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September 2011 Blog Posts (21)

Was I the only one who had majority of buyers walk in September?

What a month!  Not many new REO Listings came across my desk this month.  However, all 8 of the Pending offers who were so eager at the begining of the month to buy these REO homes, You know the ones with the Broker who call 3 times a day just to see if any Seller Contracts has come in yet. As a Full Time REO Broker, I always try to educate all Brokers who have a buyer the meaning of as-is and what to expcet during the REO… Continue

Added by Amy Gerrits on September 30, 2011 at 7:26pm — 1 Comment

Urgent Contact Needed For VP Loss Mitigation Contact At AHMSI

I have an urgent need for a key contact in Loss Mitigation at American Home Mortgage Servicing Inc.

The internal contacts I have are literally the most incompetent people I have ever encountered in a financial institution or loan servicing company.

They demand paperwork, it is provided, then they demand the same paperwork after acknowledging the receipt of the previously requested paperwork

Then they just scheduled the trustees sale date of our home because the requested…

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Added by Rick Fine on September 30, 2011 at 3:41pm — 1 Comment

Milpitas Ca. Short Sale vs Bank Owned Transactions

Milpitas Single Family homes

Active Short Sale Listings:  23

Active Bank Owned Homes: 9

Pending Short Sale Homes: 49

Pending Bank Owned Homes: 11

Sold Short Sale Homes: Last 6 months 23

Sold Bank Owned Homes: 19

 

Milpitas Condo Townhomes

Active Short Sale Listings: 12

Active Bank Owned…

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Added by Marcy Moyer on September 27, 2011 at 1:46pm — No Comments

What does/has worked and has not worked when you call asset management companies trying to get to the Asset Manager?

I have been in real estate for 4 years now in Orange County, Ca, my business partner and I have grownour business mostly on referrals, which we take great pride in.  I recently decided to start going after the REO business because we currently are only working with onebaank getting all their REO assets. I have been told to get into some of, if not most of these asset management companies and get their REO assignments, you first haev to start out by completing BPO orders..no worries I… Continue

Added by Jason Irwin on September 23, 2011 at 12:53am — 3 Comments

San Jose Distressed Properties Market Report

San Jose Single Family homes

Active Short Sale Listings:  371

Active Bank Owned Homes: 77

Pending Short Sale Homes: over 578 (mls stops counting at 500 and there are more than 500 San Jose Short Sales waiting for bank approval, 41 bank approved waiting for buyer to remove contingencies, and 338 just waiting to close)

Pending Bank…

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Added by Marcy Moyer on September 18, 2011 at 10:18pm — No Comments

Has anyone had an REO assigned by NRT-Experts and later put on a Non profit List

Hi Everyone,  I was assigned an REO in May and have been doing a weekly inspection for 5 months.  It's a gated community, you know the drill "follow a car in and avoid getting hit by the bar".  The foreclosure was finalized and recorded, it's been 3 week now.  I was asked to put electric account in my name and all of a sudden I get an e-mail saying the property is being put on hold for listing and placed on a Discount or Non Profit list.  Today I get a questionaire from closing agent of…

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Added by Susan Usallan on September 16, 2011 at 10:14am — 6 Comments

Check Out NAWRB on DS News

Great story in DS news about the panel that NAWRB National President Desiree Patno spoke on yesterday on running a top-rate REO office.

 

Some REO Brokerages Prosper Despite Decreased Inventory

Desiree Patno, founder of the National Association of Women REO Brokerages and founder of Desiree Patno Enterprises based in Irvine, California, said her staff takes 15 photos of each property each week and then once each month…

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Added by Desiree Patno on September 14, 2011 at 4:43pm — No Comments

San Jose Short Sale Buyers Agents Should Be Rated Also

When making an offer on a San Jose Short Sale it is common for the buyer's agent to ask the listing agent about his or her experience with short sales. They want to know if the seller's agent knows what he or she is doing because that is essential for a successful short sale completion. So when I am asked those questions I can honestly say that I am certified (CDPE),…

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Added by Marcy Moyer on September 13, 2011 at 9:24pm — No Comments

Five Star Success

The Five Star REO Expo was a huge success for everyone!  Thank you all who attended. 

Our next event will be September 17-22 at the NAHREP National Conference in Los Angeles, CA.  NAWRB will be holding a Power Breakfast.  Stay tuned for more info.

Added by Desiree Patno on September 13, 2011 at 11:49am — No Comments

Property Transactor Has Been Updated!

Just an FYI.

 

The site PropertyTransactor.com has been updated to allow vendors and field reps to list their companies as available resources for REO Property Preservation.  The site also allows new agents and brokers to submit maintenance requests free for a year. …

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Added by A. T. Holt on September 12, 2011 at 1:00am — No Comments

Tired of Losing To Cash Buyers? Try A Santa Clara Short Sale

Today in the Mercury News there was a story about how first time home buyers who need to purchase with loans are getting beaten out by investor cash buyers who often offer less than traditional buyers for foreclosures.…

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Added by Marcy Moyer on September 11, 2011 at 8:00pm — No Comments

Has anyone been blindsided by the Litton/Ocwen servicing transfer?

