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November 2009 Blog Posts (26)

So Now I Guess I'm A Distressed Property Specialist...(And here I thought I was an REO agent!)

Of late, I find that the markets I work in, (Phoenix, AZ and Sacramento, CA), have slowed to all but a screeching halt as far as receiving REO assignments go.

As everyone knows in the business right now, if your selling for Fannie or Freddie, you're a lot busier than the rest of us...I could bemoan the unfairness of the favor Fannie & Freddie REO agents in my office of 300+ enjoy, but what's the point, they got in and I did not.

Despite having the trust and regard of my asset… Continue

Added by Rick Fine on November 30, 2009 at 2:40am — 6 Comments

Buyer Urgency (5 things you may not know)!

In the current market there are some unusual things you may not know. There is plenty of inventory at a ten year price low and the current interest rate hoovers around five percent. Despite the current economic decline this creates a competitive buyers market. By competitive I am meaning strong buyers are a commodity. To increase your buyer strength in order to take advantage of the current low prices, interest rate and tax credit for those who qualify here are some points you may not have… Continue

Added by Linda Landry on November 29, 2009 at 2:00pm — No Comments

Can't We All Just Get Along???

From the Blogs and Forums I read and the Agents I talk to, it seems most Realtors consider themselves either a Listing Agent or Buyer's Agent. Of course that isn't any different than it has been in decades of Real Estate Markets. BUT today's Agents seem to narrow their category down even further to a REO Buyer's Agent or a REO Listing Agent. That is the Market. There are hardly any Vanilla Sales out there to be had, so we are REO Agents.



If you sit down with a group of "REO Buyer's… Continue

Added by Robin Whitt on November 24, 2009 at 8:40pm — 4 Comments

Why Do Realtors Get Depressed When Opportunity Is Knocking?

I just read a great article that I thought was worth sharing. Whether you're looking at the glass half full of half empty, you can't help but be excited at the possibility. In it, Brian Buffini, Founder & CEO, Buffini & Company discusses why now is a great time for Realtors to take advantage of the opportunities they are being presented with. It inspired me and I hope it inspires you.



Brian Buffini

Founder & CEO

Buffini & Company…

Continue

Added by Mykel Martin on November 24, 2009 at 1:53am — 6 Comments

The 20 REO rules of Oggie Penev and REOteamARIZONA.

1. Avoid contacting your AM’s on the busiest days; Monday’s and at the end of each month.

2. Contact your AM’s in the beginning of the month and ask what are their goals for the month and how can you help them reach those goals.

3. Avoid calling – use e-mails; Use phone calls only if your AM’s prefer it.

4. Always suggest at least two solutions for each problem.

5. If you have already made the two suggestions – do not question the decision.

6. Write your e-mail requests… Continue

Added by Oggie Penev - REO Team ARIZONA on November 23, 2009 at 10:29pm — 2 Comments

fannie mae outsourcer vs fannie mae direct listing agent

Hello REOPRO,



This is my first blog post here, so I am just learning this system, more on that later.



So, has anyone got started doing the Fannie Mae outsourced listings, and then moved to being a direct Fannie Mae vendor listing agent? I have done well with outsource companies and I am just starting to consider selling direct for Fannie Mae.



I am an agent; soon to be a broker associate for a large firm West USA Realty and I have my own small team. I understand… Continue

Added by Jessica Klein RDCPro on November 23, 2009 at 3:25pm — 8 Comments

Can You Track Success in Using Social Media?

Well....the plain, unvarnished truth is this: You can’t. Lots of very smart people on working on ways to track and measure social media marketing success, but to date there ain’t no such animal. All you can do if you’re going to be active in social media marketing, which you definitely should be, is to try and evaluate your goals in using social media and whether or not you are achieving those goals, or at least making progress.



Here are some things to take into consideration when… Continue

Added by Chris Treece on November 22, 2009 at 1:09pm — 1 Comment

Exciting News! Equity Pointe has partnered with REO Vendor Manager (to charge you $200/yr!!!)

BROKERS, NOW IS THE TIME TO STAND UP AND BE COUNTED.



The above email subject (less the portion in parenthesis) hit your inbox if you have signed up with Equity Pointe to perform their cumbersome and time consuming BPO's.



The email continues...you are required to do this....and oh by the way...don't ask for REO/BPO assignments from REOVM because they do not supply those.



What a great idea....sign up with REO Vendor Manager so they can remind you when your… Continue

Added by Lew Peterman on November 20, 2009 at 8:30am — 13 Comments

Mortgage Default Rates to Rise

VIENNA, VA – Nov. 19, 2009 The REO & Distressed Asset Management Division of RE/MAX Preferred Properties today reported that, the nationwide default rate on home loans has risen to, over one in seven (1 in 7) borrowers, according to a Mortgage Bankers Association (MBA) survey released this morning.… Continue

Added by Clay Kime, REOM, CDPE, RDCPro on November 19, 2009 at 10:52pm — 5 Comments

SFR

When I found out the NAR SFR designation and that the annual membership dues are free if completed before Dec. 31, I signed up and took the all day class last Saturday. The class is the REBAC's short sale and foreclosure class. Most of the agents there were taking the class for CE and I it was a nice surprise for me that I received 6 credits for the class, on top of part of my SFR training. The other half of the SFR training is 3 webminars of 1 hour each.



