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January 2010 Blog Posts (86)

REO Transaction Management Software - Part I

REO Transaction Management Software – Feature Tips – Part I

If you are looking for REO Online Transaction Management software for your business, there are many features that you would want to consider before purchasing. Because you want the software to make your job easier not harder! You want it to be able to streamline processes rather than bog them down.

I will touch on five features:

Task Lists – is there a feature where you can use the same task lists for… Continue

Added by Roxanne Tidmore on January 31, 2010 at 3:20pm — No Comments

Don't come up flat!

The Default Servicing Industry certainly has a lot places that are now giving information out, for a price, on how to build your REO Business. The focus of this post is not on REO alone, but how to build a successful real estate business.

Many Realtors jump on the latest bandwagon and try to "get something for nothing". The real estate business is an exciting business where a person can make a lot of money for little start up cost. The expense is time and effort.

Too many people… Continue

Added by Cynthia McKenna on January 31, 2010 at 1:39pm — 3 Comments

Not being paid by a large contracting company

Back in April, I completed a small subcontracting job for LHP Contractors. Job was completed in full as requested, photos, invoice and documentation were all submitted as requested. I even bid on the larger repair jobs to be done. Emails were exchanged but I never received payment. Then my emails starting being ignored as were my phone calls. I was busy trying to get my company going and put it aside for a while. In November, I made another attempt even faxing the "president" of the… Continue

Added by Linda Porter on January 31, 2010 at 10:52am — 6 Comments

Fannie Mae Offers Subsidy for REO Purchases

Fannie Mae says it will cover the closing costs on purchases of its REO homes – an incentive the GSE hopes will help it pare down a bloated supply of repossessed foreclosed properties.

I found this article on DSNEWS, I think it is a positive sign when lenders are starting to give incentives to buyers in order to move their inventory, that help us all, our buyers, and our listings, I hope Freddy and HUD continues this trend with every reo and short sale… Continue

Added by Jose Rivas (DGRA) CDPE, SFR on January 31, 2010 at 9:35am — 1 Comment

Market is HOT

With the money from the income tax returns, the decline in property prices, the tax credit with a contract before April 30 and even FHA is easing the seasoning rules. All the planets have aligned to create a great Spring for the housing industry, the momentum may carry to the always busy Summer.

Last week I was really busy with new REO listing, Short Sale listing and even some buyers. Even with the snow today, my listing had a lot of showings. Lets take advantage of this break that… Continue

Added by Jose Rivas (DGRA) CDPE, SFR on January 30, 2010 at 9:53pm — 2 Comments

The Now moment...or lack of it.

Lately, I'm finding myself (and I'm sure the other folks in this forum) a bit impatient regarding listings and REO's.

When REOPro announced their Realty Pilot, assigning REO's, referral fees, people jumped for joy and wanted it now!

When Excellen announced their survey was going out, I knew everyone would be excited like kids at a candy store waiting for a free hand out. It is wonderful to hear new developing news, but really, it's developing news!

When… Continue

Added by Johnny Huang on January 30, 2010 at 5:11pm — 4 Comments

Managing a Successful Operation

Managing a Successful Operation

Rather you're a large real estate company or a one person operation; a system must be in place for you to manage your work flow in order to be effective and efficient in real estate today. E-Broker House (EBH) is a system that every office and or agent should not go without.

Short-sale transactions and, Bank owned properties dominate the market and are not going away anytime soon, as well as,… Continue

Added by Jonathan on January 30, 2010 at 9:24am — 7 Comments

HAMP, HAFA, or Upfront Documentation

Now that the administration has determined that the Home Affordability Mortgage Program is not working, we are on to the next program - Home Affordability Foreclosure Avoidance (HAFA). After months of lost paperwork, more paperwork, phone calls, more phone calls, more waiting on hold, the time has come to sell the home.

The HAFA plan sounds good for those who have exhausted all means of saving the home because it does short sale the home with a "paid as agreed" on their credit. That… Continue

Added by Jan Baron, RDCPro, CSP, BPOR on January 30, 2010 at 12:01am — No Comments

Mark to market using Captcha to combat auto accepting software

I just received this in my email...

Dear Vendor,

As many are aware and have brought to our attention, it has become difficult in several areas to accept orders that have been sent out to numerous agents at once. We have received input from several agents regarding the use of auto-accepting/refreshing software to automatically accept orders and have addressed it accordingly.

In an effort to eliminate any unfair advantage produced by utilizing these so called… Continue

Added by Johnny Huang on January 29, 2010 at 3:35pm — 12 Comments

Protect the Deal...from the City Inspector

I am cuurently in an escrow with a not too uncommon issue. Illegal or an unpermitted addition exists at the house.

Some of you may have read here or elsewhere that I published a blog on the differences between FHA and Conventional financing. THERE AREN"T far as a seller is concerned. They specify what is necessary to close are far as inspection items and if it is missing the toilet...well that will be a problem, except for cash offers.

