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August 2011 Blog Posts (26)

I Want To Short Sell My House, Now What?

If you find yourself in the position of having to sell your home and it is not worth as much as you owe, you may be wondering what you should do. I am assuming here that you have either been turned down for a loan modification or have to move because of divorce, job transfer, or other circumstance.

So you have to sell. Here is what you should…

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Added by Marcy Moyer on August 31, 2011 at 5:11pm — No Comments

OCWEN Shortsale- Need Insight Into Best Practices For Successful Transaction

Just took a listing from a client who purchased a property from me back at the height of the market in late 2005. Needless to say, they are at 35% VTL (Value to loan!) and have finally grown tired of making $2400 payments on a home now worth $125000 in a neighborhood where their neighbors are making $1000 payments.

The lender is OCWEN and until now, I've not had the pleasure of working with them on anything but REO listings.

If anyone on REOPRO has some guidelines, website…

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Added by Rick Fine on August 31, 2011 at 1:46pm — 5 Comments

Is Your Brokerage BORING As Hell??

 

So I happened to be visiting a friend's real estate brokerage a few months back  and was absolutely amazed at how quiet, dead, and BORING this place was.   This office had a HUGE bullpin with over a hundred cubicles, at least 50 people working, and I swear you really could have heard a pin…

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Added by Justin Richards on August 30, 2011 at 7:42pm — 4 Comments

BankerREO.COM

I just received a phone call from this company wanting to get money from me.

Promising some future listings in my neighborhood.  As I was talking to this person

I can feel that this company may only be after my money.  I asked him so many questions

regarding his company and how many banks they work with and etc.  He could not give me

a straight answer and just hang up on my face.  So, BE AWARE OF THIS COMPANY!!!

IF BANKERREO.COM calls you don't just give…

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Added by Bessie Blazejewski on August 30, 2011 at 3:57pm — 10 Comments

Bend REO Inventory Remains Low

Inventory levels remained flat since July’s numbers. REO remains much lower than levels last year (approx. 60% lower) and short sale inventory is much lower as well. These conditions have resulted in a significant reduction in selection for the buying public as a vast majority of “non-distressed” properties remain listed anywhere from 10 to 50% or more above what the buyer has become accustomed to.



As witnessed by the historical price charts for Bend we saw an increase in sale…
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Added by Robert Page on August 29, 2011 at 11:54am — 3 Comments

Six Items You Will Need to Submit a Successful REO Reimbursement

Before you submit a reo reimbursement to the reo bank or asset management company, there are five items you need to double check.

1. Vendor Correct Contact Information. The vendor contact information must be correct at all times. Make sure you have accurate information such as the full and correct vendor name, complete address, phone number, and business license number.

2. W-9 Forms - A completed and accurate W-9 form is very important. It doesn't matter if you are paying the…

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Added by Carolyn Nelson on August 28, 2011 at 9:30am — No Comments

Setting up your REO Properties as Projects in QuickBooks

I've been using QuickBooks since its inception back in the 80s. In fact, as I was reorganizing my library of software programs and toys, I sorta drifted back to the beginning of my program collection such as my old versions of SuperCalc 4 and 5, MS Office DOS Version (1988 and 89 Copy), QuickBooks 1988 - 2006, Quicken Invoice DOS and Windows (initial Copies), and more. Ok, back to the topic.

I prefer the method below because it allows me to accurately track each property expense, I…

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Added by Carolyn Nelson on August 28, 2011 at 6:55am — No Comments

East Palo Alto Short Sales: Watch Out For Rental Restrictions

 

East Palo Alto short sale

 

There is another conflict brewing between investors and first time home-buyers, and this time the home buyers may win. In the more affordable areas of the Silicon Valley distressed properties, ie short sales and reos have been popular with investors and first time buyers. Many would be owner occupiers lose out on great opportunities to investors who have all cash.  Since condos are the least…

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Added by Marcy Moyer on August 27, 2011 at 4:24pm — No Comments

Ocwen/Altisource is on Fire, Fire, Fire this morning within our Order Central software!

BPO Automation Group

  

Our BPO Company of the Month of August is....Ocwen/Altisource!

