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Exciting News! Equity Pointe has partnered with REO Vendor Manager (to charge you $200/yr!!!)

BROKERS, NOW IS THE TIME TO STAND UP AND BE COUNTED. The above email subject (less the portion in parenthesis) hit your inbox if you have signed up with Equity Pointe to perform their cumbersome and time consuming BPO's. The email continues...you are required to do this....and oh by the way...don't ask for REO/BPO assignments from REOVM because they do not supply those. What a great idea....sign up with REO Vendor Manager so they can remind you when your license, insurance, etc. expiration da… Continue

Added by Lew Peterman on November 20, 2009 at 8:30am — 3 Comments

Mortgage Default Rates to Rise

VIENNA, VA – Nov. 19, 2009 The REO & Distressed Asset Management Division of RE/MAX Preferred Properties today reported that, the nationwide default rate on home loans has risen to, over one in seven (1 in 7) borrowers, according to a Mortgage Bankers Association (MBA) survey released this morning.… Continue

Added by Clay Kime, REOM, CREO, CDPE on November 19, 2009 at 10:52pm — 1 Comment

SFR

When I found out the NAR SFR designation and that the annual membership dues are free if completed before Dec. 31, I signed up and took the all day class last Saturday. The class is the REBAC's short sale and foreclosure class. Most of the agents there were taking the class for CE and I it was a nice surprise for me that I received 6 credits for the class, on top of part of my SFR training. The other half of the SFR training is 3 webminars of 1 hour each. The class was interested and different… Continue

Added by Jose Rivas (DGRA) CDPE, SFR on November 15, 2009 at 9:04pm — 6 Comments

NAR Report Third Quarter

Sales Up Prices Down This same story has been playing our for quite a while now. The trend towards lower prices will probably continue even as the recession winds down. Continuing job loss, a weak recovery and real problems in all real estate sectors, now focused on commercial property and Alt A high end homes, should keep a lid on prices. That said people are beginning to feel good again, or at least less wary. They are stepping out and buying homes and that is a good good sign.… Continue

Added by Howard Bell on November 15, 2009 at 2:31pm — No Comments

Fannie Mae Gets Into The Home Rental Business

Good News for foreclosure victims. Some homeowners will get an option to rent the home that they just lost. Its possible to stay in your home as a renter. Fannie Mae will give borrowers facing foreclosure an option to rent their homes for a year. Foreclosed home owners will be able to sign a one year lease, with possible month to month extensions with Fannie Mae. Good for everybody. Homeowners get a little relief and are able to remain in their homes for a year or more. This will buy them the… Continue

Added by Howard Bell on November 15, 2009 at 2:30pm — 1 Comment

Obama Extends the Home Buyers Tax Credit

The home buyers' tax credit has been extended to April 30, 2010. Obama approved the extension as part of a $24 billion economic stimulus bill. The housing tax credit Qualifiers The measure limits the purchase price of the home to $800,000. It also imposes income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for a refund. Anyone who collects the tax credit but sells their home within three years of buying it… Continue

Added by Howard Bell on November 15, 2009 at 2:29pm — No Comments

Diminished quality loan pools also create a higher default rate...

Fitch Solutions reported this week that its pricing index for subprime residential mortgage-backed securities (RMBS) originated in 2004 fell by 16.7 percent in November compared to just one month earlier. Other vintages included in Fitch’s study, from 2005, 2006, and 2007, showed small gains on a month-to-month basis. The gains helped to temper Fitch’s total market subprime RMBS price index so that it recorded only a “marginal” decline, according to the firm. While prices among recent vintage… Continue

Added by Linda McKissick EXIT Realty Bend on November 14, 2009 at 9:00am — No Comments

Running roughshod on buyer agents!

Man, I get a bit crazy sometimes when a buyer agent refuses to control his clients and "keep them in the deal". REO process is slighlty different than straight residential and we give all the clues we're allowed to give by law and I'm amazed how a buyer's rep, maybe not experienced in REO, will disregard the "keys to the kingdom". We have experience and besides we represent the asset! I think my kids listen better (most of the time) :) I hope that agents representing those intending to buy/inves… Continue

Added by Steven Rivkin - Planet Realty on November 13, 2009 at 12:13am — 8 Comments

Changes to Short Sale Laws

According to the Indiana Association of Realtors (IAR Advocate 11/06/09), it is now Indiana state law that lenders must acknowledge short sale offers within 10 days. Under the 2008 law, lenders then have 30 days from receipt of the offer to accept or reject the offer. There is an on-line complaint form that can be filed with the Indiana Department of Financial Institutions (DFI). The DFI uses the complaints to track and establish patterns with certain lenders and use regulatory authority to inve… Continue

Added by Franklin E. Rodebaugh on November 12, 2009 at 9:39am — 11 Comments

BPO's getting harder, are they kicking the hard ones to humans, letting automation do easy ones?

