http://static.ning.com/socialnetworkmain/widgets/index/logo.gif); background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: 100% 0%; background-repeat: no-repeat no-repeat; ">I am happy to say Bob Shelton's NRBA Boot Camp this past weekend was phenomenal and am glad to have taken the time off from work to… Continue
Added by Carlos H. Silva Sr. on February 23, 2010 at 1:09am —
Mortgage fraud risk over the last year seems to have migrated westward, with Nevada and California dominating the 10 riskiest metropolitan statistical areas (MSAs), according to a new study released by Interthinx this week.
One of the study’s most telling findings – the states with the highest overall levels of mortgage fraud risk correspond to the states with the highest levels of foreclosure activity.
Here’s how the numbers stack up. Nevada – which claimed the highest state… Continue
Added by Carlos H. Silva Sr. on August 28, 2009 at 10:54am —
Another good article from a colleague:
Effective October 1, 2009, the State of Nevada has enacted a "Good Funds" law.
The law states that for escrow to close the buyer's closing funds must clear the bank.
The buyer brings in a cashier's check for down payment and closing costs. The check must be deposited with the title/escrow company's bank prior to record/close.
If this cashier's check is drawn from a local bank, this clearance can… Continue
Added by Carlos H. Silva Sr. on August 25, 2009 at 10:09pm —
Many agents rush through BPOs and don't take the time to do a good job on the comps and give a proper value recommendation. However, the BPO is an important tool for an AM to do his strategy and submit to the committee for approval. Once a strategy is approved the asset is listed and becomes part of the AM's portfolio. AM's are compensated and rated on many factors. One of those is the percentage of FMV the property sold for. AMs get pretty ticked off when a property sells far below the BPO he… Continue
Added by Carlos H. Silva Sr. on August 21, 2009 at 1:10am —
I am often asked how to set up an REO team. Of course there are many ways to do so and some are better than others. Ultimately you have to do what works best for you and your clients. Here is how we've structured it:
1. Person or team to access damage, handle lock outs, visual inspection, opens property for utilities, take pictures, check occupancy status, handles cash for keys and installs lockbox; usually has a CWP.
2. BPO agent or team depending on how many listings you are… Continue
Added by Carlos H. Silva Sr. on July 2, 2009 at 2:46pm —
Read the following article and thought it was worth sharing:
In case you lost track, the $3 trillion Troubled Asset Relief Program has become a hydra-headed, public-private endeavor that is operating with no clear leadership.
That's the conclusion of a new report by the Office of the Special Inspector General for TARP, which said the program is "12 separate, but often interrelated, programs" involving "unprecedented scope, scale, and… Continue
Added by Carlos H. Silva Sr. on May 11, 2009 at 11:01am —
Warren Buffett called them “weapons of mass destruction” in 2003.
President Bush said they had to be regulated.
So did the chairman of the Securities and Exchange Commission, and the current head of the Federal reserve.
As did the G-20 group of the world's 20 richest nations.
Former Federal Reserve Chairman Alan Greenspan - after being one of their biggest cheerleaders - now says they are dangerous.
And a Nobel prize-winning economist said… Continue
Added by Carlos H. Silva Sr. on May 1, 2009 at 1:50am —
There's been a lot of questions concerning how a foreclosure this days will affect your credit score and ability to qualify to purchase a home in the future. Here's an older article from NY Times which somewhat addressed the matter.
How Will Foreclosure Effect Credit Scores?
The amount of damage to a credit score caused by foreclosure, deed in lieu or a short sale during 2008 and 2009 may be mitigated by the slower economic times, say some credit and… Continue
Added by Carlos H. Silva Sr. on April 24, 2009 at 12:01am —
Due to the lifting of the foreclosure moratorium at the end of March, the downward slide in housing is gaining speed. The moratorium was initiated in January to give Obama's anti-foreclosure program---which is a combination of mortgage modifications and refinancing---a chance to succeed. The goal of the plan was to keep up to 9 million struggling homeowners in their homes, but it's clear now that the program will fall well-short of its objective.
In March, housing prices accelerated… Continue
Added by Carlos H. Silva Sr. on April 22, 2009 at 2:00pm —
If you have chased the elusive Bulk REO as I have than you are probably wondering how to get your hands on a real buyer, a real seller and a real tape. You probably also ran across your fair share of , NCNDs, MFAs, intermediaries, mandates, broker chains, "buyers", "sellers" and a fair share of tapes. One thing I have learned is to do a lot of due diligence and not to get too excited like I did at the beginning of my bulk REO journey. I am embarrased to say how much time has been "invested" in… Continue
Added by Carlos H. Silva Sr. on April 21, 2009 at 4:30am —
CMBS Outlook Finds Conditions Are Bad and Getting Worse for Office, Retail and Hotel Sectors
Deteriorating CMBS Loan Performance Indicates Worst May Not Be Over
ArticleBy Mark Heschmeyer
April 8, 2009
Judging from the latest analysis coming out on the commercial mortgage-backed securities (CMBS) market, the worst may be yet to come for commercial real estate.
