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OK, so I have been struggling with good formating for photo slide shows, mixed media, video to present my listings for sale in a variety of online applications, socail media and postings. I think this is a big thing for many Realtors right now.

I finally found a great little photo slide show editing tool, mixing in video is my next step, it also has GREEN SCREEN and mixed media applications. It is low cost and easy enough for 2nd graders to teach me all about it and show me how it is done. They made a cute sample slide show for me about fake homes for sale and even took one of my listing photos off my web site and used it in their sample.

Now, if I can figure out how to post on REOPRO .... and of course the best options are when I can post the slide shows, mixed meadia automatically in multiple great on line social media areas.

I go to classes, seminars, study online stuff for HOW TO. But the secound graders have really taught me something great!

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Today I was doing a few more drive bys, and I noticed sooo many for sale signs and foreclosed properties literally in just one street. Then about 2 blocks down only a few signs were visible.

Sometimes I think these mortgage companies prefer to hit one specific area and just wipe them out all at once. Is there an advantage for them when they do this?

Are they trying to get rid of the current homeowners to bring in a whole new different type of community?

If this is the case, then how are the realtors supposed to market these homes when their clients come to the neighborhood and see all these signs up?

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No matter what camp you are in, tax the rich or cut taxes to small business, the sad reality is that with a national debt of over 13 Trillion and an unfunded liability of over 70 Trillion, we are all going to see tax increases at some point, liberal, conservative and libertarian alike.

I would like to take the housing conversation past the money and focus more on where you stand on the moral and ethical questions. Granted, when we talk about hosing, we can never get rid of the money issue however, just follow me on this.

I have heard some people say that Americans are going to have to sacrifice, pay for their mistakes, get out of the homes, sell them off, write off the losses and get on with your lives.

I have heard some people say that we can’t throw these people out on the street, it’s cruel. People are humans and deserve a home and since most of these people have legitimate hardships or were victims of predatory lending, we should help them.

So, what argument is the correct argument? Which one is right and which one is wrong? Better yet, do we have to have a right and wrong answer? Can we just say we should take each situation on a case by case scenario?

Personally, I don’t think it’s fair for anyone to have to pay for another’s mistakes. I feel this way because as a kid, whenever my siblings did something wrong, guess who got in trouble……….me! Why, because I was the eldest. For whatever reason, my mother saw it as my responsibility to ensure my sister and brother were doing things correctly. In fact, I remember a specific time when my sister went into my room, took out my Star Wars actions figures, played with them, didn’t put them back and my mom walked into my room, stepped on Darth Vador, screamed out an explicit word and yanked me off the bed and ordered me to clean my damn room. No matter how many times I told her that my sister made the mess and should be responsible for cleaning it up, she insisted I do it. In fact, the more I mentioned this wasn’t fair, the more in trouble I got. The whole time, my sisters is outside my window in the back yard playing, never once aware that I got in trouble and had to pay the price for her bliss.

I once heard a man say something to the effect that we as Americans should all be willing to step up, pay our fair share of taxes and help these people out who are struggling to keep their homes. Ok, great, so why don’t we all step up, pay our “fair” share of taxes and help people keep their automobiles, furniture the paid for on credit from Rooms to Go, the 42 inch plasma flat screen, the high end Create & Barrel cook wear. In fact, I have a better plan…..why don’t I go out, get a credit card in my name, head down to the projects, hand it over to any Joe Blow I see and say…….go get what you need because I think it’s the right thing for every American to give their funds over to the less fortunate.

My point is, if I am going to be forced to hand over my hard earned cash to the less fortunate, I would much rather do it directly than handing my money over to the Government and letting them making the decision on what is best for Joe Blow.

People who don’t want to pay taxes aren’t because they are cruel, mean, wealthy, conservatives who don’t want to help the less fortunate. Most of us are people who grew up with nothing, were on food stamps, AFDC, Medicaid and knew what it was like to go to a local Church’s clothing closet, had free lunches at school and love Government grill cheese, who can’t now imagine simply giving our money over to a corrupt government who has moved away from our GOD giving liberties outline in our divinely inspired constitution because they want more power over those who don’t have the means to make decisions for themselves.

Government is not the source of charity, our neighbors, churches, friends and family are.

A tax hike to help out Joe Blow through a government program isn’t utopia, it’s communism.

