Please share some tips on how to become approved with asset management. I can share some tips from my personal experience. I have just basically attended every netowrking event out there. Join REO networking groups, talk to other agents who have already established relationships with AM's. Also, becoming an area expert an learning the local tenants laws and how they apply to your potential assets. If you have more to share, please do. Thank you!
bank (90)
It's the beginning of the year so time for the round-up of last year's distressed property sales in Sunnyvale. So here's what happened:
Single family and condo townhomes :
Total sales: 835
Short Sales: 111
REO: 73
Distressed sales as a percentage of total sales: 22%
Compare to 2010
Total sales: 849
Short Sales: 106
REO: 89
Distressed sales as a percentage of total sales: 23%
My conclusion:
The percentage of distressed properties in Sunnyvale is virtually the same in Sunnyvale between 2011 and 2010. This percentage is starting to have an effect on prices, east of El Camino. However in the 94087 zip code there were 11 short sales and 3 REOs in 2011 compared with 4 short sales and 2 REOs in 2010 out of 295 sales in 2011 and 307 sales in 2010. While short sales almost trippled in 2011 the percentages are still very low compared to the other zip codes in Sunnyvale.
If you have any questions about short sales or bank owned homes please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales
It's the end of the year so time for the round-up of distressed property sales in San Carlos. So here's what happened:
Single family and condo townhomes :
Total sales: 357
Short Sales: 24
REO: 18
Distressed sales as a percentage of total sales: 11.7%
Compare to 2010
Total sales: 312
Short Sales: 17
REO: 10
Distressed sales as a percentage of total sales: 8.6%
My conclusion:
The percentage of distressed properties in San Carlos is a higher in 2011, 11.7% as compared to 2010, 8.6%. However, at this point the percentage is still ow enough not to have a major effect on property values.
If you have any questions about short sales or bank owned homes please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales
It's the end of the year so time for the round-up of distressed property sales in Redwood City. So here's what happened:
Single family and condo townhomes 2011:
Total sales: 553
Short Sales: 91
REO: 49
Distressed sales as a percentage of total sales: 25.3
Compare to 2010
Total sales: 600
Short Sales: 93
REO: 78
Distressed sales as a percentage of total sales: 28.5
My conclusion:
The percentage of distressed properties in Redwood City is a little lower in 2011, 25.3% as compared to 2010, 28,5%. This is dues to a 40% decrease in REO sales in 2011. It will be interesting to see if the rumored release of REO inventory actually happens, and increases the percentage in 2012, or if the econmy picks up and helps people afford their homes.
If you have any questions about short sales or bank owned homes please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales
I was starting to feel like the last player picked in dodge ball. The rejections were really hurting, especially since there was never any reason given. Just messages saying your supporting documents were rejected. Oh the pain!
I finally got a really nice B of A negotiator on the phone today who gave me a simple explanation, the buyer's proof of funds were downloaded as a web page instead of being a PDF of the originals, and the current policy is only original statements are accepted, no web page screen shots.
I guess I should not be surprised. Just yesterday I got an e-mail from PNC saying the same thing. They needed the original October bank statement, not the one that was downloaded from the internet. At least PNC did not tell me I was rejected.
So if you want to keep your ego in tact while doing a short sale with Bank of America or PNC, be sure and give your Santa Clara County short sale agent original bank statements (which you may need to order from your bank if you are paperless), or see if you can download something that does not say web page on the screen. And be sure and ask your agent to get original bank statements for the buyer's proof of funds. There may be other banks requiring that now as well, but these are my two latest encounters.
If you have any questions about buying or selling short sales in San Mateo or Santa Clara County please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales
One of the best things that has happened to short sales in the last couple of years is the on line platform for processing a short sale. There are several platforms in use, but Equator is one of the more popular ones, and is the one used for Bank of America and Wells Fargo Short Sales. So, instead of your agent having to fax all the documents, usually several times, the short sale documents are uploaded as PDFs onto the Equator web site. In order to keep the process moving forward Equator will assign a task to be fulfilled by the agent, like uploading an offer or financial documents onto the website. Once the task is assigned they will give you a fixed number of days to upload the requested documents. This number of days is the same, no matter when the task is assigned. So if it isa 2 day task and it is assigned on a Friday, it is due Sunday, period.
