Posted by Amy Gerrits on September 30, 2011 at 1:26pm
What a month! Not many new REO Listings came across my desk this month. However, all 8 of the Pending offers who were so eager at the begining of the month to buy these REO homes, You know the ones with the Broker who call 3 times a day just to see if any Seller Contracts has come in yet. As a Full Time REO Broker, I always try to educate all Brokers who have a buyer the meaning of as-is and what to expcet during the REO Transaction process, as well as the standards that the Seller expects of me. I always promise the Brokers I will get them the sellers contracts asap. I want more than anything to get this property under contract. Something must have been in the air this month because around the end of last week I practally had all but 3 transactions fall apart. 2 of the 3 were transactions I put togher and closed myself. It makes me wonder, Hmmm was I not clear enough to the Brokers what the meaning of As-Is before they made their offers? Or are these buyers thinking they can just take up peoples time and try to ignore the As-is factor? I hope next month will not be that way with the holidays creaping around the corner. Did anyone else have an experience like mine or am I the only One?Read more…
Posted by Daniel Ripper on October 2, 2009 at 7:02pm
While most of the REO agents in my area sit, twiddling their thumbs waiting for this Tsunami/Shadow Inventory/Wave to hit, I've been blessed with keeping a flow of inventory hitting the market making me one of the more "popular" agents on the block. While this is good for my business, keeping me and my staff busy, I've had the unfortunate experience of dealing with buyers agents who are unhappy, frustrated, or just downright negative. They continously complain, threaten me, tell me how to run my business, even demand me to accept their clients offers! The sad part is some of these agents are within my office! Its a shame agents have to go this low. I simply just take a deep breath and stay focused.Initially I thought it was just me, I mean I'm a down to earth guy, really laid back (don't let the picture fool you) but after talking with some of my peers in the same boat, they were experiencing similar reactions. Recently at the 5 Star an agent on the panel was going over productive ideas and one of them was "don't let the buyers agents control you". I was relieved to know that many of the REO agents are going thru the same issues.If you're a buyers agent on this site and are trying to get into REO, until you get that first listing, here are some tips:1. follow directions. Usually a good listing agent will leave instructions on the MLS. For a better response on your offers, please have your contract packages complete.2. have your lender contacts ready. If a listing requires a specific prequal from a direct lender, have your client in touch with that loan officer immediately. With the shortage of inventory, it is very competitive and timing is a huge factor.3. understand the REO market in your area. If your buyer is an FHA first time homebuyer with 3.5% downpayment competing with investors offering cash 20% over list, your buyer does not stand a chance.4. understand the thinking behind the offer accepted. Just because your FHA, 3.5% downpayment offer was 40% over list price, and didn't get accepted, understand why. Banks usualy have a couple of BPOs done from local agents and a appraisal. Its how they get their list price. Just because your client offered 40% over asking dosen't mean they will accept your offer. We know it won't appraise and don't want to deal with it later in the transaction.Staying in control keeps my staff and I busy as we can spend all day arguing with buyers agents who are not even in contract with us. I hope this helps for everybody on this site. OK I'm done venting. Thanks for reading!
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41 Charged in 5 Mortgage Fraud Cases
by alissandria obrien of Preservation Monthly 06/24/2009
....15 individual defendants and four businesses purchased distressed properties, including from the U.S. Department of Housing and Urban Development, and then resold them for fraudulently inflated prices approximately two to three times the purchase price.....
Link to see the full article. http://www.preservationmonthly.com/story_2012.htm
I have blogged on this over and over, each time, I get all kinds of hate mail and personal attacks but, as i have been saying since last year, when this started taking off in my area, it's fraud.
by the way, I am not going to argue with anyone if it is or isn't.....I have contacted my local FBI office and was told that if anyone has a question about this process, they can call them directly and they will help you understand just why it's illegal.
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