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June 2010 Blog Posts (40)

An Abundance of Foreclosed Properties for Sale in one Area

Today I was doing a few more drive bys, and I noticed sooo many for sale signs and foreclosed properties literally in just one street. Then about 2 blocks down only a few signs were visible.

Sometimes I think these mortgage companies prefer to hit one specific area and just wipe them out all at once. Is there an advantage for them when they do this?

Are they trying to get rid of the current homeowners to bring in a…

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Added by Liz Purcell on June 30, 2010 at 9:09pm — No Comments

Federal HomeBuyers Tax Credit Extensions



The U.S. House has passed a bill giving home buyers an extra three months to complete their purchases and still qualify for a generous tax credit.The Senate is working to reach an agreement with Republicans to pass the House-passed homebuyer tax credit closing date extension early as today.



Although the case shiller index came in suggesting a fragile recovery is waning, it didnt include the sales figures representing market behavior after the end of the homebuyers tax credit.… Continue

Added by Howard Bell on June 30, 2010 at 8:45pm — No Comments

Old Republic Default Management and REO Vendor Management

This may be of interest to a great deal of people.

If you have not received this yet, I hope it helps.

To: ORDMS/REO Valued Listing Partners



From: Rick Snoke Vice President, Real Estate Operations



Re: ORDMS REOVM & RTS Deadline



FINAL NOTICE







Over the last quarter, ORDMS has issued important reminders regarding partnerships with REO Vendor Manager (REOVM) and REO Solutions (RTS).







No…

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Added by Reggie Woodgett RDCPro, CDPE,FSP on June 29, 2010 at 3:32am — 21 Comments

Mortgage Bankers Association: Mortgage Applications Decrease

Mortgage Bankers Association for the week of 6/23/2010



Market Composite Index: (loan application volume) decreased 5.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6.0 percent compared with the previous week



Refinance Index: decreased 7.3 percent from the… Continue

Added by Howard Bell on June 27, 2010 at 6:14pm — No Comments

Freddie Mac Weekly Update: All Rates But 1-Year ARM Hit Record Lows







30-year fixed-rate mortgage: Averaged 4.69 percent with an average 0.7 point for the week ending June 24, 2010, down from last week when it averaged 4.75 percent. Last year at this time, the 30-year FRM averaged 5.42 percent.



The 15-year fixed-rate mortgage: Averaged 4.13 percent with an average 0.6 point, down from last week when it averaged 4.20 percent. A year ago at this time, the… Continue

Added by Howard Bell on June 27, 2010 at 6:14pm — No Comments

Tax Hikes for Others Housing Mistakes.

No matter what camp you are in, tax the rich or cut taxes to small business, the sad reality is that with a national debt of over 13 Trillion and an unfunded liability of over 70 Trillion, we are all going to see tax increases at some point, liberal, conservative and libertarian alike.

I would…

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Added by Jesus (Jesse) Gonzalez on June 27, 2010 at 10:53am — 4 Comments

New Homebuyer's Downpayment Assistance Program

Did your buyer's miss the first time hombuyer's tax credit? Well worry no more! My association has initiated a program that is unique to any Realtor association in the country. It provides grant money upto $7500 for your downpayment and /or $3000 HOA assistance for qualified buyers. Basically if you make less than $100000 and can get a bank loan through a direct lender, you qualify. You must also attend a homebuyer class but a little education always is good…

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Added by John Accornero on June 27, 2010 at 1:53am — No Comments

TIRED OF BEING "RIPPED OFF"

OK - my patience has worn thin - I am now going to fight back - I am compiling a list of all companies that I have paid money to join in order to hopefully get business. I am tired of the scams. I will be filing a complaint with these companies through the Better Business Bureau and my state's and their state's Attorney General's Offices. Then I am going to take it to the media. It is time that these scams stop and it is time that WE, as Realtors, stop paying their ridiculous fees. I am not… Continue

Added by Cindy Billman, CDPE, SFR, HAFA on June 26, 2010 at 8:20am — 9 Comments

Are you bold enough to ask?

Be bold enough to ask?

I know for many of you reading this blog, you may suspect me to be some crazed wacko blogging away in his underpants in his mothers basement but, that image is far from the truth. When reading what I have to write, just keep an open mind and simply ask, “What…

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Added by Jesus (Jesse) Gonzalez on June 25, 2010 at 1:46pm — 5 Comments

Another Poorly Thought-Out Plan

Another bail-out plan approved June 23, 2010 by the Obama

Administration, the "Keep Your Home" program. California will receive

$699.6 million to "work with lenders" to make principal reductions.

Under the new program, there will be a $50,000 cap on principal

forgiveness.



Since property values in Riverside County have dropped 50-60% that leaves the majority of homeowners more than $50,000

underwater. But wait! The state will be asking lenders to 'MATCH"… Continue

Added by Jan Baron, RDCPro, CSP, BPOR on June 24, 2010 at 5:25pm — 3 Comments

Here it comes..........

