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September 2009 Blog Posts (70)

Small Office or Major Corporate Brand to handle REOs?

Before I opened my own office, I was with a big named real estate company. I felt that being part of that corporate structure was something I wanted to experience. I've always been part of the small business world and truly never thought going corporate. However, two years ago I took my chance at a corporate office and here's my experience:

1. The corporate culture taught me lead generation, contract, escrow classes and such, but when you actually get down to the nitty gritty,… Continue

Added by Johnny Huang on September 30, 2009 at 4:00pm — 5 Comments

Did you know that many banks are breaking the law in short sales

If you havent dealt with Short Sales then you wouldn't know what it means to have a Servicer tell you that the offer has to be approved by lender. Having an attorney will clear some confusion up about what is not suppose to be done and is being done by these lenders.

In most states, there is a pooling and Servicing Agreement between the homeowner, the Lender, and the Servicer.

It states the following "the Servicer shall have the full power and authority --- to do or cause to be… Continue

Added by Allen Cofield on September 30, 2009 at 3:30pm — 5 Comments

You want to get my attention, then start blogging!

Ok, I announced that I was needing everyone to come on and update thier profile information, specifically zip code and the network exploded. Thats great but, my problem is that most of the people who came on to update thier profiles I had never seen before. In other words, I had no clue who they were. Granted, I am not going to know each and every single member, considering we have 2800+ members however, I would think that at least I should be able to recognize you from your picture because I… Continue

Added by Jesus (Jesse) Gonzalez on September 30, 2009 at 3:11pm — 13 Comments

Master Your Craft!

Here's a blog I "borrowed" (with permision of course) from one of our company blogs. It hits home with some of the discussions around here lately that I have been reading and thought I would share!

Mastering Your Craft

By Michael McFadden

Once you find yourself doing what it is you enjoy, always practice, practice, practice on getting better. Remember the Allen Iverson controversy (2006) “practice, we talking’ about practice”. We’ve heard that statement many times before…

Added by Steve Adkins on September 30, 2009 at 3:00pm — 4 Comments

Judges are putting a halt to foreclosures..The law, according to a Nevada Judge, is that for purposes of foreclosure, both the Note and the Deed of Trust must be assigned

Read the whole article from RISMEDIA @ Op-Ed: 60 Million Mortgages May Have Fatal Flaws

Interesting Report....

RISMEDIA, September 29, 2009-The latest chapter in the mortgage meltdown is being written in court, as one by one, judges are putting a halt to foreclosures. The latest was a recent Kansas Supreme Court case. In Landmark National Bank v. Kesler, the court held that a nominee company called MERS had no standing to bring a foreclosure action.

Nor was… Continue

Added by Dawn Barrier on September 30, 2009 at 2:23pm — 3 Comments

Freddie Mac Engages Titanium to Knock on Doors of Delinquent Borrowers

Freddie Mac has launched an aggressive, proactive campaign to help troubled borrowers modify their home loans under the federal government’s mortgage relief program.

The GSE said Tuesday that it has hired Titanium Solutions, Inc., a homeowner contacting and counseling firm based in Salt Lake City, Utah, to knock on the doors of delinquent borrowers and obtain missing documentation and complete applications needed to begin their three-month trial payment periods for… Continue

Added by Linda McKissick on September 30, 2009 at 8:47am — No Comments

To Blog Or Not To Blog That is The Question

Well, here I sit, trying to justify my time on the computer instead of reading more recruiting material for gaining new agents. Then it hit me, Jesse is absolutely correct! Blogging is going to be the best way for anyone to get their words of wisdom out into the clouds so they can filter down to the masses!

Trying to think of things to blog about and I have decided that blogging is a great item to blog about! I will give you my rendition of what a good blog should be.

1 -… Continue

Added by Beth Ross on September 29, 2009 at 7:46pm — 1 Comment

Short Sale Buyers

I am handling two short sales right now. One as a buyer's agent and the other as a seller's agent. In both cases, I feel for the buyers.

What do you tell the buyer who has been waiting six months for an answer from the bank? This is some of the things I have told them:

1. This home is discounted 50%. A deal like that is worth waiting for.

2. If this were new construction you would need to wait just as long for it to be built.

What doesn't work is… Continue

Added by Jan Baron, RDCPro, CSP, BPOR on September 29, 2009 at 7:38pm — 7 Comments

As we approach the end of the federal tax credit incentive for the housing market, discussions are starting to whether or not extend the tax credit. I recent read two contradicted articles. According…

As we approach the end of the federal tax credit incentive for the housing market, discussions are starting to whether or not extend the tax credit. I recent read two contradicted articles. According to a survey from CAR (California Association of Realtors), 40% of first time would not have purchased a house if it were not for the tax credit. In addition to… Continue

Added by Marcelo Da Silva on September 29, 2009 at 6:30pm — 2 Comments

Did investors buy CALIF REO inventory after 90 day moratorium?

Does any one have a clue where the CALIFORNIA BANK OWNED properties went?

I have only seen a decrease in inventory that the banks released.

It has been 12 days with fewer and fewer homes on the market.

This is from South Bay. I am sure East or Peninsula are experiencing similar trend.