The class was interested and… Continue

Added by Jose Rivas (DGRA) CDPE, SFR on November 15, 2009 at 9:04pm — 11 Comments

Diminished quality loan pools also create a higher default rate...

Fitch Solutions reported this week that its pricing index for subprime residential mortgage-backed securities (RMBS) originated in 2004 fell by 16.7 percent in November compared to just one month earlier.



Other vintages included in Fitch’s study, from 2005, 2006, and 2007, showed small gains on a month-to-month basis. The gains helped to temper Fitch’s total market subprime RMBS price index so that it recorded only a “marginal” decline, according to the firm.



While prices… Continue

Added by Linda McKissick on November 14, 2009 at 9:00am — No Comments

Running roughshod on buyer agents!

Man, I get a bit crazy sometimes when a buyer agent refuses to control his clients and "keep them in the deal". REO process is slighlty different than straight residential and we give all the clues we're allowed to give by law and I'm amazed how a buyer's rep, maybe not experienced in REO, will disregard the "keys to the kingdom". We have experience and besides we represent the asset! I think my kids listen better (most of the time) :) I hope that agents representing those intending to… Continue

Added by Steven Rivkin - Planet Realty on November 13, 2009 at 12:13am — 8 Comments

Changes to Short Sale Laws

According to the Indiana Association of Realtors (IAR Advocate 11/06/09), it is now Indiana state law that lenders must acknowledge short sale offers within 10 days. Under the 2008 law, lenders then have 30 days from receipt of the offer to accept or reject the offer.

There is an on-line complaint form that can be filed with the Indiana Department of Financial Institutions (DFI). The DFI uses the complaints to track and establish patterns with certain lenders and use regulatory authority… Continue

Added by Franklin E. Rodebaugh on November 12, 2009 at 9:39am — 11 Comments

BPO's getting harder, are they kicking the hard ones to humans, letting automation do easy ones?

Seem lately I have been getting nothing but difficult BPOs to the point where I look at the order for the one thing or things that are going to make it work instead of mowing down the comps. An A-Frame in the middle of nowhere. A house on 5 acres where in 20 miles there aren't any on 5 acres. A really small house on a really big parcel.. The list goes on. So my new pet theory is that banks are using automated valuation programs to do a good number of BPO's themselves and then kicking the ones… Continue

Added by Stephan K Black on November 10, 2009 at 10:00pm — 14 Comments

Short Sale Companies Sign Up: Show Me The Money



When the REOs started hitting the market 2 years ago, the supply on the listing side was overwhelming REOs. This caused agents being solicited by companies offering the secret road to obtain REO. Not only that but some REO companies also saw an opportunity to have extra revenue to their bottom line by charging a fee to be in their list. Now that the lenders are realizing that the best way to maximize their profits is short sale, the REO… Continue

Added by Marcelo Da Silva on November 9, 2009 at 2:30pm — 7 Comments

Work A Holic Realtors and Asset Managers

I was in the office today catching up on bookwork and low and behold I received notification that I had just received two new listings. Glory be, it's Sunday afternoon and I'm in the office all by myself. Can I get everything done?? I will just say this, I was able to get the listing agreement signed, the referral agreement signed, occupancy check completed, the pictures taken of the interior and exterior of both units, contacted the other listing agent that had them as short sales to notify… Continue

Added by Beth Ross on November 8, 2009 at 6:45pm — 16 Comments

Show me the listings!

It must seem that I am a buyer's agent if you've read my earlier posts, but I do have listings. I currently have three short sales and a standard. I want more listings, not because I don't love my buyers but because I do. It's frustrating to them and me to fine the perfect home only to find out it already has 15 offers.



I have been making offers on REOs and short sales for two years now and I believe I write winning offers. I sure have written enough to realize what is a good offer… Continue

Added by Jan Baron, RDCPro, CSP, BPOR on November 8, 2009 at 3:15pm — 7 Comments

We're a dime a dozen to these companies!!

We just had one of our clients take us off "Preferred Status" because we stood up for ourselves. About a month ago we noticed the listing agreements started coming in with the listing commission at 1.75%. At first we thought it was a mistake but then it happened again for 1,5%. We put in a call to see what was going on and they simply told us that it was an executive decision that if we wanted to be taken off their preferred list to just let them know. Also, they said it would just be on Chase… Continue

Added by George Bellino on November 6, 2009 at 10:02pm — 15 Comments

Social Networking Etiquette: Mind Your Manners to Grow Your Business

Social media marketing is hotter than a firecracker, and growing hotter every day as online entrepreneurs realize just how effective this particular marketing technique can be.



If you aren’t using social media marketing---you should be.



However, a word of caution: Use social media wisely or you can end up doing more harm to your business than good. There are certain, basic, unwritten rules of etiquette that apply to social media. Before diving into the deep end of the… Continue

Added by Chris Treece on November 6, 2009 at 1:12pm — 3 Comments

Glen's San Francisco East Bay Numbers

Here’s a snapshot of the San Francisco East Bay Real Estate Market. I run these numbers monthly and have been tracking 38 cities since 2005. I primarily look at two indicators, Months Supply and Pending Over Active ratios.



Pending Over Active Ratio relates to buyers and sellers. Basic Econ 101, Supply and demand. Actives (represents sellers), or properties that are still available, versus Pending (represents buyers), or properties leaving the market. That relationship often… Continue

Added by Glen Bell on November 6, 2009 at 9:52am — No Comments

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