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September 2010 Blog Posts (34)

New Lawn Half the Cost, You Dont NEED To Rototill

When a poor lawn has the proper grade and a well-drained soil, it can be more easily improved through

renovation, rather than complete reconstruction.




Using professional quality tools and allows most residential lawn renovation projects to be accomplished in a single week-end.



We have developed this no-till method to provide the do-it-yourselfer an easier,

faster, less expensive way to…
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Added by Brian Roth on September 28, 2010 at 7:58am — No Comments

Is That Property Covered Under Your Insurance

"Having an unoccupied home can create several insurance implications that typically are not covered under a standard homeowners policy."



Homeowner policies are meant to insure homes that are occupied, so they generally include exclusions for neglect or property abandonment on a home left vacant or unoccupied for a specified number of consecutive days.



In insurance terms, a vacant home is one the resident has moved out of and taken his/her belongings… Continue

Added by Brian Roth on September 28, 2010 at 7:30am — No Comments

Fannie Mae's new homebuyer incentive program - for selling agents too!

Fannie Mae Announces New Incentives for HomePath® Properties



Up to 3.5 Percent Seller Assistance; Selling Agent Receives $1,500 Bonus

Fannie Mae (FNMA/OTC) today announced a seller assistance incentive on Fannie Mae-owned properties listed on the company's REO website, …

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Added by Lisa Meszaros on September 24, 2010 at 1:04am — No Comments

What is Altisource Ocwen up to in your market?

Do some quick MLS research to find out what Altisource Homes is up to in your market as a listing brokerage. If you are an REO agent you might be surprised to find that Ocwen is listing properties with Altisource Homes offices that are not even in your state. Sure, sellers can list with anyone they want to but local agents should be aware of this growing trend. Why? you ask.…

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Added by Robert NRBA Slick SC REO on September 23, 2010 at 9:02pm — 5 Comments

BPO Automation Group

anyone out there having trouble with the auto acceptor? I was notified of a upgrade and attempted

to do it myself. ( I am no computer guru ) I turned it on and it continues to shut off. I contacted the company

2-3 times and they have given me some things to try but to no avail. I wanted to check to see if anyone

else is having the same problems?

Added by Greg Danska on September 23, 2010 at 11:36am — No Comments

GMAC FORECLOSURES----VERY INTERESTING

If your a preferred agent with GMAC then you already know this but for those who aren't read below. This is going to get very interesting and I sense some major changes coming from this. I don't know if there's an active moratorium but we've been told that all of our assets were to be placed on stand by no matter what status theyre in as well as all CFK's and evictioons.

Markets…

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Added by George Bellino on September 20, 2010 at 10:18pm — 5 Comments

FHA Reforms Shift The Game

The coming FHA reforms will help stabilize FHA's financial viability. FHA will be allowed to raise premiums. The cap on the maximum annual FHA insurance premium increases from 0.5% to 1.5% and for loans with high loan To Value ratios, 0.55% to 1.55%. But the real importance is how the reforms will shift liquidity to rental property.



Multi Family

The bill also increases FHA's multifamily loan limits for elevator buildings and buildings in high cost areas, helping lenders… Continue

Added by Howard Bell on September 19, 2010 at 6:10pm — No Comments

Secretive is a Huge 'Trigger Word' for Most BPO and REO Agents

I have found that being in the BPO and REO business is much like playing a competitive sport when you were a youngster. Whether your favorite sport is football, basketball, baseball, soccer or any other sport, one of the first things you were taught was offensive skills, which of course was soon followed by defensive skills. The better you were at both, the more likely that you would be successful at beating your opponent, right?

The same scenario and…

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Added by Nicole Ocean on September 19, 2010 at 1:00pm — 4 Comments

BPO's, CMA's and how I got my first break at getting a Bank Owned Listing.

Hello All, I've been a REALTOR since 1999 and I knew the market was coming to a very difficult time in the beginning of 2006. I was referred to a listing and this homeowner did not know what to do. Well I

took my first SHORT SALE in 2006. Did I know what it was?, No I did

not--so I Inquired and asked everyone who that I knew were in this

business for a much longer time than me. All I heard was - Don't do it!

They are difficult. So I listed this first short sale in…

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Added by Ruby Zuniga on September 17, 2010 at 8:21pm — 3 Comments

Wells Fargo not granting anymore extensions to shortsale or postponing foreclosure/trustee sale.

Important Message from Wells Fargo:


PLEASE READ AND FORWARD TO ANY PARTIES WHO MAY BE WORKING ON A SHORT SALE FOR WELLS FARGO .

