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February 2010 Blog Posts (50)

OBummer

Seriously, In 27 years in this industry never has it been this bad. I am not telling you anything you don't know if you have been in this business 10+ years or more. As long as I can remember there has always been death, drugs, divorce, disease, and just plain dead beats the source that has fed us the REO over the years. Now we have a 6th "D" of REO. Those dumb enough to have stated they could afford the property they purchased and now an O'Bummer adminstration who seems to…

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Added by Sally Riley on February 28, 2010 at 9:50am — 15 Comments

Don't Forget the Buyers

Everyone on this site is obviously focusing largely on obtaining, marketing and closing REO listings. But don't forget the buyers! It's nearly spring buying season, and I am really hopeful that business will pick up in the coming months. Here in Northern California, we have seen prices climb exponentially and then...some would say "finally"...come crashing down. We have some neighborhoods, including our specialty area, where prices have not fallen quite as hard as in other areas, but…

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Added by Megan Zavieh on February 26, 2010 at 5:35pm — 4 Comments

There'll be no Tsaumi......

The long predicted tsaumi of forecloses is not forthcoming. This, is according to Rick Sharga, SVPof Realty Trac. According to Rick, the bank will release the 'shadow inventory' to the market over the next couple of years in a controlled fashion.**

Our own Carlos Silva predicted the same in an article last August. see link

This way only makes sense,…

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Added by Mike L. Williams on February 26, 2010 at 11:00am — 11 Comments

When FL condo HOA charges more than 6 months unpaid HOA fees.

I listed a Fannie Mae condo on 2/2/2010. I'm a Florida agent. Fl allows HOA unpaid condo fees to be repaid back 6 months from date of foreclosure. This HOA condo docs state the same thing. We have a buyer and closing is this month, however HOA atty states because the bank foreclosed and assigned to Fannie Mae, the seller is not allowed the safe harbor provision and needs to repay all back fees, which is over 2 years worth rather than 6 mos. Has anyone else run into this and did you have a… Continue

Added by Angela M Kniep, CDPE,GRI on February 26, 2010 at 8:44am — 3 Comments

The Morality of an In House Listing

I have firsthand information about a fairly common practice that I once tried to say is isolated but know now that it exists throughout our industry and its fairly, I guess common:Giving preference on a listing through keeping it in the office or only negotiating a fellow agent's offer.

I once thought that our primary job as a realtor or real estate agent is to fully market property. To me that meant truely letting the most qualified buyer contract on the…

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Added by John Accornero on February 25, 2010 at 3:30pm — 4 Comments

Fannie Mae Presentation in Nevada--listings, buyers, short sales

I went to a Fannie Mae presentation at my board today--not usually my gig (as an REO dragon, I usually sit in my cave breathing fire on damsels and sharpening my talons) but I thought that I could use the lunch.



WHAT A GREAT EXPERIENCE. If your board brings the Fannie Gurus in, definitely make the trip. There were 5 Fannie managers from across the nation--D.C. to Dallas to L.A. They gave an organized, dynamic presentation on what Fannie stands for, where they fit in the market, what… Continue

Added by Pam Eikleberry on February 24, 2010 at 11:19pm — 8 Comments

NRBA Boot Camp

http://static.ning.com/socialnetworkmain/widgets/index/logo.gif); background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: 100% 0%; background-repeat: no-repeat no-repeat; ">I am happy to say Bob Shelton's NRBA Boot Camp this past weekend was phenomenal and am glad to have taken the time off from work to…
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Added by Carlos H. Silva Sr. on February 23, 2010 at 1:09am — 13 Comments

Long Distance Assets

Trudging through the snow for three hours in Sorels, snowboarding pants, a down jacket and a hat, you would think that I was on my way to the slopes. A day of skiing would have rocked, but I was making my weekly 300 mile round trip trek to a couple of out of area listings for one of my favorite asset managers.



They are great listings and I am glad to help (thankful for the business, too). In a small rural town almost 2 hours from my office. What I am…
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Added by Pam Eikleberry on February 23, 2010 at 12:19am — 4 Comments

Agent says No Thank You to REOPro Lead.

No joke, I was actually told, “no thank you” by a Agent who I offered a lead to.

So, here is what happened.…

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Added by Jesus (Jesse) Gonzalez on February 22, 2010 at 8:17pm — 29 Comments

Affiliate Broker’s REO Career Destroyed by Their Managing Broker

As amazing as the headline sounds, as crazy as it would seem, it has happened. Let me explain…..

