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October 2009 Blog Posts (67)

Twitter: A Valuable Marketing Tool or Waste of Time?

I hear the debate all the time, and no I'm not talking about the Presidential debate - I'm referring to Twitter.

Should we consider Twitter to be a marketing tool or is it just for people who have a lot of time on their hands and the need to jibber-jabber all day long?

I will be honest, I was an early adopter of Twitter and then I walked away from it I couldn't see the value, recently my viewpoint has changed.

Think of Twitter as a means to get instant public messages out to your… Continue

Added by Chris Treece on October 29, 2009 at 10:20am — 3 Comments

Moody's: Loan Charge-Offs Now Exceed Depression-Era Levels

How fast can the printing presses pump out the money - At least durring the depression our money was backed by Gold and had some value. Now it is quickly becoming worthless.

There have been plenty of parallels drawn between the current downturn and the 1930s, but here’s another jarring one: U.S. banks are now charging off loan debts faster than they did in the early years of the Great Depression, according to Moody’s Investors Service.

The banks have charged off… Continue

Added by Linda McKissick on October 28, 2009 at 9:44am — 1 Comment

When It's an FHA mortgage

Having a rapport with various mortgage agents and appraisers can certainly pay off. They are a wealth of information. In today's market of ever changing mortgage rules it has become crucial to make sure that a buyer goes to the right lender/mortgage person for a loan. This is a hugh part in the sale of an asset/home. I am finding that most of my low priced REO listings have buyers going for FHA loans. I've dealt with a couple of homes that needed repairs and did not qualify for a straight FHA… Continue

Added by Dorit Katz on October 28, 2009 at 7:10am — No Comments

NABPOP Call to action.

I receive this email from NABPOP, I know in Maryland appraiser were trying to pass legislation to force lenders to only use license appraiser and go away with BPO, now it seem that this is going to national levels, or maybe I was not aware, but I think this affects all of us and we need to make sure that part of the business stays open for us.

"Dear Member,

This e-mail is a call-to-action to step up and become involved in the protection and advancement of our… Continue

Added by Jose Rivas (DGRA) CDPE, SFR on October 27, 2009 at 5:48pm — 7 Comments

Loan Modification For Unemployed Workers

It came out unnotice today a proposal from HOPE NOW Alliance to consider the benefits received by an unemployed worker to be used to determine eligibility for a loan modification under the Making Home Affordable program (HAMP). The process would be streamlined with the… Continue

Added by Marcelo Da Silva on October 27, 2009 at 4:00am — 4 Comments

First Time Home Buyer Tax Credit & Fraud

I saw on the news the other night the estimated $ amount of fraud committed on the First Time Home Buyer Tax Credit. Amazing numbers. There were so many that claimed the credit that were going to buy a home, so many that were under age, the youngest was 4 years old. They always find a loop hole don't they.

I sold my first daughter a home in January, she filed for the tax credit and received within 2 weeks. No proof required.

I sold my second daughter a home in June, she… Continue

Added by Joyce Polega, CDPE on October 24, 2009 at 11:49am — No Comments WOW!!!!!!!!!!!!!!!!!!!!!!!!

I had not planned on attending the event. My wife works and couldn't go to the workshop. I decided a couple of days ago to buy the online course. It is by far the best $500 I have ever spent in 16 years of being in Real Estate and Lending. If you are interested you can put in the code for a discount - DISC100. It is normally $600. I do not work for this company and I do not receive any compensation for posting this. They ROCK!!! Imagine someone… Continue

Added by Chris Plumb on October 23, 2009 at 9:17pm — 18 Comments

RES.NET delays release of AMP

I was dissapointed to receive the below E-Mail from RES.NET. It was promoted as being launched on November 1st - 2009. I signed up and paid at FiveStar, as many others did.

To ensure that the final AMP product incorporates the latest software technology and provides users with the best possible experience, RES.NET has decided to postpone the launch of the application until January 4, 2010. RES.NET is committed to providing open and honest communication about the development of… Continue

Added by Clay Kime, REOM, CDPE, RDCPro on October 23, 2009 at 8:54pm — 7 Comments

So I bought a REOPro Shirt and now I have to blog about it.

When I got the REOPro email that t-shirts were available, I bought 2. Why am I blogging about it? Because I'm an independent broker and don't have my own logo'd shirts like the Prudential's, KW, CW, etc. I can get them, but usually embroiders recommend going bulk production in order to save money on a per shirt price. I just don't want to buy alot of shirts with my own company logo, it was simply too generic.

I think the REOPro shirts will generate more interest with people than my… Continue

Added by Johnny Huang on October 23, 2009 at 4:30pm — 4 Comments

Shadow Inventory? A colleague sent a link to this video, thought I would pass it on

so many concerns, conspiracy theories, questions on if the government is trying to lock up the nations economy by controlling the market..It is mind boggeling. This video does give a pretty unbiased take on one more factor in the totally murky world we seem to be navigating. Watch and absorb seems to be the method of gaining knowledge, hope this can add to your own database…


Added by Victoria Frieberg on October 23, 2009 at 12:09pm — 15 Comments

Short Sale: Deal or No Deal?

