arizona (7)

COMPLETED REM CORPORATION BPO IN TWENTY MINUTES BY USING REALTY PILOT SOFTWARE

 

4359148315?profile=originalI am into my second month when it comes to doing BPOs as a real estate agent. I was told that it would be a great way to start breaking into the REO business. This is all new to me. I consider myself an expert when it comes to fixing and flipping homes as I continue to assist real estate investors. However, I want to use my skill sets to list bank owned properties.

 

I continually sign myself up to become a vendor for asset management companies on a weekly basis. I believe I have been approved by 23 companies to conduct BPOs. I sign up with five asset management companies per week. I would suggest that you Email point of contact each week until you are accepted BPO vendor. The squeaky wheel gets the BPO business.

 

I have to be pretty fast on the keys to accept BPOs. I accepted a BPO from REM Corporation. The first thing I do is take pictures of the property. Then, I come home to complete the comparative marketing analysis on the home. Finally, I give them my Broker Price Opinion based upon my report. That was the easy part. How am I going to transfer the data into the necessary fields to get paid for this BPO. ANSWER: REALTY PILOT SOFTWARE.

 

The hardest thing for me to do when completing a BPO with Realty Pilot is taking the pictures of the home. Are you serious? Yes, I am living proof. Realty Pilot populates data from my MLS into Realty Pilot. Then, I complete the BPO in Realty Pilot. Then, I hit the Macro button to transfer the data from Realty Pilot into REM Corporation web site forms. This whole process takes me twenty minutes or less by using Realty Pilot.

 

I AM READY TO DO MORE BPOS THIS WEEK. BRING IT ON!


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WHY ARE YOU WASTING YOUR MONEY ON OBTAINING CDPE DESIGNATION?

 

4359148099?profile=original I have registered in March of 2011 to obtain my Certified Distress Property Expert (CDPE) designation to further my education in real estate. I made this announcement on my weekly radio show last week. I want to show the public that I am an expert in distressed properties. However, obtaining my CDPE alone will not make me an expert.

 

I am dealing with distressed properties on a daily basis since I assist real estate investors to purchase from the Arizona Trustee Sales on a daily basis. My real estate investors expect a lot from me. I deliver on a daily basis to obtain investment properties at a great loan to value. Yes, there are times when people are still in the homes. How do you deal with that problem? Well, one must be able to communicate with another human being to commit to a move out date so the investor can renovate the property. I have never had a problem over the last four years.

 

I am looking forward to the CDPE class. I will be the first one to inform you that I do not know it all. So, I would like to accomplish three things from the class see below:

 

  1. New knowledge on distressed properties
  2. Network with other real estate professionals
  3. Obtain my CDPE designation

The CDPE designation will also show asset managers that I am an expert in distressed properties when obtaining listing assignments to move their inventory with the best methods in the industry. I am ready for the challenge at all times.

 

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JOINING MY LOCAL NATIONAL HISPANIC ASSOCIATION OF REAL ESTATE PROFESSIONALS IN PHOENIX, ARIZONA FOR $50


Yes, this is me looking to network with other real estate professionals in Phoenix real estate market. Also, I wanted to learn more this year about first time Hispanic home buyers and assisting Hispanic real estate investors. Did you know the number one need for Hispanic population in America is financial education? I meet many Hispanic real estate investors that make many mistakes during the process of a real Phoenix Fix and Flip Home. There is a huge opportunity to make a difference in this community when it comes to real estate investment training. Do you speak Spanish? No, I am willing to learn the language. My passion for real estate will attract real estate investors. I have learned that money does not discriminate.

 

So, I notified my local representative to join my local chapter of NAHREP. It only cost $50.00 to join for a one year membership. Plus, they have monthly activities to network with other professionals. Does this sound too good to be true or what? I am in for that price. Fellow NYer here-I know a true bargain when I see one. Look at the numbers below:

 

HISPANIC PURCHASING POWER source US Census

  • Hispanic Purchasing Power increased to over $865BB in 2007, and is anticipated reach over $1 Trillion by 2010, an increase of 457% since 1990
  • The growth rate for Hispanic Purchasing Power of 8.6% is the highest of all minorities, and is over 2.5 times greater than the 175% projected for whites
  • Hispanic incomes are growing the fastest in the $75,000 to $99,000 category
  • The Number of Hispanic households earning over $75K are increasing faster than the number of Hispanic households earning less than 75K
  • 50% of all U.S. Hispanic Households earn $50K or more
  • Affluent Hispanic buying power is estimated to be 2/3 of the entire U.S. Hispanic buying power
  • Homeownership equity accounts for 63% of Hispanic household wealth - the highest of any group. (Federal Reserve Board's Survey of Consumer Finances 2001)

I will continue to blog about my adventures over this coming year with NAHREP. I encourage everyone to join their local chapter today.

