These are staggering numbers. I heard a lecture from an analyst from Anderson School of Business at UCLA which was a bit gloomier than this but these are some of the gravest predictions I have seen in print. Will we see more aggressive programs from the administration to combat the forecasts? The various moratoriums so far have had less than robust results. A contact at Wells Fargo tells me they have had less than a 1% success rate in loan mods. I can't see a substantial turn around until at least 2013, any thoughts?From Housingwire.com.By AUSTIN KILGOREAugust 6, 2009 4:18 PM CSTDeutsche Bank (DB: 66.81 +3.39%) believes continued declines in home values will increase the number of US mortgagors with negative equity from 14m in Q109 to 25m in Q111.According to a report Deutsche released this week, the 25m represents a projected 48% of all US mortgages. While subprime and option adjustable-rate mortgages (ARM) are the biggest source of underwater borrowers in the current market, Deutsche said a larger percentage of prime conforming and prime jumbo borrowers will join the fray.Prime conforming and prime jumbo will make up 79% of all US mortgages and Deutsche estimates 41% of conforming and 47% of jumbo will be underwater, up from current levels of 16% and 29%, respectively.This rapid influx of underwater borrowers will have a significant impact on default rates. In addition to future underwater borrowers being forced into default from a “life event” — unemployment, divorce, disability, etc. — Deutsche warned others may “ruthlessly” or strategically default.Increased defaults in the middle class will suppress consumption, added Deutsche, further slowing housing recovery.It’s hard to predict exactly how high the default rates will go. The current housing recession is unique in that it was brought on and perpetuated by a number of factors — unstable loan products, crashing housing prices, and unemployment, among others. Deutsche cited a study of the Massachusetts housing decline of the late 1980s and early 1990s that showed less than 7% of underwater borrowers defaulted as perspective on the default rate for underwater borrowers.But in the early 1990s, borrower and loan product quality were significantly better, the home price decline wasn’t as severe, and unemployment was lower. Deutsche said the 7% experienced in Massachusetts should be the floor — a best-case scenario — for the surge of underwater borrowers it expects in 2011.Borrowers with loan products with already high underwater rates will only get worse.By 2011, Deutsche predicts 89% of option ARM borrowers will be underwater, up from 77% in 2009. The rate of underwater subprime borrowers will increase from 50% to 69%, and underwater Alt-A borrowers will increase from 49% to 66%.An important factor to consider is how deep underwater borrowers will be, and it depends on their loan type.For prime conforming borrowers, Deutsche predicts the number of borrowers with negative equity — loan to value (LTV) between 105% and 125% — will virtually equal the number of borrowers with what it calls “severe negative equity” — LTV over 125%.But Deutsche expects the 89% of option ARM borrowers underwater to be split with most — 77% of total option ARM borrowers — holding severe negative equity. For underwater prime jumbo loans, more borrowers will have severe negative equity — 29% of the combined 47%.The split for underwater Alt-A borrowers is expected to take an opposite proportion, with 49% of all Alt-A borrowers in negative equity and only 18% in severe negative equity. Underwater subprime borrowers will face a similar breakdown.
