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October 2010 Blog Posts (21)

Is it in your client’s best interest?

Lately, more than ever, I have been getting calls from agents who are all asking the same question and, that is, “are you working any offers on 666 Money Pitt Lane”

Well, before I tell you my typical response, I would like to share some insight and see if you agree.…

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Added by Jesus (Jesse) Gonzalez on October 29, 2010 at 9:35am — 9 Comments

Overcoming the "I am hearing that housing prices are still dropping and will continue for some time" objection with buyers.

I have been hearing more and more objections from my buyers about purchasing a home TODAY because they keep hearing that the market is going to decline further, so they don't want to be in a negative equity situation. In addition, they have heard that there is going to be a "mad rush" of foreclosure properties soon, so maybe they should wait...

I wanted to start this discussion in hopes that we can all help each other handle this objection so we can all be more…

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Added by Michelle Marlahan on October 28, 2010 at 6:00pm — 2 Comments

Building an REO Team While toxic assets fester with investors

The lack of REOs has caused turmoil in our industry. REO service providers struggling to survive during this drought. Make no mistake: Loan servicers, outsourcers, title companies, attorneys, field services companies, real estate brokers, and closing services providers are all struggling today due to lack of business volume. They are struggling to maintain their platforms, systems, employees, and capacity. I bought a…

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Added by Robert F. M. Duncan on October 27, 2010 at 5:10pm — No Comments

BPO STATUS

Does the fraud awareness with the mortgages slow down Broker Price Opinions?

Added by D. Maura Ona on October 27, 2010 at 12:11pm — 2 Comments

Rules of the Road When You're Growing Your Staff

Did you know that the laws governing a business with 20 employees

are vastly different from the ones that apply to a 30-employee venture?

What you don't know can do more than hurt you-it can bring a thriving

company to its knees.



As…

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Added by Brian Roth on October 25, 2010 at 11:58pm — No Comments

Here's an Email You Hate to Receive

To all Broker and Agents;

Due to the foreclosure processing problems being addressed by XYZ, we have been advised not to list any assets or accept any offers until this is resolved.

In the interim, Agents are still responsible for managing and marketing the assets per the listing…

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Added by Billie Dalessio on October 21, 2010 at 4:10pm — 3 Comments

REO/BPO Companies that don't pay....

I have worked for a ton of these companies over the years, and sometimes get companies that are hard to pay or won't pay.

I have one right now, Service (blank), that didn't pay for BPOs since the first of the year. They stated that I wasn't a provider and that I wasn't assigned these properties. I scanned every order page, submitted my BPO pay log and now....Since getting Richard with myreotogo.com involved, they are finally paying!

I got Richard involved…

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Added by June T Valora on October 15, 2010 at 11:00am — 5 Comments

Independent Contractor or Employee?

Sometimes the differences between your employees and independent contractors seems negligible. Their work may be the same and their salaries almost indistinguishable, but regardless of whether you see

significant differences among the people you pay, there is someone who

does: the IRS.



With employees, companies are required to withhold and pay certain work-related taxes like income, Social Security, Medicare and unemployment. With…

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Added by Brian Roth on October 11, 2010 at 10:02pm — No Comments

Halt of REO's

Does anyone have any information on how long this freeze of REO's may take? I have one that is clear to close this week and all i am hearing is it is on hold? What do we do to combat this? Any ideas or help would be appreciated.

Added by Elizabeth Widell on October 11, 2010 at 11:30am — 6 Comments

Freddie Mac Weekly Mortgage Update: 30-Year Mortgage Rate Ties Low While 15 Year Sets New Record

30-year fixed-rate mortgage: Averaged 4.32 percent with an average 0.8 point for the week ending September 30, 2010, down from last week when it averaged 4.37 percent. Last year at this time, the 30-year FRM averaged 4.94 percent.



The 15-year fixed-rate mortgage: Averaged a record low of 3.75 percent with an average 0.7 point , down from last week when it averaged 3.82 percent. A year ago at this time, the… Continue

Added by Howard Bell on October 7, 2010 at 5:59pm — No Comments

Mortgage Bankers Weekly Update: Sharp Jump in Purchases Led by Applications for FHA Loans

Mortgage Bankers Association for the week of 09/22/2010



Market Composite Index: (loan application volume) decreased 0.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 0.3 percent compared with the previous week



Refinance Index:… Continue

Added by Howard Bell on October 7, 2010 at 5:59pm — No Comments

Anyone attending REOMAC in Miami in two week?