Recent reports issued by Deutsche Bank, DBRS and Fitch Ratings find that commercial real… Continue
Added by Carlos H. Silva Sr. on April 10, 2009 at 4:34am —
In an effort to control mosquitos that carry the West Nile Virus in foreclosed homes that have pools with stagnant water (green pools) the Las Vegas Nevada Health District's "Mosquito Control Program" have introduced Gambusia Affinis. It is a minnow like fish that lists mosquito larvae as it's favorite food. The fish were initially introduced to control mosquito population in wetland areas. With the increased amount of foreclosures with pools containing "green pools" they have become the health… Continue
Added by Carlos H. Silva Sr. on April 10, 2009 at 4:19am —
Obama’s Busted Bank Bailout
By Jack Rasmus
Global Research, April 1, 2009
Z Magazine, April 2009
Parts of the following article were published in the April issue of ‘Z’ Magazine. It was written in February, after the US Treasury Secretary, Geithner, announced his initial draft bailout program. That initial program was met with widespread rejection by bankers, investors, and the business press. It was revised significantly by… Continue
Added by Carlos H. Silva Sr. on April 9, 2009 at 1:56am —
Everyone knows REO properties can be purchased at discounted rates and that they are great investments. What not many know is that high end homes are even better bargains and in most cases can be purchased at even bigger discounts than your typical REO property. It is not uncommon, in our market, to purchase a property valued at $2million for $1 million. Here are some of the reasons why that market offers great deals:
1. Fewer buyers in this market.
2. Misconception jumbo… Continue
Added by Carlos H. Silva Sr. on March 31, 2009 at 3:15am —
Agents often ask me what it takes to be a successful real estate agent and I have come up with a list of what helped me become #1 in listings, sales and AGC in my former office. Here is what is crucial to having a successful career:
1) Close On Time-Close of Escrow means it has to be funded and recorded by that date. It is not a target date!
2) Easy To Work With-Be accessible to your clients and make them feel comfortable enough to contact you with any questions or… Continue
Added by Carlos H. Silva Sr. on March 27, 2009 at 1:58am —
AIG, Larry Summers and the Politics of Deflection
Finally the US authorities have gotten ‘tough' with the predator financial institutions. The world has been waiting for such decisive intervention since an unending series of Government bailouts of financial institutions began early in 2008 amounting to now trillions of taxpayer dollars. Now, with the world's largest insurance giant, AIG, the White House Economic Council chairman, Larry Summers has expressed ‘outrage.'… Continue
Added by Carlos H. Silva Sr. on March 20, 2009 at 12:37pm —
On the March 15 CBS show "60 Minutes", Federal Reserve Chairman Ben Bernanke used a false analogy already popularized by President Obama in his quasi-State of the Union Speech. He likened the financial sector to a house burning down – fair enough, as it is destroying property values, leading to foreclosures, abandonments, stripping (for copper wire and anything else recoverable) and certainly a devastation of value. The problem with this analogy was just where this building was situated, and… Continue
Added by Carlos H. Silva Sr. on March 18, 2009 at 11:40pm —
It may seem odd, but the public outrage against $135 million in AIG bonuses is a godsend to Wall Street, AIG scoundrels included. How can the media be so preoccupied with the discovery that there is self-serving greed to be found in the financial sector? Every TV channel and every newspaper in the country, from right to left, have made these bonuses the lead story over the past two days.
What is wrong with this picture? Is there not something over-inflated about the outrage led most… Continue
Added by Carlos H. Silva Sr. on March 18, 2009 at 11:00pm —
Obama's Economic Plan vs. An Alternative
Too little, too late
By Jack Rasmus
Rasmus's ZSpace page
More than 20 months after the financial and economic crisis erupted in August 2007, the U.S. economy continues to slip deeper into financial instability while simultaneously descending into a recession of epic dimensions, the worst by far since 1945.
As millions have been thrown out of work in just the last three months, the Obama administration raised its… Continue
Added by Carlos H. Silva Sr. on March 8, 2009 at 11:01pm —
In my opinion networking is one of the best and inexpensive way to establish business relationships which can be a source of additional business via referrals. The internet has made it possible to reach across countries and oceans to tap into global markets. Many foreign investors are investing in the residential and commercial markets where in the past it was mainly large corporate transactions. Our group has worked on transactions with institutional investors and private capital entities from… Continue
Added by Carlos H. Silva Sr. on March 1, 2009 at 7:48pm —