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Posted by Linda Landry on August 6, 2009 at 4:51pm
Due to the current real estate climate many homeowners owe more on their homes than the current market value; or are 'underwater'. What is the benefit of continuing to pay on a loan that is considered a 'bad debt'? Some would say none as it does not appear to make economic sense. However, thereis more to it than just the current mathmetics of the subject. Regarding homeownership there is more of an attachment to the product than just the financial investment. Residential property is also home and the place of memories from family gatherings. Additionally the real estate market has it's ebbs and flows and the tide will eventually turn. Since equity is not a liquid asset money is not lost when it disapates UNLESSthe property is sold. Therefore if an owner is not in a position to require selling it is a good time to sit tight. It is a good time to utilize toward preventative maintenance and a good time to avoid throwing the baby out with the bathwater. Additionally, by continuing your personal responsible behavior, you are doing your part to stablize the real estate market.Linda Landry REALTOR ® Exit Realty 1st Choice Tucson, Arizona
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Realtor and CPS employee also help thwart suicide attemptComments 0 | Recommend 0August 04, 2009 4:50 PMBY JAMES GILBERT, YUMA SUN STAFF WRITERThe two men who helped state transportation worker Edward Lugo save the life of a 55-year-old man who tried to jump off the 16th Street bridge over Interstate 8 Thursday morning are a local Realtor and a Child Protective Services employee from Phoenix.A human resource manager, Terry Christopherson was in town to conduct training sessions for the managers at CPS's office in Yuma.He was riding in a van with two other employees, and they had just exited Interstate 8 at the 16th Street bridge and were heading west into town when they came upon the scene."At first I just thought the two guys were fighting," Christopherson said. "But as we drove past them I heard (Lugo) yell for help."As a retired sergeant major who spent 23 years in the U.S. Army as a special forces medic, and a Purple Heart recipient, that cry for help was all it took for Christopherson to spring into action."I didn't have to think twice, that is how I react," Christopherson said. "I would have done that for anyone."A few minutes earlier, Lugo had been doing landscape work along the interstate and was heading back to the Arizona Department of Transportation yard at about 9:30 a.m. to empty the debris from the back of his truck.Lugo noticed the distraught man while he was waiting to turn left at the red light on the entry ramp to 16th Street. As he continued to watch, the distraught man walked to the concrete wall of the bridge, looked over and then sat on the ledge with one leg hanging off.That is when Lugo jumped out of his truck and went over to the distraught man, trying to talk him out of jumping as he approached.Once he got close enough, Lugo grabbed hold of the distraught man, but the man, who was quite a bit larger than Lugo, pushed him aside.In desperation, Lugo grabbed the man a second time, this time around the waistband of his pants, and fell to the ground, using the concrete wall to brace himself and prevent the distraught man from going all the way over the edge.Lugo struggled with the man for about 10 minutes before two other men finally came over and pulled the distraught man back over the ledge and onto the bridge.The other man to stop and help was 46-year-old local Realtor Bill Snyder, a real estate broker for Liberty Properties, who was on his way to work."In my wildest dreams, I wouldn't have thought I would ever find myself in this kind of situation," Snyder said. "Like many others I might have driven on by, but it seemed like a situation that I needed to stop for."Snyder said once he decided to stop, he stopped his Jeep, threw on his hazard lights and ran over to the scene."At first it took a moment to sink in," Snyder said. "I was worried (the distraught man) was going to take the road worker over with him because he was a bigger guy."Once the distraught man was safely back on the bridge, police were called and he was later involuntarily committed to a local facility for treatment.Despite his unscheduled rescue stop, Christopherson said he was only 10 minutes late to the training session he was conducting.---James Gilbert can be reached at jgilbert@yumasun.com or 539-6854.
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I will admit it, I am one of those agents that used to think that an open house was an awful way to spend a Saturday or Sunday afternoon. Then I received a listing in the city of Winchester, Virginia on a major route near the historic district. Although this 1910 Victorian had pretty much been stripped of all of its charm, I decided to do an Open the first Sunday of the listing. I decided I wasn't going to spend any money on advertising, or anything else for that matter. I placed the open house information in the area MLS, put up my OPEN HOUSE SUNDAY 1-4PM signs (on a Wednesday) and low and behold...I had 23 visitors! I received an offer that night (although it was a low ball.) Then Monday morning I received an email from the very last visitor to the house...he wanted to make an offer...he was already pre-approved and ready to go...he didn't have an agent...he wanted me to be his agent. I kept pinching myself after the offer was accepted. We closed...WOO HOO! Let's see...no advertising costs...sold in the first 7 days...I will be doing A LOT more REO Open Houses!
