Blog

It's the beginning of the year so time for the round-up of last year's distressed property sales in Los Gatos. So here's what happened:

Single family and condo townhomes :

Total sales:  421

Short Sales: 42

REO:            24

Distressed sales as a percentage of total sales: 15.7%

Compare to 2010

Total sales:   489

Short Sales:   36

REO:            38

Distressed sales as a percentage of total sales:  15.1%

My conclusion:

The percentage of distressed properties in Los Gatos is virtually the same  between 2011 and 2010. Also a 15% distressed property sale percentage is absolutely probably not enough to affect values. What is interesting is the the number of short sales in 2011 went up as the number of REOs went down from 2010 as banks have been more wiiling to approve short sales.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in Milpitas. So here's what happened:

Single family and condo townhomes :

Total sales:  513

Short Sales: 150

REO:            112

Distressed sales as a percentage of total sales: 51.1%

Compare to 2010

Total sales:   535

Short Sales:   131

REO:            140

Distressed sales as a percentage of total sales:  50.1%

My conclusion:

The percentage of distressed properties in Milpitas is virtually the same  between 2011 and 2010. Also a 50% distressed property sale percentage is absolutely large enough to affect values. What is interesting is the the number of short sales in 2011 went up as the number of REOs went down from 2010 as banks have been more wiiling to approve short sales.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in Los Altos Hills. So here's what happened:

Single family and condo townhomes :

Total sales:  97

Short Sales: 4

REO:            6

Distressed sales as a percentage of total sales: 10.3%

Compare to 2010

Total sales:   81

Short Sales:   5

REO:            1

Distressed sales as a percentage of total sales:  7.4%

My conclusion:

The percentage of distressed properties in Los Altos is higher  2011 over 2010. 7-10% distressed property sale percentage is just beginning to affect values but I think there are other reason Los Altos Hills values are decreasing that are more important than short sales and foreclosures. The area is just not as popular these days as Atherton and Palo Alto are for the high end buyer.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

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

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

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

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Obama's 9th Mandate, Directive, Initiative, i.e. suggestion to save the Real Estate Collapse

The Refinance Program

Didn't I blog about this one year ago?  Yes, check out my link:

http://www.trulia.com/blog/JanBaron/2010/08/fha_short_re-finance_program

I suppose being a realtor, I am bias to some extent but I believe the collaspe of this economy began with the collaspe of the real estate market.  So when I heard the president's speach and his only comment regarding the real estate market - making re-finances available at 4%, I thought "Here we go again."

Obama first presented this solution to the housing crisis during his campaign - Get your mortgage refinanced to 4% fixed.  Remember that?  I remember the outcry  "What about me?  I pay my mortgage, live within my means, and I'm going to be punished while those who over extend themselves with be rewarded?"

After six other housing proposals, the FHA Short Re-Fi was introduced with little fanfare.  With up-side down mortgages of 50%+ almost no one fit into the restricted guidelines.  With only 15 re-finances completed in the entire country, the House Financial Service Committee voted to kill it in March. 

This latest re-fi proposal too will fail.  Why?  It is unclear, for example, whether people who are delinquent on their mortgages would be eligible or whether lenders would administer it. Remember, the banks don't have to do anything they don't want to.  Investors in government backed mortgage bonds could oppose it along with Fannie and Freddie regulators.

To spur more refinancing, the government would have to  encourage Fannie and Freddie to lift restrictions. Encourage?  is that kind of like mandate, directive, initiative, or suggestion?

Then there is this problem, same problem,  does anyone in Washington ever get this?

Many homeowners have been unable to refinance their loans because they owe more than their houses are worth, they have no income, or their credit is tarnished. Why would the banks give these people more money?  They are not in the business of losing money.

 Ok, so here is the growing list of plans to save the housing collapse:

Forebearance Program

Home Affordable Mortgage Plan (HAMP)

Second Lien Modification Program  (2MP)

Home Affordable Modification Program (HAMP)

Principal Reduction Alternative (PRA)

Home Affordable Unemployment Program (HAUP)

FHA SHORT RE-FI

Extended Forebearance Plan

But wait!  There's more.  We are going to hear about a Rental Program that the Obama administration is seeking advice on from the private sector.  But that's another blog.

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.

Here is a link to the article  

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.

Someone ones told me that numbers don't lie, but they can be manipulated. Here is an example, I just read an article titled "Foreclosure Sales Decline Second Straight Month" that makes it sound like it was good news for our market and our economy. I really believe that the numbers are right, but they are not telling an accurate story.