Doing another SS this time through Litton. I am fat dumb and happy until close day.

 

We received approval/release from Litton for close anytime up to 10-13-2011. Had it schelduled for sept 2. On sept 1 Litton who had been purchased by Ocwen transfered all or most servicing rights to Ocwen. So not big deal right we have a signed approval and release and a letter sent to my client saying Ocwen will honor any "Litton" short sale approvals.

Well sort of anyway. Try to close…

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Added by Larry Hollingsworth on September 10, 2011 at 8:05pm — 2 Comments

YouTube Channels! - UNDER-UTILIZED!

Youtube can be one of the most powerful tools for both showing asset managers your marketing abilities and generating leads for yourself from around the world. With the correct use of Property Addresses through Google Maps your YouTube Channel can be a showplace for both you and your properties. Take a look at this example www.youtube.com/RealtorVincent

Call me if you want to learn more Dominic (EMS)…

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Added by Dominic Mansolillo on September 10, 2011 at 7:33pm — No Comments

Join NAWRB after The Five Star Kick Off

Leading Ladies A #WOMENBIZOWNERS Working Event.

 

Keep the Five Star kick-off going with an exclusive NAWRB #WomenBizOwners Working Event at the Hilton Anatole. NAWRB #WomenBizOwners and Women with Access will be sitting down for a working session on HUD contracting and offering an exclusive opportunity to contribute to NAWRB's response to the HUD/FHFA Request for Information (RFI) on how to reshape REO disposition. If you're interested in government contracts and looking for…

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Added by Desiree Patno on September 9, 2011 at 4:30pm — No Comments

Nothing new under Obama's latest plan for Housing Recovery

Obama's 9th Mandate, Directive, Initiative, i.e. suggestion to save the Real Estate Collapse

The Refinance Program

Didn't I blog about this one year ago?  Yes, check out my link:

http://www.trulia.com/blog/JanBaron/2010/08/fha_short_re-finance_program

I suppose being a realtor, I am bias to some extent but I believe the collaspe of this economy…

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Added by Jan Baron, RDCPro, CSP, BPOR on September 8, 2011 at 8:41pm — 1 Comment

Clear Capital Rocks

With all that is said negatively about BPO Mills I wanted to send a shout out to Clear Capital.  Not only do they pay a fair fee for their service they pay quickly.  I did three BPO's for them recently and got a check for all three within about 10-14 days.  If they can do it why can't the others?  I often wait for 60 days.  Personally I think many of these companies are living on the float like a famous one last year that went under owing hundreds of thousands of dollars to agents all over the… Continue

Added by C J Johnson, Broker/SFR/CRS/ABR on September 6, 2011 at 11:07pm — 4 Comments

Sunnyvale Short Sale and Carbon Monoxide Dectors

Carbon monoxide monitor

There is a new law that mandates Carbon Monoxide monitors be installed in all residential properties in California. Lenders are taking this seriously! I had a buyer purchasing ashort sale in Sunnyvale that was scheduled to close last Friday, after several extensions. (The first lender kept asking for closings that were not physically possible to adhere…

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Added by Marcy Moyer on September 6, 2011 at 7:39pm — No Comments

Everyone should +1 bankownedhomelistings.com

Last week Jesse announced that www.bankownedhomelistings.com was number 8 on google. We can do better than that! If everyone clicks on +1 on the google home search I bet we can get to number one in a week or 2. Let's be the most popular kids in the internet lunch room.

 

I've done it. Anyone else willing?

Added by Marcy Moyer on September 4, 2011 at 7:02pm — 2 Comments

Central Oregon List to Sold Ratios Continue to improve

Quick Summary



We have been and are currently experiencing flattening to downward pressure on inventory coupled with close to average sales activity. Positive appreciation experienced 2nd qtr over 1stthis year could very well be repeated if current trends continue and some or all of historic trends occur again (see first…

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Added by Robert Page on September 4, 2011 at 1:52pm — No Comments

Inflated BPO's Cause Problems for All

 

As a REO agent, we learn very quickly how important a good BPO is. Not only because we have to do them...along with MMR (Month Marketing Reports) but because our AMs rely on 3rd party BPOs to help them determine our list prices. Yes, you heard me correctly, I as the REO agent rarely get to list the property for the price I want. In fact, most to the time, I have to list the property at the 3rd party BPO price. So, I am trying to sell a property at a price I had no control over, my…

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Added by Jesus (Jesse) Gonzalez on September 2, 2011 at 4:41pm — 9 Comments

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