Affiliate Broker Jane Doe has been a REO agent in her local market for 17 years. She is an extraordinary REO agent and her…

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Added by Jesus (Jesse) Gonzalez on February 22, 2010 at 4:07pm — 22 Comments

New iPhone app for home buyers

Here is my contribution to new technology. Check out this new iPhone application. It is a calculator that tells the buyer what they can afford, a place to add up monthly debts, figure out what

their total costs will be including closing costs, down payment, principal, interest, HOA fees, taxes, insurance and PMI.



If they are driving by a house and want to know how much it costs…
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Added by Pat Hune on February 22, 2010 at 12:30pm — 1 Comment

Back to basics REO agent strategy - Make a daily "To Do" list.

As a REO agent there are multiple tasks to manage. Through the evolution of methods and systems the written daily "To Do" list is a classic never fail task manager that works. Gather your tasks and intergrate them into a written "To Do" list to be monitored and completed every day.

How it works:

1. Invest in paper and ink. You can use a note pad and pencil or a printout from synced up calendar database.

2. Make a list of current tasks and view the prior…

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Added by Denise Stovall on February 21, 2010 at 10:47am — 10 Comments

HUD has proposed to eliminate ALL seller financing unless the seller lives in the home or becomes a licensed mortgage originator.

Read all about it at http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2009/HUDNo.09-231

This "Safe" act appears to be yet another way that the federal governmentwill inhibit the free market. The concern is that this will inhibit an owner from selling their property themselves, and carrying a contract on…

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Added by Jason Bennett on February 20, 2010 at 10:41pm — 1 Comment

Have you sold unknowingly sold your buyer a home that is a Meth Lab?

Thought I'd put this question out there because in the past 6 months, I have shown at least 3 houses that I believe were Meth Labs. None of these homes were my listings and in bringing the topic up to the listing agents, I got a reaction like "okay thanks for telling me" and I had the feeling that these agents did not have a clue as to: 1. The fact that a "meth lab" can be located in any neighborhood, within any class and income level; 2. What the signs and symptoms were 3.…

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Added by Whistle Stop Realty LLC on February 18, 2010 at 5:13pm — 8 Comments

Real Estate and Grief

It doesn't matter if REOs are here to stay or short sales are the new REOs. It's the sense of helplessness that it brings to the homeowners and agents alike.We are talking about the new revolution in real estate.

Will you be a fighter?

And yet, a new model of real estate snuck up on most of us. It started with a small band of rebels, the ones who threw away the old, tired rules and instituted fresh new ones. The rest of us stood by and watched, some of…

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Added by Carmen Cooley Graham on February 17, 2010 at 3:37pm — 3 Comments

Traditional Agents and Attorneys Just Don't Get It!

I felt the need to vent and I hope that I am not alone in feeling this way.



We as REO agents, learn either through experience or someone else helping us out, that we need to work well with our asset managers/banks. We may not always agree with their decisions and sometimes the time frames of getting the task done or the contract signed may not seem reasonable. But hey, just like with any other employee in the business world, we are paid to do the job they need done. We also know that… Continue

Added by Dorit Katz on February 16, 2010 at 6:15pm — 8 Comments

How does Mandatory Mediation before foreclosure affect your market?

We are in an election year in Maryland and the governor is pushing for a state mandatory mediation before foreclosure, it appears that the bill will pass, since no legislator in their right mind will opposed a bill that might help voters.


Some are comparing this bill to the mediation in Nevada and the success rate there, I would like some input from some of you who might live in a state that has mediation. I want to be well inform to serve my clients…
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Added by Jose Rivas (DGRA) CDPE, SFR on February 16, 2010 at 12:00pm — 2 Comments

How can a Titanium assignment and an empty promise can hurt your client?

Please help me understand this, I am a little upset about this since I put a lot of time, money and effort on this listing.


I have a listing since November started at $290,000 so client could break even, they purchase this property new 5 years ago and put 10% down payment, had a loan mod early in 2009, but fell behind again and have not make payment since Sept. They were serve by the sheriff with NOD, I have lowered the price every 15 days since first week of November and…
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Added by Jose Rivas (DGRA) CDPE, SFR on February 15, 2010 at 8:30pm — 17 Comments

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