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July 2009 Blog Posts (25)

Remember to use patience and BITE YOUR TONGUE

Well, I have learned a big lesson in getting frustrated with an asset manager, whom will remain nameless!

I had a condo that I had been hired to "Set for specific open house dates and times" for an auction about four months ago. I did the required three weekend sitting and answering all questions and getting the HOA information together, along with the utlities. Auction came, they sold it, I thought it was over and my 1% would soon be coming. About two days before closing I am told… Continue

Added by Beth Ross on July 30, 2009 at 7:47pm — 12 Comments

Wachovia Asset Manager???

In preparation for the finalization of the Wells Fargo acquisition of Wachovia there have been several changes in personnel in the Asset Management department.

We have already received the list of properties and have confirmed title. We are ready to order appraisals (using Green River) and then close. We just need to know who is handling Wachovia's REO now as my last source no longer works there and the phone extension has been terminated. If someone can give me a name and contact… Continue

Added by Robin S. Reed on July 30, 2009 at 2:30pm — 4 Comments

Managing your Reimbursements Part 3 – Working with your vendors

Any Broker and Agent that have worked in the REO for a considerable amount of time understand the importance of working with your vendors. Those brokers understand that vendors are more than service providers. Your vendors are a part of your team, the well-oiled team.

When working with vendors and before you hire a vendor, consider a few useful advice.

1. What is the vendor's track record? How much experience do you require and how much experience does the vendor have in… Continue

Added by Carolyn Nelson on July 30, 2009 at 9:42am — 2 Comments

Keystone Dont get them on your Bad Side!

Advice to everyone do not make Keystone angry! I went from one day being the top agent after doing work for over 4 years with them and getting slammed with listings and I was very grateful for them. To being on the Dog's list the very next day. If you ever have a asset manager to talk down to you from there company never, never defend yourself as you will get a call from the Big Guns talking to you like a dog. I was a agent that had Rekeys. Done in a day. fronted loads of money for this… Continue

Added by Deana Hamilton on July 28, 2009 at 11:00pm — 15 Comments

found the ground

We had a yard to mow. Regular Augustine grass, that WAS 2 FEET TALL> not the weeds the grass. The neighbors asked if this was the yearly mowing. I guess you take the bad with the good. My husband would not allow me to walk in the back before he cut it due to possiblity of snakes. * our yard guy was bit by a copperhead the week prior to this job.

had to get through this to get to the back yard…


Added by Kelli Owens on July 27, 2009 at 3:30pm — 3 Comments

"The Party House"

Went to change locks on another home today. It appears the local kids have taken a liking to this home, we found mattress upstairs with candles, and a whole lot of damage. According to neighbor the kids down the block have decided this is there hot spot. They have caused so much damage to this home.…


Added by Kelli Owens on July 27, 2009 at 3:26pm — 3 Comments

What a house

We were just assigned a resecure on a home in Houston. Nothing unusual, go to house, change lock on front door. I pull up the trusty map, plan my day including this house and head out the door. We have crews in other parts of Houston, so I am handling this one with a few more.

We drive to the location and pass the house I glanced over an noticed a house in the weed and said to my husband, who was with me on this one. " I hope… Continue

Added by Kelli Owens on July 27, 2009 at 3:19pm — 3 Comments

How to scare a buyer!

The 'perfect' storm of excessive inventory, low market values and interest rates professionals detect is not necessarily what buyers see. The 2009 economy has given many the jitters. Countless have lost their source of income and are either floundering or scurrying to reinvent themselves. Less prestigious sources of employment have become viable and many are resorting to creativity in becoming self employed. Not able to predict their financial future leaves a gut feeling of uneasiness. It is no… Continue

Added by Linda Landry on July 22, 2009 at 12:12pm — 8 Comments

National Quick Sale?

Has anyone heard of National Quick Sale?

They are a short sale negotiating company that claims they will be getting short sales preapproved from lenders. I heard they are almost approved with Fannie Mae.

Any info will help!

Added by Chris Plumb on July 21, 2009 at 8:32pm — 3 Comments

Multiple Offers and Highest, Best and Final

As an Exclusive Buyer's Agent here in the Chicago market, I can tell you that multiple offers for REO properties with it's subsequent, Highest, Best and Final offers is becoming very common. I would like to use this forum to express my utter frustration and anger towards the system currently in place to handle these multiple offer scenarios.

To make it simple; WHY DOES THIS NEED TO BE A 'CLOSED BID' process???? To make it easier and more fair in my personal and professional opinion I… Continue

Added by Henry B. Torn on July 21, 2009 at 8:15am — 24 Comments

Do Unto Others.

