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Jose Rivas (DGRA) CDPE, SFR's Blog (33)

Where is the REO Inventory

Well for those of you who don't know, REO stands for Real Estate Owned, or bank owned properties. As an REO Listing agent I have seen my inventory shrink during 2011, I used to receive several houses to list every month from different clients and now they are down to a handful and I have more houses waiting for foreclosures to be ratified in the courts and evictions than the ones I have actively listed.

It is easy to understand that it might work better this way, because it keeps the…

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Added by Jose Rivas (DGRA) CDPE, SFR on August 11, 2011 at 2:49pm — 7 Comments

why would a bank reject a short sale?

I have been doing short sales for about 3 years, I have seen a lot but I am still learning. I known that banks sometimes might denied a short sale in the following cases:

  • 80/20 they can agree on how much each one is getting, sometimes the 2nd mortgage wants more than what the first mortgage is willing to approve.
  • Contract price is too low or property is so ugly and has to many issues that no one is interested to pay what the bank has approved.
  • Too many liens on…
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Added by Jose Rivas (DGRA) CDPE, SFR on August 10, 2011 at 8:51pm — No Comments

Banks are giving money for Short Sales

I just read an interesting article on DSNEWS, the article explains that major lenders are giving their borrowers insentives for short sales, and some are trying to streamline the process.

 

The article states that Wells Fargo has been giving relocation assistance up to $20,000 in Florida for if the borrower chooses to go do a short sale or deed in lieu. Chase is also offering up to $20,000 if the borrower doesn't qualify for a loan modification and up to $30,000 in CA. Citi has…

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Added by Jose Rivas (DGRA) CDPE, SFR on July 30, 2011 at 1:12am — 2 Comments

Banks are giving money for Short Sales

I just read an interesting article on DSNEWS, the article explains that major lenders are giving their borrowers insentives for short sales, and some are trying to streamline the process.

 

The article states that Wells Fargo has been giving relocation assistance up to $20,000 in Florida for if the borrower chooses to go do a short sale or deed in lieu. Chase is also offering up to $20,000 if the borrower doesn't qualify for a loan modification and up to $30,000 in CA. Citi has…

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Added by Jose Rivas (DGRA) CDPE, SFR on July 30, 2011 at 1:12am — No Comments

What's Wrong with This Picture

There is a vacant house in my neighborhood that is driving all the neighbors crazy, it has been vacant since October of last year, I am sure if it hasn't foreclose yet it is about to. grass is 5 feet tall, weeds are growing very tall, ivy wraps around the house. broken fence etc.

I was driving home last night and I saw a hand written sign on the front lawn, I stop to read it and was very surprised to read " Froclosure $55K Needs work and the phone number"

It makes me wonder if…

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Added by Jose Rivas (DGRA) CDPE, SFR on July 15, 2011 at 10:11am — 9 Comments

Title Issues with REO and Short Sales

I don't know if it is my luck, but lately I have several settlement delayed due to title issues. I know with REO properties usually we have these delays, because the ratification of foreclosures and deed recordations. But lately I have found some crazy things.

I have two properties that have been under contract since April and May, both have title issues.

Property one is bank owned. It has been undercontract since April, they are waiting for previous foreclosure recordation,…

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Added by Jose Rivas (DGRA) CDPE, SFR on July 14, 2011 at 12:27pm — 2 Comments

Why are foreclosure sales dropping?

Someone ones told me that numbers don't lie, but they can be manipulated. Here is an example, I just read an article titled "Foreclosure Sales Decline Second Straight Month" that makes it sound like it was good news for our market and our economy. I really believe that the numbers are right, but they are not telling an accurate story.

The reason foreclosure sales are down is because the active inventory of REO properties is down due to the robo signing and other factors. I can see…

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Added by Jose Rivas (DGRA) CDPE, SFR on July 12, 2011 at 9:24am — 1 Comment

True Blood, are we Fang bangers?

I like to watch the HBO show True Blood, in that show vampires are open in our society and they have human friends or lovers or companions who protect them when they are asleep and provide blood for them, those humans are called fang bangers 

It seems that so many companies out there now have conferences, special memberships for REO agents, REO colleges or programs that would make you a powerhouse, etc. 

I was very surprise that with less active inventory, increase amount of…

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Added by Jose Rivas (DGRA) CDPE, SFR on July 9, 2011 at 10:37am — 3 Comments

HUD runs out of money

Hello everyone, I just receive one of the most unexpected emails from the HUD title company in my area, the email sounds more like an April fools joke than the news you want to hear from the title company that is handeling a large percentage of your business.

 

"I have some unusual news to report.

 

We have just received word from HUD that we are to cancel any closings we have scheduled for tomorrow. It seems that HUD has run out of funds and cannot do anymore work. …

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Added by Jose Rivas (DGRA) CDPE, SFR on April 6, 2011 at 8:57pm — 8 Comments

Slow Times

I was talking to several REO agents in my area and everybody is complaining that we are not getting assignments like we used to. I have some houses in pre-listing since Sept of last year, and I haven't receive too many new assignments this year, it started great with a busy first week of January, but then it has slow down.

