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July 2012 Blog Posts (32)

Big Differences Between FHA and Conventional Mortgages

Differences Between FHA and Conventional Mortgages

Across the land the vast majority of home buyers use either a FHA or a conventional mortgage to purchase a property.…

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Added by Michael Collins, CDPE, SFR on July 31, 2012 at 4:08pm — No Comments

Fannie Mae Might be Purchasing Their Own REOs??

In a article published by The Arizona Republic on July 27, 2012 @ 4:30 pm written by Catherine Reagor it's alleging that Fannie Mae is purchasing their own REOs through a LLC that Fannie created. To read the article yourself, follow this link, http://www.azcentral.com/business/realestate/articles/20120727mystery-buyer-snaps-up-foreclosure-homes.html

 

I…

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Added by Jesus (Jesse) Gonzalez on July 31, 2012 at 2:15pm — 2 Comments

Real Estate Conferences

Over the years I have attended several and have been mostly satisfied until lately.  I do not understand why they are paying political figures to be guest speakers. I do not attend these conferences to hear a politician. If I wanted to hear a politician then I would attend a political rally.  I attend because I want to hear from someone who is in the real estate field, such as field asset companies, mortgage banks, real estate attorneys, etc.  So, until conferences get back to real estate I…

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Added by Cindy Billman, CDPE, SFR, HAFA on July 31, 2012 at 11:49am — 1 Comment

Santa Clara Ca Short Sale/Foreclosure Round Up

In Santa Clara from Jan 1, 2012 until June 30, 2012 there were:

97 closed short sales

47 closed bank owned homes

Total sales during this time period were 491

Total % Short Sales:…

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Added by Marcy Moyer on July 30, 2012 at 3:11pm — No Comments

Understanding Requirements of Appraisal for FHA Loans

Understanding Specific Requirements of Appraisal for FHA Loans in Wisconsin

The all-time low mortgage rates combined with…

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Added by Michael Collins, CDPE, SFR on July 30, 2012 at 12:49pm — No Comments

Mountain View Ca Short Sale/Foreclosure Update

In Mountain View from Jan 1, 2012 until June 30, 2012 there were:

16 closed short sales

22 closed bank owned homes

Total sales during this time period were 349

Total % Short Sales:…

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Added by Marcy Moyer on July 30, 2012 at 11:15am — No Comments

New Jersey Short Sale Agent

Call Carl SanFiliipo toll FREE (888) 445-8880 for a FREE phone consultation!!!

 

 

New Jersey Short Sale Specialist

New Jersey has been facing one of the most challenging economies in its history. The housing market has been decreasing at such a rapid pace that one out of three homeowners owe more on their mortgage then their home is worth. Some parts of the country one out of every five homeowners are behind on their mortgage payments. You might be in a…

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Added by Carl SanFilippo on July 29, 2012 at 10:00am — No Comments

REO PRO Fannie Mae group reaches over 300 members

The group this week hit a milestone I wanted to welcome all the new members and thank the first members for their posting of comments and keeping the group active and growing.

 

 

This group is to discuss Fannie Mae properties with Fannie Mae and to share solutions to getting more business with Fannie Mae or getting in the door with Fannie Mae and to stay up to date on their requirements.

Website:…

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Added by Brandon Jordan on July 26, 2012 at 10:30pm — No Comments

A Turn Around for the Housing Market?

May 2012 Could Signal a Turn Around for Housing Market



There is some hope for the real estate market. According to a report published by the Commerce Department the number of homes purchased in May of 2012 was the highest number in over two years. The number of purchases increased from…

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Added by Michael Collins, CDPE, SFR on July 26, 2012 at 10:12am — No Comments

Michael Collins receives BPOR Certification

FOR IMMEDIATE RELEASE:

NAR Broker Price Opinion Resource BPOR

Michael Collins Earns NAR Broker Price Opinion Resource Certification

Sellers and Lenders Benefit from REALTOR® Expertise in Broker Price Opinions

Madison, WI — Michael Collins with Rock Realty has earned the nationally recognized Broker Price Opinion Resource certification. The National…