So my latest Bank of America short sale assigned me the task of uploading the signed offer on Friday, with a due date of Sunday, which happens to be Christamas.
And that is why this Palo Alto short sale agent is cheerfully working Christmas Eve.
Enjoy your holidays!
If you have any questions about buying or selling short sales in Santa Clara or San Mateo County please feel free to contact me!
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales
I've seen a lot of articles and blog posts about Wells Fargo, Chase, BofA and others recently. It got me thinking about the future of the REO industry.
I've been an REO agent for over 8 years, back before the REO market was hot. Until recently my largest client was Wells Fargo. Early 2011, Wells Fargo's inventory became non-existant so in June I decided to go out on my own. Knowing that I would lose Wells Fargo as a client (they only work with agencies that have a JV), since there inventory dried up I figured I wouldn't be missing much. Seems I was right, they've only had 2 listings in my area since my move. My question is this.... if you had to align yourself with one major bank moving forward which would you choose? Wells Fargo, BofA, Chase, Other?
I've found that most Banks prefer to give their REO inventory to agents with working relationships with their local branches (at least with the top 3 mentioned above). I have worked with my local Wells Fargo Rep my entire career, but I refuse to give them business if it's their policy to end a long established relationship with me because I don't have a Joint Venture mortgage company with them. So the question remains, where do I send buyers? Which Bank do you thing will have the most upside in the coming years?
Milpitas Single Family homes
Active Short Sale Listings: 23
Active Bank Owned Homes: 9
Pending Short Sale Homes: 49
Pending Bank Owned Homes: 11
Sold Short Sale Homes: Last 6 months 23
Sold Bank Owned Homes: 19
Milpitas Condo Townhomes
Active Short Sale Listings: 12
Active Bank Owned Condos: 4
Pending Short Sale Condos/Townhomes: 43
Pending Bank Owned Condos/Townhomes: 4
Sold Short Sale Condos/Townhomes: 19
Sold Bank Owned Condos/Townhomes 26
Unlike San Jose, where short sales far outnumber bank owned transactions, the numbers are much closer for short sales and bank owned homes in Milpitas. There are many more pending short sale listings than bank owned, but short sales take so much longer to close that number is not surprising.
If you have any questions about short sales or foreclosures in Milpitas please feel free to contact me.
Marcy Moyer C.D.P.E.
Keller Williams Realty
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales
San Jose Single Family homes
Active Short Sale Listings: 371
Active Bank Owned Homes: 77
Pending Short Sale Homes: over 578 (mls stops counting at 500 and there are more than 500 San Jose Short Sales waiting for bank approval, 41 bank approved waiting for buyer to remove contingencies, and 338 just waiting to close)
Pending Bank Owned Homes: 127
Sold Short Sale Homes, Last 6 months 378
Sold Bank Owned Condos/Townhomes: 378
That is an amazing coincidence!
San Jose Condo Townhomes
Active Short Sale Listings: 166
Active Bank Owned Condos: 78
Pending Short Sale Condos/Townhomes: 578
Pending Bank Owned Condos/Townhomes: 104
Sold Short Sale Condos/Townhomes: 210
Sold Bank Owned Condos/Townhomes 314
So, if you add up all the short sale activity there are/were 2281+ for short sales and 1078 bank owned transactions.
My conclusion: even there has been a lot of press recently about how foreclosure filings are up in California right now short sales are dominating the distressed property market in the city of San Jose.
If you have any questions about short sales or foreclosures anywhere in Santa Clara or San Mateo Counties please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales
The group this week hit a milestone I wanted to welcome all the new members and thank the first members for their posting of comments and keeping the group active and growing.
This group is to discuss Bank of America properties with Bank Of America and to share solutions to getting more business with Bank of America or getting in the door with Bank of America and to stay up to date on their requirements.
Website: http://reopro.ning.com/group/bankofamerica
Members: 103
Well for those of you who don't know, REO stands for Real Estate Owned, or bank owned properties. As an REO Listing agent I have seen my inventory shrink during 2011, I used to receive several houses to list every month from different clients and now they are down to a handful and I have more houses waiting for foreclosures to be ratified in the courts and evictions than the ones I have actively listed.
It is easy to understand that it might work better this way, because it keeps the demand and supply balanced. My listings are moving quicker and selling to relative higher prices than they were last year. I believe that banks are controlling the inventory so the prices don't drop so much, etc.