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REOPro is a great networking tool that is FREE and has some of thefinest REO/Short Sale Agents around! The founder Jesse Gonzales hasplaced a tremendous amount of time and substantial energy into creating areputable forum to share information. Recently our Team was contactedby a fellow REOPro member to refer us a very good friend of his who islooking to buy a home in AZ and is a cash buyer. If it would not havebeen for REOpro we would not have been able to connect and help hisfriend purchase a home, and create a fantastic dual referral partner!

Thank You REOPro and all your members!


MVP Realty Team- "Always Your Home Team"
Direct 480.603.3462
Office 480.449.6641
Fax 480.768.9444
Email: Info@mvprealtyteam.com
Web: www.mvprealtyteam.com


Servicing: 85323,85392,85326,85396,85377,85327,85331,85224,85225,85226,85244,85246,85248,85249,85286,

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85069,85070,85071,85072,85073,85074,85075,85076,85077,85078,85079,85080,85082,85083,85085,

85086,85098,85099,85240,85242,85263,85250,85251,85252,85254,85255,85256,85257,85258,85259,

85260,85261,85262,85266,85267,85271,85351,85372,85373,85374,85378,85379,85388,85280,85281,

85282,85283,85284,85285,85287,85289,85353,85363


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Fifteen new foreclosed or short sale homes came on the market, about one in every six homes being listed in the Prescott Arizona Area MLS system, and one quarter of the closings were distressed sales in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt and the outlying areas of Yavapai County. This shows a marked decrease from last week’s numbers.The difference between what newly listed traditional homes and Prescott foreclosed/REO and short sale properties per square foot remains large at a 40% discount.News has been mixed last week with positive housing numbers coming out of California and the Phoenix area, but news of more foreclosures on the horizon as load modifications fail and banks are removing moratoriums on foreclosures. Watch this space for more info!The percentage of foreclosed/REO/short sale new listings on market increased from 17% to 18% this week. Last week 48% of the pending sales were REO or short sales, and this week they made up 33% of the deals going into escrow. The percentage of REO/short sales that closed last week went from 56% last week to 26% this week. REO/short sales sold about 92% faster than traditional resales.See the full report on our main web site.You can get this report sent to you via email. Sign up here.
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The REO (real estate owned) foreclosed home market is hot right now in the Prescott area with many homes priced under an already depressed market price.When banks price REOs under the market price, multiple offers are often the response. This means buyers can be up against stiff competition for that bank-owned home.It’s not unusual for some bargain-priced REO homes in the Prescott area to receive 3 or 5 offers. Sometimes the bank will throw out all but two offers and then ask the selected buyers to resubmit what is called “Highest and Final” offer. Sometimes the bank simply accepts the best offer at inception, or they can start over. Fun isn’t it?If you’re wondering how you can make your offer rise above all the rest and be the winning offer, here are the top 10 tips to win the REO multiple offer game with right packaging, price, terms and conditions:1. Know What the Bank Note Is For and What they PaidAsk your foreclosure buyer’s agent to find out the bank’s purchase price on the Trustee’s Deed. Compare that price to the price the bank is asking. Then, look at the amount of loans that were once secured to the property. Usually, the amount the bank will accept is somewhere between the original mortgage balance(s) and the foreclosure sale price. BUT, don’t put TOO much emphasis on these numbers when they are low. It a property is worth $300,000 and the bank is holding a note for only $100,000, they are not going to take $100k for it. They not not against making a profit on the rare occasion when they are not upside down. They’ll likely hold out until a reasonable offer appears.2. Know the Comparable Sales DataMake sure you know what properties have been selling for in the immediate area, both REO and traditional sales. The bank already got this data when they received their Broker Price Opinion (BPO) to determine the listing price and might have another BPO once the offers were reviewed. If the comparable sales for REOs has been $120/sqft in the neighborhood and you are offering $90/sqft, you can expect a counter at best and most likely will never hear back from the bank.3. Do an Analysis of the Listing Agent’s REO Pricing RecordMost REO agents focus as listing agents for REOs, and often they do not list any other type of property. Since REO agents deal in volume, they typically apply the same pricing principles to all their REO listings. Have your foreclosure buyer’s agent pull the history of the listing agent’s listings to determine the list-price to sales-price ratio. If most of those listings are selling for, say, 5% under list price, then you will have some guidance as to how much you need to offer.4. Know your Competition - Ask About the Number of OffersIf there are no offers on the REO home, you can probably offer less than list price and get your offer accepted. However, if there are more than two offers, you may need to offer above the asking price. If there are 10 offers, bear in mind that some of those offers might be all cash. Banks like all cash offers. If you are obtaining financing, then you may need to increase the price on your offer to be considered.5. Prepare an Offer Summary as a Cover SheetThis is aimed at simplifying the process for the Asset Manager, who, will more often than not, have 400 - 500 properties under management and often in