 

I woke up this morning and like most day's I start by opening up…

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Added by Nicole Ocean on August 27, 2011 at 1:46pm — 2 Comments

Organizing Your REO Expenses

REO banks require the agent to turn on the utilities, pay the bill, and submit for reimbursement. It is very important that you keep track of each bill and submit in a timely manner to ensure that you are reimbursed by the banks. During the rush of completing your daily tasks, don't ignore the utility bills by adding it to your already filled and probably overflowing inbox. Separate your utilities and other bills by using hanging trays. Hanging trays can be added to the side of the file…

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Added by Carolyn Nelson on August 27, 2011 at 9:43am — No Comments

10 Reasons Why Your REO Grade Could Be Low.

Brokers and agents often wonder why they receive such a low rating with REO Banks and Asset Management Companies. Instead of looking at their past output and current REO Process from assignment to closing. All asset managers want to feel like they are #1 and the only  client on your list. If your rating has fallen and you have not received any new or very limited properties from the REO bank and Asset Management Company, the following is a list of possible reasons why per several of the AMs I… Continue

Added by Carolyn Nelson on August 27, 2011 at 9:29am — No Comments

Bankers REO

Has anyone heard of this company? They have called me twice - they have a yearly fee of $349 and guarantee you listings, money back if you do not get. They say there is no referral fee!!

Added by Cindy Billman, CDPE, SFR, HAFA on August 25, 2011 at 12:30pm — 22 Comments

God gave us the Sabbath to rest....unless you're an REO broker

I was in church this past week and the pastor spent the whole message going over the value and reasoning behind the Sabbath. For those of you that aren't church goers, the Sabbath is the 7th Day of the week. Traditionally most Christians celebrate it on Sunday, but some…

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Added by Justin Richards on August 23, 2011 at 2:30pm — 9 Comments

Join NAWRB's Call4All on Friday with directors from OMWI at the FHFA and FDIC!

Special Call4All this Friday with FDIC and FHFA OMWI Directors

 

Join NAWRB for a sit down with directors from the Offices of Minority and Women Inclusion (OMWI) at the Federal Housing Finance Agency (FHFA) and Federal Deposit Insurance Corporation (FDIC) on August…

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Added by Desiree Patno on August 23, 2011 at 11:22am — No Comments

Past Due Menlo Park HELOCS Can Be Sent To Collection Agencies

If you are an owner of a home with a second loan that is a Home Equity Line and you are having trouble paying your mortgage you should do something about it right away. I know you have probably heard that banks are taking up to 2 years to foreclose so you have plenty of time, but there is a dirty little secret in the mortgage world.  HELOCs are not entirely like traditional mortgages, they are more like credit cards. If you do not pay your first mortgage your lender needs to find a way to…

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Added by Marcy Moyer on August 23, 2011 at 10:51am — No Comments

Multitasking - The New Drug.

I am currently reading a book called How the Brain Works by David Rock. In it, he sites a study that showed that Multitasking has the same cognizant effect as smoking a joint. I guess that explains why I always have a sudden urge to watch The Wizard of Oz synced to The Dark Side of the Moon on my lunch break.

Check out this link for more on multitasking: …

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Added by Nick Miller on August 21, 2011 at 3:26pm — No Comments

eVALUATION SOLUTIONS DOES NOT PAY YOU FOR BPO'S

Hello. I got a random call from this company on April 26th asking me to complete a BPO. I agreed to complete for $45 and did so on 4-27-11. I have yet to be paid. I have emailed several times and the response i get is that your request is being sent to accounting for review. Is anyone getting paid from this company? seems kinda shady that they just keep calling agents until they get a sucker to take the bait. I would also like to make a complaint to the BBB but do not know where they are based.… Continue

Added by Brian Headrick - NRBA, A-REO on August 19, 2011 at 10:46am — 10 Comments

Unloading REO listings by targeting renters with high credit scores

Targeting Renters With High Credit Scores

Now that you have signs in the ground, who do you approach with your listings? If you need to unload your REO or short sale inventory, consider reaching out to people that are in a prime position to purchase a home –renters that have a high credit score.…

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Added by Jim Gaddis on August 18, 2011 at 2:39pm — No Comments

Bank of America group on REO PRO reaches 100 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 Bank of America properties with Bank Of America and to share solutions to getting more business with Bank of America or getting in the door with Bank of America and to stay up to date on their requirements.

Website:…

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Added by Brandon Jordan on August 15, 2011 at 10:50pm — 9 Comments

Where is the REO Inventory

Well for those of you who don't know, REO stands for Real Estate Owned, or bank owned properties. As an REO Listing agent I have seen my inventory shrink during 2011, I used to receive several houses to list every month from different clients and now they are down to a handful and I have more houses waiting for foreclosures to be ratified in the courts and evictions than the ones I have actively listed.

It is easy to understand that it might work better this way, because it keeps the…

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Added by Jose Rivas (DGRA) CDPE, SFR on August 11, 2011 at 2:49pm — 7 Comments

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