March 2010 Blog Posts (38)

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 RDCPro^TM 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…

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…

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…

***(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…

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…

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...…

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…

“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…

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…

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…

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…

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…

“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…

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,…