multiple states with vastly different real estate contracts. This cover sheet will have the basics only (Price, Terms, Concessions, Closing dates, etc.).See a sample cover sheet. If you are an agent and want one emailed to you in Word format, just contact me.6. Choose a Closing Date Before the End of the MonthTry to have close of escrow on or before the 25th of the month. Banks are assessed their handling charges on the first and if they have not received the check before the end of the month then there is an additional charge for them.7. Submit Your Loan Status Report or Proof of Funds with your OfferIt goes without saying that you do not want to submit an offer without showing the REO manager that you have the means to purchase the home. If you are getting a loan, then it’s of paramount importance to submit the Loan Status Report (LSR) with your offer. If you are paying cash, you need to show proof of funds. Often buyers submit copies of money market account or bank statements (with the account numbers obscured) to show that they are capable of completing the purchase.8. Give Enough Time for the Bank to RespondUnlike homeowners who are typically working on one transaction at a time and can respond within 24 or 48 hours, REO asset managers usually hundreds of homes they are trying to dispose of. And since many of these are getting multiple offers, the amount of workload can be be overwhelming. This is why we suggest allowing 7 - 10 days as the response time on offers. Sometimes responses will come much quicker, but other times even longer. Manage your own expectations for response as well and make sure your agent is following up.Don’t take it personally when you don’t hear back…it’s not personal, it’s business!9. Don’t Try to Choose your own Title CompanyChoosing the escrow company who will help close the transaction is normally the buyer’s decision, but when buying a bank-owned home, buyers need to be flexible. One of the items that your buyer will need to be flexible about is that the bank will, more than likely, want to choose the title and escrow companies. This is due to the fact that they have significant amounts of title work done during the foreclosure process so they usually want to stay with that title company. Please be aware that many of the escrow and title companies that banks choose to use are not local, and that they are usually low bidders who are overwhelmed by transactions as well. They will have traveling notary services or local options for document signing, but don’t expect the same service you get from your favorite escrow officer. If you are an agent, take an active role in trying to help the title company get the contacts they need locally, like the HOA information, etc.10. Shorten the Inspection Period and Don’t Ask for Repairs at the Offer StageIf other buyers are asking for 15 days to conduct inspections, and you ask for 10, you will be deemed the more serious buyer. Banks, just like traditional sellers, don’t like the “Free Look” that the Arizona contract offers buyers during the inspection period. If your agent can’t make everything happen within 10 days, (home inspection, termite inspection, special inspections) ask why not. Sometimes banks will pay for repairs, but typically will not agree to do so at the offer stage. If there are serious problems are found during a home inspection, try to renegotiate after your offer has been accepted. Banks are much more likely to offer concessions once your offer is in the hopper, especially if the repairs are required as a loan condition.Bonus Tip: Offer to Split Transfer Fees if You Ask for Any Concessions at AllAs a rule, banks do not like to pay transfer fees, but if the buyer offers to split those fees, the bank will feel more amenable to accepting the offer. We suggest offering 50-50 splits on all transfer fees and do not ask for further concessions like seller paying buyer’s escrow costs, etc.Keep all of these tips in mind when you are making offers and you will experience far less frustration and and much more success when trying to buy bank-owned properties in the Prescott area.Bonus Tip #2: Write your contract in English and not legalese.Forget what the last CE instructor taught you at your renewal hours, and go back to writing the contract in plain English.Want to see an example of how not to write a contract?
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I have many clients who call me looking for deals on short sales and foreclosed homes in the Prescott Arizona area market including Precott Valley, Chino Valley and Dewey-Humboldt. Many think that short sales are better deals than foreclosures, but his is rarely the case.What the difference?The short sale process has many moving parts that must be aligned in order for the sale to close. First of all, the lenders have to agree to a short sale, but sometimes banks won’t agree to a short sale without an offer. This means that the home has been listing for a price that the bank hasn’t agreed to, and once the offer comes in, the bank will assign a loss mitigator to review the process. This could take several months and most likely will involve a counter offer by the bank close to the loan amount…regardless of whether or not the loan has any bearing on market value. Then the games begin.When you buy a foreclosure in the Prescott area, the process is much more straightforward and the prices are set by the bank and not a by the homeowner and REALTOR, who have nothing to lose by listing it below market value. In fact, it stimulates demand and clients for the listing agent and the homeowner thinks there is progress because people are looking at their home and making offers.That’s not to say that all short sales are not good buys. The key to success is being prepared and having a full understanding of the process.For links to more information, see my Prescott AZ Area Foreclosures Blog
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