Also everybody knows the popular term from last year robosigning, some states have created more obstacles for banks to foreclose on properties and even evict tenants, etc. I know in Maryland the banks have to contact the homeowner and offer the opportunity to apply for modifications, etc. I know some banks hired third party companies to make sure that usually real estate agents visit the homes and deliver documents, call the bank and put the homeowner on the phone, etc.
Today I read a good article that explains in more details why banks are doing this inventory control, not just to avoid property values to drop so much, put to make their books stronger and to manipulate data to their advantage.
It is hard to understand how a borrower can stay at a house for several years without paying mortgage, and getting away with that. Also banks are trying to sell their portfolio to investors rather than retail. And another idea that keeps resurfacing is the rental options.
I don't know if it is my luck, but lately I have several settlement delayed due to title issues. I know with REO properties usually we have these delays, because the ratification of foreclosures and deed recordations. But lately I have found some crazy things.
I have two properties that have been under contract since April and May, both have title issues.
Property one is bank owned. It has been undercontract since April, they are waiting for previous foreclosure recordation, that is the foreclosure in 2004 before the investor who just got foreclose purchase the property. Now we are waiting for the seller's and buyer's title copanies to get it right this time, but it has taken too long.
Second property, is a short sale, the title problem is that the transaction in 2000 the title company only have one of the previous owner's sign deed and title documents no the couple that used to own the property. Now the current owner is trying to short sale and the buyer's title company has not been able to find the previous seller to get a signed affidavit or get the previous documents signed correctly.
What is wrong with these title companies not doing a good job at their title research. These are really dumb mistakes. I know in the previouse 4 years, several title companies have gone out of business in the area, some owners are either in jail or have taken their lives because of the imbecilments and other iregularities with their business practices.
I hope in the near future the insurance commission takes more control and do better audits on the title companies to avoid these type of issues in the future, it is not fair for the seller, buyers lenders, agents and other title companies.
It's time again. Curious about how many distressed properties there really are in Palo Alto? Despite what you may be reading these are the homes for sale or sold on MLS as Short Sales or Bank Owned.
Sold:
Short Sales: Single Family Homes 3
Short Sales: Townhome or condo: 2
Bank Owned: Single Family Homes 2
Bank Owned Townhomes or Condos 4
Active:
Short Sales: Single Family Homes 1
Short Sales Townhomes or condos 1
Bank Owned Single Family Homes 0
Bank Owned Townhome or Condo 1
Pending Sales:
Short Sales: Single family homes 2
Short Sales: Townhomes or condos 1
Bank Owned Single Family Home 0
Bank Owned Townhome or Condo 1
As you can see the number of distressed properties for sale is continues to be extremely low. This small number of short sales and reos are not enough to have a major impact on the market as they do in many other markets.
If you have any questions about short sales or bank owned properties please feel free to contact me.
Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services. 2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 3. Even if you accept this offer and use our service, your lender may not agree to change your loan.
| Michael Collins in Janesville WI, has earned the prestigious Harris Real Estate University Certified Real Estate Owned Specialist Designation (RSD), having completed extensive training in the techniques necessary to secure, negotiate and sell (REOs). |
FOR IMMEDIATE RELEASE
PRLog (Press Release) – Apr 28, 2011 – Michael Collins Completes Prestigious RSD Designation to Specialize in Bank Owned Homes
April 1, 2011 Michael Collins, Broker of Rock Realty in Janesville, has earned the prestigious Harris Real Estate University Certified Real Estate Owned Specialist Designation (RSD), having completed extensive training in the techniques necessary to secure, negotiate and sell Bank Owned Properties (REOs). This REO training is invaluable during the current recession, especially in housing markets where foreclosure rates continue to climb.
A property becomes an REO if the original owner fails to pay their mortgage and the lending bank is forced to repossess it. The bank then reaches out to qualified REO designated brokers and agents to sell the home and recover their investment. Without access to experienced REO Listing agents, lending authorities must continue to hold onto the foreclosed property as an investment loss.
“The Harris Real Estate University RSD designation has been invaluable as I work with banks and lenders on complicated BPO & REO assignments. In Janesville Wisconsin, an increasing number of homes are in some stage of foreclosure. And it is happening with homes of every price range,” said Michael Collins, “It is so rewarding to be able to help banks rehabilitate these homes, get them back on the market, and find eager homebuyers so we can improve the condition of our neighborhoods. My RSD training through HREU has enabled me to work with more lenders, move more properties and get some of these vacant homes sold!”