If you want the people to give more and help more, take the shackles of government regulation off the community church and let the God fearing, God loving, Gospel preaching, Bible toting, Spirit filled, WWJD masses step up to the plate…………………because they will!

Raising taxes to pay for the mistakes of others through a corrupt government is theft by any other definition.

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New proposal would extend the CLOSING time until September 30th, 2010.

This is for those ALREADY under contract. The current tax credit has to close on the home by the end of this month - June 30th.

We all know what a mad dash it was to get the homes under contract for the buyers now getting them all closed by the end of this month is a monumental task and there are a lot of buyers that are going to miss the deadline. Lenders and title companies are swamped.

There are so many buyers here tied up with Las Vegas Short Sales, (as I'm sure it is across the country) that are waiting for the banks to approve these short sales that it just isn't going to happen by the end of the month for so many.

This in turn could lead to a lot of homes being dumped back on the market because if you had a buyer only buying a home to get the tax credit, they may walk away from the deal now.

I know for several of my buyers that are hanging in there, they now are crossing their fingers even more!

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Connecticut Senator Christopher Dodd, Chairman of the Banking Committee introduced his own Financial Reform Bill recent however, it didn’t have bipartisan support and died on arrival however, the White House bill that is likely to be brought to the floor on Monday has a very similar outline.

What specifically got my attention was the $50 billion fund, that will be raised out of fees charged to banks. This fund is suppose to be used to liquidate failing banks. Now, it doesn’t say anything in particular about using that money to liquidate bank nonperforming assets in the form of short sale however, follow me down the rabbit hole for a while.

This is an election year and, the last thing a politician wants is to be seen as is someone who is pro business and, pro Wall street, however the financial crisis has gotten worse than anyone will admit and therefore, the government realized their folly with the philosophy, “everyone gets to stay in their home.” So, now….here we are, elections in November, the Country is PISSED OFF at incumbent politicians and the banking crisis is worsening due to the enormous debt and weakening dollar so, what can a politician do?

They find an enemy, in this case, big banks and they find a victim, in this case, defaulting homeowners. Now, regardless of how you feel personally about who is really responsible for this calamity, let me assure you, the media is going to spin this as if it’s all the banks fault so, just a bit further down the rabbit hole, come on……you know reading my blog is like watching a naughty movie on your company laptop, you may not ever say you do it but, we know, oh trust me, we know.

Ok, I digress.

What these politicians need to do is get rid of these toxic assets on these bank portfolios now, under a capitalist system, the banks would be left to deal with the problem on their own however, that isn’t the reality of the situation. So, these politicians in control of these banks tell them that they need to do more short sales however, the banks say, we can’t take the loss.

Well, the Government can’t give them a direct bail out because, it’s not popular at the moment so, the Government decides to charge the banks fee which is essentially tax payer money anyways because the bank is Government owned. The Government then “banks” these fees at the Fed and makes the fees available to banks they determine need to liquidate some non performing assets. So, in essence, it’s a Government bailout with taxpayer dollars however, it’s hidden in the guise of bank fees.

So, how did I make the stretch that these fees would be used to create an influx of short sales? Well, I can’t tell you my source but, let’s just say, no politician in their right mind wants to be charged with kicking homeowners out of their home, no matter if the homeowner can afford the home or not. This is especially true with Progressive politicians because, keep in mind, they are following the Franklin Roosevelt 2nd Bill of Rights that says everyone gets a home.

Ok, now that I took you on a trip to Wonderland, let’s come back to reality.

America’s debt spending is weakening our dollar in foreign markets. This is why we are seeing gold prices rise. This is important to understand because, we don’t want to end up like Greece in the next 24-36 months, if not sooner. A continued weakening dollar, increased fuel prices, lower home prices, lack of real job growth, more defaults, more upside down homeowners, a tightening credit market, lack of industrial production in the country, higher taxes for everyone and we are gearing up for a perfect storm for hyper inflation.

The Government has to do something, right?

I got an idea.......JUST STOP DEBT SPENDING!

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What is an asset manager?

An asset manager can mean many things depending on what industry you refer to (and no, we’re not referring to your computer operating system’s asset manager in this blog post). Even in real estate, it can mean different things — someone who manages rental property can sometimes go by the title of asset manager.

For the purposes of buying and selling real estate (and the sub-plot of understanding foreclosures in the secondary market), an asset manager is neither someone who collects rent on a property or sorts out the different processes that Windows is running. An asset manager is the person that controls a bank’s REO listings and properties.

