The below letter was sent to me by a REOPro Default Professionals member evidencing the fact that the REOPro member is writing his State Senator to address issues in the REO market of unfair practices. I thought you all might want to read it yourself. NOTE: I did redact some names and contact information in order to protect others privacy.

Senator David and staff,

The market in Georgia is "on fire," but it is also being completely held back by the CFPB, regulations and the lack of REO/Bank Owned properties coming to market.  Georgia has always been an REO state , and for my 14 year career in real estate, we have always been in the top 5 states in the United States.  Realtors like S*** R****, M*** P*******, M*** B**** and myself have been drastically down in business due to the red tape to foreclose, and the CFPB making banks jump through hoops in order to foreclose.  Some people have filed bankruptcy, have done loan modifications and in some cases have not made a payment in years.  

Housing reports are showing that things are up in value, but that is due to the lack of inventory, lower inventory (due to lack of distress properties & still underwater properties in GA), hedge funds turning everything into a rental and multiple offers on almost every property.  We are about to go into another bubble, due to the aforementioned.   Fannie, Freddie, HUD  keep selling loans to investors (who then rent) under the radar to look profitable to the house and senate.  Frankly, we are getting tired of this.  I drive around Metro Atlanta and see all the vacant, boarded up homes, and houses with bank owned stickers in the window, which have not been introduced to the market.   It is getting ridiculous.  The consumers, neighbors, Realtors and buyers know what is going on.  Wholesalers and there fraudulent deals are back in full force again.  We went through the same thing in 2003-2007.  We are going through the same thing, but nobody wants to talk about it.   The Realtors are tired of it.  Nobody can get a house in the middle-lower class, due to all the hedge funds and "all cash offers."  Buyers in the average-higher level properties are also paying way to much, due to the limited property.  Banks are starting to get pressure form their congressional members about the "millennials" not buying houses.  No Kidding?  Can they get a job?  Pay off their student debt, and are not gun shy after all that happened with the housing market? 

I have been selling REO in Atlanta, GA for 9 years and have been selling real estate full-time since 2001.  I have seen 3 bubbles, and this "recovery" is far from recovery.  It is called manipulation and the selling of loans under the radar and to "non-banks" who do not conform to TARP/HARP and regulations....Ie....Nationstar, Pennymac and Ocwen.  They are taking these homes at a discount, then putting them on their website to make a 3% auction fee, while kicking all agents out an neglecting the house and neighborhood.  Nationstar use to be a good client, but now they have become Ocwen.  They are making millions off their webiste, cutting agents, loan officers and other closing attorneys out of the deal while they make millions and cut jobs.  It is getting old.  I have paid thousands of dollars in taxes over the past 9 years.  I have seen the CFPB get larger and larger.  They are looking to build  a new campus at 335 per/sqft, which his more than Trump Towers.  The #2 guy stepped own.  The #1 guy from Ocwen stepped down.  Can we stop with the red tape?   The CFPB has become Rogue and only flexing their muscles over political agenda.  I pay my mortgage, and I am still under water.  I could do like others and not pay my mortgage, do a loan modification and play all the other games to my advantage, but I have pride and morals. 

My other gripe is that Fannie Mae needs to be more transparent when it comes to procuring agents.  I have been told many times "they are not taking new agents," only to find a new agent in their network.  I have seen agents who have also admitted to "knowing somebody in Fannie Mae."  They then get a lot of business, and have never sold an REO or how to run the task from "cradle to grave" without their staff.  I have numerous accounts of such, and frankly it is getting old.  Our company is LGBT owned, but evidently it won't matter.  Our Realtor network is also tired of the lack of transparency when selecting agents based on experience and results.   Freddie, Fannie and HUD claim they have these "open channels," but they do not.   Do a survey with moth agents and you will see that Fannie, Freddie and HUD contracts are not transparent and they are favored.  I would like my name to remain silent, but i know this to be true.  

Can we please look into the below items.  They are about to cause another bubble and kill our housing market is a few years:

Hedge funds:  they get to buy bulk sales from Fannie, HUD and Freddie.  They then rent them, per the contract.  How does this help home preservation? I thought all the aforementioned were all about "owner occupants."

The CFPB:   They keep suing banks.  Really?  Has it not been since 2007 now?  The stature of limitations in some states is almost over, and some occupants may be able to live in their house for free for the rest of their life.  How is that fair to anybody else??

Selling of mortgages to Ocwen.  Banks keep selling to Ocwen.  They then outsource their work to India, Use their own network and make a ton off their www.HUBZU.com.  Their properties sit on the market forever, due to the price and they do not maintain them. The neighborhood suffers and the bank does not care.  The same will be true with www.homesearch.com 

We need the CFPB and GSE's to stop allowing people to stay in their house for years without making a payment.  Really?  It is not "fair to them for signing up for a loan they did not mean to sign?"  Well, perhaps the GSE's should not have promoted home ownership, backed the banks along with Barney Frank, then blame them for all that happened.  

I am simply voicing my opinion.  We are going back into a bust again soon.  The stock market is overvalued, real estate is overpriced and the GDP and employment is sill low.  People are paying more in rent vs. to own.  The problem is they can't get a loan or see what is going on despite all the "market indicators."   I would be happy to take you or your staff on a tour so you can see what I am talking about.   

I am a middle wage earner who pays taxes.  I am tired of the games of the current administration the GSE's and the CFPB.  It is starting to hurt Realtors, attorneys, lenders, asset companies and vendors.   It is hitting our bottom line and we see what is going on.  We know Georgia has/always will have a healthy amount of REO.    Again, ask some of us seasoned Realtors as to what is going on, and you will see the market is way over valued, and we will crash again.  People are paying top dollar at all-time low interest rates.  What happens when they raise a couple points?  CRASH!!!!!!!  Have we not seen this before? 

Something needs to be addressed with the CFPB, as they are not helping, they are hindering.  Dodd/Frank has also killed off lending for the last 7 years.  IF things do not change, we will be back into another housing crisis.    I would be happy to talk to you in further detail.  

thanks,

The below letter was sent to me by a REOPro Default Professionals member evidencing the fact that the REOPro member is writing his State Senator to address issues in the REO market of unfair practices. I thought you all might want to read it yourself. NOTE: I did redact some names and contact information in order to protect others privacy.