The reason foreclosure sales are down is because the active inventory of REO properties is down due to the robo signing and other factors. I can see that in the past 12 months 90% of the REO transactions have title delays. I guess after the freeze of last year, now title companies have decided to do their job and there have been several delays, up to 7 months for titles to be clear and settlements taking place.

At least in my market in Maryland, the REO inventory has shrunk from last year, I know some brokers have downsized their staff and are now pursuing other venues of revenue like short sales and multi-level network marketing ventures.

But lets face reality the amount of foreclosure files has increase by 1% according to the same article. When I drive around I can see several empty and unkept homes that I know by experience they have been foreclose or they are in the process. I know several "home owners" who still live in their foreclose home after almost a year of the auction date, because the banks are waiting on the courts for the foreclosure ratification, etc.

Lets face it loan modifactions and the lack of control on short sales is not stopping the foreclosure train, it is barely slowing it down. It is a sad thing, but I think there is foreclosure inventory for a long time.

I like to watch the HBO show True Blood, in that show vampires are open in our society and they have human friends or lovers or companions who protect them when they are asleep and provide blood for them, those humans are called fang bangers 

It seems that so many companies out there now have conferences, special memberships for REO agents, REO colleges or programs that would make you a powerhouse, etc. 

I was very surprise that with less active inventory, increase amount of agents trying to break into the REO industry and still lenders being very conservative with their loans, some companies that were closed to agents in the recent past are not opening for new membership. I keep getting emails from new AM or REO clubs, programs, education etc. promising to help me get to the top of REO and become the next power REO agent on the planet.

I am sure some agents will fall for that and will pay to "play, learn or network" I used to do the same, when I started in the REO industry I wanted to learn from the experts, I paid for classes from someone who didn't know much about REO, but knew how to hype and sell their crappy education. I paid some AM who after a while disappeared and I loss some money, I paid to go to conferences with thousands of agents to learn more in overcrowded classrooms or to hear some AM about their procedures,etc. Actually I met some great agents and some clients at those conferences, but not at the classes.

At the last conference that I attended I saw agents paying $500 to go party with "asset managers" I wonder if it is worth to do an investigation if those "asset managers" were getting a kick back from the party organizers, or if in fact they are asset managers at all. 

I see too many REO "Vampires" out there, they need their fresh blood to live and there are so many REO fang bangers out there giving it to them. We have to be careful and do our research, that is one of the beauties of this forum, we can come here and learn about new companies, new programs, share our experiences, etc. 

Unfortunately lately we haven't seen many of that going on, except for few regulars, then it has become a place to repost Activerain blogs, to advertise agents and products, etc.

There are legit products and legit education companies, we have to learn which designations are the ones that most reputable, which designations will help us to open doors, I know at the end is up to us how we develop and do business, but we need to help each other to save money, time and effort,. that is the garlic that keeps the Vampires away.

Keeping Up With The Small Stuff (edit/delete)

When two people get married a lot of negotiating comes in to play from the moment they say, "I do."  And, it's not always the big stuff you might think that couples negotiate over.  Sometimes it's very small but important stuff.  Such as, which way does the toilet paper roll off the hanger?  Does the paper roll off the top, or does the paper roll off the bottom or does it matter?  What about toothpaste?  Is it OK to squeeze it from the middle, or is it absolutely essential to squeeze it from the bottom to top? 

What about unloading the dishwasher?  My wife has often offered to hold a family class on how to open the dishwasher door.  It appears that the males in the family (1 old one, 2 young ones, and 1 male dog) don't seem to have that process figured out yet.  But, it's not just loading it, what about unloading it?  Whose responsible for unloading it?  And then there's laundry.  Who is responsible for putting the laundry away?  Is it always mom, or should other more testosterone laiden types get involved too?

Little things.  It's the little things that make a marriage work along with the big things.  It's also the little things that make a business work.  I don't remember how many times I've called a business colleague only to leave a message that is never returned.  Sometimes, it's a little thing, but like a marriage, it is often the little things that cause so much stress.  It's irritating to call, email and text colleagues only to have them ignore or not respond.  So, what's the solution?  Well, you could leave the clothes piled up in the laundry room until you have nothing left in your closets or drawers, or you could actually call again, email or send a text.  How do we deal with little things?