I have been happily sitting in a rural/resort area on Lake Oconee and have counted blessings that the subprime was not nearly as devastating as in other parts of the country. What I have feared was coming is starting to show up now though. Alt-A & Option Arm loans made in 2006 - 2007 & on are starting to make their way to the legal ads. This area has many upscale, gated, golf communities on the waterfront and a large proportion of those are 2nd/vacation homes. This month, I have seen…

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Added by Chris Oliver on June 22, 2010 at 2:17pm — No Comments

This is crazy! How long will paying for business last?

I just got an email from and REO company about a now mandatory class which all brokers must attend. It's a great company which feeds me a lot of business but geez we are always forking out money to REO/BPO companies hoping and praying that we might get some business. Then I got an email from GRC saying the same thing! Citi popped the default course on us last month as well. I think I have more certifications and have payed for more business then I receive. Not good! These companies are 2 of the… Continue

Added by Marqueze D. Williams, Sr, NRBA on June 22, 2010 at 12:30pm — 11 Comments

Appraisals: Costing Us Equity?

Its not just location location in this market. Much more complex issues drive value of both residential and investment property.



When serious damage is done to an asset class and there is a big re-think regarding its true worth, no one truly knows what its worth, past assumptions may no longer be relevant. So appraisers are shooting in the dark. Without significant sale or leasing activity, it becomes difficult to do comps. And looking back is useless, since we know the data series… Continue

Added by Howard Bell on June 19, 2010 at 8:50pm — 1 Comment

INDY MAC

Anybody else get this crazy email?


Date: 6/17/2010

To:

From: IndyMac Bank's REO Department

Reference: IndyMac Bank's Advanced Attorney Network



Dear ,



Congratulations!! You have been approved as an IndyMac REO Attorney and will now become part of an elite member of our REO team.



You will soon…
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Added by Marqueze D. Williams, Sr, NRBA on June 17, 2010 at 11:16am — 26 Comments

Forclosing on deliquient HOA owners??

Does anyone have any experience working directly with a property management company after they foreclosure on there units after getting tired on waiting for the banks to do it? All these properties are underwater(BIG TIME) and my friend, the president, asked me to take over the whole process from negotating with banks to settle debt to eviction of occupiants to listing and reselling them at market value. I have experience with short sales & REO's but this seems a bit much.

Added by Scott Gold on June 16, 2010 at 6:16pm — 7 Comments

Jobs Recovery and Rent

If history is a guide, what happens with jobs will matter the most to the strength of the housing rebound," said Eric S. Belsky, executive director of Harvard's Joint Center for Housing Studies. Jobs keep homeowners out of foreclosure and help others feel confident enough to buy. see chart



Monthly employment gains in May were the highest in a decade but point to a still… Continue

Added by Howard Bell on June 16, 2010 at 4:44pm — No Comments

****Why Should I Pay A Fee For Hoping To Receive A Listing****

I have read a lot of post on this website and others and it is very obvious that most of us would like to generate more business through different outlets. There are a lot companies out there want to charge up front fees to join their network with no results. It kind of dawn on me that I put time and effort to obtain my real estate license and earn my MBA and a few certifications and why am I being insulted to pay for something that I already know. Not to say that I am not open to new ideas…

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Added by John Taylor MBA,CSP,HRC on June 15, 2010 at 1:53pm — 9 Comments

Bridge Asset Servicing Network Conference- Final Wrap Up

This conference was one of those rare events that was of real value to me for a number of reasons; not the least of which was the conference being held by a relatively new company interested in assigning default properties to agents.

There were very important distinctions made by Bridge that truly set them apart from other asset management companies during the conference. To me, they really do define the company and its leadership as an excellent example of the Next Generation Of Default… Continue

Added by Rick Fine on June 12, 2010 at 9:35pm — 4 Comments

Just returned from lovely Burbank CA for the Bridge asn conference

Just returned from lovely Burbank CA for the Bridge asn conference:

WOW, we had such a great time. Big thank you to the staff at Bridge for hosting such a great event for the agents.…

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Added by Jessica Klein RDCPro on June 12, 2010 at 7:30pm — 5 Comments

TAX CREDIT EXTENSION of CLOSE OF ESCROW-Harry Reid pushes for New Amendment

New proposal would extend the CLOSING time until September 30th, 2010.

This is for those ALREADY under contract. The current tax credit has to close on the home by the end of this month - June 30th.

We all know what a mad dash it was to get the homes under contract for the buyers now getting them all closed by the end of this month is a monumental task and there are a lot of buyers that are going to miss the deadline. Lenders and title…

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Added by Dawn Barrier on June 12, 2010 at 4:41pm — 4 Comments

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