America's Largest Social Network for Default Real Estate Professionals
I had a listing that was “chosen for alternate marketing” …AUCTION. Now comes the new LA. This is after 3 months of pre listing tasks and only 2 weeks of marketing with the original asset management company. The original LA was a 1500.00 min commission to the LA. Not really all that bad on a 32K property. Actually a very fair commission if you don’t break it down by hourly increments. The auction LA comes and it is now a new commission. 800.00 minus the fee so it comes to 645.00 for…Continue
Added by Pam Maglione on August 29, 2013 at 9:54am — No Comments
I have a client who hasn't made a payment in two years. His loan mode was to crazy to accept. So they agreed that they would do a short sale. Well the client decided not to move forward with the short sale till he at least got a notice of default. Its been now 4 month that nothing has happened. Then in the last month the client got a call from the bank offering to give up the property for $5,000. The client said NO. I want at least $10,000. The bank has not responded. No this is Wellsfargo.…Continue
Wisconsin home sales and prices both grew in July, outpacing the solid rate established for the first half of 2013. Sales of existing homes for July increased 17.3 percent over July of 2012, which is stronger than the 11.4 percent rate of growth established in the first…Continue
Added by Michael Collins, CDPE, SFR on August 26, 2013 at 9:36am — No Comments
It's not dead, it's gone in to hiding so the industry can recover from the onslaught of politicians with nothing else better to do but "save" everyone and, in doing so, cripple an entire industry. Not to mention them going against one thing that is supposed to happen with a capitalism economy; right alongside success is also failure. Companies fail and get rebuilt. People fail and homes, cars, boats, etc. get repossessed by the banks. It's the capitalistic circle of life! Industries are…Continue
One of the most challenging tasks in real estate is REO's. Bank-owned homes or “real estate owned” properties are often due to foreclosures while some have been foreclosed for quite some time. One needs to be a tough salesman to be able to market REO’s…Continue
Added by Pam Maglione on August 21, 2013 at 11:38am — No Comments
What will this do the landscape of short sales and the default servicing business moving ahead? I know that Altisource already uses in house brokers to sell REO's in their portfolio, as well as using the HUBZU platform ( created by a former HUD Employee) . Will this lead to a roster of agents that homeowner's will use for short sales? Will This lead to a roster of agent's for ALL Reo's , in Altisource's in house Roster?
Was talking to an agent who advertises as a buyers agent for short sales. She has a huge following of investors now. Told me she never has less than 100 offers outstanding but only closes 3 to 5 per month. I have 33 years in biz and have done 3500 BPOs but very few shorts. Can you tell me why this ration should be so small? My only half educated guess is she shotguns lowball offers and they grab whatever works?
I know starving agents who would LOVE 3 to 5 commissions a month…Continue
If you have your REO Systems in place and you are experiencing growth, have you considered an REO Team?
If so, what would you consider looking for as you build your team? I have just chosen three tips for this post. There are many more, but I find that these three are important to building a successful REO business.
I am sure everyone has experienced a drastic change in the state of REO in the last year. I am now dealing with more and more corporate investors who are trying to sell properties as short sales after purchasing the note for pennies on the dollar, non profit and for profit investors trying to resell properties in markets even after rehabbing for an unrealistic value, too short time on market and to a buyer that does not qualify or will not live in certain locations. I am seeing less and…Continue
Just got back from a mandatory REO agent conference. Cost 149.00 plus 2 days of really aggravating reprimands,, threats and some really demeaning reality. Oh and 109.00 per night hotel costs plus 2 days away from all of my other work which pays the bills. The cost to be a chosen REO agent . 499.00 in the first few weeks for "training" Funny considering I have been doing REO work longer than the people who wrote the "training course". (and they were not even a Realtors) Then another 199.00 to…Continue
Added by Pam Maglione on August 14, 2013 at 10:09am — No Comments
First, there are thousands of agents so hungry that they will step up to the plate of a dollar. If the servicers/enders/bpo companies can get us to do it for a dollar---good on them? Its smart business , no? We have no one to blame but our own whore industry, to be blunt.
I predict that their will be few future REOs for any real estate people except occaisional small to medium servicers who make deals with a few huge real estate franchises. What will happen…Continue
ResNet membership does generate some business for me, so it is worth it -- but barely. After subtracting from commissions earned not only the cost of ResNet membership but also the additional overhead costs, it often comes out not much above break even. Property assignments through ResNet usually come from outsource companies, not from banks directly. Consequently, the outsourced asset management company (AMC) takes 1% or 2% from the listing commission. That hurts! Outsource AMCs seem…Continue
Amidst the recovering real estate market, it can be observed that the usual word-of-mouth tactics employed by private homeowners is not helping. If it does, this usually leads to a decrease on your price tag. If you want to sell your home in a fast and efficient manner with the price you desire, listing it with a competent realtor will definitely do you good. These people are seasoned professionals when it comes to…Continue
Added by Pam Maglione on August 6, 2013 at 10:56am — No Comments
Res.net asked for 735.00 for their yearly fee.I paid 300.00 last year and my membership expired. I spoke with Mandy at Res.net and she stated that you could no longer communicate with the pro membership which is 325.00 yearly , but you will have full access with the pro plus membership for 700.00 yearly. Didn't they have a premium membership at one time.