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Posted by Dawn Barrier on August 3, 2009 at 5:16am
Las Vegas New MLS RULE & REGULATIONS (GLVAR) will affect REO & Bank owned listingsNEW MLS RULE & REGULATIONS will affect REO & Bank owned listingsSOURCE: Direct from GLVAR Go here to read articleMLS Rules & Regulations have been modified to add the following verbiage to Section 1.0 Listing Procedures:The Service shall not accept any listing agreement that provides that cooperative compensation cannot be offered or paid to a cooperating broker if the purchaser holds a particular license or credential, engages in a particular trade or profession, or if the range of potential purchasers is otherwise arbitrarily restricted. This does not affect specifically named prospects in listing agreements as set forth below.If a member is found in violation of the new rule they will receive a letter stating that they must modify their listing to be in compliance. If not modified within a thirty (30) day time period, the listing in question will be removed from the MLS.--------------------------------------------------------------------------------How to Contact the GLVAR MLS Department:(702) 784-5050 - Department Line
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It has recently come to my attention that a friend of mine in another state is being sued by a Seller he represented in a Short Sale transaction because he didn’t disclose the fact that the homeowner was selling short in a recourse state and could potentially be sued herself for a deficiency judgment. Needless to say, the seller was issued a deficiency judgment by the court in the amount of $48,000.00.
The seller ended up filing bankruptcy to rid themselves of the judgment but, bankruptcy was something they were wanting to avoid all together, hence the short sale.
The seller’s argument is that the agent did not explain the process and potential risk therefore he was incompetent to practice such a highly specialized real estate transaction and should have never engaged the short sale.
The seller also argued that none of the documentation the agent submitted to the bank protected the seller from any future deficiency judgment and proper due diligence was never done.
The case isn’t resolved at this time however, I would like everyone to chime in and give their thoughts. As soon as I learn more about where this went, I will tell ya.
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It’s raining foreclosures, in these cities.
In a recent article July 30, 2009, Foreclosures: How Bad is your City?, Les Christie with CNNMoney list out the top 20 ranked cities where foreclosures abound. He quotes his source, RealtyTrac and here is their findings.
Ranked # 1 is Seattle with 1 in 107 however, that’s up from the first half of 2008 by 72%
Ranked # 2 is Minneapolis 1 in 90 up 58.6%
Ranked # 3 is Phoenix 1 in 22 up 51.7%
Ranked # 4 is Miami 1 in 28 up 40.9%
Ranked # 5 is Tampa 1 in 39 up 31.5%
Ranked # 6 is Chicago 1 in 59 up 30.3%
Ranked # 7 is Los Angeles 1 in 42 up 29.9%
Ranked # 8 is Riverside 1 in 17 up 11.8% (I have no clue where Riverside is)
Ranked # 9 is Atlanta 1 in 49 up 11.5% (Did any of you know that one of the women from the “Real Housewives of Atlanta recent lost her home.)
Ranked # 10 is San Francisco 1 in 52 up 8.7%
Ranked # 11 is San Diego 1 in 37 however, they are down .1% (Woot woot)
Ranked # 12 is Philadelphia 1 in 168 down a solid 6%
Ranked # 13 is Washington 1 in 73 down 9.6%
Ranked # 14 is Dallas 1 in 131 down 16.5% (my home town)
Ranked # 15 is Detroit 1 in 54 down 16.4%
Ok, I am tired of typing these out so, to see the rest, go find the article. I know, I am such a pill…..lol
Fine, I will tell you # 20 but, that’s it.
Ranked # 20 is Boston! 1 in 144 down 40.7%
Just curious, what happened to Seattle, did Microsoft shut down or something?
