REOPro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

May 2009 Blog Posts (24)

New HUD Letter re: Tax Credit Along With IRS Guidelines

Due to the serious implications associated with the improper use or misunderstanding of this program, I am going to withhold offering an "opinion" and just provide the links to the information so each of you can make your own decisions of how this best suits your clients and their needs.

FHA HUD Letter: 09-ML-15Using First-Time Homebuyer Tax Credits, see HOT TOPICS:

IRS:… Continue

Added by Robin S. Reed on May 29, 2009 at 10:14am — No Comments

Off to Five Star Conference in Florida

I'm getting ready to take off to Florida for three days of REO Classes at Five Star. Everything that I found online gives it great reviews and is just one of many classes I intend on taking to further educate myself for the REO niche I've created in my business. I've been fortunate so far with pipeline of properties that I've been getting thus far, but don't want to keep all my eggs in the same basket. Looking forward to learning all I can and meeting and chatting with other attendees.

Added by Linda Lang-Bankowski on May 26, 2009 at 7:24pm — 6 Comments

Real Estate Agent Lays the SmackDown on the IRS

Many of you have heard about how the IRS has been targeting Real Estate Agents, and challenging the status of a "real estate professional" for an Agent.

To give you a brief background without getting into the details - a "Real Estate Professional" is someone who "materially participates" in their real estate activity. As a result, they are able to deduct real estate losses from other income that is not related to real estate.

The IRS had been challenging the "real estate… Continue

Added by Niman @TReXGlobal on May 25, 2009 at 2:41pm — 1 Comment

Investors Chomping through the Backlog - Keep Feeding Them!

The recent changes in mortgage rules are certainly helping investors get back in to the market. Fannie Mae had previously limited investors by allowing them to finance only up to four properties, regardless of whether they had money for a down payment, and perfect credit. Ever since March, the limit was increased from 4 to 10.

An article in… Continue

Added by Niman @TReXGlobal on May 25, 2009 at 2:30pm — No Comments

REOPro’s First Year.

As of Saturday May 23, 2009 it will have been one year since I sat down at my laptop and decided to start REOPro. Looking back and reflecting on what has happened I am proud to see how we have grown.

REOPro was started because I found it incredibly difficult to find reliable information about the Default Real Estate Industry and, it seemed no one wanted to help. Granted, I found all kinds of sites that made wild promises that for only $99.99 a zip code I could get hundreds of… Continue

Added by Jesus (Jesse) Gonzalez on May 22, 2009 at 4:18pm — 10 Comments

Short Sale Doesn’t Equal Forgiven Debt.

I came across a blog on another networking site and got into a bit of a debate as to what exactly a Short Sale is and isn’t.

I need to explain that I am a HRC (Housing Retention Consultant) with Titanium and I have the RDCPro (REO Default Certified Professional) Designation through lastly, I am working on a Short Sale training program I hope to present to NAR (National Association of Realtors) for acceptance in their Continuing Education Program. In other words,… Continue

Added by Jesus (Jesse) Gonzalez on May 21, 2009 at 5:39pm — 10 Comments

Titanium Solutions - Home Retention Consultant for Real Estate Professionals

Real Estate Professionals

Titanium Is Opening Doors

All real estate professionals have a vested interest in preserving home ownership in the communities in which they serve. However, it can be difficult to identify homeowners who need help before it is too late. By working as a Titanium Home Retention Consultant (HRC), however, real estate professionals are able to easily identify these homeowners.

Working with Titanium is a rewarding experience that provides a… Continue

Added by Chris Plumb on May 21, 2009 at 12:19pm — 6 Comments

Need Fannie Mae Phone #'s or contacts

My listing is a short sale with Wachovia....We listed at 299k, gradually reduced price to market value of 180k in Oct 2008. Wachovia loss mitigator told me appraisal done 10/08 was 195k. I later discovered it appriased at 187k. In Oct 2008 I recieved 3 offers if approx 185k and all offers were turned down by Wachovia as not acceptable to "investor". They ordered another appraisal on my vacant listing in Mar 09 and they are telling me it came in at 223k. 40,000 appreciation in this market over… Continue

Added by Ellen Dittman on May 21, 2009 at 5:48am — 2 Comments

Reported it to Fannie Mae

My listing is a short sale with Wachovia....We listed at 299k, and gradually reduced the price to market value of 180k in Oct 2008. Wachovia loss mitigator told me appraisal done 10/08 was 195k. I later discovered it appriased at 187k.

In Oct 2008 I recieved 3 offers if approx 185k and all offers were turned down by Wachovia as not acceptable to "investor". They ordered another appraisal on my vacant listing in Mar 09 and they are telling me it came in at 223k. 40,000 appreciation in this… Continue

Added by Ellen Dittman on May 20, 2009 at 11:37am — 4 Comments

Lease To Own Agreements: Are They Dangerous?

With the Banks' tightening of the money, there has been a resurgence of Lease to Own Agreements lately. Although these deals are popular with both Buyers and Sellers, they are not to be taken lightly. Here's why these instruments are potentially dangerous:

Danger for the Seller: If the Buyers stop making payments under a Lease to Own Agreement, the Seller can not evict them. Instead, the Seller has to institute foreclosure… Continue

Added by MIRELA MONTE on May 15, 2009 at 9:58pm — 6 Comments

The Ethical Dilemma with Short Sale Option Contracts.