I think the best response for us is to not let the little things get us down.  That can be a battle though. This morning I was talking to a good friend who is a physician.  She was telling me she would like to get out of the business.  Why?  She said the real joy she has in her work is in the patient's room.  That's where she wants to spend all of her time.  She is a wonderful physician, and it would be awful to lose her, but I do understand her dilemma. She went on to say that when she leaves the patient and closes the door behind her there is all of this stuff that hits her right in the face.  She doesn't like the little stuff.  She doesn't want to look at the books, or coordinate cleaning crews or repairmen and she frets over the people that work with her who are depending on her for their livlihood.  That may not sound like little stuff, but it's a bunch of little stuff combined to seem like big stuff.

Little stuff.  It follows us around everyday.  A tail light is out.  A kid forgets his lunch.  The car is low on gas.  The dog throws up just as you're about to walk out the door, and you're already late for a meeting.  Your computer locks up when you're dazzling a potential client with a presentation.  How do we deal with the little stuff?  Do we return phone calls?  Do we send notes, call past clients, keep our files in order and follow up with vendors and contractors? 

My life is full of little stuff.  I do pretty good with it for the most part, but sometimes it gets away from me, and that's when I find my self scrambling to catch up.  Like my physician friend, I don't like that side of business.  I like flowing along on a sea of glass with everything falling into place, all meetings kept, and kept on time and every detail complete.  When I snap out of my dream I'm reminded that this is real life, and stuff happens.

So, here's a short list of things I do (or like to do when I remember) to keep up with the little stuff:

• Make lists of tasks for the day ( I love to check things off)
• Make lists of things that are going to need to be done over the next week, month, year, etc.  Make sure dates and times are included.  I love Outlook for that feature.
• Keep a journal of every phone call, email and text.  Note what needs to be responded to right away, and note what can wait until later and make a notation to remind you to follow-up.
• Keep your files filed.
• Establish a file system that works foryou.  Mine may not work for you and visa versa.  Find a file system that makes you efficient.
• Move dead files to an out of the way place where you can get to them, but they're not in the way.
• Stay in touch with your clients; email, text, phone call, whatever.
• Educate yourself on your profession.  Are there better more efficient ways to do business (absolutely, always).
• Look for ways to cut down on tasks.  For instance, some software will do things for you on an automated schedule.  Use every tool you can find to help you cut down on little stuff.
• Keep an eye on that co-worker who annoys you with her stunning efficieny.  She may have a thing or two you can learn.  Ask her how she makes work looks so easy.  She would probably love to tell you.  People love to talk about themselves.
  
• Subscribe to forums like, well, Active Rain, where you can learn from some of the best brainiacs in the business. 
  
• Get enough food for energy, and get enough sleep to restore you body and mind for each day.
• Relax.  Kick off your shoes, watch a movie, take the dog for a walk, take a bike ride or a swim, call an old friend, read a book, look at photo albums, you get the idea - get away from work.
• And most of all, put that toilet paper roll on so the paper comes off the top!

Keeping Up With The Small Stuff (edit/delete)

When two people get married a lot of negotiating comes in to play from the moment they say, "I do."  And, it's not always the big stuff you might think that couples negotiate over.  Sometimes it's very small but important stuff.  Such as, which way does the toilet paper roll off the hanger?  Does the paper roll off the top, or does the paper roll off the bottom or does it matter?  What about toothpaste?  Is it OK to squeeze it from the middle, or is it absolutely essential to squeeze it from the bottom to top? 

What about unloading the dishwasher?  My wife has often offered to hold a family class on how to open the dishwasher door.  It appears that the males in the family (1 old one, 2 young ones, and 1 male dog) don't seem to have that process figured out yet.  But, it's not just loading it, what about unloading it?  Whose responsible for unloading it?  And then there's laundry.  Who is responsible for putting the laundry away?  Is it always mom, or should other more testosterone laiden types get involved too?

Little things.  It's the little things that make a marriage work along with the big things.  It's also the little things that make a business work.  I don't remember how many times I've called a business colleague only to leave a message that is never returned.  Sometimes, it's a little thing, but like a marriage, it is often the little things that cause so much stress.  It's irritating to call, email and text colleagues only to have them ignore or not respond.  So, what's the solution?  Well, you could leave the clothes piled up in the laundry room until you have nothing left in your closets or drawers, or you could actually call again, email or send a text.  How do we deal with little things?

