Blogs - REOPRO

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 Agents" you… Continue

Added by Leslie Robin Whitt on November 24, 2009 at 8:40pm — 4 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 buy/inves… 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 to inve… Continue

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

Added by Marcelo Da Silva on November 9, 2009 at 2:30pm — 7 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 and what wil… Continue

Added by Jan Baron on November 8, 2009 at 3:15pm — 6 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 becomin… Continue

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

Should the REO Bank Sign and Approve the MLS Sheet?

Should the REO Bank Sign and Approve the MLS Sheet? Yes, why not? After you receive a listing and have added it to the MLS (Active or Non-active status), send a copy to the Asset Manager for him/her to review and sign. Make sure you highlight the broker and agent remark section, commission, etc. Once the Asset Manager signs the active/non-active MLS sheet, activate the listing and return the signed co… Continue

Added by Carolyn Dobbs on October 13, 2009 at 1:30pm — 2 Comments

ANOTHER WEEK? ANOTHER LISTING! AND MORE SALES!

Wow, where has this week gone? I was going to be a good REOPro member and blog daily and stick to it for two weeks at least. Hello??? I think my last blog was last weekend! I want to know why it is already the 10th of October? Do you realize what is just around the corner? Fall!! And with fall comes winterization, oh please existing inventory, SELL!!! The price is right, the homes are great and I am waiting with pen in hand! What do you mean you found a short sale down the street for less mone… Continue

Added by Beth Ross on October 10, 2009 at 8:06pm — 5 Comments

Real Estate "Shadow" Inventory Sasquatch

By now thanks to recent articles in The Wall Street Journal, New York Times, Bloomberg, CNBC and other media, so called Shadow Inventory has come to the mainstream, but it is more elusive than Sasquatch. Real Estate Agents have been blogging about this for months. For those who may have missed it, Shadow Inventory is the defaulted loans that the lenders are allegedly not releasing for sale. According to Rick Sharga, VP of RealtyTrac “We believe there are in the neighborhood of 600,000 properties… Continue

Added by Billie Dalessio on October 9, 2009 at 9:40pm — 8 Comments

Record Streak Continues for Pending Home Sales as Tax Credit Deadline Approaches

The race is on to get FTHBs in contract.... Negotiations continue for extension. What do you think? Will they extend this successful program? Any thoughts on why the Gov would end this type of insentive just as real estate is heading into the winter months which are slower for most areas outside the Southern states? Anticipated home sales have increased for seven straight months, the longest upward run since the National Association of Realtors (NAR) began its pending sales index series… Continue

Added by Linda McKissick EXIT Realty Bend on October 7, 2009 at 5:27pm — 2 Comments

Get It In Writing!

Get it in Writing! How many "Deniad Payment" does it take to get it right! When working with REO properties, you need to be very cautious when it involves being paid. Do not take for granted that the Asset Manager or representative will remember your conversation or have made a note in their little black book. The sad fact is that most, if not all, handle hundreds of properties and answer questions and emails regarding those properties on a daily basis. At this point, you are a number in their… Continue

Added by Carolyn Dobbs on October 7, 2009 at 8:33am — 1 Comment

REOMasters - Club Tsunami (FiveStar) and the Foreclosure Angel Foundation

I expected, like most others, that everyone would be announcing the success of the REOMasters Network charity fund raiser, "Club Tsunami" at the FiveStar Conference in Fort Worth. But since I haven't seen it posted elsewhere, REOMasters Network raised $27,000.00 for the Foreclosure Angel Foundation from the Club Tsunami event (City Streets Club, September 21st - Ft. Worth). Thank you to all who attended and/or participated. A great time was had by all and a very worthy charity organization wa… Continue

Added by Clay Kime, REOM, CREO, CDPE on October 4, 2009 at 8:00pm — 2 Comments

I Pay for Listings--but it is not what you think!

