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August 2009 Blog Posts (39)

ABC: Blogging 101

A=Action Your subject line must create action! Think about how you scan material you receive in your inbox or on your screen and how you decide what to spend your time reading. Your subject line must not only communicate your content but compel your potential reader to open.



B=Body This is your content information. Keep it as simple and informative as possible. Your personal style will dictate. Some people are more education and teaching directed and others have a way of… Continue

Added by Linda Landry on August 31, 2009 at 4:00pm — 6 Comments

Communist Agenda in Default Real Estate?

First off, let’s make sure we all agree on what a Communist is, in reference to the topic of Default Residential Real Estate only.



Communism is egalitarian or has a political doctrine based on the idea that all people are equal and have all the same rights or in other words, believes that all economic inequalities should be removed from society.



Now, understand that I do a lot of default counseling. I see 3-5 people a week, on average that are in some sort of default with… Continue

Added by Jesus (Jesse) Gonzalez on August 29, 2009 at 9:00pm — 9 Comments

NFSTI REO Coach-A-Thon Schedule

•Are you interested in increasing REO?

•What about Commercial REO?

•Do you know what to say to an Asset Manager?



WEEK ONE



Foreclosure Angel Foundation Introduction (Today - Friday)



WEEK TWO



•8/31/09 - State of the Market

•9/01/09 - Explosive Commercial REO Oportunities

•9/02/09 - BPO Automation Made Simple and Profitable

•9/03/09 - Loan Modification as a… Continue

Added by Marcelo Da Silva on August 28, 2009 at 12:30pm — 4 Comments

Western States Crowned "Riskiest" for Mortgage Fraud

Mortgage fraud risk over the last year seems to have migrated westward, with Nevada and California dominating the 10 riskiest metropolitan statistical areas (MSAs), according to a new study released by Interthinx this week.



One of the study’s most telling findings – the states with the highest overall levels of mortgage fraud risk correspond to the states with the highest levels of foreclosure activity.

Here’s how the numbers stack up. Nevada – which claimed the highest state… Continue

Added by Carlos H. Silva Sr. on August 28, 2009 at 10:54am — No Comments

Money Saving Hotel Deal for the Five Star Conference

Being that these conferences get extremely expenses when you add up the airfare, shuttle/rental car, hotel, classes, conference, meals, booze, ... I spent a little time looking for deals and I found a sweet deal on a hotel that is less than .5 mi from the Ft Worth Convention Center.



I booked my flight via Expedia for $79/night at the Park Central Hotel. The published rate is $89/night. Use the coupon code "10AUG" to save $10/night.



Four nights hotel at Park Central Hotel… Continue

Added by Kyle Whissel on August 26, 2009 at 12:00am — 11 Comments

Soon Buyers Will Want To Consider Wiring Funds To Escrow In NV

Another good article from a colleague:



Effective October 1, 2009, the State of Nevada has enacted a "Good Funds" law.



The law states that for escrow to close the buyer's closing funds must clear the bank.



The buyer brings in a cashier's check for down payment and closing costs. The check must be deposited with the title/escrow company's bank prior to record/close.



If this cashier's check is drawn from a local bank, this clearance can… Continue

Added by Carlos H. Silva Sr. on August 25, 2009 at 10:09pm — 2 Comments

Got My First REO!

I got my first REO listing unceremoniously Saturday from an e-mail inquiring about my Commission. I'm glad I looked at the e-mail address (had REO in it). After replying, I quickly got paperwork forward to me and will be taking care of it tomorrow morning.

It's just a small piece of land, but I'm hoping it opens other doors!

Added by Joshua Jarvis on August 23, 2009 at 1:19pm — 21 Comments

Why I like Lookie Lou's!

There are many reasons why I like and respect Lookie Lou's. If you've ever sat at an open house for two hours or more without traffic you will understand my first reason. With all the preparation given to arrange and set up an open house it is disheartening if no one stops in. I for one do not want to eat all my own cookies! Nor do I want my sellers to think nary a soul was interested in their charming, darling, cozy home.



Au Contraire! I am there for a reason and that reason is YOU!… Continue

Added by Linda Landry on August 22, 2009 at 7:14pm — 7 Comments

USRES BPO to Listing Ratio

We have been doing BPO's for USRES for a while and when we first started they had a 10:1 ratio. Meaning if you did 10 BPO's you would be assigned a listing. Then in May they said because of a lack of inventory they were changing it to 15:1. Now we are seeming to be up to 30-40 BPO's per listing and Vendor Management hasn't really responded to any inquiries. I was wondering if anyone else is experiencing the same situation with them.

Thank you,
Michael
michaelbabbitt@kw.com

Added by Michael Babbitt on August 22, 2009 at 12:36pm — 20 Comments

Little things matter!!!! or just "MANAGE YOUR AM"

Little things matter!!!!!

- avoid contacting AM on Monday ( the busiest day of the week)

- avoid contacting AM in the last days of the month

- call to ask for business between 5th and 15th of the month.

- avoid calling - use e-mails

- always suggest at least two solutions to the problem

- if you have already made your two suggestions - do not question the decision of your AM.

