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January 2009 Blog Posts (20)

Fannie: Renters Can Stay in Foreclosed Home

Fannie Mae announced Tuesday that it would allow qualified renters of foreclosed properties owned by a government-controlled mortgage company to stay in their homes.



Under the National Real Estate Owned (REO) Rental Policy, renters of homes acquired by Fannie Mae will be offered a new monthly lease at market-rate rent or if they desire, financial aid to help them move.



The properties must meet state and local building and safety codes.



Fannie Mae also said it… Continue

Added by Jason Donn on January 31, 2009 at 7:33pm — 1 Comment

Asset Manager Links-Includes BofA , Suntrust and Citi!

Received this list from a colleague in the financial industry. Some of these might have been in a previous post but there is a few that were not. Please share any direct contact information, especially for commercial distressed/REO real estate, you glean from this list.



Countrywide REO:

http://www.countrywide.com/purchase/f_reo.asp



Bank of America REO:

http://bankofamerica.reo.com/search/



GMAC… Continue

Added by Carlos H. Silva Sr. on January 30, 2009 at 12:30pm — 1 Comment

REO And Distressed Commercial Real Estate Group

We are starting to see more distressed and REO commercial real estate here in Las Vegas and surrounding areas. My colleagues are getting inventory from FDIC, SBA, private entities and financial institutions. In my opinion we are going to be seeing more commercial inventory. Is your market seeing any REO or distressed commercial real estate? If your market is on the REO or Distressed commercial real estate market please join the newly formed Commercial REO group.

Added by Carlos H. Silva Sr. on January 29, 2009 at 5:34pm — 2 Comments

Bankruptcy Judges may soon be able to alter mortgage terms

You may have been all caught up in the looming "sitmulus plan" news that you may not have heard of a recent vote that took place in the House Judiciary Committee.



This vote could potentially reduce foreclosure nation wide but, at what cost?



Basically, the bill lets Bankruptcy Judges alter the term of mortgage loans. The vote passed 21-15 and now the measure is headed to the House.



Now, one thing to remember about this bill is that it only applies to mortgages… Continue

Added by Jesus (Jesse) Gonzalez on January 28, 2009 at 2:33pm — No Comments

Why It's Cheaper To Buy Short Sales Than REOs

Thought I would share this colleagues blog:



Some months ago, I had a long conversation with a real estate investor about short sale properties vs. REO properties. He said he didn't think there was much in the way of savings derived from buying homes through short sales anymore. Instead, he said it probably made more sense for him to buy foreclosed homes and wait patiently to buy them through lenders' REO Agents.



I thought that was it. I thought he had made up… Continue

Added by Carlos H. Silva Sr. on January 27, 2009 at 10:24pm — 3 Comments

Congress to break up REO "Listing Agent" Monopoly

MLS Bank Homes Newswire 1/19/09

From national correspondent: Ms.Catarina Huntington



That is the headline that Realtors can only hope for at this point in time. A more proportioned assignment of REO Listings would have a dramatically positive impact on the Realtor industry. However, as of January 2009, REO Listing Agents continue to own a stranglehold on REO markets while the rest of the industry sinks in despair.



An investigation into the facts surrounding the REO… Continue

Added by Carlos H. Silva Sr. on January 27, 2009 at 12:59am — 17 Comments

Don't take my word for it.

Well, for some reason, maybe because of the invite I sent out to each of the REOPro members about the Five Star Educational Conference, I am getting a slew of questions like, “is it worth it?”, “will I see a return on my investment?” and “will I get a listing by going?”



Let me ask a question of my own……..how would I know?



You see, I can’t tell you if it’s “worth it”, why you ask? Because I don’t know you, I don’t know if you have any experience in default, I don’t know if… Continue

Added by Jesus (Jesse) Gonzalez on January 26, 2009 at 2:33pm — 1 Comment

Illegal Foreclosure Claims Spur Foreclosure Avoidance Counseling and Short Sales.

An article by Jennifer Harmon with www.ManagingREO.com highlights just another reason why I believe that REO’s are not what banks want and that our industry is in the beginning stages of a paradigm shift. Back on October 8, 2008 I wrote a blog titled, “REO’s Become Extinct” which focused on the idea that REO’s just simply cost too much to continue doing and our industry had numerous reasons to change and start doing more Short Sales.



Well, like with any fast growing industry, growing… Continue

Added by Jesus (Jesse) Gonzalez on January 22, 2009 at 10:19am — 3 Comments

Is A Property Vacant If The Occupants Aren't Human?

I just got an assignment and went by the property to verify occupancy.

I ran across something all of you may enjoy: REVIEW THE PHOTOS!

Apparently the back fence fell down and the neighbors livestock came over to graze, (A steer, several sheep and a strange looking goat).

The neighbor put his fence back up but left his animals on the property to graze so they've been there for a little over 2 months and appear to have made the place their home.

