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September 2008 Blog Posts (11)

The truth about the Short Sale and your Credit.

First off, let me just say that a short sale is a lesser of two evils. It should be considered as the nuclear option and only available to those with legitimate hardship. Now, with that out of the way, let us talk about the truth behind what a short sale does to your credit.



If you are considering a short sale, then most likely you have fallen behind in your mortgage. This delinquent arrearages has already impacted your credit negatively. So that is the first thing you need to start… Continue

Added by Jesus (Jesse) Gonzalez on September 30, 2008 at 1:03pm — No Comments

REO Speedwagon

Hello Everybody,



I was at the 5 Star Default Servicing Conference too. My experience at 5 Star was different than many other agents I guess :) I had too much fun and education and got the chance to receive RES.NET and REOTrans certifications.

I know it was crowded, I know they tried to teach us the things that we already know, but the Lender/ Servicer Open House was priceless. I met with lots of servicers and lenders that I’m already working with and I was able to tell them… Continue

Added by Nesli Ibrahim- M&N TEAM on September 24, 2008 at 9:30pm — No Comments

I am back from 5 star!!!

As many of you know I was at the five star default convention last week and now I am back with my family and animals! I had 4 things on my 5 star to do list and I am glad I got them done and then some!



With that being said I am sure you want to hear about my 5 star default conference adventure!! I arrived late Tuesday night. I was elbowed in the head on my plane ride by the man seated behind me… Continue

Added by Stacie Cunningham on September 22, 2008 at 9:01pm — 7 Comments

5 Star convention

Hey I just got back from the 5 Star Convention and I must say that I wasn't really impressed. It was a madhouse with about 90% agents and the rest being servicers, AMs, etc. I did however make some good contacts, pressed the flesh, and gotten an idea or two that I will put into place. I wanted to get others thoughts on who attended and what their opinons on the whole thing was. Let me know!

Added by Daniel Ripper on September 21, 2008 at 3:57pm — 7 Comments

Keep up the good work!!

It's great that you are detailing the various conferences and training events that are occurring around the country. Keep up the good work!

Michael G.

Added by Michael Gleason on September 21, 2008 at 10:57am — No Comments

The unsecured promissory note

The unsecured promissory note is becoming a more commonly used tool to prevent future deficiency judgments. If you haven't experienced this already with a short sale, where you are the listing agent, be prepared because it is coming your way.



Upon bank review of the agreement they will counter the offer to the homeowner requesting them to sign a unsecured promissory note for the remaining short balance. As you can imagine, this type of counter from the bank, can throw a monkey wrench… Continue

Added by Jesus (Jesse) Gonzalez on September 18, 2008 at 10:27am — 3 Comments

Talk about stiff competition

I often wonder, how good am I doing, really? You always hear about how the asset management companies grade and score you. A few of them, you can actually see your score - but the rest? Pfft. Who knows. So long as the listings keep coming, I guess we're doing OK.



This morning, I got a broadcast BPO request from a company that also does REOs, but I have never listed an REO with them. The guy who sent the request out mistakenly did not use a "bcc" - blind carbon copy; that is, every… Continue

Added by Seb Frey on September 10, 2008 at 11:30am — 5 Comments

It's raining bailouts

No matter your opinion, is it necessary is it not, the recent government conservatorship of Freddie Mac and Fannie Mac is just another bailout in a long line of recent bailouts that have me wondering, are we still living in a free market society?



Granted, we can go on and on all day about if the government seizure of the 2 mortgage giants was even necessary however, that isn’t my point. I am just wondering why it seems lately that our government has decided to spread the losses of an… Continue

Added by Jesus (Jesse) Gonzalez on September 9, 2008 at 6:00am — No Comments

BPO tells Sad Tales of Woe

Back in November of last year, I did an exterior BPO on a rural property. When I do a BPO, I pretty much always do this: find "neighborhood" actives, "neighborhood" solds, and then comparable actives and solds that are ideally within a mile of the subject, but for these rural properties, the distance is often much greater than a mile.



I put the "neighborhood" in quotes because out in the sticks like that, it's kind of hard to say where exactly the neighborhood is. In these cases, I… Continue

Added by Seb Frey on September 7, 2008 at 10:25am — No Comments

Why the Wait

Here lately, it seems I have been getting the same question over and over again and that is, “Why do banks have a waiting list to become a REO Agent?”



First of all, let me share some insight with you.



Banks are being bombarded by struggling Realtors who are looking to make fast cash in this back to the fundamentals market. The barrage of request to join the banks REO teams has brought out every type of Real Estate Industry worker, from the novice to the experienced… Continue

Added by Jesus (Jesse) Gonzalez on September 2, 2008 at 9:15am — No Comments

Bad occupant, no cash!

I had to do three Cash for Keys today. And it's labor day. An REO agent's work is never done. The first one went smooth as silk. Exept that the guy didn't actually have the keys. A lot of that going around. "We never lock the doors, I don't know where the keys are." I believe it. That's how it is out here. Bucolic, like.



Fortunately, I always bring my locksmith with me when I do my CFK. No keys, no problem, especially when the doors are at least unlocked.



I had not… Continue

Added by Seb Frey on September 1, 2008 at 11:50pm — 1 Comment

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