Tim and Julie Harris, founders of the Harris Real Estate University in Las Vegas, NV, said “Realtors such as Michael Collins with the HREU RSD designation have valuable training in REO properties and can help banks find qualified buyers using our extensive techniques. Through our in-depth training and continuous education programs, these agents better understand market conditions that will help lenders appraise their properties through a BPO and eventually sell their REO inventory.”
The Harris Real Estate University opened in 1998 and provides REO agent training through webinars, teleseminars and teleconferencing. Agents can earn their HREU REO Listing Designation remotely from their offices all across the nation. The RSD is the premier designation for Realtors who develop an expertise in Bank Owned properties.
“Our goal is to prepare our enrolled agents for the increasingly competitive REO market. It’s becoming more difficult for uncertified agents to out-sell our graduates. Our comprehensive RSD Designation gives them everything they need to gain an edge over other agents in their communities,” Harris said.
If you feel you are in need of more information about REO properties, or if you are a lender looking for a certified Bank Owned Property Realtor, call Rock Realty for more information at 608-921-8536. We also offer in depth BPO (Broker Price Opinion) services.
Specializing in the sale of REO homes and commercial properties in the Madison, Beloit, Evansville & Janesville areas, Rock Realty lists homes for sale in Dane and Rock County. Contact Michael Collins at 608-921-8536 for more information, or visit www.rockrealtywi.com
Original Blog
Wisconsin Short Sales
Madison Wisconsin Short Sale Realtor®
Janesville Wisconsin Short Sale Realtor®
Beloit Wisconsin Short Sale Realtor®
30 days later and there is no Decision on either File, I do have an update on one, the Freddie Mac Loan…. THEY LOST IT… YES THEY LOST IT! Here is the letter I wrote to try and get some attention for my clients.
if you want to see the Video Again here is the Link
http://youtu.be/Mf1qacDNT88
Mr. (*&(&(*& )(*)(*)(*):
Senior Vice President, Loss Mitigation
Bank of America
Sometimes emotion can get over wrought and focus is lost, but sometimes that same emotion can bring a clarity that pushes someone into action that saves lives. I know this for a fact having worked in Law Enforcement and experienced that action.
Law enforcement personnel are always aware of public ire and the personal exposure to criminal behavior brought on by malfeasance. Needing to take action but refusing. I have decided I will not be accused of malfeasance. Strong advocacy for my clients and community is my duty and thus your about to feel some emotion, let’s see if I can share some passion.
I brought two transactions to your attention in a video at www.HAFA.us. One was a Freddie Mac short sale and the other a twin tracked Fannie Mae Loan Mod failure and possible reconsideration or movement into HAFA which was not offered to the client, which is the GSE mandate. I do not have answers on either of these transactions, it’s been over 30 days. That does not count the time it sat with your associate Mr. B(*&(&( or Mr. S(*&)(&(&(*&r who suggested I send the file to the Mortgage Side to get the Branch involved. More on steering later.
I am losing it, not enough passion, lets kick this up a notch. Your Bank is a total failure you are failing the American People the regulators and real estate professions and in the process your costing our country billions of dollars. We should lock your doors and put you all on the unemployment line and let you feel what it is like to not be able to get out from under the thumb of the worst Bank in the United States. To fully comprehend the importance of timely action, your team needs to feel the same pain my clients do. Now I am starting to feel like I am catching a groove, are you feeling how I really feel about what your doing to my clients?
Right after our last correspondence I gave my (*&(& Street transaction to the most capable of professionals to handle in concert with your Mr. David (*&(&(*&)( and Mrs. C(*&(&(& ***** so there would be full objectivity and I would not be accused of being incompetent. Late today, I found out that your HAFA subcontractor has lost the file or can not see it in Equator, they are looking for the purchase offer. This is coming from the Escalation Officer at AMS.
This of course means after you issued instruction to escalate these files it has taken 30 days to even look at the file. I say break out your CHECK BOOK, FREDDIE MAC IS OWNED SOME MONEY.. and by the way I did my job and I want my commission. Does your company have no shame? Do you have no liability for reckless abandonment of these files? Pay me and fix my client’s credit, which you continue to damage!
