. You should be identifying how each prospect comes to you and spending time where it is most likely to pay off — with referred buyers. To help build trust with referred buyers, share something with them about the home buyer who made the referral: a simple remark about a special feature of their friend's home, for example.
Create organic compensation plans. Now is the time to make sure your sales staff is compensated in a way that motivates them to deliver the best service while closing the most sales. For example, what would happen if your sales staff was guaranteed commissions on any buyers who came in because of a referral from one of their previous clients?
Achieve customer loyalty. The businesses that are holding their own during these tough times have a pipeline of happy customers making referrals. By maximizing referrals, some builders have been able to keep sales steady instead of declining. If you don't have many sales coming from referrals, you have much lower chances of survival.

5 Tips to Selling Your House FAST

1. Lower the price of your home
This is the most important tip. The only sure fire way to sell your house fast is to lower the price! The more you lower the price the faster you'll sell. People want a good deal and if you provide that, they will want to purchase it fast take advantage of that opportunity.
2. Simplify the inside and outside of your house
You will want to remove all the little pockets of things you couldn't find anywhere else to put; this is usually the most difficult thing to do when getting your home ready to sell. On the outside you don't want piles of tools or extra hoses that aren't needed right now, you want only what is absolutely necessary. The same goes for the inside, you want potential buyers to be looking at the house not at the clutter that is around every turn. If there is a place in your house where the whole family sets things as they walk in, clean it up and put a nice plant there or something so it becomes an eye appealing area instead of an eyesore. Pretend you are a potential buyer and remove anything that is distracting you from appreciating the great qualities of your house.
3. Perform an Interior makeover
This doesn't mean you need to remodel your house, but change a few simple things. Do small things like wash your walls and cabinets, make sure your light switch covers are clean and not dingy, clean and dust light fixtures, and maybe even add a splash of color to your entryway just to give your house a little character that potential buyers will notice when they walk in. By doing these small things it will make a big difference and help your house appear clean, bright and well cared for.
4. Give your house an exterior face-lift
Curb appeal is very important in the sale of your home. Pressure wash the outside of your house, put in some new shrubs and flowers - even just a couple planter boxes and fertilize and spruce up your lawn. Make sure potential buyers get a great first impression.
5. www.wheresthebottom.com

Wednesday, August 13, 2008

Financial Apocalypse

No comments:

retaggr

Please choose from below...you can pick multiple answers:

Top 5 worst locally behaving Banks:

11 Steps to Builder Survival

The Push Back Theory:

Topics:

Oregon's state economist Tom Potiowsky thinks he sees the bottom...

Click and visit these sites as well......

Are you following these tips to survive the housing downturn?

5 Tips to Selling Your House FAST

Wednesday, August 13, 2008

Financial Apocalypse

No comments:

Subscribe To Operation Push Back

retaggr

Please choose from below...you can pick multiple answers:

Top 5 worst locally behaving Banks:

11 Steps to Builder Survival

The Push Back Theory:

Topics:

Oregon's state economist Tom Potiowsky thinks he sees the bottom...

Click and visit these sites as well......

Are you following these tips to survive the housing downturn?

5 Tips to Selling Your House FAST