Senator David and staff,

The market in Georgia is "on fire," but it is also being completely held back by the CFPB, regulations and the lack of REO/Bank Owned properties coming to market.  Georgia has always been an REO state , and for my 14 year career in real estate, we have always been in the top 5 states in the United States.  Realtors like S*** R****, M*** P*******, M*** B**** and myself have been drastically down in business due to the red tape to foreclose, and the CFPB making banks jump through hoops in order to foreclose.  Some people have filed bankruptcy, have done loan modifications and in some cases have not made a payment in years.  

Housing reports are showing that things are up in value, but that is due to the lack of inventory, lower inventory (due to lack of distress properties & still underwater properties in GA), hedge funds turning everything into a rental and multiple offers on almost every property.  We are about to go into another bubble, due to the aforementioned.   Fannie, Freddie, HUD  keep selling loans to investors (who then rent) under the radar to look profitable to the house and senate.  Frankly, we are getting tired of this.  I drive around Metro Atlanta and see all the vacant, boarded up homes, and houses with bank owned stickers in the window, which have not been introduced to the market.   It is getting ridiculous.  The consumers, neighbors, Realtors and buyers know what is going on.  Wholesalers and there fraudulent deals are back in full force again.  We went through the same thing in 2003-2007.  We are going through the same thing, but nobody wants to talk about it.   The Realtors are tired of it.  Nobody can get a house in the middle-lower class, due to all the hedge funds and "all cash offers."  Buyers in the average-higher level properties are also paying way to much, due to the limited property.  Banks are starting to get pressure form their congressional members about the "millennials" not buying houses.  No Kidding?  Can they get a job?  Pay off their student debt, and are not gun shy after all that happened with the housing market? 

I have been selling REO in Atlanta, GA for 9 years and have been selling real estate full-time since 2001.  I have seen 3 bubbles, and this "recovery" is far from recovery.  It is called manipulation and the selling of loans under the radar and to "non-banks" who do not conform to TARP/HARP and regulations....Ie....Nationstar, Pennymac and Ocwen.  They are taking these homes at a discount, then putting them on their website to make a 3% auction fee, while kicking all agents out an neglecting the house and neighborhood.  Nationstar use to be a good client, but now they have become Ocwen.  They are making millions off their webiste, cutting agents, loan officers and other closing attorneys out of the deal while they make millions and cut jobs.  It is getting old.  I have paid thousands of dollars in taxes over the past 9 years.  I have seen the CFPB get larger and larger.  They are looking to build  a new campus at 335 per/sqft, which his more than Trump Towers.  The #2 guy stepped own.  The #1 guy from Ocwen stepped down.  Can we stop with the red tape?   The CFPB has become Rogue and only flexing their muscles over political agenda.  I pay my mortgage, and I am still under water.  I could do like others and not pay my mortgage, do a loan modification and play all the other games to my advantage, but I have pride and morals. 

My other gripe is that Fannie Mae needs to be more transparent when it comes to procuring agents.  I have been told many times "they are not taking new agents," only to find a new agent in their network.  I have seen agents who have also admitted to "knowing somebody in Fannie Mae."  They then get a lot of business, and have never sold an REO or how to run the task from "cradle to grave" without their staff.  I have numerous accounts of such, and frankly it is getting old.  Our company is LGBT owned, but evidently it won't matter.  Our Realtor network is also tired of the lack of transparency when selecting agents based on experience and results.   Freddie, Fannie and HUD claim they have these "open channels," but they do not.   Do a survey with moth agents and you will see that Fannie, Freddie and HUD contracts are not transparent and they are favored.  I would like my name to remain silent, but i know this to be true.  

Can we please look into the below items.  They are about to cause another bubble and kill our housing market is a few years:

Hedge funds:  they get to buy bulk sales from Fannie, HUD and Freddie.  They then rent them, per the contract.  How does this help home preservation? I thought all the aforementioned were all about "owner occupants."

The CFPB:   They keep suing banks.  Really?  Has it not been since 2007 now?  The stature of limitations in some states is almost over, and some occupants may be able to live in their house for free for the rest of their life.  How is that fair to anybody else??

Selling of mortgages to Ocwen.  Banks keep selling to Ocwen.  They then outsource their work to India, Use their own network and make a ton off their www.HUBZU.com.  Their properties sit on the market forever, due to the price and they do not maintain them. The neighborhood suffers and the bank does not care.  The same will be true with www.homesearch.com 

We need the CFPB and GSE's to stop allowing people to stay in their house for years without making a payment.  Really?  It is not "fair to them for signing up for a loan they did not mean to sign?"  Well, perhaps the GSE's should not have promoted home ownership, backed the banks along with Barney Frank, then blame them for all that happened.  

I am simply voicing my opinion.  We are going back into a bust again soon.  The stock market is overvalued, real estate is overpriced and the GDP and employment is sill low.  People are paying more in rent vs. to own.  The problem is they can't get a loan or see what is going on despite all the "market indicators."   I would be happy to take you or your staff on a tour so you can see what I am talking about.   

I am a middle wage earner who pays taxes.  I am tired of the games of the current administration the GSE's and the CFPB.  It is starting to hurt Realtors, attorneys, lenders, asset companies and vendors.   It is hitting our bottom line and we see what is going on.  We know Georgia has/always will have a healthy amount of REO.    Again, ask some of us seasoned Realtors as to what is going on, and you will see the market is way over valued, and we will crash again.  People are paying top dollar at all-time low interest rates.  What happens when they raise a couple points?  CRASH!!!!!!!  Have we not seen this before? 

Something needs to be addressed with the CFPB, as they are not helping, they are hindering.  Dodd/Frank has also killed off lending for the last 7 years.  IF things do not change, we will be back into another housing crisis.    I would be happy to talk to you in further detail.  

thanks,

In the last post, I introduced probate, a vast shadow inventory of properties that are unlisted, unpublished, unknown. It begs the question, how to you discover these often overlooked opportunities? 

I'm a "recovering leads provider". By that I mean, I'm a firm believer in paddling your own canoe and not buy leads from a guy like me. There's 3,000+ counties nationwide, some records are online, some aren't online. Different processes to verify that real property is attached to the estate. It's better to understand the data nuances in your area, than to hire a so-called leads company. If you are intent on outsourcing this task, it makes more sense to search for a court research company, than a leads company. There are several reputable court researchers that mine all manner of data from courthouses for a variety of purposes, and can efficiently extract a list of probate filings in your locale. They by and large have pretty big clients and don't invest much in marketing - most of their websites are eyesores - so you have to find them. Very nice people, and meticulous. It takes a special kind of person to sit in front of microfilm for hours on end. 