I am sure you know the Golden Rule: Do unto others as you would have them do unto you. I believe that all mom's teach their children this in hopes that it will keep them out of trouble, and that just maybe they will treat others fairly.

Not only is this a good Biblical rule to follow because it teaches you how to treat others (unless you like being treated like crap), but most often we are rewarded with reciprocity.

Reciprocity Principal: The tendency for people to treat… Continue

Added by Nick Miller on July 17, 2009 at 3:24pm — No Comments


Is REO RED BOOK worth the $1000 A YEAR ?

Added by BILL SNYDER on July 13, 2009 at 4:23pm — 10 Comments

How do I say I told you so to an Asset Manager?

A couple of months ago I received an reo listing from an asset management company that sometimes sends me listings, not many, but hey every little bit helps. They ordered the CFK, and although I am usually succesful with cfks, in this case the homeowner did not agree to it. She was receiving advice from an attorney/friend that told her to stay in the house. After a while, as it happens, I was notified of the lock out date. The family was already gone on the lockout date, but they had destroyed… Continue

Added by Diana R. Lopez de Castro on July 10, 2009 at 9:23pm — 9 Comments


I decided to pull some statistics out of curiosity. NRBA is probably one of the most prestigious and most recognized of all realtor organizations and they have a designation called CREO (Certified REO) that, I believe, cost members about $300 to take the course and get their CREO designation. Currently, NRBA has 1,039 agents throughout the country and guess what? Out of 1,039 agents only 63 have their CREO designation! Wow, by my calculations that is about 6% of their members! I do not mean to… Continue

Added by Cindy Billman, CDPE, SFR, HAFA on July 9, 2009 at 12:13pm — 14 Comments

Lee County, FL. Values / Market Outlook

Lee County, FL. Property Values:

Lee County, FL.

2007: $96.4 Billion

2008: $84.5 Billion

2009: $63.5 Billion

2008-2009 % Change: -24.8%

Cape Coral, FL

2007: $21 Billion

2008: $15.7 Billion

2009: $10.4 Billion

2008-2009 % Change: -33.5%

Lehigh Acres, FL

2007: $7.19 Billion

2008: $6.36

2009: $3.37

2008-2009% Change:… Continue

Added by Michael Thompson on July 8, 2009 at 9:30pm — 2 Comments

ANY many my-knee mo!!!!!

So Fridays are usually my day off. I was going to go play golf and get my mind off of business for a day. But I get to Flyers handed to me.

First flyer is to attend the Womens Council of Realtors (southwest Los angeles Chapter) for $25.00

They are having their month business builder meeting "Navigating through the REO maze" with special guest Mike Riley and guest speaker Marie chung in Marina del Rey.

The second flyer was to attend Lion Gate FN class on free traing… Continue

Added by Mark Anthony Ruiz on July 8, 2009 at 6:30pm — 4 Comments

Did anyone know?

Happy good afternoon, did anyone know about the BPO & REO kit for sale? How attendible they are? I see same kit online that they offer a certification CFS or CDPE. I like start with BPO,REO,and Short sale. I like to get a road map to do that. Anyone that already had a test drive of this online kit, can answer or mail. I appreciate thanks

Added by Antonio Tedesco on July 8, 2009 at 4:04pm — 1 Comment

Loan Modification & Mortgage Acceleration: A Revenue Source

I just finished the prep for this week's REO Master's Network Teleconference. I have to say that it's hard to out-perform someone like Richard Hartel who has over 2 decades of asset management experience, but I think we are going to come close this week.

I was listening to all of the REOPRO, Twitter, and ActiveRain users and members over the last couple of weeks when we started… Continue

Added by Dan Waterman on July 8, 2009 at 3:06pm — 4 Comments

Brain Damage from Researching the Real Estate Market

For the past 3 years my life has consisted of one thing - researching REO. Every aspect of REO that is. When you have thousands of members and clients that depend on your company for results it can be a daunting thing. Especially when the government makes over 20 changes to the TARP program within 9 months!

The past 3 weeks have been dedicated to the development of our new levels of training (2 and 3) which are going to be geared towards the REO Masters Network directors. The way… Continue

Added by Daniel Waterman on July 7, 2009 at 12:35am — 5 Comments


Not too long ago I posted questions about any contacts out there for the FDIC. Several folks were very generous with the information they had and I seriously followed up. I thought I would update you now with what I mostly HAVEN'T been able to find out.

Prescient is a mega broker for them but they do only take written applications that should have already been mailed. I wouldn't let that stop me though. Prescient's web site leaves much to be desired. Static links and lots of 'coming… Continue

Added by CJ Oliver on July 6, 2009 at 9:20pm — 5 Comments

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