The real estate business is full of acronyms. You\u2019re familiar with many of them: CRS, GRE, NAR and globs of others. But there\u2019s one that seems to be flying under the radar of a lot of agents and brokers. That\u2019s a shame because it has the potential to make you richer in 2011 and beyond.<\/p>\n
The acronym is NSP: Neighborhood Stabilization Program. NSP is addressing the housing crisis head on by creating jobs and growing local economies.<\/p>\n
It\u2019s nationwide and a part of the Housing and Economic Recovery Act (HERA) of 2008 and includes about $4 billion in grants to states and local governments to buy and rehabilitate foreclosed and vacant homes. A second round of funding was approved under the American Recovery and Reinvestment Act of 2009 giving grants to states, local governments and nonprofits on a competitive basis.<\/p>\n
NSP grants are helping state and local governments, along with non-profit developers, acquire land and property, demolish or rehabilitate abandoned properties and offer down payment and closing cost assistance to low- to middle-income home buyers.<\/p>\n
For these folks, this is an once-in-a-lifetime opportunity. NSP homes are sold at market value, unlike most rehabbed homes where the cost of construction is transferred to the homebuyer. This is creating greater opportunity for future financial security.<\/p>\n
What\u2019s more, HUD certified housing counseling agencies are educating homebuyers on everything from credit repair to pre-approval and understanding the loan and what to look for in a home inspection, to long-term home maintenance after the closing.<\/p>\n
Bubba Mills, president of REO coaching and business development at Corcoran Consulting & Coaching, says another interesting part of NSP is that banks are donating some of their inventory of foreclosed homes to nonprofits, the homeless and churches.<\/p>\n
\u201cAgents can work with an NSP company that gets tapes [Excel spreadsheets] every week with a list of properties that need to be sold,\u201d Mills says. \u201cI get an e-mail every Monday with hundreds of properties to be purchased by a qualified NSP provider. Agents who work in NSP can get 10 to 15 listings a week. I know it sounds almost too good to be true, but agents can work with banks, get six percent commissions and help their community, their local churches and the homeless all at the same time.\u201d<\/p>\n
Mills says all the major banking institutions offer NSP, which covers all 50U.S.states. \u201cThis is good for Realtors and even better for communities,\u201d Mills says.<\/p>\n
Many of these NSP organizations need the help of Realtors to ensure the properties are sold in a timely manner to qualified buyers.<\/p>\n
\u201cThis is an important and perfect program for Realtors to get involved in protecting our communities all across the country \u2013 to help communities that were once written off but now have hope,\u201d Mills says. \u201cIt\u2019s something all Realtors can be proud of. I just hope more Realtors start taking advantage of NSP because it gives them a unique opportunity to empower home buyers and improve their communities.\u201d<\/p>\n
Corcoran Coaching<\/a>\u00a0teaches Real Estate Brokers, Real Estate Teams and Real Estate Agents how to create and implement cost effective real estate operational, business and sales systems that have a proven decade long track record of successfully driving their clients to their next level of sales productivity. Performance based coaching and accountability are the cornerstones of outstanding programs that teach real estate database management, lead generation capture and conversion systems, effective advertising along with lead capture, follow up and performance accountability. Isn\u2019t it time you invested in yourself to be as successful and effective as the top producers. Success is just a phone call away. Call today at 1-800-957-8353 or email us at info@corcorancoaching.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The real estate business is full of acronyms. You\u2019re familiar with many of them: CRS, GRE, NAR and globs of others. But there\u2019s one that seems to be flying under the radar of a lot of agents and brokers. That\u2019s a shame because it has the potential to make you richer in 2011 and beyond….<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[9,11,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34],"yoast_head":"\n