But in my view, it is better to do it yourself, or hire someone that you know and can exert more control over. It can be difficult to manage someone 2,000 miles away. I've had botched jobs, one-day wonders, people that began a project and couldn't deal with the monotony of researching and quit. For that reason, it makes more sense to do it yourself, or at least hire a local person to add a level of accountability that a leads provider does not have. 

When you obtain a list of probate filings, the decision maker is the Personal Representative/executor/administrator, the decision maker who has been assigned by the Court to wind down the earthly affairs of the deceased, a task that is both an honor and a burden. Your messaging is one of a solutions provider, that in this difficult time you can help them sell the real property to resolve their obligations and distribute the remaining proceeds to the heirs. Many PR's that would not otherwise warm immediately to a stranger would otherwise go to a website to be educated on their options and learn more about why they should work with a probate real estate expert. > View some sample websites

One of the biggest impediments to selling the estate property is disposing of other, non-real property assets and personal belongings. For this reason, many people that successfully work probate offer additional services in terms of selling or donating items for a tax write off. Indeed, many property preservation companies generate business from a list of probate filings. Still other agents offer a hybrid program of making repairs (mostly cosmetic) to bring the estate property up to tip top shape in order to command the highest price, with the cost of those services to be discharged at escrow. I know of other people that offer a probate loan, to put money into the account fast, again, being paid back when the sale closes. 

There's some debate as to whether or not to market to attorneys, and in my view, it's a huge source of referral business if you are in it for the long haul. Many of those attorneys have their preferred network of real estate agents they recommend to the PR. When contacting the PR, the verbiage that seems to work is, "That's great. You owe it to yourself to interview that agent, and at least two others". When contacting the attorney, you can differentiate yourself from other agents and take a soft sell approach. One strategy is to offer - with their permission - to take photos of the probated property to ascertain the condition of the home, to avoid any deferred maintenance or code violation issues that clearly, would be detrimental to the estate. 

This blog is becoming monsterous, but I haven't even scratched the surface here. Stay tuned for additional insights into the probate space. Till next time, A-B-C. Always be closing!

There is a huge shadow inventory of probated properties that are unlisted, unpublished, and unknown. If you are seeing a lack of inventory in your market, you owe it to yourself to seriously look at the probate niche and reach out to the executors/administrators that are tasked with liquidating their loved one's assets. The numbers are staggering - with an aging boomer population, trillions of dollars will transfer from one generation to the next. 

Many real estate professionals shy away from probate for a couple reasons. One, it is sometimes viewed as "ambulance chasing". This is a myopic view, in my opinion. The family NEEDS to settle the estate, cash out and move on to build memories. This is obviously a difficult time for families, and they MUST dispose of assets in a dignified manner. A compassionate real estate professional that helps them through this trying time is certainly not an ambulance chaser - they are providing a huge value. 

Also, many agents/investors are under the impression that probate is a complex transaction, too arcane to delve into. There are some things to know, yes, but it's not all that different from a traditional sale. 

In the next post, I'll get into the more meatier topic of getting probate leads and how to work them to get more consummated real estate transactions. 

03/19/2014 at 12:10 pm • Posted in Buying a Home, Client Marketing, Dream Blue, Listing Marketing, Marketing, Real Estate Agent, Selling a Home by Blog Team • 0 Comments

Clients Day - Closing Gift Ideas

By Alicia Eisenbise, Social Media Specialist, Twitter: @aliciaATcb

Today is Clients’ Day. In real estate, the way many agents build their business is through referrals given by their past clients. If someone is receiving a referral, it’s probably because they have showed the initial client a superior level of service and attention. The question is, what do successful agents do to make their clients feel extra special and get the referral?

The ballisgroup, a boutique real estate team in Chicago, ensures their clients are satisfied by making sure their clients have direct access to the teams two principal brokers – Elizabeth and Deborah Ballis. ”We truly do whatever it takes to have a successful transaction from the first meeting through and beyond the closing. We help get the inspection items addressed, work with the client to be sure the loan moves along, go to the closing or deal with any after-closing problems that may occur. We do all of that and more.” said Eizabeth Ballis. “One of our ‘extras’ — when working with buyers or sellers in condo transactions is we give the managers and doormen a gift card to ‘thank them in advance’ for helping us and our clients. It definitely makes our clients know we are team players, helping the process move along with a happy support staff that feels appreciated and goes the extra mile, too.”

Lisa Thompson, a Broker Associate in Northwest Indiana, Lake and Porter Counties, finds that an immediate response and continued communication (even after the transaction) is key to building a life-long relationship with a client. Giving an honest opinion and protecting their best interest is also paramount to strengthening the relationship.

Closing gifts are another way to show clients you appreciate their business. What gifts have a real “wow” factor? I asked some agents and the resounding answer was that the gift needs to be personalized to the client. Many also said that sometimes the closing gift is most memorable if it is not given during the closing process because there is so much going on.

Our Favorite Closing Gift Ideas

Personalized Gift Baskets

During the home buying process, it’s likely that an agent will learn a lot about their client(s) – their interests, hobbies, likes, dislikes, etc. Many agents I spoke to on Google+ and from Coldwell Banker Residential Brokerage said they enjoy putting together or having a gift basket full of products that they know their clients will love. Everything from wine country baskets to products from shops in their new neighborhood, this is a great way to personalize a gift.
Gift cards

I know this doesn’t seem personal, but it’s the type of gift card that makes it personal. If the client told the agent that they love DIY projects, they may choose a home improvement store gift card. Or perhaps the client mentioned their favorite salon or spa, restaurant or home goods store? A gift card to that favorite place would be perfect.
Personalized Keepsake

Image via HouseLoveShop on Etsy

Custom Home Illustration | Image via HouseLoveShop on Etsy

Lisa Thompson said her clients love an engraved ornament of their home. Every year the client will be reminded of her and how she helped them find their home. Other great personalized gifts include: a mailbox personalized with the new address, personalized cake carrier with a cake inside, personalized welcome mat, a framed house key engraved with the address and date or a personalized stamp with their new address.

