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March 2010 Blog Posts (38)

Graham Holmes REO Listing Agent Achieves RDCPro™ Certification

It is becoming ever more important to stand out from the crowd and show that you are a true professional in an otherwise mediocre world. That is why I chose to undertake the RDCProTM Certification course in REO Best Practices and Advanced Evaluations.

Today´s real estate market is ever changing. The number of Real Estate Owned and foreclosure properties is rapidly increasing putting more demands on the companies that own these assets. These financial…

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Added by Graham Holmes on March 30, 2010 at 10:44am — 2 Comments

Short Sale Flipping isn’t Fraud…….right? WRONG!

Short Sale Flipping isn’t Fraud…….right? WRONG!

I have argued, for several years now that in my opinion Short Sale Flipping Schemes that use Option Contracts…

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Added by Jesus (Jesse) Gonzalez on March 29, 2010 at 6:43pm — 19 Comments

Housing is a right?

Are Liberal Progressive Government policies pushing America toward a Federal takeover of housing?

I know for many of us, this question seems crazy however, make no mistake, Progressive Liberals would love to see America provide housing to each and every person in America, citizen or not. In…

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Added by Jesus (Jesse) Gonzalez on March 26, 2010 at 8:46am — 10 Comments

Hey! Did any of you PAS Wells Fargo REO agents get your Status changed to BPO's Only on March 24?

***(NEVERMIND. I got reinstated April 22 as active REO Agent! Thank You Wells Fargo/ Premiere Asset!)

I am really upset ! I got what appeared to be a "Form Letter" sent to undisclosed recipients on Wed March 24, that basicall said due to agent saturation they are changing my status from REO agent to BPO's Only!

Yet 1 day before on Tuesday, they sent me 3 new REO assignments! What the F***??%%$$ ??

I have no idea why that happened yet. Was it really about…

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Added by John Shipstead on March 26, 2010 at 1:00am — 20 Comments

California Stimulates Homebuyers

The Honorable Governor Arnold Schwareneggar has come to the homebuyer's rescue. He signed a bill that will give a 5% measured credit up to $10,000 payable in three annual payments. Of course you have to repay it if you sell your home prematurely. On a $250,000 home that means a warrant from the state of California at $3,333 /year for three years. Not quite as sexy as the $8000 version but it helps pay for that furniture you will need.

THE DETAILS:

The eligible taxpayer who…

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Added by John Accornero on March 26, 2010 at 12:58am — No Comments

Mortgage Contracting Services Launches Broker360 to Enhance Real Estate Agent Communication, Reduce REO Properties’ Time On Market

Mortgage Contracting Services Launches Broker360 to Enhance Real Estate Agent Communication, Reduce REO Properties’ Time On Market



Leading Field Service Provider Streamlines Effective Servicer-Broker-Field Service Company Communication



Mortgage Contracting Services (MCS), a nationwide property preservation and inspection services provider to the financial services industry, has launched Broker360, a Web-based portal that allows REO brokers to access the status of… Continue

Added by Preservation Monthly on March 25, 2010 at 6:37pm — No Comments

New State Tax Credit for Californians Who Buy in 2010

California's Governor signed into a law today a new tax credit for purchases made in 2010. It will be interesting to see how this impacts the market. Inventory is already terribly low, and with REOs being withheld too, what are buyers going to buy with this credit?

We have a little more information on our site's blog...…

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Added by Megan Zavieh on March 25, 2010 at 6:32pm — No Comments

Moving with the Market - Are You Ready? HAFA Here We Come!

Today's real estate market is ever changing. Here today and gone tomorrow. Unfortunately this applies to the homeowner AND the agent. I remember when I started in the business in 2004 with my CA Conditional License. I just knew I was going to be an immediate success and make a boatload of money just because I had the word "REALTOR" next to my name. Wow, was I in for a surprise!

Getting a listing was almost impossible because of the competition. Either you needed to be a…

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Added by Shawneequa Badger on March 24, 2010 at 5:16pm — 2 Comments

“Flavor of the Month” Training Certifications

“Flavor of the Month” Training Certifications

Another blog planted this in my mind and I thought it would be better for it to stand alone then spoil someone else’s…

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Added by Steve Adkins on March 24, 2010 at 1:30pm — 13 Comments

www.HudGovAgents -- BEWARE!

Friends,

On a current discussion on my LinkedIn Group, "REO," a person posted asking about a company who is trying to collect $149 from agents to post their profile on their site and (they claim) generate REO listings, BPO orders, and buyer referrals, etc. The company is www.HudGovAgents.