Due to recent industry changes, we at Wells Fargo will no longer be granting any extensions for short sale close dates or postponing foreclosure/trustee sale dates. If you were issued an extension letter dated 9/14 or earlier, those…

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Added by Lou Sanchez on September 17, 2010 at 4:00pm — 2 Comments

Asset management companies are losing revenue and trying to make it up on the agents.

RES.NET and all of the other asset management companies are losing revenue as the market shifts from REO to short sales. So what do they do? They start charging the agents for bogus and unnecessary things like mandatory software $200, mandatory classes $399,upgraded platform $700 per year.This is all a bunch of BS.

I paid RES.NET $650 for a banner ad on their asset manager site. I do not have 1 listing to show for my $650.

The management companies treat us like a bunch of whores to see… Continue

Added by Rick Sayers on September 16, 2010 at 9:06am — 4 Comments

Freddie Mac Expands First Look Initiative for REO Homes

Freddie Mac starts new First Look Program which allows homebuyers 15 days to purchase a HomeSteps REO home before investors can write an offer.

In addition to owner-occupant buyers searching for their primary residence, Freddie Mac’s First Look 15-day window is open to buyers who are part of HUD’s Neighborhood Stabilization Program (NSP), as well as…

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Added by Linda McKissick on September 16, 2010 at 9:05am — 1 Comment

REPLY Real Estate

I kept receiving calls from this lead generating company Reply Real Estate. I always said, "No". Then I received a call from Amber and she told me that it was a 30 day trial "Cancel Any time". I confirmed cancel anytime, I also confirmed that if the leads were no good and did not respond they would credit, she told me I would receive max 3-5 leads. She was so nice and assuring. I said, "Yes". BIG MISTAKE!!!!! I received 8 leads. When I responded and said that none of them were responding…

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Added by Karla Kae Gaetano on September 13, 2010 at 11:35pm — 13 Comments

Are they really putting your name on the BPO? Hmmmmm....

Hello Friends,

I have been working for certain valuations company for quite a while.

They have been good to work with. Their format is straightforward, form is easy, no crazy questions you cant answer intelligently...

I got a request to do a slew of vacant land and lot valuations. There was no form, so they sent me a spreadsheet to fill out. No problem.

Some of these were side by side lots in the same subdivision. Hooray, you just…

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Added by Chris Butterfield on September 10, 2010 at 10:56am — No Comments

I See Dead People or Why Is A Probate or Trust Sale Like An REO?

My sister in law as executor of the estate just sold my mother and father in law’s house. She chose a realtor who lived in the neighborhood who also was an reo realtor without a lot of reo inventory right now. (Not an unusual situation) She turned out to be the perfect agent for the job because of her REO background. She took a…

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Added by Marcy Moyer on September 9, 2010 at 8:00pm — No Comments

Payment for BPO's

Has anyone found a way to get payment from BrokerPriceOpinion.com? We have not been able to get paid since May. Everyone else pays great except these guys and eValonline but we do not work for them any longer. BPO.com gives me a date but nothing yet. I am putting them on hold as well now.

We are going to the five star conference next week and I hope to find some other brokers with similar problems and see if we can find a remedy. I would appreciate any input.

Added by James B. Bumgardner on September 9, 2010 at 4:00pm — 6 Comments

Client Testimonial

My clients, Andy and Tammie discuss their selling… Continue

Added by Richard Snowden on September 9, 2010 at 1:03pm — No Comments

NEW Changes to the HUD process

New HUD Process





I had the opportunity to attend a webinar for new HUD listing brokers and there are some changes, I think HUD is improving their customer service and their system, I

have been selling HUD homes since I started in real estate 5 years ago, always

from the buyer side and sometimes it was…

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Added by Jose Rivas (DGRA) CDPE, SFR on September 9, 2010 at 11:30am — 5 Comments

Lack of Marketing and Declining Market

Are we in a declining market or am I the only one to have this feeling?

Here is my BPO litany: “Declining market often indicated by similar property…

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Added by Alain Thillois on September 9, 2010 at 11:13am — 2 Comments

FHA Offers Short Refi Program For Underwater Homeowners

FHA Offers Short Refi Program For Underwater Homeowners In an effort to help responsible homeowners who owe more on their mortgage than the value of their property HUD adjusted its refinance program. The changes will enable lenders to provide additional refinancing options to underwater homeowners. see chart



Starting September 7, 2010, FHA will offer some underwater non FHA borrowers the opportunity to qualify for a new FHA insured mortgage. Designed to meet its goal of stabilizing… Continue

Added by Howard Bell on September 8, 2010 at 6:40pm — 1 Comment

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