Dinner Delivery During or Right After the Move

No one wants to cook the first night they move into a new home. First of all, who can even find the pots and pans? That’s why I love having a local restaurant deliver a full meal to the client on move-in day or the first week in the home. Of course, the agent has to do a little planning and arrange it with the client, but it’s a memorable and thoughtful gift.

Local Membership

Although it depends entirely on the client, Elizabeth Ballis shared that the ballis group sometimes gives a membership to a local museum for clients who may be new to Chicago. This idea could extend to all sorts of memberships that would help clients explore the local community: the local pool, botanic gardens, children’s museum, etc.

Charitable Donation

If a client is active in a charity, many times an agent will learn about it during the home buying or selling process. What about making a gift to that charity in the clients’ name? It’s a gift the agent and the client can feel good about.

Home Warranty Plans

The gift of a Home Warranty is a generous one and one that may be reserved for very special clientele at a certain price point, but one that can be extremely valuable to a new homeowner. Occasionally a home seller does not provide a home warranty in the sale, in that case, Elizabeth Ballis says it could make the perfect closing gift.

Photo Gift

A real estate professional has access to all sorts of photos of the home they are helping to buy or sell. That makes a photo book or other photo gift a relatively easy project. Or if the agent has an especially beautiful image, then perhaps a canvas or metal print, stationary, photo blankets or other photo gift ideas would fit.

Annual Client Parties

This is the gift that keeps on giving. Many real estate agents have an event annually to encourage their clients to visit them and the client gets something in return. Some ideas are: giving out free pumpkins at Halloween, pictures with the Easter Bunny, holding a charity bowling tournament or hosting a shredding/recycle days.

What are your favorite client gifts you’ve ever received (or given)?

pinterest58x58 See even more closing gift ideas on our Pinterest Pinboard here.

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Small business owners and self-employed individuals face multiple problems every day and the biggest one is the lack of time. It is quite common among these individual to outsource their business and personal finance responsibilities.

If you are a small business owner with a Solo 401k retirement plan, it is equally important to monitor your retirement plan, as it is to contribute. It could be lack of time or limited understanding of the investment landscape out of which, self-employed individuals let their Solo 401k provider handle everything.

Here are five signs that indicate that it is time to reevaluate your investments and hire a new Solo 401k plan provider.

Your Solo 401k Provider doesn’t offer fee disclosures

According to the Department of Labor (DOL), every single retirement plan provider charging more than $1,000 for retirement plan is bound to provide complete fee disclosures. If you never received these disclosures from your retirement plan provider, ask for them. In case the provider denies your request for fee disclosures, you can contact the DOL and fire that provider immediately.

Your retirement plan provider is overcharging for services

It is important that you pay only for the services you receive and that too within a reasonable limit. Service charges may vary depending upon the quality of service. The best way to identify the right fees is to benchmark your current services against the ones provided by the other Solo 401k providers.

You are not satisfied with administration services of your provider

For small business owners with several employees, it is important to devise an optimal retirement strategy for the company and its employees. If your retirement service provider does not help you with the strategy or provides only vague answers, it is time to look for a new provider. A well-qualified retirement plan provider dedicated towards the job would help you avoid critical planning errors and build sufficient retirement savings.

You only hear from your retirement plan provider during quarterly fee collection period

Does it sound surprising? Well, many third party administrators (TPAs) only visit their clients while collecting their quarterly fees. The problem with these TPAs is that they do not keep track of the changes in regulations governing retirement plans and things might go south for the clients. They inform only when something has already gone wrong. It is best to replace such service providers and choose a company that works proactively.

You came to know about multiple errors through an IRS audit

Solo 401k providers that lack the competence to do their job end up with several plan mistakes and unless you conduct an independent plan review, you will hear about them from the IRS only. Such mistakes can cost you thousands of dollars in penalties and taxes. It is all right to make a few mistakes but the provider must take the responsibility for the same. If your provider always has an excuse for his/her mistakes, it is time to hire a new retirement plan provider. 

If you are someone seeking to buy a new home but you don’t have a huge budget, you should consider buying a REO property. Buying a REO property has various perks and is a great way to make your home-buying dream come true without breaking the bank!

What is a REO property?

REO stands for Real Estate Owned property, also known as a bank-owned property.

What does that mean?

A real estate owned, or bank-owned property, means that it is a property that has reverted to the mortgage lender after a failed attempt to sell it during a foreclosure auction.

Still not sure what that means?

When consumers fail to pay the mortgage on their home, they may end up in default and can lose their house to foreclosure. When foreclosure happens, the ownership of the property will revert to the lender who is the official title holder of the property. The property gains the title of being real estate owned after all the legal stages of foreclosure are completed and the lender becomes the sole owner.

What are the pros of buying a REO property?

Get a Great Deal!

Because banks and other financial institutions are in the business of money, not real estate, they typically slash the asking price of a property when their books are laden with REO properties. They do this to remain competitive against properties being sold by private sellers and to move the property quickly off the market. Often, lenders will offer their properties at substantial discounts ranging from 25% to 30% off of the fair market value. These below-market-prices are quite enticing to bargain-hungry consumers!

Clean titles, paid taxes, and no liens!

Generally, REO properties come with clean titles, paid taxes, and no liens. Lenders typically will expunge all second and third liens, as well as delinquent taxes, HOA, and mechanics’ liens. It’s a much better feeling to buy a home with no outstanding taxes. But, you should never just assume that this is the case and therefore, be sure to get a title check before making any purchase.

Vacant properties can mean easier home inspections

REO properties are usually vacant which is a huge benefit. Investors can save a good amount of time, energy, and money because the eviction process has already been taken care of by the bank. Since the homes are generally vacant, you should always request to inspect the home before a final closing on a deal. REOs are usually distressed properties left behind by previous owners so home inspections are highly recommended.

No homeowners means you deal directly with the bank

Vacant homes mean not having to deal with emotional homeowners, no personal and emotional ties to the home, to reluctant owners, no lawsuits, and more. It’s just one less stressful aspect of buying a home that you wouldn't have to worry about.

The potential for lesser down payments and lower interest rates

Lenders may be willing to waive some closing costs or possibly offer lower interest rates or a lesser down payment. Don’t be afraid to ask!

More room for negotiation

Just because the banks want to shorten their list of properties doesn’t always mean that the properties will always be a steal. The nice thing is that banks are eager and motivated sellers and therefore, you should always consider submitting a lower offer. When asking for a lesser price, you should undoubtedly substantiate the reduced price in writing and keep your case documented for your own good. Providing photographs and cost estimates for repairs will help in supporting your lower offer amount. You should also consider negotiating the home warranty, concessions, and other buyer benefits.