The heat is turned up when there is an… Continue

Added by John Accornero on January 29, 2010 at 1:35pm — No Comments

EbrokerHouse VS TazaREO

My firm recently switched from Taza REO to to manage our REO listings. While Ebrokerhouse is much less expensive and easier to use, the keycode feature alone would justify the switch. We post a link in our listings. Agents register for showing and receive instantly the keycode specifically set for each property, while I receive an email on my cell from the inquiry. Agents then register their buyers offers, attach a scanned copy and submit. When I log onto Ebrokerhouse, all of… Continue

Added by Richard Stewart on January 29, 2010 at 12:06pm — 3 Comments

A standard?

Could this be the beginning of standardized training?

REO Insider joins forces with Real Estate Educate to launch the Open Door Institute, the first open real estate network of its kind.

DALLAS, TX—January 28, 2010—REO Insider, the only trade publication dedicated to corporate-owned real estate management (REO), announced that it has joined forces with Missouri-based Real Estate Educate, Inc. to form the Open Door Institute, an organization committed to connecting… Continue

Added by Mike L. Williams on January 28, 2010 at 4:02pm — 6 Comments

NAR Teams Up With NCST to Help Rebuild Foreclosure-Ridden Communities

It's a good idea to get out in front of this for some additional business....

NAR Teams Up With NCST to Help Rebuild Foreclosure-Ridden Communities

01/28/2010 By: Brittany Dunn

In an effort to help rebuild American communities devastated by the foreclosure crisis, the National Association of Realtors (NAR), a trade association with 1.2 million members, has partnered with the National Community Stabilization Trust (NCST), a nonprofit organization that… Continue

Added by Mike L. Williams on January 28, 2010 at 3:36pm — 1 Comment

Survey -- What Strategies Do You Use to Make BPOs a Snap?

All of us trying to work in the REO field have to deal with BPOs. They're not particularly lucrative or fun, but they are definitely educational and absolutely necessary. Any agent in this field knows you are not going to become an REO agent if you don't do BPOs.

This necessary task leads me to check our local offerings on every morning, clicking away and trying to beat out every other hungry agent hoping to snag an assignment. When I do finally get one, off we go to take… Continue

Added by Megan Zavieh on January 28, 2010 at 3:20pm — 11 Comments

Another REO De$singation??

I read on REO Insider today that they are joining Real Estate Educate Inc, to form Open Door Institute. they are creating this to "focus on setting meaningful industry standards and providing networking opportunities for real estate professionals conducting business within the REO industry." the article also says that PMH Financial and other lenders and servicer are already supporting the new institute.

I am wonder if this is another designation or mandatory courses for PMH and… Continue

Added by Jose Rivas (DGRA) CDPE, SFR on January 28, 2010 at 2:53pm — 5 Comments

My Real Estate-State of the Union

After hearing President Obama’s State of the Union speech, I thought about what he said and how it applies to us in the Real Estate Profession.

Personally I entered into Real Estate 9 years ago with the notion that I would genuinely help guide people to make some of the most important decisions they would make in their lives. In doing so I knew I would forever impact how and where they lived. I was careful not to show them properties beyond their means and coached them on how not to… Continue

Added by Michelle Montez, Broker Assoc. on January 27, 2010 at 10:25pm — 2 Comments

NAR Creates Single-Source Database of Properties Across the Nation

Something to look forward to....

NAR Creates Single-Source Database of Properties Across the Nation

01/27/2010 By: Brittany Dunn

Starting this summer, Realtors will have access to an online real estate library/archive with data on every property in the United States.

Dubbed the Realtors Property Resource (RPR), this powerful new tool is a project by the National Association of Realtors (NAR). RPR was created to help Realtors better serve their… Continue

Added by Mike L. Williams on January 27, 2010 at 3:00pm — No Comments

Smart outsourcing, staying on top of the game will make strong companies stronger

Real estate companies that managed survive the recession will become highly productive, more efficient, with stronger teams operating and increased transparency for the good of the industry.

This is according to Stan Ross, chairman of the University of Southern California Lusk Center for Real Estate.

According to Mr. Ross, there is a good chance that by the end of this year we are going to see some solid real estate companies that will be setting example on how to be… Continue

Added by Vytautas on January 27, 2010 at 1:20pm — 2 Comments

Mixed Messages in the Data According to the S&P/Case-Shiller Home Price Indices

Mixed Messages in the Data According to the S&P/Case-Shiller Home Price Indices

Data through November 2009, released today by Standard & Poor's for its S&P/Case-Shiller(1) Home Price Indices, the leading measure of U.S. home prices, show that the annual rates of decline of the 10-City and 20-City Composites continue to improve, in spite of price declines being measured across many markets during November. This marks approximately 10 months of improved readings in the… Continue

Added by Preservation Monthly on January 26, 2010 at 4:34pm — No Comments

Continuing in REO

I have had my Real Estate license since 1994, started doing bpo's and working with REO's since 1996. In 2004 I was asked to help manage an Reo Dept. our Real Estate Company had decided to start.Did that for 3 years and then decided to go back out into the REO world to list and sell again. I have not been sorry although I will admit when I was on the management side I got an hourly wage,benifits, and a bonus for every reo the agents that worked for us sold. Wait a minute, what's wrong with me???… Continue

Added by Sandra Page on January 26, 2010 at 3:14pm — 4 Comments

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