One recent evening I got a call from a woman. She didn't identify herself, but her question was where she could go to find out what houses were going to be foreclosed. I asked her if she thought hers was going to be one of them.
<<--BILL CHERRY REALTORS, WORLD HEADQUARTERS
"No, sir," she said, "I want to go buy a couple of them, fix them up and sell them." She went on to tell me that she had seen a program on TV about how easy it is to do that and get rich, and had bought the fellow's books and DVDs.
I asked her if she had read the material and listened to and watched the DVDs. "Sure have," she said.
I said, "After all of that instruction you didn't learn how the foreclosure process works and where to find out what will be auctioned and when?"
"No, sir."
"And did the instructor tell you that you would have to have cash or some other form of purchase funds acceptable to the trustee? And did the instructor tell you that you had to deliver those funds if and when you won the auction?"
"No, sir."
"So do you have, say $100,000 in your savings account that you can use to cement the purchase if you win the auction?
"No, sir."
So at that point I asked her to give me a few minutes to explain how the process works. Of course when I finished, she knew she had invested in a get rich course that was totally useless to her.
I want to know why these hucksters are allowed to make these claims? One of them who sells a real estate investment course has been dead for at least ten years, yet there he is on TV advertising his course...even promising that the purchasers get to personally ask him questions by telephone.
This is yet another lobbying project the National Association of Realtors could work toward getting stopped. It would be one more way they could work toward rebuilding the dwindling reputation of Realtors.
Copyright 2008 - William S. Cherry
Great post. I'm getting tired of explaining this to people every day. I usually just tell them that if it was that easy, don't you think the realtors would be doing it?
Bill, Who is the dead pitchman? I want to avoid his course.
Bill Roberts
Bill,
Some of these real estate investment courses can be helpful, but a host of them are pretty much worthless, like the one here. It seems to be up to the consumer to find out which ones are worth the money they cost.
Bill - great post. It's a wonder more people don't fall for these midnight "hucksters." They are very convincing as you know. The one that is dead and gone is shocking and I can't even imagine why that would even be allowed. A great project for NAR to get involved in, I agree. Great reading as usual. Thanks.
LOL - What's does the graphic say? LEMON (not if that isn't fitting).
Doesn't suprise me! This is a government that cannot bring to justice the perpetrators of major mortgage and banking fraud...a government that throws Martha Stewart in jail, and prosecutes sports figures for steroid abuse. Same old same old! Business as usual! It is hard to get excited about politics in the good Old USA!
Miss Joanie, Miss Barbara, Miss Carol, Gilbert (Miss Candace), Jim, Esko, Miss Carol and Miss Elizabeth - You bought alot of more credibility to my blog. Thanks for doing that.
Billycherry
Dear Bill,
I can't help but notice that you wrote in your original Blog the exact words.."rebuilding the dwindling reputation of realtors". Aren't you stating that in a nutshell, Realtors reputations are at a weak point? What does that have to do with Infomercials about buying houses? I mean, no matter how well someone advertises and entices people to buy their product, we all have freedom of choice don't we? That's the beauty of America. We are Capitalists who have the right to sell our wares to others.....maybe you ought to consider doing a late night infomercial yourself.
Now I'm not a marketeer at all. I use Realtors to sell properties on a regular basis. Some Realtors need to work a little harder at actually selling a house for the homeowner.
I doubt a person of your experience has any problem selling houses, right? Afterall, it's about how you market yourself and about doing what you say you will do.
Focus on the good of what that late night package did for the woman who called you. 1. She never realized that she could go out and buy a house in foreclosure. 2. She never would have picked-up the phone and called you if she hadn't purchased that package 3. She now has a reliable source to go to when and if she needs it (you) 4. She just may be successful one day and if she is, then wouldn't it be nice if your picture was on the "For Sale Sign" in the front yards of all the properties that she fixed up???????????
Stacie, I meant exactly, precisely what I wrote. And, no, I don't agree with you at all.
Freedom of speech and expression doesn't mean freedom to lie, cheat and deceive.
The "late night package" did absolutely nothing for the woman who called me other than steal her money. She won't now or will she ever be able to dig herself out of the financial hole she's in, and this "big shot" helped her dig her hole even deeper, selling her his false promise.
And no, I would never represent her because I don't represent anyone who i know has no business buying real estate. Never have, and never will.
Does it occur to you that had many Realtors been on the up and up, and had many lenders been on the up and up, the majority of these foreclosures you're proud to buy and "fis u-" wouldn't have happened, and lives wouldn't have been ruined.
No, I don't agree with you one iota. Thanks for writing.
Hey Bill,
I had no idea you responded until today and it's almost election day.
I listed my beautiful home in Irving with my Realtor friend. I am an investor and very proud to be one. I helped to enhance that neighborhood in Irving Mr. Cherry. Not only did I buy books, tapes, boot camps and the like, I am successful at what I do. I unlike your lady who got taken advantage of are two very different people. I don't fall for every Hawaiin backdrop on T.V. or expensive luxury car that I see the paid actors driving, no, it's obvious to me that they are not really investors, they simply sell a bunch of crap on T.V. to make money. I agree that there are bad people posing to be the "real deal", but that's what I mean. Somehow I could make an informed decision to not buy the products that are obviously crap. However, there are those that are quality. One day, you will see me on one of those Infomercials and I will have a good product and would be quite deserving of the sale.
However, I totally see your point in all of this. Yes, there are infomercial specialists who prey upon those less informed type folks and then call them by phone and sell them a story/fantasy and then they fall for it by giving their credit card over the phone, or worse...their entire bank account.
Yes Sir Mr. Cherry there are many bad apples out there indeed. I'm glad to know you are one of the good Realtors who really cares about the representation of something beneficial and ethical.
Keep in touch.
Stacie, thanks for your continued dialog.