Hi, would like to know if anyone is planning on attending REOMAC in two weeks. I will be there would like to meet other agents, I'm a Broker trying to make some contacts, I've been in the business since 1999 but just openned my office this year. Looking to make some contacts and learn from the best.

Added by Susan Usallan on October 6, 2010 at 10:36am — 3 Comments

Texas AG Stops Foreclosures and Evictions

The Texas Attorney General's office has halted all foreclosures, all sales of properties previously foreclosed upon, and all evictions of persons residing in previously foreclosed upon properties, until mortgage companies have completed a review of their processes, including whether employees or agents "robosigned” affidavits and other documents recorded in Texas.



The AG suspension notices were sent to 30 mortgage-loan servicers doing business in…

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Added by Cindy Billman, CDPE, SFR, HAFA on October 6, 2010 at 9:32am — No Comments

Old Republic Will No Longer Insure JPMorgan and GMAC REOs

Read all about it here:

http://www.dsnews.com/articles/old-republic-will-no-longer-insure-jpmorgan-and-chase-2010-10-05

I figured something like this would start to happen with the title companies as their going to be on the hook.

I can't imagine what will happen to the market if more title companies quit insuring…

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Added by Dawn Rupersburg on October 6, 2010 at 9:17am — No Comments

Banks to allow local groups to buy foreclosures



Following on the success of the First Look program many larger banks are going to take a page from first look program. Banks will now allow local governments and nonprofits the ability to buy foreclosed homes before they are sold to private investors.



The largest mortgage lenders in the country, including Bank of America Corp. and Wells Fargo have agreed to let the groups purchase the properties ahead of private investors. Neighborhood organizations will have up to 48 hours to… Continue

Added by Howard Bell on October 5, 2010 at 9:38pm — No Comments

Fannie Mae: First Look Gives Home Buyers An Edge

First Look Program

Fannie levels the field



What Is It

Individuals and public entities are given a period of time, generally 15 days after a property is listed at HomePath.com. Homepath is the listing site for about 190,000 properties held by the GSEs. Individuals and public… Continue

Added by Howard Bell on October 5, 2010 at 9:37pm — No Comments

REO SYSTEMS

It seems i am now at a point where a web based system is needed to track tasks, expenses, due date and more. Please share with me the systems you are using and why. I want to make a decision in the next week and get up and running this fall. Thank you for your time. Beth

Added by Elizabeth Widell on October 5, 2010 at 5:04pm — 3 Comments

And so the Market Changes Again.

I guess I have finally figured it out why GMAC had been so "forgiving" about my shortsale, that the negotiator saw fit to keep stalling the auction date. Oh well maybe they are just nice people but the headlines this week say something severe.I really believe some benefits are coming out of this. We all know that the banks were hammered with defaulting property and it got beyond them to start pencil whipping things. I had a couple of friends my self that had loan mods in process and then the…

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Added by John Accornero on October 5, 2010 at 1:30am — 2 Comments

New Moratorium

Well it seems that now some of the big banks are freezing foreclosure procedures due to their inavility to comply with local laws and regulations that protect the home owners or delay the foreclosure procedures, it seems that some lenders have rush the foreclosure procedures and broke the laws. First started wtih GMAC, then Chase, now Bank of America.

There are several issues with this new moratorium, first there will be more banks adding to this list, and this mess might not be…

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Added by Jose Rivas (DGRA) CDPE, SFR on October 4, 2010 at 8:21am — 9 Comments

Winterizing Your Lawn Sprinkler System

Every year, before the first freeze, the ritual of irrigation "blow out" becomes the priority for all irrigation systems that are in parts the country where the frost level extends below the

depth of the installed piping.



Even if you have drained some water out of the system, the remaining water can freeze, expand and crack the PVC piping (rigid, white pipe), usually from fitting to fitting. Polyethylene pipe

(flexible, black pipe) is used in many freezing climates.…

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Added by Brian Roth on October 3, 2010 at 12:11am — No Comments

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