Potentially better opportunities for financing

If you have good credit, many banks will often loan the full price of the foreclosed property or even more. Only a 10% down payment will usually be required for a foreclosure that is intended to be used as a rental. As for foreclosure investors, if they have a large amount of equity in another home, they may obtain a line of credit from the bank to purchase a foreclosure. When that line of credit is converted to a mortgage, no down payment may be required. Be sure to check with your bank for their full details.

But, of Course there are Some Cons to Buying REO Too….

Don’t expect much sprucing up to be done to a REO property. In order to minimize their losses, banks have a tendency to invest very little when it comes to fixing up a property which is why they are sold in “as is” condition.

Additional paperwork and strict underwriting procedures may be required in regards to the loan because banks want to avoid regaining ownership of the property for a second time.

Obtaining disclosures in regards to the history or condition of a REO property is not a guarantee which can certainly pose as a challenge.

Due to the “as is” condition of many REO homes, the cost of repairs can definitely add up so be sure to buy wisely. You don’t want to end up spending more on fixing up a property than what it’s worth.

Other Tips to Keep in Mind When Buying a REO Property

Shop around! Be sure to compare the asking price of the bank with the prices of other comparable homes in the area. This is will help you gage what you should be spending on that property.
Title checks are very important. Do a thorough search of public records for any liens or outstanding taxes. As mentioned earlier, many REO properties come with a clean slate when it comes to property taxes and liens but, it’s should never be expected. You can perform a preliminary title check on sites like RealtyTrac and then hire a professional title company to run a full and insured title search before closing on a deal. If any common liens are placed on a property due to unpaid loans borrowed against the property, taxes, or unpaid mechanics liens, you may have to pay off the liens on the foreclosure that you are attempting to purchase, although you are not the only who failed to pay the property taxes.
Always be smart about your money!
If you’re seriously interested in buying a home, you should get pre-qualified for a loan. Getting pre-approved by the lender that owns the property may help you stand out better as a good candidate for buying the property.
If you are a REO investor or just a home buyer that is considering a significantly damaged home, keep in mind that your financing options may be limited. For example, VA loans can be more difficult to get if the property isn’t in move-in condition.
Do your homework before you make any offers.
Be sure to add in the costs of any repairs and renovations in your offer price.
Be prepared to be patient! When placing an offer for a REO home, it can take weeks to get a response. REO offers are typically reviewed by several individuals and companies which takes time.
See a REO professional!

Why an Agent like Myself is Your Best Choice When Buying REO

I am a real estate agent that sells all types of home in different price ranges, conditions, and areas. I know all that there is to know about selling privately-owned homes and I also specialize in REO and Short Sale properties. I have gone through extensive training to get to where I am in the REO industry. I have worked with countless REO professionals and agencies. I have qualifications, certifications, and numerous memberships in the REO industry. I can help you become well-informed on REO and non-REO properties and help you make the best decision possible for your home-buying needs. Not all agents have the knowledge and experience that I have of both REO and privately-owned homes. I have worked hard to be able to be the best agent possible for potential home buyers of all sorts of properties.

Be sure to contact me for any of your home buying questions or inquiries. I am here to help!

Deciding to purchase a home for the first time can come along with many fears, hesitations, and uncertainties.

As a first-time home buyer, you may have a myriad of questions for yourself such as; Am I ready? Am I doing the right thing? What am I getting myself into? How will this benefit me? Do I have enough money for this? How will this affect me financially and emotionally? And many more…

Buying a home is a huge step in life and therefore, all of those questions are completely normal and acceptable. If anything, it wouldn’t be normal to not have those types of questions and concerns! When making such a huge step in life, you may have many concerns, hesitations, and doubts. If you simply take some time to realize what brought you to this place in life, you will be reassured about your decisions. Sometimes it just takes a little bit of inspiration to help you take that leap!

All of those concerns and feelings that come along with deciding to buy a house are natural but, don't let them hinder you!

Think of all of the wonderful benefits of being a home-owner (see my other blog post for a full list of benefits) such as privacy, making an investment, starting a family, a place to call your own and to decorate as you'd like, and much more!

It's essential to fill your mind with positive thoughts when making such a big decision. Don't let all of the small doubts prevent you from doing something that you know that you are capable of accomplishing. Buying a home has countless positives and you are just as worthy as anyone else. It's just up to you to be prepared, ask questions, accept guidance, and stay positive and motivated!

It’s up to you to take that leap and make the first step and it’s up to expert realtors like me to help guide you step by step along the entire process of buying your first home.

Contact me to be your agent and to help guide you through this big decision and I promise to make your first-time home-buying process one to help inspire others with!

Southeastern Wisconsin is the perfect place to live for multiple reasons which, makes me very excited as an agent to cover this region. My Southeastern Wisconsin region includes the wonderful counties of: Milwaukee, Racine, Washington, Ozaukee, Jefferson, and Waukesha. I love being able to help my buyers find their perfect home in Southeastern Wisconsin. This region encompasses something for everybody, whether it is nature, great school systems, restaurants, businesses, agriculture, shopping, entertainment, adventure, and much more!