(And if you didn’t know, REO stands for Real Estate Owned — it’s the term given to properties that have gone through foreclosure, failed to sell for cash at the foreclosure auction, and reverted back to the lender.)

Now, why should you know what an asset manager is? More importantly, why should you find out who asset managers are?

Simple — they’re the people that you can negotiate with if you want to buy these properties. And because these properties come in such wildly varied states — some in good shape, some in bad; some in pricey neighborhoods, some in cheap homes; some are mansions, some are tract homes — getting in touch with an asset manager will help you zero in on the exact type of home you want, all while educating you on just what it would take to pry that home out of their hands.

How can you figure out who is an asset manager at particular bank or lender? Thanks to the internet, we’ve got a number of ways to determine these things. You can try searching on a professional networking site like LinkedIn or you can go with the more direct approach and use Jigsaw to figure out who holds that title at a specific bank.

Update: For clarification, please note that this post is designed to
help you learn who the major players are as you educate yourself on
the process. However, it's best to work with the REO agent whenever
you involve yourself in a potential transaction. Not only are REO
agents experts in bringing a deal to close, the asset managers will
probably thank you -- they're often juggling 200+ case files at once,
which means they've got a lot on their hands!

Search for foreclosure homes www.bestreohomes.com

The views published here are the opinions of the writer and are not a substitute for legal counsel.
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Thought I'd put this question out there because in the past 6 months, I have shown at least 3 houses that I believe were Meth Labs. None of these homes were my listings and in bringing the topic up to the listing agents, I got a reaction like "okay thanks for telling me" and I had the feeling that these agents did not have a clue as to: 1. The fact that a "meth lab" can be located in any neighborhood, within any class and income level; 2. What the signs and symptoms were 3. The possible serious effects of being exposed to a past or present Meth Lab;

5 Signs Your Listing May Have Once Been a Meth Lab

http://styledstagedsold.blogs.realtor.org/2009/07/16/5-signs-your-listing-may-have-once-been-a-meth-lab/

Are you living in a former meth lab?

http://methnews.blogspot.com/2009/07/are-you-living-in-former-meth-lab.html

This is a gray area as far as disclosure, because an agent may have no clue they are even showing a current or former Meth Lab and as you have heard recently, there are horror stories of buyers purchasing homes which have been used as Meth Labs that have caused them to become sick; Some have even had to "walk away" from their house because of the sometimes very expensive remedies for correcting a house with traces of meth throughout. Before you say, "how could an agent not know they are showing a Meth Lab", read the following fact:

Meth Labs can be setup in a small space such as a closet, a box, garage and any small area of a house; How many of us have showed our buyers a house that has that one locked room where the Sellers say they have valuables or "weapons" and will not allow access; As an agent, I have gotten into the habit of scanning a room before I enter it and also reading the body language of Sellers. That is why on a recent showing, when me and the buyers were about to enter a home where Sellers were present, the first thing I noticed was a "pantry" near the entrance to the kitchen that had 3 hinges on each side of the door with a pad lock on each hinge; VERY STRANGE; My antennae went up that they this was possibly a Meth Lab based on the fact that the husband made sure we did not get anywhere near this "pantry"; The husband had physical symptoms: rotted teeth, an emaciated appearance, and a sunken face, however, these could be symptoms of some other illnesses or problems, so I don't solely rely on a person's looks; The convincing point came when me and the buyer walked a few steps into the kitchen and the smell of rotten eggs and ammonia overwhelmed both of us; In addition, our eyes starting burning; I quickly asked my buyer to come outside with me and on the way out noticed the blue discoloration around the fire extinguishers; I explained to her that I believed the home had dangerous fumes that I did not want her or myself to be exposed to and kindly informed the Sellers we were leaving; As I am not a "Meth Expert" and only rely on information and previous experiences to determine whether a house was or currently is a Meth Lab, I did not pass this opinion onto the Buyer or Seller.

A question I pose to other agents on this forum is: Have you been in this situation and would you disclose to a potential buyer or seller that you believe a property is a "Meth Lab"? I'd love your feedback.