There has always been a cost to become a preferred REO broker on a network--there should be. If it was free to train and become a preferred broker with an REO network, then every Tom, Dick and can't save a buck to save their life agent would be on there. REO is EXPENSIVE! In any given month, I write checks for $20,000+ for utilities, sewer, garbage, repairs, contractors, rehab, signage, marketing and staff. There were months last year, in the winter, when with snow removal and winter power bill… Continue

Added by Pam Eikleberry on October 2, 2009 at 11:45am — 7 Comments

Do You Know Who the "Big Two" are?

I won’t make you guess. The “Big Two” are Wells Fargo and Bank of America. Why are they the big two? They are the big two because during the second quarter Wells Fargo and Bank of America combined, originated 44% of all home loans. http://www.nationalmortgagenews.com/lead_story/?story_id=96 Why am I telling you this? Well, despite the fact that many loans are sold or transferred from the originating lender,… Continue

Added by Lowell Caro, Jr on October 2, 2009 at 1:58am — 3 Comments

Whats Next?

So…Where are we heading in this market? Countless moratoriums at the Federal and State level. Moratoriums from the banks themselves trying to work out loan mod’s. Local Judges refusing to evict homeowners., Local sheriff’s doing the same. Now we have programs like HAMP and Court decisions like National Bank v. Kesler. There is such an underpinning of resentment from the American people against not only the Banks but corporate America as well. Will this sentiment continue to stall the inevitable?… Continue

Added by Michael Howard on October 1, 2009 at 8:30pm — 1 Comment

I have an REO Listing, Now What?

Having done a number of REO listings over the years, it is still a relatively new field for many of us. I am not an expert, I learn something new every day. Please keep in mind this is meant to be humorous! 1 - Got an email today from my asset manager letting me know that I was selected to market and list their property. First though I have 24 hours to obtain an occupancy verification, gain interior access to get pictures, find out the HOA company information and any past due amounts, gain acce… Continue

Added by Beth Ross on October 1, 2009 at 6:17pm — 7 Comments

Who Walks Out? New Studies Shed Light on Strategic Defaults - Very Interesting

A nationwide rise in homeowners’ “negative equity” is convincing more people to walk out on their mortgages, even if they have favorable credit ratings and can afford to pay their loan, according to recent studies. Two reports – one by researchers at Northwestern University and two other colleges, the other by the… Continue

Added by Linda McKissick EXIT Realty Bend on October 1, 2009 at 9:12am — 1 Comment

Small Office or Major Corporate Brand to handle REOs?

Before I opened my own office, I was with a big named real estate company. I felt that being part of that corporate structure was something I wanted to experience. I've always been part of the small business world and truly never thought going corporate. However, two years ago I took my chance at a corporate office and here's my experience: 1. The corporate culture taught me lead generation, contract, escrow classes and such, but when you actually get down to the nitty gritty, contract and deal… Continue

Added by Johnny Huang, MBA, CDPE, RDCPro on September 30, 2009 at 4:00pm — 5 Comments

How Are You Handling Over The Price Offer?

In some parts of the nation, it seems that you are back in 2005 when house were selling in minutes if not seconds. And no more how much the offer was over the price and it was financing, there was no problem with appraisals. Fast forward to 2009, here we are in similar market. Not only REO inventory is down but the inventory in general. Demand is high causing multiple offer situation in most properties. Nonetheless, we have strict appraisal rules and banks being conservatives in lending their m… Continue

Added by Marcelo Da Silva on September 28, 2009 at 9:35pm — 6 Comments

REO's the "GO TO" choice in this market.

If you're looking anywhere outside the perimeter of Atlanta then it's likely that you have shown a foreclosure or short sale. To be more specific you have showed an REO or POTENTIAL short sale. REO's are quickly becoming the "GO TO" choice in this market. With agents being somewhat unreliable and bank's short sale systems being even more unreliable and unpredictable, suddenly the topsy turvy world of REO becomes somewhat of a welcome comfort. Multiple Offers? Great! At least I know the bank wil… Continue

Added by Joshua Jarvis on September 28, 2009 at 8:10pm — 1 Comment

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