My Broker of Record who is receiving a copy of this correspondence can personally vouch for the person who has been working the file. The incompetence of your Bank is not invented and I don’t think questioning the ability of the people who took over the “hands on” of this file is a good strategy to consider. Fixing the file is not only a better plan it is the only course of action you can take if your to meet your duty to the investors, the GSE and thus the tax payers. By all mean I encourage you to call my Broker of Record. I am sure he will tell you, I am the first to arrive and the last to leave my the office. I am tireless in trying to help my clients.
If you are testing the ability of advocates to bring timely action, I personally am up to the challenge. I have not one single thing that I can not afford to lose. In fact, inasmuch as your quickly destroying our market and the Real Estate Professionals desire to commit to selling your short sale stock, your own inaction will be what rushes you to failure.
I think it was Socrates that said; “the only thing I can contemplate which could hurt you more than a lie, is the truth.” Where the truth can not go maybe a Congressional inspired audit or hearings could help. How many loans are you doing this to? Do you really think you should be handling Fannie Mae and Freddie Mac loan servicing? These are Public Loans should we be paying for your incompetence?
As you reflect on this tirade, you may want to get your hands on the list of files I gave Mrs C*()(*_* & &)__ ^%$ . You have more problems headed your way, I want resolves, my clients are not expecting lip service from me. They contracted with me for results, that is what I owe them.
In contempt for your inaction, the files land on your desk, good managers own the problem, what kind of manager are you? Tell me do my clients deserve better than your company is providing? I think they do.
George Kenner
This is the link to the Video’s of the Bank of America VP.
www.HAFA.us/navigate1.htm
George Kenner, Broker Associate Keller Williams Realty, Lic. 01229957
Contact George at 619-723-5714 or email g.kenner@yahoo.com
When do you think I am going to recommend B of A for a Mortgage?
How will this effect your current short sale negotiations? Direct
approved assigned short sales are coming fast but are current BofA REO agents
going to get those listings?
Bank of America Home Loans has announced that it will exit the
reverse mortgage origination business and move the unit’s operational resources
into other critical areas serving customers. Bank of America Home Loans will
continue to serve the needs of existing reverse mortgage customers and those
with loans in process.
“We made the strategic decision to exit the reverse business due
to competing demands and priorities that require investments and resources be
focused on other key areas of our business,” said Doug Jones, consumer sales
and institutional mortgage services executive for Bank of America Home Loans.
“We fully understand the critical sensitivity of ensuring that our senior
customers are provided with the same level of excellent customer service that
we have provided in the past.”
On Thursday, Bank of America announced the definitive sale of its
Balboa Insurance organization to the QBE Insurance Group Ltd. The exit from the
reverse mortgage market is an additional step in the efforts of Bank of America
Home Loans to focus on its core mortgage operations.
Bank of America Home Loans entered the reverse mortgage business
in 2006 and expanded its presence in 2007 following the acquisition of Reverse
Mortgage of America in 2007 and Countrywide Financial Corporation in 2008.
Associates not redeployed will have the opportunity to apply for open positions
at Bank of America.
Bank of America President and Chief Executive Officer Brian
Moynihan also announced changes to Bank of America Home Loans and Insurance that
will continue the company’s strong momentum in extending home mortgage credit
while improving its leading mortgage modification programs for distressed
homeowners and resolving legacy mortgage issues.
The decision is the latest in a series of significant actions
taken to resolve outstanding mortgage-related issues while solidifying the
company’s leading position in mortgage finance. Bank of America in September
2010 initiated a self-assessment of default servicing, and in October became
the first servicer to voluntarily suspend foreclosure sales in all 50 states
while evaluating the process. While the review of the foreclosure process found
that the underlying grounds for foreclosure decisions has been accurate, Bank
of America implemented a series of improvements—including staffing, customer
impact, and quality controls.
Barbara Desoer, Bank of America Home Loans president, will
continue building the mortgage business for Bank of America. Desoer is
responsible for servicing loans for the more than 12 million mortgage customers
who remain current on their accounts, and for implementing the bank’s strategy
to be the preferred mortgage choice for its 50 million household customers
going forward. In 2010, Bank of America delivered $306 billion in quality mortgage
lending to 1.4 million customers.