9/28 116 REO 293 SS total:(sfh 4 sale) is 1,034

9/25 119 REO 309 SS 90 day moratorium defrost

8/16 136 REO 358 SS

6/16 345 REO 863 SS 90 day moratorium froze… Continue

Added by Sam Shueh on September 28, 2009 at 11:00pm — No Comments

Why I Like comments!

No Brainer if you ask me. What is the point of writing a blog if no one comments? I guess there is something to be said for getting a bother off your chest....venting so to speak. However, I feel it rather nice to be more interactive. I like to make a post that others have an interest in reading. I more than like to hear what they thought about it. The interactive aspect is a learning tool and a networking tool for me. So please, if you read my blogs......leave me a comment about your thoughts.… Continue

Added by Linda Landry on September 28, 2009 at 10:01pm — 5 Comments

How Are You Handling Over The Price Offer?

In some parts of the nation, it seems that you are back in 2005 when house were selling in minutes if not seconds. And no more how much the offer was over the price and it was financing, there was no problem with appraisals.

Fast forward to 2009, here we are in similar market. Not only REO inventory is down but the inventory in general. Demand is high causing multiple offer situation in most properties. Nonetheless, we have strict appraisal rules and banks being conservatives in… Continue

Added by Marcelo Da Silva on September 28, 2009 at 9:35pm — 6 Comments

REO's the "GO TO" choice in this market.

If you're looking anywhere outside the perimeter of Atlanta then it's likely that you have shown a foreclosure or short sale. To be more specific you have showed an REO or POTENTIAL short sale. REO's are quickly becoming the "GO TO" choice in this market. With agents being somewhat unreliable and bank's short sale systems being even more unreliable and unpredictable, suddenly the topsy turvy world of REO becomes somewhat of a welcome comfort.

Multiple Offers? Great! At least I know… Continue

Added by Joshua Jarvis on September 28, 2009 at 8:10pm — 1 Comment


I know it might have been posted before this blog, so Jesse if so i couldnt find, I see that some or lot of us have paid for those sites that end up taking our money.
Could you please share with the network, the good and bad PAID SITES, AND RESULTS? , so we can stay away from the bad ones.
Thank you.
Cesar K.

Added by Cesar Khandjian on September 28, 2009 at 7:00pm — 13 Comments

"One of These Days"

2009 Invoice Spreadsheet.xlsx

How many times in your life have you said "one of these days"? One of these days I am going to save some money. One of these days I am going to lose weight, travel Europe, start a blog. The reality is is that it will never happen.....UNLESS you actually do it.

My "one of these days" was getting organized. I kept saying it as if by doing so, magically one… Continue

Added by Nick Miller on September 28, 2009 at 10:22am — 3 Comments

Points of a Great REO Resume

Not every Asset Manager will look at the REO Agents resume, however; some will and if it gets your foot in the door, make your resume count. Keep your resume to one page, they don't have time to read 4 pages about what you did 30 years ago. Make sure your initial heading is in large letters...your name, company, certifications and/or designations, the general area you are serving and phone number. Next... make sure your objective is all about the client, asset manager or lender, in other words… Continue

Added by Monica Dehnert on September 28, 2009 at 6:11am — 3 Comments

The FiveStar Conference...was it REALLY worth it?

Isn't that a question almost all of us asks? How much am I really going to spend on this trip and what am I really going to get out of it?

Well, there are a number of ways to look at to determine if it's "worth it" or not. I guess we need to start by figuring out what the cost actually is. We can use the round numbers from my trip as a basis. I got a decent plane fair, an average "king" room, add in the cost of the… Continue

Added by Lowell Caro, Jr on September 28, 2009 at 2:34am — 6 Comments

Agents, Agents, Everywhere....

I find that the harder I work in this REO business, the more people want from this a good thing, or a bad thing?

I am newer to this business, in that I am only doing this for about a year. I fought long and hard to get my chance and the number of people now who are trying to say that I am 'lucky" because I get assets from banks is incredible! There was no amount of luck to it. My chance came from following one asset from short sale into foreclosure and establishing a… Continue

Added by Cynthia McKenna on September 27, 2009 at 8:12pm — 2 Comments

Helpful Tools

I would like to share a wonderful tool that I have discovered to you. I know that many of you may already have this tool however, it never hurts to share again and I didn't see it in the archives of this platform.

This wonderful tool is called - Google Chrome

Wow - that is all I can say.

Had I known this tool existed it would have made my life so much easier.

It is an additional browser that you can use in addition to Explorer, foxfire, etc. But the… Continue

Added by Beth Ross on September 27, 2009 at 7:37pm — 2 Comments

V. A. Buyers

I have been working with the same VA buyers for six months. They are qualified, they have their VA certificate, they are willing to put money towards closings costs, and I cannot get them a home.

It's not that I have never sold a VA buyer a home, I have never sold one when we had to compete for the home. The onIy deals I closed for VA buyers were homes that no one else wanted in other words, no competition, seller's only offer!

I educate my buyers, I prepare them for the… Continue

Added by Jan Baron, RDCPro, CSP, BPOR on September 27, 2009 at 7:07pm — No Comments

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