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Ok, first off….I am not going to share this agents information with you. If he wants to speak up…he can. In other words, don’t ask….lol. I just got an email from Christian Broadwell with Realty Pilot alerting me to the fact that one of our members got a BPO and in return the REO. Now, so that we are clear, this isn’t a “REOPro” assignment so much it was a bank who has been using the Realty Pilot for some time and noticed their coverage is growing…ie, REOPro members and happened to release a BPO to that Zip Code where this member snatched it up, completed it and in return that bank asked him if he wanted the REO. My point is, Realty Pilot is working for our members and yes, it wasn’t a “REOPro” assignment however, the way the system is set up, you as a member could get any assignment for any of the partner banks that Realty Pilot is already working with. Yes, REOPro will be assigning BPOs, REOs and Short Sales soon but, in the meantime, you could potentially get assignments from other cooperating servicers, asset management companies and lender who have their own Asset Management divisions. Don’t forget, on December 16, Realty Pilot will be launching their “Activity Counter” so you as agents can also see where assignments are and how much business is going out per zip code. This is a revolutionary concept in this industry and really puts more power in the decisions making process back into the agents hand. Good luck guys and if you’re not signed up yet, I highly, strongly encourage you to do so. I fully expect REOPro ourselves will be sending out business soon. I know soon is such an ambiguous term but, that is all I can say now without spilling too many beans. Just know, I am completely confident this is going to happen and it’s just a matter of hammering down technology, which Realty Pilot is working very hard at doing.
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Quote: “This Supplemental Directive provides guidance to servicers for adoption and implementation of the Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of HAMP and provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu to avoid a foreclosure on an eligible loan under HAMP.” November 30, 2009 the Obama White House released their “Introduction of Home Affordable Foreclosure Alternatives – Short Sale and Deed-in-Lieu of Foreclosure. Unlike much of Congress, I have read this document and want to highlight some features for you that you will want to be aware of. First, you can read the document for yourself by following this link, https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf which was provided by Tere Rice, a member of REOPro. These guidelines are a part of HAMP, the governments Home Affordable Modification Program and for servicers who participate in HAMP this directive does “require participating servicers to consider borrowers for other foreclosure prevention options, including Short Sale…” In essence, we now have a White House Directive to banks and servicers to use Short Sales as a tool to prevent foreclosure. You would think this was a no brainer however, now with this directive comes objectives and benchmarks. One of these benchmarks / objectives / procedures is, “The servicer accepts the short payoff in full satisfaction of the total amount due on the first mortgage” In other words, no deficiency judgments on first mortgages. The directive goes further and says, “With either the HAFA short sale or DIL (Deed-in-Lieu), the servicer may not require a cash contribution or promissory note from the borrower and must forfeit the ability to pursue a deficiency judgment against the borrower.” A second process change is the streamlining of the process. The directive allows utilization of all the borrowers information collected originally for HAMP consideration in conjunction with the Short Sale. It allows the borrower to receive PRE-APPROVED short sale terms prior to listing the property. It prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement. Requires the borrower be fully released from any future liability for the debt. Provides incentives to borrowers, servicers and investors to cooperate as well as uses standard forms and documents. Now, we do have some requirements here and they are….. 1. Must be principal residence 2. The mortgage loan is a first lien mortgage orginiated on or before 1/1/09. 3. The mortgage is delinquent or default is reasonably foresseable. 4. Current unpaid principal balance is equal to or less than $729,750.00 and the borrowers total monthly payment exceeds 31 % of the borrowers gross income. 5. Lastly, the borrower must have been declined for HAMP or HAFA before Short Sale or DIL will be considered. Some other interesting things I read was the requirement that servicers notify borrowers that a Short Sale is an option. The servicer will have to independently assess the value of the property at the servicers expense. The home must have clear and marketable title. All decisions must be communicated to the homeowner in writing. It must explain why a short sale can’t be offered and give the homeowner the option to call the bank and discuss why. The servicer is required to provide the Minimum Net Proceeds hence, the Pre-Approval. The directive does have a lot of time lines requirements….really too many to log here in this blog so, it’s impearative you read this document before you do your next short sale. Some requirements extend all the way to the agent yourself so, you better be aware of how this is going down otherwise, you may find yourself on the wrong side of the directive. The best part is, “APPROVAL OR DISAPPROVAL OF SALE. Within 10 business days of receipt of the RASS and all required attachments, ther servicer must indicate it’s approval or disapproval of the proposed sale by signing the appropriate section of the RASS and mailing it to the borrower.” If you are wondering what a RASS is, then you better read the directive.
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Real Estate "Shadow" Inventory Sasquatch