At the same time, a newly formed unit, Legacy Asset Servicing, has
been established. Terry Laughlin will lead this unit and be responsible for
servicing all defaulted loans, and for servicing discontinued residential mortgage
products. In this role, Laughlin will oversee the bank’s mortgage modification
and foreclosure programs, and continue to be responsible for resolving
residential mortgage representation and warranties repurchase claims.
“This alignment allows two strong executives and their teams to
continue to lead the strongest home loans business in the industry, while
providing greater focus on resolving legacy mortgage issues,” said Moynihan.
“We believe this will best serve customers—both those seeking homeownership and
those who face mortgage challenges—as well as our shareholders and the
communities we serve.”
First off, let's all agree that at some point in some random conversation with some random person, we have all done it. We have all bragged about our success but, to be arrogant and bragging....well, it's stomach turning.
I just got off the phone with a local agent who wanted to know the status of one of my short sale listings. Well, if you are an avid reader of my blogs, you know....i don't play that game so, I asked her specifically what she would like to know.
Instead of asking me a question she proceeds to tell me how she doesn't like showing Bank of America short sale listings. Because I didn't hear any question in her statement, this strange awkward silence fell onto the conversation like a lead balloon and then she pipes up and ask, "are you still there?"
I replied, "yes, I was waiting for your question." Ok.....maybe it was a smart ass response but, I knew what she was wanting to know and, to be honest, I didn't and will not provide that information so, unless you specifically ask, I am not going to volunteer it. Anyways, she asked, "Is this with Bank of America". I honestly replied with a "I don't know" because at that specific time, I didn't. You see, I have over 25 listings currently, all in different stages of sale and it's not practical or even within my ability to know details on every single file just off the top of my head.....that's why I have files.
So, she huffed...just like a little girl who has been told she can't have another cookie from the cookie jar...she actually huffed, I heard her huff. Well, this action on her part almost caused me to go into a death spiral of laughter but, I held back...with a tear in my eye, it was hilarious.
She then asked me how it was possible that I didn't know. Ok.....well, the thought crossed my brow like a news ticker in times square, "WHO THE HELL DO YOU THINK YOU ARE?" but, I didn't say that because, I am sooo above that...right?
Anyways, I answered her question, "I have 25 listings at the moment and my buyer's team is handling over 100 leads so, for me to keep track of every file off the top of my head isn't practical." Yes, I was a bit snobby when I replied but, who the hell does she think she is to ask such a question?
She then replies with an arrogant and condescending, "Well that must be nice?" Not sure if that was a statement or a question, I replied, "It is."
After this point, her tone changed and she started talking in some weird alien language that i couldn't understand. It's that same tone your mother or wife uses when they are just about to hit their stride with nagging you about everything you didn't get done over the weekend. Women, just a word of advice, when working or dealing with a man, if you manage to hit that magical, nerve wrecking, skin crawling, hateful thought evoking tone, we men....even us "non-traditional" men.....SHUT DOWN! At that point, nothing you say is being heard or even understood so, go...take a nape, wax your upper lip, shave your pits....do whatever it is you do and then come back when you can talk more reasonably. Just a thought.
Now, I can't really recall what she was saying but, I did hear some key words. They were,"don't like Bank of America, takes too long, my clients don't have a year to wait" so, i got the idea and I interrupted her and informed her that even if the property was with Bank of America, with Equator and the new style of customer service in Bank of America's Short Sale Department, no reason why we couldn't get a deal done in 60 days or even less.
She then seems to have ignored everything I said, I guess women have a tone threshold as well, and started telling me that she knows all about Equator and that Bank of America called her once to offer her to be a agent for them and she turned them down.
Ok, for those of you REO agents who are experienced...or maybe not even ever sold a REO, if Bank of America calls you to offer you a job to list their assets and you turn them down either you are an absolute fool or you are just an absolute idiot.
At this point, I knew this woman had no clue, she just wanted to waste my time with her stories of how she knows all about short sales and I realized that she had no clue who she was talking to.
Yes, I had to brag a bit at the end....did you catch that?
Stay Safe, Stay Funny and don't forget to be Fabuloustastic!
I love making the photos and slide shows and videos for listings. Maybe THAT should be my whole career, hmmmmm...
