California REO

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Comment by Michelle Terrazas on November 18, 2009 at 12:37pm

Hi everyone!! Here is a question, I was recently contacted by an agent who (for some reason) thought I was a buyer. He said he was close to being approved as an FDIC REO Disbursment agent. Has anyone ever heard of this? I didn't realize the FDIC held REO properties.

Comment by Pete Babashoff, RDCPro, HRC on November 18, 2009 at 12:13pm

Hi all, I have been waiting for them to start releasing the properties to us. For 1 whole year they have been telling us next month. With this being said, I have been doing some other work and some Home Retention. As for the training, I went to REOMAC in 2008 and that was enough training for me. The banks have the properties and they will come! I just don't know when. :) We can only say so much about REO until the assignments start coming again. Good luck!

Comment by Michelle Terrazas on November 18, 2009 at 12:09pm

Good morning!!! As for me, I attended the Five Star in Dallas in September, and the Nahrep in Vegas in October. I sure have spent alot of money educating and now need the investment to pay off. I loved the Nahrep in Vegas, I learned alot and loved the round tables with asset managers. Also the people at this convention were warm and very informative.

Comment by Albert W. Jackson on November 18, 2009 at 12:02pm

Well fellow California REO members, I think no entries since 10/19/09 in our little group can only mean a few things. 1) you've all become so busy with listings and offers that no one's had a chance to comment? 2) you've begun to invest more of your time in re-educating yourself (or team) and have been a little to preoccupied to comment? or 3) you may have given up? Well in any case I hope option 3 has not crossed any of your minds. Speaking for myself and possibly some others I do find it both educational and informative to read some of the many comments when they're posted. So please lets get back to it and keep it up. To each of you, have a wonderful day and here's to seeing you in escrow

Comment by Antoine Pirson on October 13, 2009 at 11:46am

Many of the REO escrwo companies only pay for title insurance for the buyer, not the actiual escrwo costs\. Secondly, the buyer does not get something like a good faith estimate, for the escrow compnaies costs and fees. I personally do not trust these REO banks escrow companies, as I am sure they make their money back what they give away in the first place. One of the biggest problems is mentioned already, they are usually very out of town, and an inconvenience to buyers. I have said it before, the REO industry needs an overhaul. And for Barb: AB957 will not stop any reo agent or his asset compnay to refuse an offer (although they will not mention the why).

Antoine

Comment by Barb Shewmake on October 13, 2009 at 11:39am

@Mary. I sure understand your frustration, and share it, however the fact remains that if you turn down a listings 50 miles away, you might as well kiss ALL listings goodbye from that company. Who is willing to do that? Not me.

Comment by Mary J Pichardo on October 13, 2009 at 11:30am

I have buyer that are very discouraged. Every time we go see a new property on market (Just listed that day) it is in escrow. I want to see REO agents from my area code not LA or the OC, or San Fernando Valley, listing these properties not people 40-80 miles away. In the community I live in, there are 2 agents myself and 1 other and neither of us get the REO listings in our direct community. I personally do not go beyond a 15 mile or less area. I simply would not be able to service it properly . If we all thought this way there would be plenty to go around.

Comment by Alain Thillois on October 13, 2009 at 11:22am

Bonjour All!
I thought is was already illegal for a long time and something was published in CAR regarding this matter. Seller is paying Title and escrow fees due to their choice. I believe it was actually easier to close transaction on time, avoid more frustration and per diem...etc since escrow officer and their assitants knew all asset managers and how to have the thing done.
Vs. in short sale where the buyer has the choice to have their own title and escrow officer don't have any contact with the bank. I am actually middle of a soup with a short sale waiting the (bank) closer to respond and escrow officer cannot do much.
So, despite the legal aspect, I have seen the benefit to have their own title, especially when some clarification needed to be done with trustee sale date and so on... They already had all POA, docs etc ....

Comment by Barb Shewmake on October 13, 2009 at 10:45am

Hi Group....has everyone heard about this:
AB 957 has now been signed into law by Governor Schwarzenegger.
This law gives buyers the legal protection to choose the title company of their choice without the fear of having the offer rejected!
Banks can no longer require the use of their out of town title companies. The bank may provide a list of their preferred vendors but it is now illegal to require the use of their companies or to reject or dismiss an offer based on the title and escrow company chosen. The new law will force banks to change their practices as the penalties are 3 times the cost of the title and escrow services with the possibility of huge punitive damages and the loss of their California License

It's going to make things very interesting in my area: Yuba Sutter Counties

Comment by Mark McMahon on October 12, 2009 at 11:12pm

Saw that earlier. Very true. I laughed, but also winced as I have several clients that are going thru this. Sometimes offering 10 to 15% over asking and being rejected.

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