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May 2010 Blog Posts (34)

Is It More Difficult to be a BPO Agent in a Rural Area or within an Urban Setting?

As you can imagine the answer to this question depends on who you talk to. For me, I have personally experienced doing BPO's in a rural setting and talked with numerous agents all over the U.S. who work in very urban settings.

My experience leads me to believe that doing BPO work in a rural setting is much more limiting. It is difficult to find comps that just aren't there, even after going out up to 10 miles from the subject property. If you go further than this than it is…

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Added by Nicole Ocean on May 31, 2010 at 6:21pm — 4 Comments

Top 10 Banks that could fail in 2010

The overall message is that the FDIC is on pace to close 200 banks this year.

Sterling Financial is in the top 10 and is a Spokane WA based bank. The State of WA will most likely continue to see a few others go down as well. See attached link.

http://investinganswers.com/node/1199?TP=606

Added by Greg Gamble - Seattle Washington on May 29, 2010 at 11:12pm — 6 Comments

Where Do They Find These Agents?

I always wonder how I became lucky enough to get that first REO property over 10 years ago. Definitely a different market than what we have right now.

Now I watch agents send out stacks of resumes, do BPOs for less than $45 and they are getting the business. Sometimes I question whether or not the banks, asset managers and investors realize exactly what they've gotten?

I tend to think not, particularly when I have a new REO agent in my office stated the…

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Added by Craig Alexander on May 28, 2010 at 10:30pm — 3 Comments

Case Shiller Price Observations



The recent Case Shiller report shows price declines in front of the tax credit completion...The index gives us a slight 0.38% decline in the top ten market composite. Year over year the index is up 3.15% when compared to March 09. Recent strong price moves will come to a serious halt because the tax stimulus is behind us. The silver lining in this is that it proves demand is there, just waiting for the right price and for some of this historic uncertainty to settle. This… Continue

Added by Howard Bell on May 28, 2010 at 9:41pm — No Comments

THE GLORY of BPO

Time to Blog this morning ! What about BPO?

I have done a bunch and happy to…

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Added by Alain Thillois on May 27, 2010 at 10:37am — 7 Comments

Housing: Where Are We Now

With house prices expected to slid and unemployment to rise substantially further, this third foreclosure wave will grow larger. If house prices fallanother 10% over the coming year,as Moody’s Economy.com currently forecasts, an estimated 18.6 million homeowners could be underwater.



More to Come

Even if the economy stabilizes in 2010 as expected, defaults will remain elevated long afterward. More large payment resets are due to hit… Continue

Added by Howard Bell on May 26, 2010 at 11:37pm — No Comments

Constant Education Shows Motivated Agent

More words about education and certification. It is never enough for sure.

The more you get and the more you need.…

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Added by Alain Thillois on May 25, 2010 at 11:56am — 5 Comments

Pre-Approval vs. Pre-Approval

Friday, I closed on a $322,000.00 short sale, Monday I close another for $340,000.00 and amazingly enough, both buyers, brought me "pre-approval letters" from the exact same lender.

Just so you are clear, these are 2 different homes, 2 different buyers but, both had the same exact lender. Now, the reason this is critical to understand is because, on both offers, I made sure to ask for a Pre-Approval Letter and, you would think that because both buyer's are using the same…

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Added by Jesus (Jesse) Gonzalez on May 23, 2010 at 4:30pm — 15 Comments

Guaranteed Listings From Bridge.....REALLY? / Top Secret REO Industry News / Call to Action!

Many of you may have seen a new advertisement on REOPro for Bridge Asset Servicing Network and their claim to GUARANTEE LISTINGS. Obviously, this intrigued me and I wanted to learn more about this company and see just exactly what they were all about.…

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Added by Jesus (Jesse) Gonzalez on May 20, 2010 at 6:58pm — 42 Comments

Are You Considering Going to the REO Expo? Freddie Mac Announces: They're Doing On-Site Interviews for New Listing Brokers at the Event!

Hot off the presses! Huge News for ANY REO Listing Agent....

Freddie Mac/Homesteps just announced that they will be doing live on-site interviews at the upcoming REO Expo Event for open positions they have for listing brokers around the nation. Don't miss out or waste any time because this opportunity will pass by quickly!