Milwaukee county has plenty to offer everyone. It has a beautiful blend of neoclassical, Victorian, and art deco-inspired architecture throughout the city and an old vintage feel in places like the Third Ward. Nestled along Lake Michigan, Milwaukee is a stunning city filled with popular food spots such as Sobleman’s which, is known for its extravagant bloody marys and burgers, Harbor House which, has a gorgeous view from its patio, and Sanford which is owned by the James Beard Award-Winning Chef Sandy D’Amato. There’s always something going on in Milwaukee, especially during the Spring and Summer times. You simply cannot miss Summerfest, an 11-day event that Milwaukee dubs as the “World’s Largest Outdoor Music Festival” and is always loaded with the most popular musicians and bands. Milwaukee is also known for its many cultural festivals like Festa! Italiana, Polish Fest, German Fest, and Mexican Fiesta. The Wisconsin State Fair is located in Milwaukee and is such a fun place to indulge in tasty foods like deep-fried oreos, chocolate covered bacon, krispy kreme donut burgers, fried cheese curds, root beer flavored milk, and its famous cream puffs! To work off those extra calories from such delicious foods, Milwaukee’s lakefront is the perfect place to do so. The outdoor activities are endless in Milwaukee including: boating, paddle-boarding, canoeing, rollerblading, biking, hiking the Lakefront Trail, exploring the Milwaukee River Walk, ice-skating in the winter, swimming at Bradford Beach, kayaking down the river, golfing at one of Milwaukee’s 16 county parks, and much more. Milwaukee is a city rich in art and culture. Check out its many museums and shows such as the famous Milwaukee Art Museum, Broadway shows, the Grohmann Museum, and the Harley Davidson Museum. There are countless things for families with children to do such as the Betty Brynn Children’s Museum, the Children’s Theatre, Discovery World, and more. Sports lovers are always fulfilled with the amount of sporting events throughout Milwaukee. Learn the art of tailgating and experience an exciting Brewers baseball game at Miller Park, Bucks or Admirals game at the Bradley Center, or follow our successful Golden Eagles and UW- Milwaukee Panthers university teams. Don’t forget your green and gold when you cheer on the Green Bay Packers at Lambeau Field in the city of Green Bay which is only 119 miles north of Milwaukee. A large part of Milwaukee’s economy relies on education and business.

Milwaukee is home to many outstanding schools including Marquette University, UW-Milwaukee, and the Milwaukee Institute of Art and Design, as well as numerous other top-notch schools throughout. Milwaukee is also home to several top hospitals like the Children’s Hospital of Wisconsin, the Medical College of Wisconsin, the Ronald McDonald House, and Wheaton Franciscan St. Joseph’s Hospital. You can’t live in Milwaukee and not enjoy its delicious beers. Go on a brewery tour, learn about the history of beer, or hang out in a local pub and sip on some craft beers. Speaking of beer, Milwaukee’s nightlife is beyond promising. Enjoy a night out while bar hopping on Brady Street or dress up in your favorite dress and sip a martini in the swanky Pfister Hotel lounge. Milwaukee has a lively nightlife and a supportive LGBT community, so there’s fun for all! Feeling lucky? Stop by Potowatomi Casino and gamble away! If you want a weekend getaway, just drive two hours south to Chicago or head up north to Wisconsin Dells for some fun in the sun. If you feel like going further away, Milwaukee’s Mitchell International Airport is convenient for all of your travel plans. To learn more about visiting and living in Milwaukee visit http://www.visitmilwaukee.org/

If you want to live near Milwaukee but not in it, there are many surrounding counties with a lot to offer of their own.  Waukesha county offers a perfect blend of urban, suburban and rural living and is only minutes away from downtown Milwaukee. Waukesha was ranked 50th on Money Magazine’s 2010 list of “100 Best Places to Live” (mymove.com). Waukesha’s northern section is called “Lake Country” and is the perfect place for outdoor adventures. Kettle Moriane State Forest is great for hiking, biking, camping, and horseback riding. To learn more about visiting and living in Waukesha county visit http://www.visitwaukeshacounty.com/

On the west shore of Lake Michigan lays Racine county. Racine is speckled with interesting buildings designed by Frank Lloyd Wright and now has a new beautiful harbor that attracts numerous tourists every year. Learn more about visiting and living in Racine county by visiting http://realracine.com/

Washington county is known for its manufacturing industries and due to its convenient location along US Highway 45 and US Highway 41, Washington county is an ideal location for trade, business, and retail. Thanks to glacial carving, the beautiful landscape is one for the eye to see. Visit the historical landmark of Holy Hill and experience the lively community of families, businesses, and industry. Washington county is home to UW- Washington County and Moraine Park Technical College. “Washington County places its faith in the community and assists in whatever way possible to nurture, develop, and dream for the future” states its county clerk Brenda Jaszewski. To learn more about visiting and living in Washington county, visit http://www.co.washington.wi.us/ Like Milwaukee county,

Ozaukee county has something to offer to everyone. Ozaukee county is only a 15 minute drive north of downtown Milwaukee and is on the way to Green Bay, Door County, and other destinations in Northern Wisconsin. You can enjoy everything from camping, museums, and art fairs, to golf courses, wineries, and fishing and charter clubs in Ozaukee county. There are also several beautiful parks and animal conservations throughout the county to explore, appreciate, and support. Ozaukee is home to many great senior centers and assisted living facilities. Learn more about living in Ozaukee county by visiting http://www.co.ozaukee.wi.us/

Jefferson county is located midway between Milwaukee and Madison and has fascinating topography. Jefferson county is located in the glaciated portion of Wisconsin and its Rock River basin is diversified in landforms including drumlins, end moraines, kettle moraines, lakes, and eskers. Agriculture is a vital contributor to the county’s economy. If you love the country side, nature, agriculture, smaller towns, and tranquility, you would enjoy living in Jefferson county. Learn more about visiting and living in Jefferson county by visiting http://enjoyjeffersoncounty.com/

If you’re thinking about moving to or within Wisconsin, consider Southeastern Wisconsin because of its many remarkable counties that are filled with a little bit of everything. If you have any questions about moving or if you are interested in moving, be sure to contact me. I am an expert in my region and I am here to help with your home buying and selling process!

Another milestone reached by the mortgage industry reform: the end of the  disclosure forms confusion! Provided to those applying for a mortgage, these forms were originally created based on two separate federal statutes: Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). The duplicate information as well as erratic language of these two separate documents, lead to an immense amount of confusion. Apart from those two documents, there were also two sets of disclosures: one provided when applying for a mortgage, and the other provided at the closing or just prior to closing on the loan. The consumers weren’t the only ones confused -even the lenders had a difficult time completing the forms. Basically, if the lenders weren’t even able to understand the verbiage, how could they possibly explain the documents to the consumers? 

[Update: The Consumer Financial Protection Bureau announced a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule until Oct. 1.Click here to read more.]

The resolve (hopefully) . . two new, straight-forward disclosure forms. This change will apply to all consumer mortgage applications received on or after August 1, 2015. The change is currently being referred to as “TRID,” for TILA-RESPA Integrated Disclosure.

The changes . . In a Nutshell

♦ With TILA, lenders use a uniform system for disclosures, including the same credit terminology.

♦ The Real Estate Settlement Procedures Act (RESPA) applies to any federally related mortgage loan, generally including any loan secured by a first or subordinate lien on family residential property (1-4 units).

♦ CFPB was responsible for integrating the existing disclosure requirements with the new amended requirements by combining the RESPA and TILA disclosures.