- write your e-mail requests in such form that the AM can respond with "Yes" or… Continue

Added by Oggie Penev - REO Team ARIZONA on August 22, 2009 at 11:38am — 6 Comments

Five Star and REOPRO

Five Star has a lot to offer. I'm looking forward to all the events and education opportunities. Has anyone planned a time and place for REOPRO members to meet up and get aquainted in person (network) during five star or would anyone be interested in meeting up as a group?

Added by Vivian Conley on August 22, 2009 at 10:55am — 11 Comments

Who’s Going to Five Star?

Hey, who’s going to Five Star? I responded to a post about a month ago that I thought I’d share with you if you’re going.





The Post:

I will be attending the 5 Star conference this year in hopes to further the REO business for my company. Can anyone that has attended this in the past give me any pointers.



My Reply:

Just remember...when you go, you are there to get information - you are on… Continue

Added by Mykel Martin on August 21, 2009 at 11:30pm — 4 Comments

Renovation Loans/Rehab 203K Financing

If you've been passing up homes that require repairs, there’s renewed interest in the 203(k) FHA loan program that lets qualifying candidates borrow a single loan with a 3.5 percent down payment to cover both the home’s selling price and the cost of licensed contract work to improve the property.



Popularity in the 203(k) FHA loan program, or Rehab loan as it is often called, has nearly doubled since last year due to the large inventory of REO homes. This years, demand is on pace to… Continue

Added by Mykel Martin on August 21, 2009 at 10:30pm — 4 Comments

Auctions becoming more popular?

Just sending out some feelers as to how many REO listings turn into "auction". I've had 2 in the last 6 weeks, one sold at auction 25% under asking, the other went back on market and sold $2k over asking. Is this becoming more frequent in an effort to clear the pipe line? Any input?

Kristine LaDue
Ogden the real estate company
262-707-7510 mobile
262-922-4105 fax
krisladue@aol.com
www.krisladue.com

Added by Kristine LaDue-Klink on August 21, 2009 at 3:04pm — 1 Comment

It's Not Just A BPO!!!

Many agents rush through BPOs and don't take the time to do a good job on the comps and give a proper value recommendation. However, the BPO is an important tool for an AM to do his strategy and submit to the committee for approval. Once a strategy is approved the asset is listed and becomes part of the AM's portfolio. AM's are compensated and rated on many factors. One of those is the percentage of FMV the property sold for. AMs get pretty ticked off when a property sells far below the BPO he… Continue

Added by Carlos H. Silva Sr. on August 21, 2009 at 1:10am — 12 Comments

A little update from Northern California

It's been some time since I've written a blog entry - so many REOs, so little time. OK, there have not been that many REOs, we are probably averaging only about one new listing a week these days. We are still anticipating this big flood of REOs in California that everyone still says is coming, although it keeps getting pushed back until later in the year. I just attended a meeting sponsored by RELS (a joint venture between Wells Fargo and FIrst American) where they did indeed confirm they are… Continue

Added by Seb Frey on August 20, 2009 at 12:00pm — No Comments

Are you a TWIT?

Ok, I understand the importance of networking and a presence on the net via social networking sites, blogs and google ranking. I truly do not understand the twitter/tweet thing. Do I need to let everyone know my every move? Do I have time to do so? Do I want my blackberry phone to turn crackberry with all the tweets I could recieve if I am truly connected? Do I want to become a tweet freak or a twit? Does anyone really care what I am doing? Would posting a listing benefit the seller, buyer or… Continue

Added by Linda Landry on August 19, 2009 at 12:39pm — 12 Comments

Letter from Prospective Homebuyers: "Let More Inventory Out NOW!!"

As a Buyer's Agent for REO's I want to voice the opinion of so many prospective home buyers out there today.

RELEASE MORE INVENTORY!! We all appreciate the 'measured' approach that Banks/Asset Managment companies are taking to market REO's (Supply) in order not to flood the market and cause prices to decline even further at a more rapid rate. Yet the BUY (Demand) side is screaming for more REO's to hit the market and hit it now!



Clearly there is a very methodical and measured… Continue

Added by Henry B. Torn on August 19, 2009 at 8:57am — 16 Comments

OK I'm Certified ...Now What?

I've chatted with a few of you about the new NAR Certification course in Loss Mitigation. I got mine today and here's the scoop. Not much. I'm tremendously glad that NAR is doing something to address the reo segment. Obviously it's not going away any time soon even if it does slow down and the banks do a 180 and start helping people modify. That being said though, this course doesn't merit much in the way of certification. (Shhhhh. don't tell anyone I said so since I will proudly display my… Continue

Added by Chris Oliver on August 18, 2009 at 9:51pm — 12 Comments

Don’t call with problems, call with resolutions

For many Asset Managers, agents calling with their problems rather than with their resolutions are some of the biggest headaches they get.



Now, granted, someone might argue that the problem can only be rectified by the AM and in those few and far between issues, ok…I get it however, it’s important to note than many agents just don’t take it upon themselves to solve problems.



Ok, I am not going to take the typical approach to this issue that you are accustomed to reading or… Continue

Added by Jesus (Jesse) Gonzalez on August 18, 2009 at 3:38pm — 10 Comments

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