To learn more check out this link for all of…

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Added by Nicole Ocean on May 20, 2010 at 6:33pm — 4 Comments

Make a donation first? Anyone work with R&D Properties?

Here is an email I got from them in regard to doing BPO work:

<br>

Tara,

Thank you for your interest in becoming a vendor for R & D Properties. We request that all new vendors make a tax-deductible donation to the

charity of our choice, The SPCA Honor Sanctuary. Please click on the

link located at the bottom of our home page to be redirected to the

website for…

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Added by Tara Nagelhout on May 20, 2010 at 11:24am — 3 Comments

14.01% of mortgages delinquent or in foreclosure



Appears that mortgage defaults are still a concern.



See article link below from Market Watch via the New York Times.





http://www.marketwatch.com/story/1401-of-mortgages-delinquent-or-in-foreclosure-2010-05-19?siteid=bnbh





Love to hear your thoughts about the steady supply of foreclosures. I think it is… Continue

Added by Greg Gamble - Seattle Washington on May 19, 2010 at 10:11pm — No Comments

Bridge Asset Solicitations

I seem to be getting a lot of Bridge Asset information to my email from REOPRO. So, I did the complete package and was "invited" to attend their "training conference". $495 seems like a lot of money to me.......and in the email it says we will get information on how to become part of their team. I don't want to spend all that money to get down there and find out I have to spend more money, so does anyone have any more information???

Added by Tara Nagelhout on May 19, 2010 at 12:29pm — 8 Comments

Yes, We Have Reached The Bottom!

When a sump pump is running and pumping water from its basin to the outside, strange noises can be heard. When the pump transitions from running to shutting off, there is a loud slurping/gurgling sound as it searches for water before shutting off. After speaking with an REO agent who is listing a home in my area last week, all I could think was, have asset managers really reach the bottom of…

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Added by Michael Johnson on May 19, 2010 at 7:38am — 3 Comments

How Not Having the Proper REO Team can Jeopardize your REO Business.

How Not Having the Proper REO Team can Jeopardize your REO Business.…

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Added by Roxanne Tidmore on May 18, 2010 at 2:09pm — 2 Comments

WaMu’s holding company files another reorganization plan

Washington Mutual is still in the stages of trying to work out a bankruptcy plan that works for JP Morgan and shareholders.

Obviously due to these delays, the special assets that were held by WA MU have not hit the market in full force and effect.

http://seattle.bizjournals.com/seattle/stories/2010/05/17/daily5.html


Added by Greg Gamble - Seattle Washington on May 17, 2010 at 7:04pm — No Comments

Showing a property that you did a BPO on????

I was just informed by a BPO company that I CAN'T EVER show a property that I do a BPO on to any prospective buyers. This has never been handled this way. I was always told that I couldn't discuss with anyone client or not what the BPO value was being I had a responsiblity to my client indirectly the Bank/Mortgage Company.

Specializing in REO's and doing BPO's as a fill in,which also keeps me up to date on different market values is a good thing. It…

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Added by Margaret A "PEGGY" Seme on May 17, 2010 at 3:30pm — 12 Comments

Bridge Asset Network- The Next Generation Of Default And Distressed Asset Management

I was fortunate enough to listen in on Jesse's blogRadio interview with Angelique and Bobby of Bridge Asset Network.

They have what sounds like a unique model for managing distressed assets and are marketing to clients outside the normal channels of property assignments as well as to the traditional sources of inventory.

It was refreshing to hear their perspective on the relationship between agent and client as well as their policy on property preservation. Both were very…

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Added by Rick Fine on May 16, 2010 at 4:15pm — 1 Comment

That Troublesome Contract! ..... part two

That Troublesome Contract! ….part two

For part one of this “mini-series” please see: http://reopro.ning.com/profiles/blogs/that-troublesome-contract



As you see from Part One, this all started the week after Christmas, yes...Christmas of 2009. But let me get you up to speed with…

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Added by Steve Adkins on May 15, 2010 at 3:41pm — 6 Comments

edumacation, weze al needdz et!

Designations everywhere, which one is the right one?

Oh my goodness…..this is THE QUESTION.

It’s like being a fat man at Krispy Kreme Saturday morning, 4:30am after you left the club a…

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Added by Jesus (Jesse) Gonzalez on May 15, 2010 at 10:09am — 5 Comments

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