By now thanks to recent articles in The Wall Street Journal, New York Times, Bloomberg, CNBC and other media, so called Shadow Inventory has come to the mainstream, but it is more elusive than Sasquatch. Real Estate Agents have been blogging about this for months. For those who may have missed it, Shadow Inventory is the defaulted loans that the lenders are allegedly not releasing for sale. According to Rick Sharga, VP of RealtyTrac “We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market” Lawrence Yun, NAR chief economist called it a business decision by the banks “ I believe many banks including Fannie and Freddie, who are holding onto some properties, are releasing foreclosed properties in a measured way so as not to flood the market which they perceive then perhaps could lead them to even more drastic price cuts .So they are releasing properties on a measured pace as a business decision to minimize losses”How big is this Shadow Inventory? Well that depends on what you’re counting, and who is doing the calculations. Some statistics include foreclosures that have been completed, plus NOD (Notice of Defaults), NTS (Notice of Trustee Sales), Strategic Defaults (borrowers that are capable, but not willing to continue to pay on negative equity properties), possible Builder Bankruptcy’s, Vacant lots, Zombie Subdivisions, Commercial Loans, Debt-Securitization Markets, Side-line Sellers, and future Option Arms set to re-set in 2010.The problem here is that no two experts are counting the same. Just as followers of Sasquatch, Bigfoot and Yeti fantastic creatures can’t agree on the details, neither can the forecasters of Shadow Inventory. A recent report from Amherst Securities Laurie Goodman, which took into consideration reports from Mortgage Banker’s Association, Trulia, Core Logic and RealtyTrac led to the report that 7 million properties are in this inventory, and this was not including half of the items listed above. https://www.youtube.com/watch?v=stVgR0SeiQoShe further concludes that 7 million understates the problem because it does not include borrowers that are currently 30- 90 days late in paying, only those which already have received NOD. According to Ms. Goodman’s research, a borrower that misses 1 payment only has a 25% chance to recover, after 2 missed payments 5%, and after 3, only a 1% chance to recover.That is only 2 experts, and quite the disparity between 600,000 and an understated 7 million. Atlanta Federal Reserve real estate expert Analyst K.C. Conway, who is part of the central bank’s Rapid Response program to spread information about emerging problems to bank examiners focused on commercial real estate at a Sept 29, 2009 presentation “Banks will be slow to recognize the severity of the loss-just as they were in residential”In my opinion let’s take the monster out from under the bed, and really look at it. Lenders may have inventory of foreclosed homes that have not been released yet. It may be that the process is taking longer, and the REO departments cannot handle the volume, some may have title issues, some might be in a short sale process, or some may be occupied by tenants that just were granted a whole slew of rights through Protecting Tenants at Foreclosure Act in May 2009. Mistrust of Wall Street and Banks is leading some to a conspiracy theory. As someone who has been a Real Estate Broker for 18 years, and has lived through the Savings and Loan Meltdown, sold properties for the RTC and FDIC, I do not believe they are taking into consideration any of the positives in future-casting. Current foreclosed single family residential property inventory is down. Days on the market from list date to under contract is down. Multiple offers on foreclosed homes becoming the norm. What about sideline buyers pent up demand for these properties? Investment firms and private investors itching to buy bulk portfolios? Housing Affordability Index is at a 20 year high, which brings even more buyers into the market. It will take further stimulus, credit market liquidity, lower unemployment rates, and restored consumer confidence to beat the monster, but it can be done.
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There has always been a cost to become a preferred REO broker on a network--there should be.If it was free to train and become a preferred broker with an REO network, then every Tom, Dick and can't save a buck to save their life agent would be on there. REO is EXPENSIVE! In any given month, I write checks for $20,000+ for utilities, sewer, garbage, repairs, contractors, rehab, signage, marketing and staff. There were months last year, in the winter, when with snow removal and winter power bills I was spending $50,000. If you have a month with no closings and reimbursements are running 45 days, you need to be prepared as a business person for the costs of doing business. If coming up with $600.00 for training is a hardship, you are probably not the agent for the job.There are a lot of new players in the game--good, strong players--people who are branching out from REO as usual and trying to make a go of asset management in an organized way. Companies that are working to earn accounts from large REO wharehouses in the hopes that they can reduce the file to asset manager ratio and improve the quality of listings and reduce days on market in REO deserve a chance--unfortunately, the best asset managers are just that, asset managers, not corporate financiers. They are looking for a little start up capital.If you buy into a new company thinking that your investment entitles you to assets, you might be mistaken. If you buy into a new company knowing that you are making a capital investment in a group of asset managers that you believe in, make sure that they also believe in you and that you will do whatever it takes (in addition to paying a fee) to make their business succeed. That means staying on top of the assets, maintaining them, pricing them well and getting the transaction done with no drama.There is always the alternative--be such an amazing agent that the asset managers will seek you out and waive the fee. As in all other business ventures, your performance speaks for itself--you can put an ad in every website in the world but if your stats don't back up the ad, you're wasting your money.Get 'em the highest price, the best terms and the lowest liability. Works every time. That's just my two cents--and you don't have to buy it. :).
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I have a listing in Oakland CA and we originally called PGE to find out if there was any electricity on at the property as one of the ways we determine occupancy at a property. PGE was off and we were happy to check the property and rekey. However upon arriving at the property and rekeying, we found the property to be occupied. In fact, there was electricity in the property. The occupants were stealing it from the neighbors for illegal activities!We quickly left. Finally, after several months, we obtained possession. After having it on the market and several failed escrows, a solid offer came through. By this time, PGE came and removed the meter because of faulty installation/electrical issues. Here are the steps we had to take to get the PGE meter back on:1. contact a licensed electrician to look at the meter connection and have them repair2. Go to the Oakland City website to obtain permit application and credit card authorization form. The fee cost appx $180 for 3 inspections. An additional $110 for the 4th visit. You'll need proof of listing agreement and Grant Deed of bank possession.3. Meet the inspector at the property with the electrician- most times a window for 3 hours.If it fails, call immediately to reschedule for the next day while your electrician fixes the items requested.Some items we ran into were minor: such as electrical grease needed to be on the socket, faceplates needed to beon all outlets, proper grounding, and replacement of socket that attaches to meter.4. Have inspector sign off on permit5. Inspector sends permit directly to PGE6. PGE gives a window where they will come out.7. Pge installs meterHope this helps with getting your meter in place sooner than later!
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Yesterday I attended an awesome REO seminar from www.NFSTI.com, National Foreclosure Sales Training Institute in Santa Monica, California. The featured speakers were 2 top REO listing agents and we had some surprise guest speakers. One was a top Asset Manager (can't mention any names, sorry). Another guest speaker was Thomas Moore from eBrokerHouse and he demonstrated their software live!Following is a photo of top REO listing agent Pam Eikelberry from Northern Nevada, giving instruction:

Here's the top 10 REO listing tips from our Super guest, the "secret" AM:1. Asset Managers don't like surprises - they need to know any potential problems before they explode.2. Never say "that's not my job" or you'll soon be OUT of a job.3. You may have to prepare REO buyer's agents by educating them about the addendums.4. AS-IS means that the bank will NOT be making any repairs. Duh!5. If buyers default, they should NOT expect a return of their earnest money deposit.6. Never turn down any work, BPO or otherwise, whether it's paid or not.7. Banks won't pay for home warranties. The buyer or agent(s) will need to pay for it.8. Be available any time an AM calls you -- days, nights, weekends, holidays9. Be honest and up front; don't play games.10. When sending a request to an AM, just ask a yes/no question or give a choice of actions. Extended narrative is not needed.Hope these tips will help you with your REO business! Lots more tips available from their 2-day seminar, see if there's an upcoming seminar near you: www.NFSTI.comRegina P. BrownBroker, Realtor®, e-ProAuthor of eBook "Stop Foreclosure Fast: Solutions to Save your House"Author of forthcoming book, "Virtual Office Guide for Business Professionals: Work & Profit from Home"Text copyright © 2009 R.P. Brown, All Rights Reserved
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REO Closings. The Best Price on title Insurance

I have noticed that most REO/Bank closings for Floridaare using title companies in South Florida and charge double or triple the customary charges.I am looking for a list of REO closing departments that we can contact to infrom them of our prices and services.Any advice or direction would be appreciatedBarry MillerThe Closing Agent, Inc.Barry@theclosingagent.com
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Bad occupant, no cash!