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Posted by Linda Landry on August 2, 2009 at 8:19am
What is the difference between underwater and upside down? Both are negative equity right? Technically, I guess the answer is yes and no. Underwater is the current term for homeowners (better known as a mortgagor) who owe more for the loan than the value of the property. Upside Down is the term commonly used when a vehicle has less value than the loan intact.Being upside down in a vehicle loan has been common place for years and no one seems to scream 'help I'm upside down and I can't get out'. Of late many mortgagor's have become underwater in their loans as property values plummet and they cry out 'no help then I'll abandon ship!' Countless have abandoned their property and shirked their commitment/responsibility. Certainly, there are those who had no choice due to unforeseen circumstances such as job loss/transfer or medical bills/death in the family. However, countless just bailed.We are accoustomed to a vehicle depreciating in value the moment we drive it off the lot. Seems like a fact of life we've accepted. Especially regarding new vehicles. It is the price we are apparently willing to pay for the new car smell and the warranty of a mechanically trouble free few years. We suck it up and we pay up. Typically real estate property appreciates. This is a factor least considered when choosing property as there are more emotional factors to consider. Similar to marriage we dream of rearing children, raising pets, entertaining guests and family and watching grandchildren romp in the yard. In other words the plan is to stay, seemingly, forever. The norm has been for property values to increase and for folks to rest assured that when the time came in three, five, or even twenty years their investment would be recouped....and then some.What a shock to realize in this current market that is not the case. Even for those who remain and maintain their property. There property is 'devalued' due to the appraisals of comparables often abandoned and in disrepair. Their equity dissipated into thin air and often went into the negative. The philosophical difference was lack of preparedness due to the concept of the investment. More mortgagors than not expected their investment to appreciate. Typical vehicle purchasers are conditioned to know their investment will depreciate. With a vehicle there is the belief that there is NO equity; an accepted fact.Perhaps we should consider our residential purchases with more of a matter of fact approach. Perhaps looking at a residential property for the purpose it serves and for how it's financial responsibility fits in our budget are better ways to evaluate the expenditure. Additionally, consideration for re-sale value needs to be foremost in our minds when choosing a property or financing. There is always the possibility to necessitate leaving earlier than expected. We can learn from the current economic crisis and do what is possible to allow a palatable exit.Negative equity exists; even in property. We've all had the privilege to see it first hand. Let us learn from all the mistakes and minimize the pain for our future.
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By CHRISTINE ARMARIO, Associated Press Writer Christine Armario, Associated Press Writer – Sat Aug 1, 3:37 pm ETFORT MYERS, Fla. – The Vangelakos' southwest Florida condominium has marble floors, a large pool overlooking a river and modern furnishings that speak of affluence and luxury. What they don't have in the 32-story building is a single neighbor.The New Jersey family of five purchased their unit four years ago, when Fort Myers was in the midst of a housing boom and any hints of an impending financial crisis were buried in lofty dreams of expansion and development. They made a $10,000 down payment and eagerly watched as builders transformed an empty lot into an opulent high rise, one that now symbolizes the foreclosure crisis."The future was going to be southwest Florida," said Victor Vangelakos, 45, a fire captain who planned to eventually retire and live permanently in the condo.Most of the other tenants in the 200-unit condo didn't close on their contracts, and the few that did have transferred to an adjacent building owned by the same company because more people live there.The Vangelakos' mortgage lender will not allow them to do the same.That leaves them as the sole residents of the Oasis Tower One."It's a beautiful building," said their attorney, John Ewing, who is representing 27 others who made deposits on units. "The problem is, it's a very lonely building."When the Vangelakos' travel from Weehawken, N.J., to spend a week or a few days in their Florida home, they have exclusive use of the pool, game room and gym, but they miss having a few tenants around."Being from the city, it's very eerie," Vangelakos said. "It's almost like a scary movie."A large, circular fountain in front of the building is dry. The automatic glass doors that lead to the front lobby are locked. On the front desk is a guest sign-in sheet. The last entry: Feb. 13, 2009."It's like time froze here six months ago," Ewing said.Vangelakos said they closed on the apartment in the fall, unaware the other tenants had failed to follow through. When they visited around Christmas, they didn't think much of the emptiness. They were just happy to be there."We wanted to believe," Cathy Vangelakos said. "We were looking for what we were offered."On subsequent visits, however, the building grew