♦ The integrated mortgage disclosures use language that is designed to help consumers better understand the mortgage loan closing transaction.

♦ The new “Loan Estimate” form integrates and replaces the existing RESPA Good Faith Estimate (GFE) and the initial Truth in Lending forms.

♦ The new “Closing Disclosure” form integrates and replaces the existing RESPA HUD-1 and the final Truth in Lending forms.

♦ The integrated disclosure rule does not apply to HELs, reverse mortgages, mobile homes and dwellings not attached to real property, or for those making 5 or less mortgage loans per year.

♦ The definition of an “application” has been changed; now, an application consists of six pieces of information which are submitted.

♦  Consumers can’t be charged for fees until after they’ve been given the Loan Estimate form and consumers have agreed to proceed with the transaction.

♦ The Loan Estimate is provided to the consumer within 3 business days after submitting a mortgage loan application.

♦ There are only six legitimate reasons for revisions to a Loan Estimate form.

♦ The Closing Disclosure form integrates and replaces the existing RESPA HUD-1 and the final Truth in Lending disclosure forms.

♦ A Closing Disclosure is provided to the consumer so that they have a 3 business day waiting period before closing on the mortgage loan.

♦ There is now a three business day requirement once the consumer has received the Closing Disclosure, representing a waiting period for the consumer to review the disclosure.

♦ The lender now has all the liability for preparation and delivery of the Closing Disclosure form, even if they allow the escrow company to do it.

♦ The new Integrated Disclosures must be provided by a lender or mortgage broker that receives an applicationfrom a consumer for a closed-end credit transaction secured by real property on or after August 1, 2015.

♦ For a Loan Estimate, a “business day” is a day on which the lender’s offices are open to the public for carrying out business functions.

♦ For a Closing Disclosure, a “business day” includes all calendar days except Sundays and legal holidays.

♦ The Loan Estimate must be delivered or placed in the mail no later than the 3rd business day from receipt of the mortgage loan application.

♦ The Closing Disclosure must be placed in the mail no later than the 7thbusiness day before consummation of the loan.

♦ The “Your Home Loan Toolkit: A Step-by-Step Guide” replaces the HUD Settlement Cost Booklet.

Key Points derived from The CE Shop “RESPA/TILA Changes: Are you Ready?” course. Right now the course is completely free when you use the promotional code (respafree) at check out. No credit card info is required.

THIS IS NOT AN ADVERTISEMENT AND FSI-VAS WAS NOT PAID FOR THIS POST. WE SIMPLY JUST WANTED TO SHARE THIS AWESOME OPPORTUNITY WITH ALL OF YOU. DON’T FORGET TO FOLLOW US ACROSS ALL OF THE SOCIAL MEDIA PLATFORMS AS WELL AS SUBSCRIBE TO OUR MONTHLY NEWSLETTER!

-Team FSI-VAS

“Be slow in choosing a friend,

Slower in changing.”

Benjamin Franklin

How does this quote relate to your retirement plan? Well, a retirement plan is the only thing that will get you through your golden years and you don’t want to put your these years in the hands of someone who wouldn’t care for your best interest.

Choosing a retirement plan is an important decision for self-employed and regular employees alike. For entrepreneurs or small business owners, it takes a lot of convincing to prioritize retirement planning over the current business needs. If you are ready to start a Solo 401k plan for your retirement, it is equally important to choose a Solo 401k provider carefully. One of the key features of Solo 401k is the freedom to invest and you want all the expertise that you can get to make the right decision.

5 Factors to Consider When Choosing a Solo 401k Provider

You are going to invest and stay invested in your retirement plan for several years to come. Here are 5 important factors that you should review periodically to ensure the competency of your retirement plan provider.

1. Investment Options: Solo 401k allows investment in real estate, private businesses, precious metals, tax liens, and several other options. However, these options differ from one provider to another and you need to inquire about these investment options upfront. At the same time, it is best to have someone who can offer appropriate investment advice and has the qualification to do so.
2. Service Level: Just like there are two types of customers, one seeking the lowest fee and the other seeking the best service, service providers follow the same rule. If you are a business owner or self-employed individual, managing all the paperwork could get difficult. It will help to choose a provider who can take care of these matters and keep you posted accordingly.
3. Plan Administration: There could be very few things worse than being chased by the IRS for breaking any regulations. Always look for a service provider that could perform due regulatory diligence and help you understand your responsibilities as the plan owners.
4. Recordkeeping service: You are going to invest in different areas generating multiple transactions every time. If you are choosing a Solo 401k plan, always have a recordkeeping service to keep record of your transactions and choose one that offers on-demand reporting.
5. Fees Disclosure: Unlike regular one-time business transactions, your retirement plan will accumulate substantial wealth and a single decimal change in provider fees will have a huge impact. Make sure that you choose a Solo 401k provider that discloses every relevant fee upfront with no hidden clauses. 

I have heard more than just rumors that Lenders with REO's are very closely looking at how Realtors use video to promote their properties.   Clearly the 85% demand number is going to move our industry.  In fact I know of a growing Brokerage here in San Diego, that is offering video support to the right, hard working, agents as an inducement to join their firm.

This week I am going to be a webinar guest for Woman in Diversified Services.  If anyone has any comments about video and REO use, I would love to hear them before the webinar.

I am excited to hear about the referrals.  The only thing I miss about working with a franchise is the opportunity to use their referral system.  (I am an independent broker now)  I have tried paying for referrals in the past and have not been successful.  So thank you REO PRO for taking on a referral system that is based on no up front fees!

There are still a number of foreclosures in Tucson. The foreclosing market seems to be heating up a bit. I just listed 4 more foreclosure properties. You can view them all at the link below. Call me with any questions you may have. Thank you.

http://www.lexiclark.com/search/city-182/styp-Foreclosed/disp-LIST

It looks as if times are desperate for all trying to nickel and dime us, now its Equator. I typically paid about $65 dollars a month for ZIP codes today I woke up to $511 a month for the same Zip codes. As you can imagine I was not the only one caught by surprise. Contacting support at 9:13AM eastern time I'm still in line for support number 138, 2 hours later. So check your equator bill this morning.