I had to do three Cash for Keys today. And it's labor day. An REO agent's work is never done. The first one went smooth as silk. Exept that the guy didn't actually have the keys. A lot of that going around. "We never lock the doors, I don't know where the keys are." I believe it. That's how it is out here. Bucolic, like.Fortunately, I always bring my locksmith with me when I do my CFK. No keys, no problem, especially when the doors are at least unlocked.I had not actually been able to confirm with the second CFK that I'd be coming by. I'd been calling for a couple of days, but nobody had answered. Still, though, I had been in somewhat frequent communication with the occupant, and we were very clear that the CFK date was today, and he knew what was expected of him.The locksmith and I arrive at the second CFK - the front yard is just full of stuff: furniture, clothes, brick-a-brack. Fortunately, the house is indeed empty, as is the back yard. Unfortunately, the former owners had illegally converted the garage to living space and built an illegal unit in back and an illegal bathroom. Hate it when that happens. Anyway, I said hey, sorry, I can't really give you the money until all your stuff is gone. But do you mind if I have the locks changed now that all your stuff is out?They said sure, no problem, we're done. So I talked for about 30 minutes with the señora in Spanish, while the locksmith went about his business. We agreed I'd come back the next day once all the stuff was gone out of the front yard and I'd give them the check. They gave me six baskets of fresh picked blackberries from a local commercial blackberry grower. Last time they gave me raspberries. Nice folks.Next, on to Cash for Keys #3. This guy was one slippery character during the CFK negotiation. Although we were clear what his responsibilities were (e.g. to leave the place clean and with no debris, trash, or personal property left inside or outside the house) - what did I find? Well, he did a pretty good job on the inside. But the outside was still littered with stuff. Paint. PVC piping. Buckets. Garden tools. Tiles. You get the picture.A heated conversation ensued. Well, the heat was mostly on his end. He wanted me to show him the check. Yeah right! He said he'd sue me for not giving him the check. I said, "Go ahead, you won't get too far, you haven't held up your end of the deal." He said he'd finish cleaning it up today. Alas, the sun was already setting in the west, and I never do a CFK after dark, because it's easy to miss stuff. I told him I'd have to come back tomorrow.And so I shall. Tomorrow's going to be another busy day in the REO business. God bless it.
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Careful with that foreclosure notice!

Yesterday, I was assigned a new property out in the country. I drove out there after completing a Cash for Keys with a property closer in to town. I approached the subject property and parked outside the driveway. There was a big truck parked by the side of the house - but it was a commercial vehicle, not a personal vehicle. I went down and knocked on the door - nobody home, but by all appearances, someone was still living there.I went back to my car, grabbed my camara, and took a bunch of pictures. I got back in my car, and saw that a neighbor lady had come out of her house and was kind of standing by the side of the road, looking like she wanted to talk to me. I pulled up to her, opened my window, and said, "Hi!"She asked why I was taking the pictures? "I'm casing the joint," I deadpanned. Ha ha, no, just kidding - I'm a professional, not a comedian, and certainly not a professional comedian. No no, what I really said was, "Well, it looks like your neighbor here lost the house to foreclosure."Thereupon we embarked upon a little friendly conversation about the wave of foreclosures that is going on, how bad the economy is, how this particular neighbor had been having problems for a long time (divorce, apparently), etc. We spoke for a few minutes, and I gave her my card, and said not to worry, the house wouldn't be boarded up, it will probably be sold pretty quickly, and hopefully the property will be sold to some sold owners. I asked her to please call me if she sees anything funny going on over at the house.And with that, I drove away. As sometimes happens, though, I started to wonder - did I get the right house? What if I made a mistake, and that wasn't the right address? I would have just posted an occupancy check notice on the door of some house that wasn't foreclosed on, and told the nieghbor lady that the house had just been lost to foreclosure! D'oh!And then this morning, as I'm sipping my coffee, browsing my RSS New Reader, I see a story in the local newspaper:From [The Santa Cruz Sentinel - Oops! Foreclosure notice in error]Bob Richter was puzzled when a man rushed up to his home in Santa Cruz Gardens one Saturday and posted a foreclosure notice offering him cash to turn in his house keys. The man took a photo of the posted notice, then left.Richter and his wife bought the house in 1977, and the mortgage is paid.It turned out the posting was in error.I hate it when that happens! Actually, it's never happened to me - the occupant of the house did call me a few hours later, and we've already worked out a cash-for-keys deal, so as soon as the lender sends over the task to work it out, I'll reply immediately with the details and get the ball rolling on it. All in a day's work.Happy 4th of July everyone!
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Tales from a CFK Completion