So, I do not know how to make YouTube show my main info text screen shot, it always seems to show a thumbnail of some random shot in the middle of my video. Anyone else dealt with this, any YouTube pros out there with advice?
here is a link to my video on YouTube, I could ALWAYS use more YouTube friends and subcribers too.
https://www.youtube.com/watch?v=ywpY3wSwLaM
One more thing, if you are a Realtor marketing today, do you have a YouTube account? ..... if not, go get one, it is FREE and such great exposure for listings and to push more traffic to your web sites.
Jessica
30-year fixed-rate mortgage: Averaged 4.80 percent with an average 0.7 point for the week ending January 27, 2011, up from last week when it averaged 4.74 percent. Last year at this time, the 30-year FRM averaged 4.98 percent.
The 15-year fixed-rate mortgage: A veraged 4.09 percent with an average 0.7 point, up from last week when it averaged 4.05 percent. A year ago at this time, the 15-year FRM averaged 4.39 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: A veraged 3.70 percent this week, with an average 0.7 point, up from last week when it averaged 3.69 percent. A year ago, the 5-year ARM averaged 4.25 percent.
One-year Treasury-indexed ARMs: A veraged 3.26 percent this week with an average 0.6 point, up from last week when it averaged 3.25 percent. At this time last year, the 1-year ARM averaged 4.29 percent.
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
Mortgage rates followed bond yields a little higher this week amid positive data reports from The Conference Board that suggest the economy is strengthening. The index of leading indicators rose 1.0 percent in December, nearly twice that of the market consensus forecast and represented the sixth consecutive monthly increase, according to the Board. They also reported a stronger gain in consumer confidence for January, rising to an eight-month high. In addition, the share of households who said jobs were plentiful rose to the highest level since May 2009.
Consumer demand in the housing market is also showing some positive gains. Sales of existing homes rose in December to the strongest pace since May and sales of new homes jumped to the highest since April. At their current sales rate, the expected time on the market fell from 9.5 to 8.l months for existing houses and fell from 8.4 to 6.9 months for new home
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Market Composite Index: (loan application volume) d ecreased 3.9 percent on a seasonally adjusted basis from the prior week. For the week ending December 31, 2010, this index increased 2.3 percent on a seasonally adjusted basis.
Refinance Index: decreased 7.2 percent from the previous week and the seasonally adjusted Purchase Index increased 3.1 percent from one week earlier. The following week, the Refinance Index increased 3.9 percent and the seasonally adjusted Purchase Index decreased 0.8 percent
Purchase Index: decreased 18.1 percent the week before Christmas and decreased 12.2 percent the week following. This measure was 12.1 percent higher and 6.1 percent lower, respectively, than the same period a year ago.
Refinance Share of Mortgage Activity: for the week ending December 31, 2010 was 71.0 percent, an increase from 70.3 percent for the week ending December 24, 2010.
Arm Share: No info available this week
MBA outlook: (Excerpted from mbaa.org)
The financial markets response to the announcement of QE2 on November 3 has likely been a disappointment to the Fed. Equity prices have risen, but long-term rates have backed up considerably, with the yield on the 10-year Treasury pushing up past 3%. And turmoil in Europe has led to an increase in the value of the dollar in exchange markets, not the decline that had been expected in response to QE2. Had the Feds proposal for renewed large-scale asset purchases been well received, Fed officials might now be considering increasing the announced rate of purchases to $100 billion per month or more. But dong so under present circumstances would likely evoke a political firestorm.
The percentage of loans on which foreclosure actions were started during the third quarter was 1.34 percent, up 23 basis points from last quarter and down eight basis points from one year ago. The percentage of loans in the foreclosure process at the end of the third quarter was 4.39 percent, down 18 basis points from the second quarter of 2010 and down eight basis points from one year ago. The seriously delinquent rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 8.70 percent, a decrease of 41 basis points from last quarter, and a decrease of 15 basis points from the third quarter of last year.
We expect that mortgage originations will decrease to $967 billion in 2011, the lowest level of originations since 1997. This is a decline from $1.5 trillion in 2010 and a little under $2.0 trillion in 2009. Purchase originations should increase to $615 billion in 2011 up from $473 billion in 2010. Refinance originations, primarily impacted by the level of mortgage rates, are expected to drop sharply in 2011 to $352 billion and fall further in 2012 to $237 billion. We expect that the refinance share of originations should fall from 69 percent in 2010 to 36 percent in 2011, and then 24 percent in 2012 as rates climb above the 6 percent mark.
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