I think the best response for us is to not let the little things get us down.  That can be a battle though. This morning I was talking to a good friend who is a physician.  She was telling me she would like to get out of the business.  Why?  She said the real joy she has in her work is in the patient's room.  That's where she wants to spend all of her time.  She is a wonderful physician, and it would be awful to lose her, but I do understand her dilemma. She went on to say that when she leaves the patient and closes the door behind her there is all of this stuff that hits her right in the face.  She doesn't like the little stuff.  She doesn't want to look at the books, or coordinate cleaning crews or repairmen and she frets over the people that work with her who are depending on her for their livlihood.  That may not sound like little stuff, but it's a bunch of little stuff combined to seem like big stuff.

Little stuff.  It follows us around everyday.  A tail light is out.  A kid forgets his lunch.  The car is low on gas.  The dog throws up just as you're about to walk out the door, and you're already late for a meeting.  Your computer locks up when you're dazzling a potential client with a presentation.  How do we deal with the little stuff?  Do we return phone calls?  Do we send notes, call past clients, keep our files in order and follow up with vendors and contractors? 

My life is full of little stuff.  I do pretty good with it for the most part, but sometimes it gets away from me, and that's when I find my self scrambling to catch up.  Like my physician friend, I don't like that side of business.  I like flowing along on a sea of glass with everything falling into place, all meetings kept, and kept on time and every detail complete.  When I snap out of my dream I'm reminded that this is real life, and stuff happens.

So, here's a short list of things I do (or like to do when I remember) to keep up with the little stuff:

• Make lists of tasks for the day ( I love to check things off)
• Make lists of things that are going to need to be done over the next week, month, year, etc.  Make sure dates and times are included.  I love Outlook for that feature.
• Keep a journal of every phone call, email and text.  Note what needs to be responded to right away, and note what can wait until later and make a notation to remind you to follow-up.
• Keep your files filed.
• Establish a file system that works foryou.  Mine may not work for you and visa versa.  Find a file system that makes you efficient.
• Move dead files to an out of the way place where you can get to them, but they're not in the way.
• Stay in touch with your clients; email, text, phone call, whatever.
• Educate yourself on your profession.  Are there better more efficient ways to do business (absolutely, always).
• Look for ways to cut down on tasks.  For instance, some software will do things for you on an automated schedule.  Use every tool you can find to help you cut down on little stuff.
• Keep an eye on that co-worker who annoys you with her stunning efficieny.  She may have a thing or two you can learn.  Ask her how she makes work looks so easy.  She would probably love to tell you.  People love to talk about themselves.
  
• Subscribe to forums like, well, Active Rain, where you can learn from some of the best brainiacs in the business. 
  
• Get enough food for energy, and get enough sleep to restore you body and mind for each day.
• Relax.  Kick off your shoes, watch a movie, take the dog for a walk, take a bike ride or a swim, call an old friend, read a book, look at photo albums, you get the idea - get away from work.
• And most of all, put that toilet paper roll on so the paper comes off the top!

The Short Sale Boomerang! 

I'm starting to see a boomerang affect from the high volume of short sales in our area.  I recently had a client who wanted to buy a property.  I met with him and his wife, and I had them get prequalified with their lender and they qualified for a nice property.  Off we went in our search, and after a couple weeks we found a great house.

The only issue with this house was that it was an REO and required a certain lender do the pre-qual before the seller would consider a contract.  So, I sent my buyers off to a friend who worked at that lender with the expectation that they would be back shortly with another prequalification letter.  It would be easy since they had already been prequalified, right?  That's what I thought, anyway.

After the interview, the lender called and asked how much my clients had shared with me about their financial history.  They had only discussed what their bank said in their original pre-qual letter.  The lender couldn't share their personal information because of confidentiality, but with their approval, she told me that they had a short sale last year.  In the days that followed, I confirmed that my buyers had done a short sale the year before.  When asked what led to the short sale they explained that they didn't like their neighborhood or the trend it was following, and they wanted to move out of it so their children wouldn't grow up there

Wow!  That was information that needed to be shared up front in the beginning of our interview process.  Later, I emailed them to get the name and number of the lender that had prequalified them prior to our visit with the second lender.  I'm still waiting on that info three weeks later.  That experience has made me a little more cautious about taking someone at his/her word.  I know it's necessary to trust, but I believe I will need to start a "trust, but verify" policy with new clients. 