Also bpos are slowing down, and per my conversations with other agents it is the same with most. I talk to some asset managers from large banks a few weeks ago, and…

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Added by Jose Rivas (DGRA) CDPE, SFR on March 14, 2011 at 4:21pm — 10 Comments

My latest CFK Experience

On Monday I have to do a Cash for Keys with the tenant living in the house that has been assigned to me. This house was assigned to me last summer but my client was waiting for the foreclosure to be ratified by the court and for the deed to be recorded. Finally I have the green light to offer cash for keys to the tenant at the end of January, they told me to offer $500, the tenant ask for $2000 finally we negotiated to $1200.

My client sent me the check last week and made it to my…

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Added by Jose Rivas (DGRA) CDPE, SFR on March 2, 2011 at 7:18am — 9 Comments

Thinking outside the box to help the Housing Recovery

I am not an econimis, nor a financial expert, but I like to think practical outside the box, I know what I am about to say will get some people upset, and my even triger a Nationalistic reply to it, but the reality that we lived in is different to the reality we would like to live in.

We need to have a better housing recovery to help our frail and declining economy, the main reasons are high unemployment, the large amount of people living and on the way to live depending of our…

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Added by Jose Rivas (DGRA) CDPE, SFR on January 2, 2011 at 9:57pm — 1 Comment

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

NEW Changes to the HUD process

New HUD Process





I had the opportunity to attend a webinar for new HUD listing brokers and there are some changes, I think HUD is improving their customer service and their system, I

have been selling HUD homes since I started in real estate 5 years ago, always

from the buyer side and sometimes it was…

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Added by Jose Rivas (DGRA) CDPE, SFR on September 9, 2010 at 11:30am — 5 Comments

REO TEAMS

I know most of us have a team or at least 1 assistant to help us the business, the way I look at the team, and this is just my opinion I might be totally wrong, is like a business, I have a group of professionals that I trust and that are very good at what they do. my model is simple I have a transaction coordinators/super woman, a book keeper, a media spcialist, a buyers/field agent and I over see and pick up the slack where and when necessary.

I know the model for some…

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Added by Jose Rivas (DGRA) CDPE, SFR on July 22, 2010 at 10:40am — 1 Comment

Offer Submission from Buyer's agent right to Asset Managers, This will bring more transparency to the transaction.

As of July 1, 2010 PNC REO is using offersubmission.com for buyer agent's to submit offers directly to asset manager, by passing the listing agents. I think this will bring more transparency to transactions. With this buyer's agents wont blame…

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Added by Jose Rivas (DGRA) CDPE, SFR on July 5, 2010 at 10:59am — 4 Comments

HOW IS YOUR BPO AUTOMATION SOFTWARE

Last year I was doing tones of BPOs and I decided to use help with automation to maximize my time and to have a life, I tried 3 different companies, This year I can see that bpos are very hot, just last week I turned down over 100 and I still managed to do complete 35 which is 10 more than what I really want to do weekly.
At REO EXPO there were 3 companies promoting automation and every body was excited talking about this topic.
I would like to create a rating system for this…
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Added by Jose Rivas (DGRA) CDPE, SFR on June 10, 2010 at 12:07am — 33 Comments

How does Mandatory Mediation before foreclosure affect your market?

We are in an election year in Maryland and the governor is pushing for a state mandatory mediation before foreclosure, it appears that the bill will pass, since no legislator in their right mind will opposed a bill that might help voters.


Some are comparing this bill to the mediation in Nevada and the success rate there, I would like some input from some of you who might live in a state that has mediation. I want to be well inform to serve my clients…
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Added by Jose Rivas (DGRA) CDPE, SFR on February 16, 2010 at 12:00pm — 2 Comments

How can a Titanium assignment and an empty promise can hurt your client?

Please help me understand this, I am a little upset about this since I put a lot of time, money and effort on this listing.


I have a listing since November started at $290,000 so client could break even, they purchase this property new 5 years ago and put 10% down payment, had a loan mod early in 2009, but fell behind again and have not make payment since Sept. They were serve by the sheriff with NOD, I have lowered the price every 15 days since first week of November and…
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Added by Jose Rivas (DGRA) CDPE, SFR on February 15, 2010 at 8:30pm — 17 Comments

WOW, 7 MILLION houses in default.

I read this on mortgage news today, and this numbers are kind of scary, so many properties will definitely have an impact in the housing industry and the overall economy of our nation.



Here is the article



7.2 Million Loans Behind on Payments, One Million REOs

More than 7.2 million mortgage loans are now behind on payments and one million properties are now in real estate-owned status, according to the January 2010 Mortgage Monitor report from Lender Processing… Continue

Added by Jose Rivas (DGRA) CDPE, SFR on February 4, 2010 at 4:14pm — 6 Comments

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