Now, none of us were born yesterday when it comes to this business, but it was interesting to me to see that post because this past…

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Added by Nikki Holmes on March 24, 2010 at 11:01am — 5 Comments

DO YOU HAVE YOUR REO SYSTEMS IN PLACE TO SUCCEED

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Added by Roxanne Tidmore on March 23, 2010 at 6:27pm — No Comments

LAMCO Ramps Up Short Sale Services in Conjunction With HAFA Program

LAMCO Ramps Up Short Sale Services in Conjunction With HAFA Program

- Designed to streamline and simplify use of short sales and deeds-in-lieu of foreclosure throughout 2010 -



Lenders Asset Management Corporation (LAMCO), a full-service, nationwide default asset management company offering comprehensive REO services, announced its company’s approach to help mortgage servicers fully comply with the federal government’s Home Affordable Foreclosure Alternatives (HAFA)… Continue

Added by Preservation Monthly on March 23, 2010 at 7:52am — No Comments

Do You Have your Five Star Short Sale Certification?

I attended the Five Star Short Sale Summit in Vegas. What an awesome conference and certification. There are many changes coming down the pike for short sales. Now that there has been stadardization put in place for short sales the time frame from contract to close will become more reasonable.

The changes being made will force some accountability on the lenders as well as the borrowers. These distressed home owners will not be going straight into foreclosure with HAMP and HAFA in…

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Added by Carolyn Kruse on March 23, 2010 at 12:00am — 4 Comments

Get Ready for HAFA and Alt Mod (Alternative Modification)

Coming up in April! HAFA (Home Affordable Foreclosure

Alternative
) which allows homeowners who did not qualify for

HAMP
(Home Affordable Mortgage Program) to exit their loan,

do a Short Sale, avoid a Foreclosure, leave their credit intact, and be

fully released of future liability for the debt.



However, HAFA does not include Fannie Mae and Freddie Mac loans. They have just

released their own version… Continue

Added by Jan Baron, RDCPro, CSP, BPOR on March 22, 2010 at 9:45pm — 1 Comment

a la mode FHA-Appraisal Fee Study Misleading

a la mode FHA-Appraisal Fee Study Misleading



-- TAVMA Warns That Appraisal Fee Reference(TM) Omits Two-Thirds of Volume--



The Title/Appraisal Vendor Management Association (TAVMA), the trade association that represents the nation's largest appraisal management companies (AMCs), said today that a new analysis that purportedly captures "reasonable and customary" appraisal fees in various markets is misleading since it intentionally excludes AMCs from its analysis, thereby… Continue

Added by Preservation Monthly on March 22, 2010 at 3:12pm — No Comments

Modifying Homeowner Beware.

I recently read an article (link posted below) that evoked an OMG! out of me (not an easy thing to do). It has come to my attention that modifying your mortgage will, in the short term (the duration of the trial mod) and possibly for the long term, cause a dip in your FICO score. Whether its a dip or a drop depends on a few things and what will the consequences be.

It turns out that homeowners who apply for modification will see their credit scores go down. If their credit is…

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Added by Dorit Katz on March 22, 2010 at 9:30am — 1 Comment

Can you spell Hyperinflation, you will soon.

Many people get really confused about what exactly hyper inflation is and how it will affect the housing industry but, hopefully I can make it a bit easier to understand.

First off, hyperinflation is when inflation is very high or just out of control. What this specifically means is, in general…

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Added by Jesus (Jesse) Gonzalez on March 21, 2010 at 10:40pm — 3 Comments

“Can you tell me the benefit of attending all these conferences?”

“Can you tell me the benefit of attending all these conferences?”

Networking

The sad fact of the REO Industry is, if you don’t know someone, you most likely aren’t going to make it in this…

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Added by Jesus (Jesse) Gonzalez on March 21, 2010 at 10:40am — 4 Comments

I Just Saved My Asset Manager $116,000 And Made Her A HERO!

This past month, I had the good fortune to be assigned a higher-dollar asset. The property was a 3500 square foot, 5 bedroom, 6 bath home with a 3 1/2 car garage and a pool on 4 acres located in the Greater Orlando Area. The house, which I named "The Palace", was built about 5 years ago and although it has recently been abused, it had certainly once been someone's dream home. It was custom-everything including 10-20 foot ceilings, high end cabinets and granite countertops, a sunken wet bar,…

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Added by Valerie Crane on March 20, 2010 at 9:42am — 15 Comments

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