The days on the calendar swirled by, and before you know it, two months and a week had passed, and it was time to do the actual Cash for Keys - get the keys from the former owners, and give him the keys, and everyone goes on their merry way.I don't know how it is with everyone else, but here's how my CFK goes. A day or two before, I call up the former owner and arrange a time to do the exchange. I go over the requirements again (that the place be clean, the appliances in place, etc.), and say OK, see you then. I then call the locksmith to reconfirm the time and address, and then at the appointed date and time, I meet the locksmith out at the property.Almost invariably, the former occupants are not ready to go. They are usually still packing up. I can't fork over the cash (a check, actually) until I see that everything is loaded up. So, I usually stand around, chat with the locksmith, the former owner, etc., while I take interior photos for the listing BPO.Yesterday,this is just what happened - I show up, the former owners aren't quite ready to go, so I stand around for an hour or so while they finish up and the locksmith goes about his business. I got to chatting with the former owner - a nice guy, too bad he lost the house and all. He's from Mexico, and he doesn't speak English, so, as with about 1/2 of these deals, we converse in Spanish.Kind of an interesting conversation. He said he hadn't made a mortgage payment in a year. "A year?!" I said. "Well, at least six months, maybe year." Wow, at $4K a month in mortgage payments, that's a lot of dough. And of course, he gets the CFK money, too - although he only asked for $500.I asked him what his plan was. They were going to rent, and then buy another house. It seems they had saved up quite a nest egg, not paying anything for rent or mortgage the past 6-12 months - enough for a down payment for sure, especially with this groovy new FHA financing they have out here, which he already knew a good deal about. There were a number of adults living there, and only one of them had been on title - plenty of un-affected credit reports out there. And now, home prices are 1/2 of what they were two years ago when this guy had bought - the perfect time to buy!I gave him my card (again) and said if he knows someone who wants to buy a house, please call me. And I do believe he will. Who'da thunk.
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Getting the ball rolling

Hi,I'm Seb Frey - the Real Estate Guy. Catchy, huh? :) I have a couple of blogs that I already maintain - one at my main web site, SantaCruzHomeBroker.com - the other is on ActiveRain, which I don't really post on too often - mostly, I just put my REO listings on there.I don't talk too much about the REO side of my business on my own blog on my main site. I kind of want that blog to be a general-purpose real estate blog for buyers and sellers. I do mention REOs and foreclosures and short sales quite a bit on that blog, but mostly in passing.I think it will be nice to have a 3rd blog set up which I can write just about the REO part of my business - which at this point is about 80% of what I am doing, and the other 20% seems to be working with buyers on short sales and REOs, since that's where the best deals are to be had these days, for the most part.I think I'll just use this as a space to kind of write about the ins and outs of my business, so you can see what kind of issues come up and how I handle them. Please, tell me what I'm doing wrong. :)Today, I got a new property assignment from my favorite A#1 client, PAS (Premiere Asset Services, the REO arm of Wells Fargo). It was for a house out in Aptos - in a pretty nice older subdivision. Unfortunately, this part of the subdivision is a bit close to the freeway so you get some road noise, but hey, how often do you come across an REO property that's really just perfect in every way?The property had recently been on the market, but was just withdrawn 2 days ago. It hadn't been marked as vacant, so I figured I would find someone home. I printed out a copy of the Affordable Housing Guide for Santa Cruz County, which lists a bunch of local government agencies that help people find affordable housing - not like this house was cheap, it had been bought a couple of years ago for around $900,000 (can you say "top of the market"?). The guide also has legal resources - so people can learn their rights as someone who's been foreclosed on and is facing eviction, and it also contains contact information for transitional housing and shelters, for people who have kids, for example, and are freaked out that they'll literally be put on the streets, which isn't quite the case.Nice enough house, the landscaping overgrown, of course. I knocked on the door, a ferocious sounding dog barked in reply, after a minute or so the door was opened by a big tall guy, clearly not the Mary who was listed as the owner.Turns out, it was her grown son, late 20's, I'd say. Apparently, mom had fled the scene, leaving him with the house. "She told me she worked something out with her old Realtor where I could stay here through the summer," he told me. Yeah, right. I told him I didn't know anything about that, but in any event, I'd be negotiating a cash for keys deal with him, and how soon could he be out?We'll see how it goes. That's the most interesting thing that happened in an otherwise slow news day - lots of phone calls, lots of administrativa for the dozen or so escrows I have going now. I'll write again soon.
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