more deserted.The lights on the pool and palm trees were off. Their garbage shoot was sealed, a trash bin placed in front of their unit instead.Despite the empty units, they faithfully parked in their assigned spot on the second story of the parking garage. Then those lights went off, too.Then there were security concerns. One night, someone pounded on their door at 11 p.m. They called the front desk at the next door building, which contacted police. A search turned up no one, though a pool entrance was open.Another morning they awoke to find lounge chairs in the pool.The parents and their children sleep with their cell phones by their beds."I'm not a chicken, but this is a big building," Cathy Vangelakos said.Betsy McCoy, vice president and associated general counsel with The Related Group, which sold the family their unit, said they have tried to help find a solution — even offering them a unit in the building next door, free of cost, while the situation is resolved."They haven't wanted to take us up on that," McCoy said Friday. "They frankly rejected every solution and offer and proposal that we've come up with."McCoy said some of the interested buyers who put down deposits lost their jobs, others were unable to get mortgages and some were just nervous when the financial collapse came.The Cape Coral-Fort Myers metropolitan area in Lee County has some of the worst economic stress — a combination of foreclosures, unemployment and bankruptcies — in the country, according to The Associated Press' monthly analysis of more than 3,100 U.S. counties.The latest AP Economic Stress Index, which assigns each county a score from 1 to 100 with higher numbers reflecting the greatest stress from the recession, found Lee County had a score of more than 20. Anything above 11 is considered stressed.Victor Vangelakos said they don't want to move to the tower next door because they would still be paying the mortgage and maintenance costs on the condo they own. They paid $430,000 for the unit and took out a $336,000 mortgage — essentially spending their life savings.He'd like for The Related Group to buy them out."They want us to be refugees in Tower II," Victor Vangelakos said. "That's not how I expected us to live here."The family's attorney said he has filed two lawsuits on behalf of would-be tenants because the building wasn't finished as promised. He said they expected a clubhouse, marina, private cinema and restaurants.McCoy said those amenities could be developed, but were never promised.On Friday evening, the pool area was dark, most of the doors locked. Cathy Vangelakos and her 19-year-old daughter, Amanda, stepped into an elevator to head up to their unit. "Going up," an automated voice chimed."Going up," Cathy Vangelakos said. "That's all we hear."
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What an awesome seminar this was! Full of a ton of useful information presented in an informal, casual way that allowed all questions to be addressed on all topics.The highly experienced asset manager and top REO agent who were the presenters, were a wealth of knowledge and I felt it was very worth the time and money to attend.
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Well, I have learned a big lesson in getting frustrated with an asset manager, whom will remain nameless!I had a condo that I had been hired to "Set for specific open house dates and times" for an auction about four months ago. I did the required three weekend sitting and answering all questions and getting the HOA information together, along with the utlities. Auction came, they sold it, I thought it was over and my 1% would soon be coming. About two days before closing I am told that the unit would not be closing and it would be going back on the market and I was awarded the listing.During this process an HOA assessment as unearthed as being past due. Work was needed on all the buildings and the 8,000 was in addition to the regular monthly dues. It was to be paid back over 2 years. I went ahead and made those notations in the MLS and then finally "quite awhile later" - YAY, I got a contract, almost full price with the seller to pay the HOA assessment and make sure there was a clear marketable title. The offer was signed, became an executed contract, everything goes to the lawyers for final closing instructions and title searches. Yes in SC we have to use lawyers!Two weeks later my asset manager calls me and tells me the bank has changed their mind, they are not willing to pay the assessment and for me to go back to the buyer and see if they still want the property without that being paid. )(@!#*)(!@*# To me, it is a legal and binding contract, but I do as I am instructed ( NEVER ARGUE WITH YOUR ASSET MANAGER) and I go to the buyer's agent and let them know about this small item and his buyer decides not to pursue the deal, seller gives them back the earnest money and all is happy (I am gritting my teeth, but hey, I do my job).THEN about two weeks later, the asset manager again contacts me and says the seller has changed their mind and they are willing to pay the assessment, and wants me to go back to the buyer and see if he still wants it under the initial terms. By that time the buyer has found another property and says no. I let the AM know and three days later I get another offer 2,000 under asking price again asking for the assessment to be paid. I get the contract Saturday morning, BUT on FRIDAY NIGHT I had received an email from the AM telling me they were pulling the listing immediately as I