"Short sales for convenience" are going to catch a lot of people off guard when they start their next property search.  There are ways to buy when you've had a short sale recently, but it will likely be with investor tactics and not through FHA.  People who are contemplating a short sale should be advised that short sales are not a "get out of jail free" card.  When a seller is trying to balance the options and a short sale is considered we need to be completely honest with them if it's not a true hardship situation.  Choices have consequences. A short sale may be the only route some sellers can take, but it should never be used to blow off a mortgage commitment that is not a hardship situation.  IMHO.

You Might Be A Realtor, If . . . (edit/delete)

During a recent real estate class I realized that Realtors speak in code.  As I watched the poor newbies in that class I wondered if they felt like they had fallen into a black hole and popped up in some foreign land where they didn’t speak the language.  Those of us who were experienced in the field rattled off conversation that left the new realtors looking bewildered and lost.                 
                   
This revelation led me down one of those spontaneous rambling thought processes that often leads to my blog posts, and it looked something like this:

●    You might be a Realtor if your dining room table doubles as a desk.
●    You might be a Realtor if your car cigarette lighter doubles as a charging station for your laptop or Ipad, Smartphone, GPS, etc.               
●    You might be a Realtor if your idea of a short sale is a contract that ratified in 12 hours or less.
●    You might be a Realtor if your broker is your first emergency contact.
●    You might be a Realtor if you have a wireless printer stored in your car trunk.
●    You might be a Realtor if you have a vanity license plate that says BUYNOW, combined with a window decal “www.SuperRealtor.com.”
●    You might be a Realtor if your first child’s initials are EMD.   
●    You might be a Realtor if you’ve learned to put on eye shadow, eat a sandwich and set up your next appointment while driving down the highway.
●    You might be a Realtor if you’re an REO Specialist with no foreclosure experience.
●    You might be a Realtor if your sales team includes your spouse, kids and the dog.
●    You might be a Realtor if the string of initials after your name would make a PhD green with envy.       
●    You might be a Realtor if your Christmas cards include a business card.
●    You might be a Realtor if every up or down real estate news feed inspires you to post, “It’s a great time to buy.”
●    You might be a Realtor if you have interchangeable sign riders that say, “It’s a buyer’s market. Buy today!” or “It’s a seller’s market. Sell today!”
●    You might be a Realtor if you have mastered the art of describing a pole barn as “Beautiful country setting, spacious property with plenty of room to expand and wonderful views of wildlife.”
●    You might be a Realtor if every listing description ends with “This won’t last long.  Act today!”

You get the idea.  So, what would be on your “You might be a Realtor” list?

Are We Falling Apart? (edit/delete)

Is it just me or are we as Americans falling apart?  I've noticed a trend on TV lately that has me a little worried.  Let me give you an example.  There is a commercial of a middle-aged lady who can't find her car in a parking lot because she can't remember where she parked it.  Been there, how about you?  Fortunately for her there is a wonderful company that has created a miniature digital recorder she can carry on her key-chain, and if she remembers to record her location before she leaves her car, bingo!  Problem solved.

In another commercial, I saw that same lady, but this time she couldn't hear.  In this commercial she got another small device, I believe it was called "Loud and Clear,” that helped her listen to her pastor, and birds and even her TV while her husband sleeps soundly beside her.  It looks a lot like a cell phone wireless earpiece.  So it blends right in, in bed.   I did find it a little strange in the same commercial that the same lady was walking around in the woods looking at nature while a guy is hunting nearby who also can't hear without the device.  That really seemed like a scenario for disaster, but I digress.

It didn't stop there.  The same lady shows up in another commercial unable to cut paper on a straight line.  She was so bad with scissors that she had to be isolated in a separate room on craft day.  So, some brilliant company created a cutter just for her.   So now, she can find, hear and join the happy crafters on craft day.  Oh, but her tale of needs weren’t over yet.  She eventually she took to farming.  Yep!  She's growing tomatoes.  Upside-down!  On the porch.  But, here again, she doesn’t know how to water them.  So, another clever company made a ball with a spike attached that automatically keeps her tomatoes watered.  And, if you’re horticulturally challenged, this is your ticket!

Her life is obviously full of challenges because eventually she started having trouble getting out the car that she can't always find without her little digital recorder.  Another entrepreneurial sort inventor created a little round swivel block that gives her the ability to rotate on her seat and out the door she goes.  Best of all, she never wrinkles her slacks.

Just when you think technology has done just about everything they can for her she realizes she can't sit on the sofa and watch her favorite movie without having body parts exposed to the elements.  What woman likes cold toes?  Or, if her toes are warm toes her shoulders are cold.  So, Snuggie created the ultimate comfort item for her, a human sized fleece bag.  Now, she's nice and toasty.

