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June 2009 Blog Posts (25)

panoramic shots

I received 3 bpo orders today. I was really glad that two of them are possible listings. One was from Protek so I could use the 50 dollars. The other two were new assignments and the training in AZ looks like it willl finally pay off for AtPac. The best of all is that..the farthest was 2 miles from the office. The one from Konduer might be stringing me along but they said they really like what I did with my panoramic software. My set of comps were on street over all right next to each...so I… Continue

Added by Mark Anthony Ruiz on June 30, 2009 at 10:30pm — 6 Comments

HVCC, do you know what it is?

Have you heard of HVCC? Well, if you haven’t, where have you been?

HVCC is the Home Valuation Code of Conduct. It went into effect May 1, 2009. Many have their opinions on the effect HVCC will have on our industry and I haven’t learned enough about it at this time to form a valuable opinion however, check out the link to Freddie Mac’s page about it and decide for yourself.

http://www.freddiemac.com/singlefamily/home_valuation.html

Added by Jesus (Jesse) Gonzalez on June 29, 2009 at 2:55pm — 2 Comments

Real Estate Joke of the Month!

What is the difference between a Picnic Table and a Realtor?





A: The Picnic Table can support a family of 4!

Added by Michael Thompson on June 29, 2009 at 1:07pm — 5 Comments

Shady, Unethical, Ignorant Real Estate Agents

I am so tired of having to deal with incompetent realtors, unfortunately, this will never go away.



My favorite thing is when I represent a buyer and send an offer over to the listing agent and then get this response:



"Well, that is unacceptable, ridiculous offer. The property is listed for $199,000 and your buyers are offering $180K??? That's 20% below asking price, this isn't going to work"



WOW - Didn't know you were the seller Mrs. Listing Agent. Didn't know… Continue

Added by Michael Thompson on June 28, 2009 at 12:33pm — 12 Comments

Minnesota Programs to Assist in sales of Foreclosed Properties

Isanti Rocks! Last night there was a chance for anyone interested in learning more about the options offerred by the City of Isanti for homebuyers who would like to help clear the foreclosed properties sitting empty in the city proper. Only six of us showed up, two contractors, a lender and a buying couple (my new clients!) The city has been granted over 500K to use as downpayment assistance in the form of 0 interest loans, which are forgiven after set terms (5 years, 10 adn 15 depending on how… Continue

Added by Victoria Frieberg on June 27, 2009 at 9:40am — No Comments

STOP THE GREED

First, let me say that I love this website and it has been a great place to share information with other realtors around the country.

Second, I know most of you are probably sick and tired of the greed that has been running rampant for several years in this industry. I believe in everyone making as much money as possible but I draw the line when the information is being sold that can be obtained for free. So here is my advise and warning.



DO NOT PAY for a list of REO companies,… Continue

Added by Cindy Billman, CDPE, SFR, HAFA on June 26, 2009 at 9:54am — 9 Comments

The new economy.

2 Things I am now finding to be true. Although not readily apparent, it is the doing things that are uncomfortable that makes me a better Realtor. And the repetition of it that makes it a habit. Yesterday I girded my loins, parked my car, took the picture required by Titanium before knocking on the door. Put my camera away, walked up and knocked! It is always the toughest part for me. I was greeted by a tenant who was worried about her future. She knew the owner was already foreclosed on and… Continue

Added by Bob Bjurstrom on June 25, 2009 at 1:29pm — 2 Comments

Short Sale Option Contracts are Fraud, if you didn't know it by now!

41 Charged in 5 Mortgage Fraud Cases



by alissandria obrien of Preservation Monthly 06/24/2009



....15 individual defendants and four businesses purchased distressed properties, including from the U.S. Department of Housing and Urban Development, and then resold them for fraudulently inflated prices approximately two to three times the purchase price.....



Link to see the full article. http://www.preservationmonthly.com/story_2012.htm



I have blogged on… Continue

Added by Jesus (Jesse) Gonzalez on June 24, 2009 at 3:16pm — 7 Comments

Let the flood gates be opened!

Not sure about the rest of the pros on REOPRO, but as someone who does BPOS, I just got quadruple the requests for them today, in a big, big way. Some requests from folks, I barely get any from. All exterior BPOs... and I live in a rural area.

Not sure what you guys will make of it, but to me, it looks like the Summer Flood.

Added by Joshua Jarvis on June 22, 2009 at 8:32pm — 13 Comments

Working Harder: Tenacity Equates to Success in This Market!

"Dictionary is the only place that success comes before work. Hard work is the price we must pay for success. I think you can accomplish anything if you're willing to pay the price." - Vince Lombardi





It is no secret that we all are working harder than ever, and the question remains: Is it Worth it?