Seem lately I have been getting nothing but difficult BPOs to the point where I look at the order for the one thing or things that are going to make it work instead of mowing down the comps. An A-Frame in the middle of nowhere. A house on 5 acres where in 20 miles there aren't any on 5 acres. A really small house on a really big parcel.. The list goes on. So my new pet theory is that banks are using automated valuation programs to do a good number of BPO's themselves and then kicking the ones th… Continue

Added by Stephan K Black on November 10, 2009 at 10:00pm — 12 Comments

Short Sale Companies Sign Up: Show Me The Money

When the REOs started hitting the market 2 years ago, the supply on the listing side was overwhelming REOs. This caused agents being solicited by companies offering the secret road to obtain REO. Not only that but some REO companies also saw an opportunity to have extra revenue to their bottom line by c… Continue

Added by Marcelo Da Silva on November 9, 2009 at 2:30pm — 7 Comments

Work A Holic Realtors and Asset Managers

I was in the office today catching up on bookwork and low and behold I received notification that I had just received two new listings. Glory be, it's Sunday afternoon and I'm in the office all by myself. Can I get everything done?? I will just say this, I was able to get the listing agreement signed, the referral agreement signed, occupancy check completed, the pictures taken of the interior and exterior of both units, contacted the other listing agent that had them as short sales to notify her… Continue

Added by Beth Ross on November 8, 2009 at 6:45pm — 16 Comments

Show me the listings!

It must seem that I am a buyer's agent if you've read my earlier posts, but I do have listings. I currently have three short sales and a standard. I want more listings, not because I don't love my buyers but because I do. It's frustrating to them and me to fine the perfect home only to find out it already has 15 offers. I have been making offers on REOs and short sales for two years now and I believe I write winning offers. I sure have written enough to realize what is a good offer and what wil… Continue

Added by Jan Baron on November 8, 2009 at 3:15pm — 6 Comments

We're a dime a dozen to these companies!!

We just had one of our clients take us off "Preferred Status" because we stood up for ourselves. About a month ago we noticed the listing agreements started coming in with the listing commission at 1.75%. At first we thought it was a mistake but then it happened again for 1,5%. We put in a call to see what was going on and they simply told us that it was an executive decision that if we wanted to be taken off their preferred list to just let them know. Also, they said it would just be on Chase p… Continue

Added by George Bellino on November 6, 2009 at 10:02pm — 13 Comments

Social Networking Etiquette: Mind Your Manners to Grow Your Business

Social media marketing is hotter than a firecracker, and growing hotter every day as online entrepreneurs realize just how effective this particular marketing technique can be. If you aren’t using social media marketing---you should be. However, a word of caution: Use social media wisely or you can end up doing more harm to your business than good. There are certain, basic, unwritten rules of etiquette that apply to social media. Before diving into the deep end of the social media scene, famil… Continue

Added by Chris Treece on November 6, 2009 at 1:12pm — 3 Comments

Glen's San Francisco East Bay Numbers

Here’s a snapshot of the San Francisco East Bay Real Estate Market. I run these numbers monthly and have been tracking 38 cities since 2005. I primarily look at two indicators, Months Supply and Pending Over Active ratios. Pending Over Active Ratio relates to buyers and sellers. Basic Econ 101, Supply and demand. Actives (represents sellers), or properties that are still available, versus Pending (represents buyers), or properties leaving the market. That relationship often indicates whe… Continue

Added by Glen Bell on November 6, 2009 at 9:52am — No Comments

Is FHA The New Subprime?

In the past two years we have gone from the wild west where everything is allowed to gradual government intervention to stop the bleeding that Wall Street has caused to our economy and more specifically to the housing market. The American dream of homeownership has become a nightmare that is causing everyone… Continue

Added by Marcelo Da Silva on November 5, 2009 at 2:30pm — 5 Comments

Property Management, Is this the new trend?

I got this from today Miami Herald, I would like to know what company will orchestrate the property management portion of the plan, I know TItanium has an assignment earlier this year where the occupant had the option to lease the property after the forclosure. "Fannie Mae to rent out homes instead foreclosing By ALAN ZIBEL AP Real Estate Writer WASHINGTON -- Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy annou… Continue

Added by Jose Rivas (DGRA) CDPE, SFR on November 5, 2009 at 12:52pm — 7 Comments

Q&A on Trulia

Did you know that you can participate in Trulia.com and become an expert voice as the local real estate professional? If you don't know about this, you're missing out on a huge opportunity. It's said that people search for homes on the internet more than anywhere else nowadays. What Trulia (and Zillow) has done is bring a forum to the buyers/sellers and pros to bounce questions and ideas off each other. I've been doing this for the past year, and I'm not at all a power user on Trulia, but I've… Continue

Added by Johnny Huang, MBA, CDPE, RDCPro on November 4, 2009 at 4:00pm — 4 Comments

Walking Away: Fair or Unfair?

Interesting article about a research by an associate law professor at ASU whose name is Brent White. According to his research not enough people are walking from their underwater home due to re… Continue

Added by Marcelo Da Silva on November 4, 2009 at 2:42am — 3 Comments

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