They are being returned by… Continue

Added by Rick Fine on January 22, 2009 at 1:00am — 1 Comment

Coastal REO's in South Orange County

While we've been seeing our share of REO's throughout South County, to date the number of foreclosures and short sales in Coastal Communities has been very low. Popoular coastal towns such as Laguna Beach, Monarch Beach/Dana Point and Newport Coast for the most part have not been affected much. Ofcourse it remains to be seen what the trend will be in 2009. Once in a while when an REO doest hit the market in one of these communities, it's typicaly sold right away. A 2 bedroom condo in Monarch… Continue

Added by Suzan Nasr on January 21, 2009 at 10:25pm — No Comments

Short Seller’s should continue to make payments.

Realtors, do not advise your sellers to stop making payments on their monthly mortgage when they are participating in a short sale.



Why, you ask.



Banks consider many things when determining if they will accept a short sale and of those many things they consider, the Seller’s Net is the most important.



Now before I get ahead of myself, understand that in a short sale, the homeowner isn’t walking away after closing with anything other than debt and when I say… Continue

Added by Jesus (Jesse) Gonzalez on January 16, 2009 at 12:05pm — 6 Comments

Blogs vs. Forums, what is best?

Ok, because i see several of you double posting as well as posting things incorrectly, let me help with a clarification between a Blog and a Forum.



Think of a Blog as a news article. When you write a blog it should be informative and written in a similar style as an editorial in a news paper.



Think of a Forum as a discussion hub. This is where you can ask a single question or make a general comment and keep a written history of others who comment back.



**Don't… Continue

Added by Jesus (Jesse) Gonzalez on January 16, 2009 at 8:21am — 1 Comment

WaMu and short sales

Hello Everyone,

Has anyone had recent success trying to get a short sale approved through WaMu?

Added by David Perrot on January 12, 2009 at 9:30am — 8 Comments

Land Safe Appraisers (Countrywide) Killing Deals!!!

Okay,

Can someone please shed some light on why land safe appraisers are killing sales with their values? A few years ago aren't these the same group of appraisers countrywide was using to do there loans? I have now had 2 deals go sideways because of values from appraisers (of which both have not been from the local area).



As many experienced REO agents know the banks, our clients have an appraisal on file prior to ever listing the property. On one particular home my BPO price… Continue

Added by Jonathan on January 11, 2009 at 9:16pm — 3 Comments

“I don’t believe you have multiple offers”, said the Selling Agent.

Nothing irks my soul more than the Realtor who questions my integrity. Yes, it can be argued that our industry is faced with many challenges, of which, personal integrity could be considered at the top however, I am not the one.



My integrity and reputation precedes me and of this I am much aware. I pride fully admit I have never been good at humility but, we each have our drawbacks.



As I was saying, I am not the one. I got out of my way to ensure everything is on the up… Continue

Added by Jesus (Jesse) Gonzalez on January 11, 2009 at 4:17pm — 4 Comments

What Kind Of Skills Do I Need To Be an REO Broker?

Basic knowledge of residential real estate as well as how to deal with bank owned properties is a must. A real estate license, membership to the local real estate association and Multiple Listing Service (MLS). You will also need your own computer—nothing fancy, a Pentium-class system will work fine—with internet access, email and knowledge of Microsoft office/other software. It would also be helpful to have marketing, budgeting and financial management knowledge. Not to be forgotten are strong… Continue

Added by Carlos H. Silva Sr. on January 11, 2009 at 12:46am — 4 Comments

All In A Day's Work...?!?!?!?!

I just had to tell you all about the day I had today. It began as many Saturday mornings do at my house. My husband is an REO Broker too and almost every weekend, we catch some 'quality' time together driving everywhere and taking BPO Pics, doing property inspections, etc., which we actually look forward to and enjoy (Please, someone, jump in and tell me this is not really as pathetic as it sounds.) Anyway, we grabbed our list of addresses, our camera, and off we went. About 1:30 in the… Continue

Added by Barb Shewmake on January 11, 2009 at 12:08am — 4 Comments

5 star conference

I too went to 5 star and yes it was crazy and yes I dont blame the asset managers for running away and hiding from realtors there. There were thousands of us there and these poor a.m.'s were fighting for their lives. I honestly felt bad for them. I talked to some of them only to just communicate I never once bothered them about business-I was too shocked and bothered by how they were being treated.



I heard agents complaining about other agents in their area to asking what a bpo was.… Continue

Added by Billie Bartley on January 10, 2009 at 2:12am — 2 Comments

How much loss will a bank accept?

Have you heard that banks will accept a certain amount of loss on their default real estate portfolios as a rule of thumb across the board?



Have you heard that all banks are willing to take 20% less than the listing price?.



Have you heard that all banks over price their listings because they know they are going to take a less on their properties?



If you believe any of these rumors, urban legends, or false hoods then, you have just been suckered.



Let… Continue

Added by Jesus (Jesse) Gonzalez on January 9, 2009 at 9:09pm — 5 Comments

Do You Have Commercial REO Or Contacts?

We have recently started seeing some commercial REO and distressed real estate in Las Vegas. Some of the inventory is from SBA or FDIC. Was wondering if anyone is focusing in that market like I am and if they have contacts or product for our investors.

Added by Carlos H. Silva Sr. on January 6, 2009 at 10:23pm — 1 Comment

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