Have you spent 30 minutes on hold only to find out that a paperwork is missing? Then after you fax, sometimes may take 72 hours to be uploaded to the file. And sometimes after 30 days or more, they advise you to refax as the file has "disappeared". Hopefully this will be over as short sales are becoming a normal practice instead of REOs. We can all agree that approvals have increased dramatically over the past year. However the wait has… Continue

Added by Marcelo Da Silva on October 23, 2009 at 2:20am — 5 Comments

Social Media ...

With no doubt Social Media has change the way to do business, and our friends and family feel much closer.

Added by Leticia (Letty) on October 22, 2009 at 7:08pm — 2 Comments

Getting Started In Commercial REO

Hello All,

I am an experienced REO broker for residential properties. I would like to venture out into the commercial REO sector. Can anyone provide any tips or direction as to the best way to go about it? I'm aware of the obvious: learn the commercial market, learn how to do commercial BPO's, etc. I guess my question is more about good resources to accomplish the obvious.

Any help along these lines would be helpful. Thanks.

Added by Trevor Nightengale on October 22, 2009 at 5:39pm — 5 Comments

Where did all the Foreclosures go?

My clients are always amazed when we first start searching for homes. They see the headlines in the media that there thousands of foreclosures on the market, now is the time to buy, make an offer, the banks are desparate....NOT.

When we begin to put in offers and there are multiple offers on each home, and the offers are above list price and they lose out to an all cash buyer, then they see the big's not a buyer's market; it's a banker's market.

If the media… Continue

Added by Jan Baron, RDCPro, CSP, BPOR on October 20, 2009 at 9:21pm — 3 Comments

Are your “Assets” on show?

Different conferences however, the same ole story, huh?

We all know sex sells and it was brought to my attention, that fact is no different at our industry conferences. At a recent conference, I had heard rumors, yes…rumors that some people come to these conferences in order to obtain new business by using their “ASSETS”, if you know what I mean?

As pure as driven snow, I was completely naïve to this phenomenon and couldn’t or just wouldn’t believe that some of the… Continue

Added by Jesus (Jesse) Gonzalez on October 19, 2009 at 1:22pm — 14 Comments

New Laws Affecting California Real Estate

This week Governor Schwarzenegger signed several pieces of legislation into law that will affect real estate transactions in the state of California

SB 36, by Senator Ron Calderon (D-Montebello), creates licensing requirements for all residential loan originators.

SB 237, by Senator Ron Calderon (D-Montebello), creates a registration program for appraisal management firms.

SB 239, by Sen. Fran Pavley (D-Agoura Hills), makes it a felony to commit fraud on a… Continue

Added by Daniel Ripper on October 19, 2009 at 12:00pm — No Comments

Gotta scratch that bpo's

The first step to recovery is admitting you have a problem. Hi my name is Mark Anthony...and I am a BP-O-holic!!!!

It all started when I was trying to get jump on new inventory for my investors. They would do all the research (NOD from realtytrac) and tell me to get a hold of the banks and see if they will take our offer. Most of the time no one responded.

So I started a email/letter ecampagn and about 2 weeks later taylor bean let us present and took our offer. It… Continue

Added by Mark Anthony Ruiz on October 19, 2009 at 10:53am — 5 Comments

Certify Me On Short Sales Already! No wait, maybe I'll do it myself.

A lot of money is being spent by companies trying to attract real estate agents to spend money on their short sale products. This may be because many agents become restless and anxious when the market changes from one trend to another.

I'm writing this blog to let you know not to lose your common sense when faced with many solicitations on the different certifications that are currently flooding the internet. First it was REO certification. GET IT! GET IT! GET IT NOW! Even now I still get… Continue

Added by Mellyora Hargo on October 16, 2009 at 12:09am — 19 Comments

at least once a week I thank Jesse in my head for starting this site! today I will do it on virtual paper!

Thanks for the blog legal review today...and the knowledge of where I can look for questions, support and just plain smart and funny people walking the same are amazing to have put this together.

Added by Victoria Frieberg on October 15, 2009 at 9:25pm — 12 Comments

His Short Sale...MY Loan Mod...a Mix Up

Yesterday I got a message on my home answering machine from XYZ LENDER....Thanking me for applying for a loan modification. The call from XYZ LENDER seemed odd and it was from my OWN lender. I never applied for a loan mod and havent been thinking of doing one but, I blew it off as a wrong number and went about my busy day of faxing short sales packages etc on behalf of my clients. So, today I recieved a letter from XYZ LENDER thanking me for applying for a loan modification. The letter was… Continue

Added by Ellen Dittman on October 13, 2009 at 5:30pm — 1 Comment

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