At some point when i started getting REO's in 2006 i was told by Spring of 2009 it would be all over. Boy they were wrong in 2009 i sold 189 REO's but something was different then. REO's were being traded from one asset company to another and i was sent along the ride with the new companies selling an average of 150 a year till 2014. Now in 2015 the REO's are just drying up with no new asset manager on the block and nobody even making claims that we have a shadow inventory coming sometime soon. So is it finally over? 

Items that Repel Home Buyers

The seller’s market that was so prevalent a few short years ago seems to have shifted in favor of the home buyer. Thanks to an overall improvement in the economy and home prices that have risen by 10% or more for the past year, buyers are becoming a bit more selective about their purchase. Here are some items that scare buyers off and what you can do to fix it.

Foul Smells

Certain buyers may like fried food or indoor pets, but most people are turned off by unpleasant odors. This is especially true when the odor is noticeable when a person first walks in to the home.

Odors come in all shapes and forms. Various kinds of food, pets, and tobacco can leave behind distinctive smells. It is important to deep clean the home, the carpets and even the ventilation ducts to get rid of the odors.

Paper on the Walls

For 40 to 50 years wallpaper was quite the rage. Unfortunately, those days are gone. Since most people pick out a very particular wallpaper to go along with certain furniture and trim it is highly unlikely that the next person to buy the home will have the exact same taste. It is better to remove or cover up the paper with paint that is in a neutral tone. Wall paper on one accent wall can be a neat feature however. Using paint and stencils might be the best choice because it would be easy to paint over if it is not to the taste of the buyer.

Dirt

Many sellers fail to realize how important it is to have the home looking as clean as a brand new home. Most buyers do not look past what they initially see in order to understand the potential value of a place. They simply want to walk through and imagine their furniture, heirlooms and personal belongings in various spots in the home. That is tough to do when the sink is full of dirty dishes; the living room is a mess and all the floors need cleaning. Go through every room and thoroughly clean everything.

Sellers Standing Around

The vast majority of buyers prefer to look at a home without the seller present. When a seller is in the home during a showing it presents a bit of awkwardness for the real estate agent and makes the buyer feel pressure. This is easy to remedy: do not be present when the agent shows your home.

Old Items

If the home looks like you stepped back in time 20, or 30 or more years then it will be tough to sell. Old plumbing fixtures and doorknobs that have lost their usefulness scream out “lack of maintenance” and it will make potential buyers wonder if other things in the home are in need of major repair.

Less than the Truth

Thanks to modern technology it is easy to put together a large number of digital pictures and even a video of a home. These items, along with descriptions, need to be as accurate as possible. Putting up a description that omits the fact that a home is mere feet away from a train track or a picture that misleads about the size of a room can turn off not only buyers but agents as well.

Every small business owner requires a retirement strategy. Do you own a small business? Probably the idea of retirement planning isn’t as enticing as opening another store for your business. According to a survey conducted in 2014, nearly one-third of the small business owners didn’t want to retire whereas a quarter had no plans for retirement. More than one-third said that they would divide their retirement equally between work and leisure. Does that sound like your plans?

Here are two factors that you must consider:

• You don’t have an employer to set up a retirement plan for you.
• You are not likely to receive any kind of pension during retirement.

Investing in a retirement plan allows you to choose whatever path you want with more confidence.

Solo 401k: A Perfect Match for Small Business Owners

Solo 401k is a retirement plan that allows self-employed individuals and small business owners, without full-time employees, to save money for their retirement. It is important to understand that you qualify for Solo 401k plan even if you are working with your spouse.

What makes solo 401k Special?

• High Contribution Limits: Solo 401k has higher contribution limits than IRA accounts allowing you to contribute up to $53,000 in 2015 (additional $6,000 catch up contributions for individuals above 50 years of age).
• Flexible Investment Options: The flexibility to diversify your investments is the primary advantage of Solo 401k plan. You can invest in real estate, private business, precious metals, and other traditional investment options. In case you have a Roth option, all your investments will grow tax-free.
• Roth Contributions: Traditional Roth IRAs do not allow contributions for individuals that make more money than a certain limit. The Solo 401k retirement plan offers freedom to pay your taxes upfront, regardless of your income. You can contribute up to $18,000 in Roth contributions for 2015 and an additional $6,000 in catch up contributions for professionals above 50 years of age.
• Solo 401k Loan Access: The last US recession (Dec 2007 to June 2009) had a huge impact over small business owners and all the major banks scrutinized their loan access. Solo 401k is here to the rescue. It offers borrowing from retirement plan and you can borrow up to 50% of your retirement fund (maximum limit of $50,000) during financial distress. Solo 401k loan is available at prime rate plus one percent interest rate, which makes it extremely affordable.

On top of everything else, you are free to direct your investments without any intermediary. There is no need to file a return until your account balance crosses $250,000 in value. Solo 401k is a complete retirement solution for small business owners. 

I just received an email request for an exterior BPO due in less than two days (about 42 hours) for $42. I generally just delete these because the fee is too low for me but it just so happens I had an accepted order within a few blocks for another client (for $70, not a rush order). I thought I'd log into their system and reject for fee and see if I could get them to bump it up a little before I drive for photos tomorrow morning. I took a couple minutes to see if the property was listed, had any MLS history or if subject data was available in the tax records (it's not for many properties in our area).

By the time I logged in a couple minutes after receiving the email the order was already gone. No big surprise and no big loss. The thing is I recently did a drive by for this company, for $125. They offered me $200 for another but I turned it down because it would have been about a 90 minute drive each way and I didn't know the area very well. The one I did for $125 was a mile from my house and was really a pretty easy one. I guess whoever does them for $42 wasn't available.

I often get these email orders for exteriors for $40, $35 or even $30. I almost always just delete the email. Sometimes when I am not to busy I'll log in and reject for fee and ask for more. More often than not the order has already been accepted. Once in a while I'll get an approval on the increased fee.

I have multiple clients the regularly pay $65-75 for a standard drive by, and more for a rush or anything that might be farther than I'll normally drive or a little more difficult to find comps for. I often get companies that I normally do not accept assignments from offer well above their normal fees when they can't get someone to take these assignments. Sometimes this will be a Friday before a holiday weekend but often it's not. The recent $125 order came in on a Wednesday afternoon. Wasn't even a rush order, due the next Monday.

This got me thinking. I wonder if the agents that are accepting these orders for $42, or $35 or even $30, have any idea that they'll gladly give me $60, $70 or more for the same order when you don't accept them. What would they think if they knew I often get twice as much as they do, just because I ask for it.