My recent articles on this very subject have initiated a firestorm and, I am sure this next article will only throw nitro glycerin on the flames.

Before you read this blog, understand that I have not been appointed as some ethical, moral guardian and, I know that. By no means, do I believe I am going to change your opinion or win you over, that is not my intention. Take what I have written and do with it as you please, I really don’t care if you think I am wrong, right or anything… Continue

Added by Jesus (Jesse) Gonzalez on May 15, 2009 at 5:42pm — 21 Comments


As many of you are aware, the National Association of Realtors is holding their annual conference in Washington, DC this week.

Listen to the video, I thought it was worth sharing.


Added by Uma Redwine, CDPE, NFSTI on May 14, 2009 at 11:02am — No Comments

Short Sale Option Contracts are Fraud!

First off, thanks to Steve Adkins for spuring me to provide more detail on this subject and providing insight on the details of how exactly this scam works!

I recently wrote a blog titled, “Short Sale Scams Dupes Un-Suspecting Realtor…Are You One?” which created such a stir that now I am prompted to write this blog specifically concerning Short Sale Option Contracts.

So, here is how this happens.

You’re in the office making calls or whatever else you do… Continue

Added by Jesus (Jesse) Gonzalez on May 13, 2009 at 9:27am — 17 Comments

FHA 203K


How much have you utilized this program? Many clients are not aware of this Government insured loan. I invite you to watch this video that contains valuable information to help you educate your clients.

Added by Jubal Bynoe on May 12, 2009 at 5:30pm — 5 Comments

Short Sale Scam Dupes Un-Suspecting Realtors...Are You One?

Be very careful with who you do business with.

Here lately, many Realtors are be contacted by people who claim they can expedite the Short Sale process or offer you double commission on your Short Sales. Be careful!

These 3rd parties (typically investors or an investment firm) offers to negotiate the Short Sale on behalf of the homeowner and, all you (the original Realtor) have to do is set back and let them run the show. Sounds great...right? Well, it's not and let me… Continue

Added by Jesus (Jesse) Gonzalez on May 12, 2009 at 4:07pm — 7 Comments

Real Estate Market Trend in Stanislaus County, California

Here are some recent stat's I wanted to share about the Real Estate Market in Stanislaus County.

Buyers are for sure buying in Stanislaus County and what a difference a year makes. Single family home closed transactions rose 30.5% in April 2009 compared to April 2008. Active listings have decreased 56.2% from 3836 in April 2008 to 1679 in April 2009 which has started to stabilze prices where currently the Median home price is $132,000.00. Home prices have now become affordable again… Continue

Added by Jesse Gibbs on May 11, 2009 at 5:05pm — 2 Comments

TARP Program Growing More Complex, Costly!!!

Read the following article and thought it was worth sharing:

In case you lost track, the $3 trillion Troubled Asset Relief Program has become a hydra-headed, public-private endeavor that is operating with no clear leadership.

That's the conclusion of a new report by the Office of the Special Inspector General for TARP, which said the program is "12 separate, but often interrelated, programs" involving "unprecedented scope, scale, and… Continue

Added by Carlos H. Silva Sr. on May 11, 2009 at 11:01am — 1 Comment

Homeowners do NOT Buy HOUSES; They Buy Neighborhoods!

That is the basic premise we discussed on David Patterson's, radio show last weekend. His summary says, "This week's Expert Guest on The David Patterson Radio Show was ActiveRain Veteran, Author & CA Broker Regina P. Brown. Her passion is helping families create a legacy through financial education. She offers real estate seminars and private buyer consultations. During this podcast, Regina discussed..."

How to Evaluate a Good Neighborhood when Buying a House

"It's… Continue

Added by Regina P. Brown on May 8, 2009 at 7:06pm — No Comments

What FHA Buyers & Their Agents Should Know When writing offers on Fannie REO

I've prepared this blog with the hope that it will educate and streamline the process for First Time FHA Buyers and their agents when writing offers on Fannie Mae REO's; of which we should see a large supply in the near future.

Our market has changed and is not a traditional market any longer. As Realtors/Brokers & buyer's we all must adjust. Adjust to the fact that FANNIE Mae’s reo RPA supercedes all State RPAs (Residential Purchase Agreements). Fannie is also exempt from normal… Continue

Added by Jonathan on May 7, 2009 at 10:30pm — 8 Comments

Bill to require REO sellers to pay for escrow

From the newsletter I received from The California Assocation of Realtors.

"C.A.R. Achieves Compromise in AB 957,

Choice of Escrow Bill

C.A.R. achieved a compromise in AB 957, “Choice of Escrow Bill.” In multiple discussions with the author, C.A.R. worked with Assemblywoman Galgiani to come up with compromise language that will require fair treatment for real estate owned (REO) buyers in the choice of title and escrow providers.

The new language now… Continue

Added by Johnny Huang on May 4, 2009 at 5:40pm — 4 Comments

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