contract - Blog - REO Pro Network

Alternative Mortgage Program - Better Than Rent-To-Own

Posted by Michael Collins, CDPE, SFR on June 12, 2014 at 5:08am

Looking for a Rent-to-Own, Lease-Option or Land Contract in Wisconsin? We may have the perfect option for you! It's called the Alternative Mortgage Program. Please read the details below and visit the link for further information.

As you can see, this is much different than any other Wisconsin Rent to Own (RTO) or Land Contract program out there that we have seen. This could be the perfect conduit for you to get the home you want now, and be able to then purchase the house down the road when you can qualify for a traditional mortgage. If you are interested in hearing more about the program from the lender, please visit the link below and submit your contact information via the short form.

Blog.RockRealtyWI.com/Rent-To-Own

Feel free to also visit our Rock Realty Wisconsin home listings websites below to help with your home search! You can search through all available MLS listings in your area.

Janesville Area Homes for Sale
(http://www.JanesvilleRealtor.com)

Madison Area Homes for Sale
(http://www.MadisonWIForSale.com)

Unrealistic Seller Expectations

Posted by Mike Cooper on May 26, 2011 at 2:57am

I loved Debe Maxwell's post "The Longer the Shelf Life, The Less Chance You Have of Selling Your Home". I wish I could send it to a couple of my sellers (previous and present). In that post she demonstrated how a seller can inadvertently derail his own sale by trying to stick to an unrealistic price. I have that same client today.

Last year I listed a house that was what I call, "Basic Vanilla." There wasn't anything special about the house. It was in an average neighborhood. It had basic features and no pizazz, but that's OK because there are a lot of people out there that can only afford a basic vanilla house. No problem.

I receive a very generous offer in the first 5 days, and I was elated! The seller countered with a higher price and the buyer countered that with a slightly lower price. At this point, I'm yelling, "Take the money and run!" My seller, for some unknown reason, decided he wanted an extra $500. Deal over!

He called over the weekend asking me to go to the buyer and coach him back into the deal. The buyer would have nothing to do with it. He was so aggravated the just wanted to move on. Deal over, dead, blah!

Now, 18 months later, he has another opportunity. This offer is 20% below the last one. What will the end result be? A year and a half has past with no offers. Will history repeat itself, or will he realize that his rigid attempt to stick with his unrealistic asking price could derail another deal? I'll let you know, but this time I'm going to be a little more emphatic about the deal.

This might be his last best chance to get a decent offer. The property value has dropped considerably in past year(20+%), and with the current market I don't see it increasing any time soon. Take a minute and go back and read Debe Maxwell's post. It should be a must read at every listing presentation!

WARNING!! Short Sale and REO Listing Agreements open you to HUGE LIABILITY!

Posted by Jesus (Jesse) Gonzalez on February 26, 2009 at 5:53am

I am writing this blog because I came across something today that shocked me. I was reviewing a Master Listing Agreement with a massive nation wide company, who will go unnamed. In one of it’s paragraphs it read…. “Listing Broker additionally agrees to indemnify and hold harmless the indemnitees for and from all claims brought by, through or under owner and EXPRESSLY INCLUDING WITHOUT LIMITATION THOSE CLAIMS PRETAINING TO OR ARISING FROM NEGLIGENT OR WILLFUL ACTS OF OMISSIONS OF (unnamed company).” In short, they are saying, the Listing Broker agrees to indemnify or secure them from hurt, loss or damage when they commit negligence or willful acts of omissions. Just so we are clear, the vast majority of insurance companies do not cover negligence or willful acts of omissions so, in other words, you, the listing agent, your broker are responsible for paying legal fees, judgments or whatever else they incur if they are ever sued, even if they are clearly in the wrong! What scares me the most, the Project Manager I was speaking with informed me, it’s just they way it is and since they have agents signing up left and right, it most likely isn’t going to be amended because, everyone is agreeing to this. READ YOUR AGREEMENTS AND HAVE THEM REVIEWED BY AN ATTORNEY. In my opinion, this is a horrible way to do business. I don’t know how you can get around it but, I am not doing business with anyone who has this type of agreements, it is just dangerous!

A Few Items The REO Buyers Agent Should Know

Posted by Dee Dawson on May 30, 2008 at 8:14am

Not every Agent has experience with REO transactions, so there are a few items the Buyer's Agent should know at the onset of the transaction. Passing along this information In Advance will help alleviate tension and will also help the Buyers Agent look good to their client. So here's my list:1. The Property is Sold AS-IS. If the Buyer will be asking for repairs, please ask for a "not to exceed" dollar figure for any repairs at the time the contract/offer is presented. This may sound like the wrong time to ask - but for the Asset Managers this is the best time, so they know exactly how much they will net from the sale.2. The Property is Sold AS-IS. As such, a Home Inspection Contingency will most likely be turned down BUT a Buyer's Agent should be sure to add a Professional Home Inspection "For Information Only" -- so the Buyers are fully aware of what they are buying (warts and all). And please do not ask for repairs after the Home Inspection unless Item 1 was added to the original contract.3. Inform the Buyers Agent which utilities are on and which are off. If the Buyer's Agent wants utilities on during the Home Inspection -- this will need to be approved by the Asset Manager in advance. Additionally, it takes a few days for the approval plus a few more days to have the utilities turned on (if approved). An Asset Manager may say no and then the Buyers Agent can decide if they want to add utilities in their name for the inspection.4. If Buyers' Agent insists on their own Settlement Company (this is often the case in Virginia), please use someone who is tenacious and who will work with the Seller's Title Company to get this to closing. There are so many REOs right now and so many overworked processors...it's the squeeky-wheel theory.5. Buyer's Agent should complete a walk-through inspection prior to settlement. Sometimes things happen to vacant properties. As a Listing Agent I have a responsibility to check on my REO Listings weekly, however, there are still 6 other days where something could happen (break-ins, leaks, etc). This is the Buyer's opportunity to make sure the property still has everything they asked for (appliances, light fixtures, etc).6. Be sure walk-through is completed and HUD items are sent to Settlement Company several days in advance. The Bank will want to approve the HUD1 and that could take 48 hours once the Settlement Company has the figures. (that's 2 business days NOT 2 days)7. Settlement will most likely be delayed. There, I said it. Be sure the Buyer knows this ahead of time and does not have a moving truck waiting the day of settlement because, chances are, it won't happen on time. That's where the tenacious Settlement Company comes in.That's all I can think of for now.Based on your experience, what else could we add to this list to help our fellow Agents?...

contract (4)

Alternative Mortgage Program - Better Than Rent-To-Own

Unrealistic Seller Expectations

WARNING!! Short Sale and REO Listing Agreements open you to HUGE LIABILITY!

A Few Items The REO Buyers Agent Should Know

Note: this page contains paid content.