wasn't performing well and I needed to cooperate with the new listing agent and give them everything I had on the property and keep the utilities on in my name until they were able to get the switch done the following week.I tried to submit the offer on Saturday morning but the property was gone from the que and when I was able to get hold of the AM on Monday I was told that I would have to give that offer to the new listing agent. Well, I wasn't the buyer's agent on this one so I had to tell the other agent that I no longer had the listing and she would need to contact the new listing agent and present it to them. They got it that same day, and the unit was in pending within 2 days.I had told my AM on the day I spoke to him that I thought had a legal right to my commission as I had brought them a qualified buyer on the previous contract, they had accepted the terms and signed the paperwork. The AM told me I was wrong and that since there was never a closing with deed transfer, I was entitled to nothing and I am now on this companies bad list. He told me I needed to get the new offer to the new listing agent and see if they would work with me on a split of the commission. DUH! Do you think they did? Nope! Plus now I understand they are now bragging that they were able to sell this unit within one day using their marketing system!!!So, I guess out of my frustration I just want to forewarn all of you, PLEASE BEWARE what you say, how you say it, keep your cool, don't lose your temper and document everything no matter what company or person you are working with!! And keep getting yourself educated at least by gaining knowledge of what is going on in our industry. It is changing quickly and we all need to stay on top of it to do a Better Than Great Job!Green River will hopefully put me back in their good graces, but all I can do is continue to ask for the work but so far nothing and it has been over a month.Thanks for listening!
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In preparation for the finalization of the Wells Fargo acquisition of Wachovia there have been several changes in personnel in the Asset Management department.We have already received the list of properties and have confirmed title. We are ready to order appraisals (using Green River) and then close. We just need to know who is handling Wachovia's REO now as my last source no longer works there and the phone extension has been terminated. If someone can give me a name and contact that results in a closed transaction I will pay a finders fee. No further participation is required as my client will close within a week and we already know which properties we are interested in.email me directly at robin@proequitymanagement.com
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Any Broker and Agent that have worked in the REO for a considerable amount of time understand the importance of working with your vendors. Those brokers understand that vendors are more than service providers. Your vendors are a part of your team, the well-oiled team.When working with vendors and before you hire a vendor, consider a few useful advice.1. What is the vendor's track record? How much experience do you require and how much experience does the vendor have in property preservation?2. Is the vendor licensed? You should be looking for a skilled, trained, and licensed vendor to handle most of your property preservation jobs except lawn care.3. Does the vendor carry liability insurance? You should not hire major contractors that cannot provide an up-to-date Certificate of Liability. This includes and not limited to vendors that provide roofing, structural, HVAC, electrical, and major repairs on the property. If the final work becomes a liability issue in the future, who is responsible?4. Service Contract/Agreement - All vendors should be on contract with the terms of service written in plain English. A few items that should be covered:a. Services to be rendered - Clearly define who, what, how, when, and why the services should be rendered.b. Invoicing procedure and terms -When, how and why the vendor should process all invoices in a certain manner and what are the consequences if the invoices are not submitted according to the procedures outlined.c. Payment Terms - How and when will payment be remitted. All vendors except the utility companies should be on a PWP process, 30 - 45 day payment process, and all invoices totaling $250 or less should be paid immediately. The vendor should be aware of the process upfront.d. Vendor responsibility - Clearly define what the vendor services should be covering. Example: if the vendor is boarding/re-securing broken windows, this should include removing ALL broken glass and related debris on the interior and exterior of the property. What is the vendor's turnaround time on common projects?e. Broker/Agent responsibility - Clearly define your responsibility to the vendor.f. Mediation - If mediation is required, what is the procedure and cure.5. Do not let failure to pay your vendor or pay in a timely manner an option. Too often some brokers and agents get into a penny crunch and attempt to prolong or avoid paying the vendors. Not only does this tactic ruin your reputation with the vendors, it will also cause major problems with the REO Bank. Depending on the outstanding amount, law, and time frame, the vendor could consider a Mechanical Lien on the property. I've seen this happy many times.6. Submit your invoices for reimbursement immediately. Spend 30 minutes a day submitting