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Added by Michael Collins, CDPE, SFR on July 26, 2012 at 9:16am — No Comments

Lehigh Valley Short Sale Specialist

Lehigh Valley Short Sale Specialist

Short Sale Specialist in Lehigh Valley

CALL CARL SANFILIPPO TOLL FREE (888) 445-8880 FOR A FREE…

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Added by Carl SanFilippo on July 25, 2012 at 1:49pm — No Comments

Wisconsin June 2012 Housing Statistics

Counties of WI The Wisconsin housing statistics are now in for June of 2012. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:…

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Added by Michael Collins, CDPE, SFR on July 23, 2012 at 10:17am — No Comments

East Palo Alto Ca. Foreclosure/Short Sale Roundup

In East Palo Alto  from Jan 1, 2012 until June 30, 2012 there were:

36 closed short sales

20 closed bank owned homes

Total sales during this time period were 96

Total % Short…

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Added by Marcy Moyer on July 21, 2012 at 9:52pm — No Comments

Buyer signed contracts submitted

After receiving the counter addendum signed by the buyer you will need to send the following to your asset manager:

 POF( proof of funds if cash)

 Pre qual letter.

 RPA, ( residential purchase agreement)

 Counter offer,

 Seller disclosures,

 Copy of the Deposit Check.

Added by Susan on July 18, 2012 at 2:52pm — No Comments

Things to remember after receiving your REO listing

There is a difference between the assignment instructions and the listing agreements.

Here are some tasks once listing agreement has been signed and submitted to your asset manager.

 

Input in the MLS, of course! ( The lender may want you to add their own wording to the MLS so make sure to read the instructions carefully)  Don’t make a mistake on the commission this might end up costing you.

Install Sign, this is a must!

Install Supra Box, you don’t want to…

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Added by Susan on July 18, 2012 at 2:48pm — 3 Comments

Market Research Tip

When completing your CMA for the BPO do not forget to note the number of homes that are REO and Short Sale.  Also make sure to note the price ranges in the neighborhood.  This way you do not have to go back to do research as the BPO will likely ask you for this information.  Also after I have selected the comps I then save the comps photos in the same order I selected comps.  I use the following  names when saving the comps- A1, A2, A3(A= Active)  and S1, S2, S3(S=SOLD).  This makes it easy…

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Added by Susan on July 18, 2012 at 2:42pm — No Comments

Non Conforming Property to the neighborhood

Selecting comps for the broker price opinion may be difficult at times.  Why? The property may be non- conforming to the neighborhood- it may be that the property a new construction amongst old construction in the area or it may have been unfinished.  Therefore if this is the circumstance you will need to find similar like properties by extending your search criteria possibly outside of the distance boundaries.  You will need to note this on your BPO if this is the case.  In the event that…

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Added by Susan on July 18, 2012 at 2:39pm — No Comments

BPO Comments

Sample comments that I use when completing a BPO if you’d like to share please add to the post.

 

I use something similar to the following when commenting on my properties in the BPO's.  Please share any of yours!

Subject is a   _____ Bedroom ___ Bathroom with _____ sq ft of living space. Neighborhood comprised of mostly new construction and single family dwellings.  The neighborhood reflects good employment stability, upkeep, and repair. There are no adverse…

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Added by Susan on July 18, 2012 at 2:30pm — No Comments

Real Estate Terms for First Time Home Buyers

First Time Home Buyer The real estate industry is just like any other major industry segment. The people that work within the industry use specific phrases and words that are not too common in other types of work. Understanding…

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Added by Michael Collins, CDPE, SFR on July 18, 2012 at 8:25am — No Comments

Oh Shoot! REO's Have Slowed Down. I'm Back to Doing BPO's! by Nicole Ocean

BPO Automation Group

"REO's Have Slowed Down, I Neglected the BPO Side &…

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Added by Nicole Ocean on July 16, 2012 at 10:20pm — No Comments

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