Of course, and throughout this re-invention periord to some degree, we will all learn how to plant our gardens and do more than survive, but to succede and… Continue

Added by Laura Leigh Wood on June 21, 2009 at 9:24pm — No Comments

THE PERFECT DRIVEBY OR EXTERIOR BPO

John Occhi did a fabulous job of describing how to do BPO's (John, did I train you?) I want to elaborate on the Driveby BPO. The Driveby BPO is the MOST critical BPO you will ever do. Most drivebys are pre-foreclosure values. This means the banks need to determine the FMV (Fair Market Value) in order to determine how much to bid for the property at the foreclosure sale. I.E., the bank has a property in default with a principal balance of $180,000 (at one time banks would bid as high as the PB… Continue

Added by Cindy Billman, CDPE, SFR, HAFA on June 19, 2009 at 5:23pm — 16 Comments

WHAT ARE NSP FUNDS & HOW CAN THEY BENEFIT YOU??

WHAT ARE NSP FUNDS AND HOW CAN THEY BENEFIT YOU??



The Neighborhood Stabilization Plan (NSP) was established to stabilize communities that have suffered foreclosures and abandonment. NSP1 are federal funds that were authorized under the Housing and Economic Recovery Act (HERA) of 2008. It provides monies to all states, yet surprisingly many people are unaware of it and how the funds can be used to help home buyers, banks and our communities.



I am located in Southeast… Continue

Added by Ellen Mitchel on June 18, 2009 at 8:23am — 3 Comments

My High Water Mark for Endurance.

I went to a closing for a shortsale referral from Titanium today. In Oregon the seller and buyer sign docs, back to the lender for review, then after approval it goes back to escrow and funds 24 to 48 hour turn around. so this will close on Friday ...... 1 Year and 3 months from the time I knocked on the door as a Titanium rep. (with Wamu now Chase). Turns out that they have been pretty helpful during this ordeal.

Added by Bob Bjurstrom on June 17, 2009 at 8:55pm — No Comments

Foreclosure Moratoriums Good or Bad?

If you think solving our foreclosure crisis in this country is by conducting State or Federally mandated moratoriums…well, you are completely misguided.



Try looking at the moratorium issue as strictly a monetary policy vs. a politically correct policy.



We all know foreclosure cost money and, it isn’t cheap. We also know the longer a home stays in foreclosure or the longer a bank has to hold onto bad debt, the more expense the bank takes on in Attorney fees, public notice… Continue

Added by Jesus (Jesse) Gonzalez on June 16, 2009 at 9:11pm — 6 Comments

We aren’t near a bottom.

So, I have been hearing a lot of talk lately about the housing market hitting bottom and we are on the rebound.



Well, I am not as optimistic and let me share with you why.



First, you need to understand that I am a true believer that the Community Re-Investment Act” is what caused the housing bubble, which ultimately led to the fall of the sub-prime market but, that is another blog of another time.



So, back in 1999, President Clinton signed into law the… Continue

Added by Jesus (Jesse) Gonzalez on June 16, 2009 at 5:42pm — 8 Comments

REO Properties are not Burdens so Don't Skimp on the Marketing!

Are you a REO agent providing minimal information about each bank owned listing? The bank expects you to market each listing as much as possible so the best possible offer is received. You should never look at an REO property as a burden and/or think little effort is required. Remember, each successful sale contributes to the next listing you receive from the REO Company/Bank.



Here are a few tips when listing the REO:



• Take the time to take incredible picture of the… Continue

Added by Carolyn Nelson on June 12, 2009 at 2:30am — 5 Comments

Creating a simple process to manage your REO properties and your process

Do you have a plan that will help you manage your properties? How organized are your files and if the bank calls you regarding an invoice submitted three months ago or inquires about the details of a property, are you prepared? I help several agents remotely organize their files and provide different resolution based on their setup.



Here are a few tips that will help keep you organized. It may not pertain to everyone and depends on the current process being used.



• Get rid… Continue

Added by Carolyn Nelson on June 11, 2009 at 3:03am — 7 Comments

Before you Sign-up for BPOs and REOs

Deciding to work with a BPO and/or REO company should be a two-way interviewing process. Brokers and agents eagerly try to get into the business by randomly completing the online or hard copy application process then several weeks or months after completing a BPO, act like a disgruntle employee by complaining to others because he/she/they did not get paid. Well, how much research did you do?



You should never leave your business and services to chance and hope. Neither will pay your… Continue

Added by Carolyn Nelson on June 10, 2009 at 3:00pm — 7 Comments

Managing REO Reimbursements

Reimbursement management is very important when working with REOs. It builds a relationship with the REO bank and a committed relationship with your vendors. Too often, brokers and agents will put the invoices in a pile or box and pray for the reimbursement fairy to come along and make it disappear through automatic submission.



HELLO! That is not how it works!



Working with REOs is a very serious job and should not be taken lightly. Each REO bank has its own policy. You… Continue

Added by Carolyn Nelson on June 10, 2009 at 8:00am — 3 Comments

Five Star Conference

FIVE STAR EAST COAST EDUCATIONAL CONFERENCE







I had the good fortune to attend the Five Star Conference in my own backyard, Miami, FL from May 27-30th.



My only expectations going in were to learn some things from both the classes and from networking with collegues from across the country.



The conference blew me away! The courses were taught by professionals in their fields including: Mary Abarca, VP of REO at PMH Financial, Loetta Arrington SVP at… Continue

Added by Ellen Mitchel on June 8, 2009 at 2:17pm — 9 Comments

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