invoices. Adhere to the bank's submission procedure. Do not change the procedure to suit your own needs. Always be prepared to provide the following:a. Typed Invoiceb. Itemized Invoice - include the service date on each itemc. Full property address with REO/Loan numberd. Copy of the W-9e. Copy of the payment method. If paid by cash, the vendor my sign, date, and indicate cash payment. The broker/agent must also sign, date, and indicate the cash payment. It is wise to not pay by cash to avoid any problems with the bank's accounting department and seller procedures. GET A MONEY ORDER OR CERTIFIED CHECK! Cash is not traceable in disputes.f. Keep a copy of all submissions for your file (hard copy or electronic).7. Utility Bills - Pay the utility companies on time to avoid any late fees. The banks will not reimburse the broker/agent for late fees. If you are paying the utility bills online via the company website, don't forget to print out a copy of the payment receipt. Writing the check number, amount, and date paid is not sufficient proof of payment.Start the process of paying each vendor on the right foot. Don't get into the habit of holding back payment because you can't manage your funds or for fraudulent reasons. The banks frown on FRAUD and angry vendors calling in to complain about non-payment.If you are behind the eight ball and are not up-to-date with your invoice submissions, it is time to take the time and get your invoices in order. Spend 30 or more minutes a day getting your files in order. If you are working with a remote real estate assistant and other agents, consider using an online program to manage your BPO files. Take a look at MS Workspace Live, eBrokerHouse.com, TAZAREO, GetDropBox.com , and SharePoint, or an OTM program such as SettlementRoom, SureClose Personal, Transaction Point, RELAY, PaperlessRE, or TrackMyFile.Carolyn Nelson
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Advice to everyone do not make Keystone angry! I went from one day being the top agent after doing work for over 4 years with them and getting slammed with listings and I was very grateful for them. To being on the Dog's list the very next day. If you ever have a asset manager to talk down to you from there company never, never defend yourself as you will get a call from the Big Guns talking to you like a dog. I was a agent that had Rekeys. Done in a day. fronted loads of money for this company, I was one of the very few agents that had the utilities turned on, I done everything asked of me and Had 98% sales under contract in under 30 day's. Now closing that I had no control over was there choice company that lags a bit. I sold properties that other Realtors did not sell. and it all fell apart over one Asset manager that has a personality problem. You would think they would look at all the good work you have done Instead of talking to you like a dog then telling you don't take it personal. Well I am sorry when you hit my wallet and lively hood over one cry baby I have a problem. Then to tell me that CITI has request that I know longer work for them after Sending me a letter from another company Praising all the great work I have done for them. I am sorry are this companies becoming BI Polar?? I was raised to give 110% of your self and take pride in your work Be Honest and it will pay off. Well Keystone may be the top company but they could care less about a good agent that went above and beyond protecting there Assets. and By the way I am not a disgruntled Ex Keystone agent. They have done several agent's this way in our Office and the Funny thing Our Office is one of the company's that leads our area in Top sales. It just amazes me how agents get listings that take crappy photos, Do not do what is required of them, have listings over priced that sit on the market for months on in, and have other realtors that would rather cut off there eye lids then to deal with them, manage to keep getting listings from these Asset Companies. and then what really gets me is after you tell the Asset manger for over a month to drop the price on a property. after you have done all the work, Such as replacing doors , Utlities, Rekey's maintaing the property at a top notch level. even getting rid of a pack of 5 dogs that where trying to attack everyone that viewed the property. then they decide to take the listing from you with no notice after you have spent more money advertising and give it to another agent They drop the price by 10,000.00 then this agent sells it in less then a week after I have paved the way for there easy money. and I am not suppose to take it personal. LOL then they hit the poor listing agent with there fee's Why is that should they selling agent be out no expense? other then writing a contract. Yea Asset Managers treat us like dogs.
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We had a yard to mow. Regular Augustine grass, that WAS 2 FEET TALL> not the weeds the grass. The neighbors asked if this was the yearly mowing. I guess you take the bad with the good. My husband would not allow me to walk in the back before he cut it due to possiblity of snakes. * our yard guy was bit by a copperhead the week prior to this job.had to get through this to get to the back yard
Went to change locks on another home today. It appears the local kids have taken a liking to this home, we found mattress upstairs with candles, and a whole lot of damage. According to neighbor the kids down the block have decided this is there hot spot. They have caused so much damage to this home.
We were just assigned a resecure on a home in Houston. Nothing unusual, go to house, change lock on front door. I pull up the trusty map, plan my day including this house and head out the door. We have crews in other parts of Houston, so I am handling this one with a few more.
We drive to the location and pass the house I glanced over an noticed a house in the weed and said to my husband, who was with me on this one. " I hope that isn't it" he didn't see the house due to the weeds surrounding it, turns the truck around and sure enough, that is the one.
As we approached the home I was wishing for rubber boots, we managed to find the walkway to the front door. The house was a total mess. The front door was kicked in and almost all the windows were broken out. Shattered glass littered the floor among numerous other items. It appeard the people who occupied the house removed the vents from the floor (doublewide) and used that as a restroom.
The 'perfect' storm of excessive inventory, low market values and interest rates professionals detect is not necessarily what buyers see. The 2009 economy has given many the jitters. Countless have lost their source of income and are either floundering or scurrying to reinvent themselves. Less prestigious sources of employment have become viable and many are resorting to creativity in becoming self employed. Not able to predict their financial future leaves a gut feeling of uneasiness. It is no wonder the plunge into home ownership can be an uncomfortable thought. The media coverage of countless foreclosures only accentuates the failures of others which can be likened to the divorce rate and marriage!REALTORS ® are typically a professional bunch in appearance, attitude and knowledge. Dressed for success and driving a pricey vehicle are signs your efforts have afforded you. However, in the current economy, when so many are hurting financially, it may appear intimidating or even selfish. I'd like to suggest a dash of humility into our presentation as professionals. Without talking down to anyone, consider being able to relate to their status. Minor changes such as elimination of jewelry, driving an economical vehicle and dressing business casual may ease the pain of someone who is struggling to reestablish themselves financially.However, if your objective is to scare buyers then I suggest you drive your Lexus, Beemer or Caddy and wear your power suit/tie and expensive jewelry. It won't convince the average buyer of your expertise. It will likely convince them they are out of their league to consider a home purchase at this time. It will likely convince them you are pompous to suggest they purchase when so many before them have failed recently. It may likely increase their belief that you were part of the problem and capitalized on the situation as merely a commission grabber. It may scare them into thinking they should not even consider a purchase until they can aspire to your greatness. In my humble opinion, it is too early for Halloween.
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Has anyone heard of National Quick Sale?They are a short sale negotiating company that claims they will be getting short sales preapproved from lenders. I heard they are almost approved with Fannie Mae.Any info will help!
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As an Exclusive Buyer's Agent here in the Chicago market, I can tell you that multiple offers for REO properties with it's subsequent, Highest, Best and Final offers is becoming very common. I would like to use this forum to express my utter frustration and anger towards the system currently in place to handle these multiple offer scenarios.To make it simple; WHY DOES THIS NEED TO BE A 'CLOSED BID' process???? To make it easier and more fair in my personal and professional opinion I advocate an OPEN BID platform whereby the end buyer/investor can see the other bids and adjust their HBF accordingly. The closed bid has a great flaw in that the buyer/investor who really wants the property is 'shooting in the dark' without knowing what the 'other guy' is thinking. I appreciate that Banks and Asset Managers believe this will yield the 'highest' offer but I think they can arrive at that number by opening it up.The downside to this as I speak with my clients presented with these multiple offers is they get discouraged and frustrated with the 'buying a foreclosure' process and we as Real Estate and Banking professionals LOSE credibility and trust due to the perception that we are GREEDY and playing games. Why not have a transparent OPEN BID (ie. Auction) scenario which will most probably arrive at the dollar amount the seller wants and give the buyer their 'best shot' so at least they see where they need to be versus 'winging it'.Oh how it would SUCK if my client today loses a HBF offer on a beautiful SFR because they were off by $1,000 on their offer!!!!!
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