I have a feeling one of these nights I'm going to see her snuggled up on the sofa staring at her favorite show, and then the announcer will break in and tell the consumer that she would enjoy her favorite show more if she could hear it.  But, she forgot her little digital hearing device that she was wearing at her craft class.  If she could just remember that she got two little digital hearing devices for just $19.95 because they doubled her order when she called right away.  But all is not lost.  She can rotate off the sofa, find the zipper on her Snuggie she can use her new cutting tool to slice her tomatoes and have a nice snack while she looks for her extra hearing device she got with separate shipping.  Like I said, I’m a little worried about us as a country, but I do see a lot of opportunities for witty inventors on the horizon. 

Buying Foreclosures - How Foreclosures Work
What Is a Foreclosure and How to Profit From Foreclosures
By Elizabeth Weintraub, About.com Guide
.See More About:foreclosuresbuying short salesdistressed homesreal estate investors

Buyers should hire a real estate agent who specializes in foreclosures.
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Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.
Why Do Sellers Go Into Foreclosure?

Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following:

•Laid-off, fired or quit job
•Inability to continue working due to medical conditions
•Excessive debt and mounting bill obligations
•Squabbles with co-owner, divorce
•Job transfer to another state
Negotiating Directly with Sellers in Foreclosure
Investors who specialize in buying foreclosures often prefer to purchase these homes before the foreclosure proceedings are final. Before approaching a seller in distress, consider:


1.Foreclosure proceedings vary from state to state. In states where mortgages are used, home owners can end up staying in the property for almost a year; whereas, in states where trust deeds are used, a seller has less than four months before the trustee's sale.

2.Almost every state provides for some period of redemption. This means the seller has an irrevocable right during a certain length of time to cure the default, including paying all foreclosure costs, back interest and missed principal payments, to regain control of the property. For more information, consult a real estate lawyer.

3.Many states also require that buyers give to sellers certain disclosures regarding equity purchases. Failure to provide those notices and to prepare offers on the required paperwork can result in fines, lawsuits or even revocation of sale.

4.Determine whether you're the type of person who can easily take advantage of a seller's misfortune under these circumstances and / or put a family out on the street. Oh, critics will argue it's just business and sellers deserve what they get, even if it's five cents on the dollar. Others will feign compassion and trick themselves into believing they are "helping" the home owners avoid further embarrassment, but deep inside yourself, you know that's not true.

http://baltimorelowpricedhomes.com/gold_distress.asp

www.baltimoremdforeclosures.com

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

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

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

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

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

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

It is so astonishing that I am blogging about this, as I cannot fathom a seasoned agent (or educated adult for that matter), spelling their clients name wrong.... much less a client that gives you 100 listings a year!

 In 2010, every agent with the slightest amount of tech savvy would know that you can Google virtually anything in 2 seconds if you are unsure (or forgot to read your listing agreement). Heck, Google will even correct you if you're mistaken!

I'm forgiving of the occasional misspelled word or typo, and I realize most MLS sites don't have spell check (which we are all way too accustomed). However, isn't listing data important enough to check, double check, and triple check? Not only to make sure you know whose property you are listing, but so the buyer's agent knows who to write the offer to?

Not counting the myriad of funny variations I see on "bank of record"... here are the best of 2010:

• "First Presten", instead of "First Preston". Ok here is an easy way to keep it straight… think "Presto Logs"! No joke... if you can't keep it straight, possibly consider another profession.

• "Capitol One" instead of "Capital One". The capitals of a state, a capital letter, and/or a capital investment… are not the same "capitol"that is a congressional building. Hint… capital = money = bank. If all else fails, you can Google that too!

• What do foreclosures and REO have to do with cattle you ask? Got me! Guess I need to ask the agent that calls them"Oxwen Loan Servicing" instead of "Ocwen Loan Servicing".

Last, definitely not least, but by far my favorite....

"Fanny May" or "Fannie Mai"... instead of "Fannie Mae".... Really?

Do these people watch the news? Heck, are you even alive and living in the United States? This is an easy one guys, come on!

Agents, please remember - When the bank asks you to upload the listing image for review… It's not so they can spell check it for you!

If you are a bank or asset manager looking for an agent that can spell your name right at the very least, don't hesitate to contact me today, or visit us on the web at www.PacificNorthwestREO.com for your all of your REO needs.

***Photographs courtesy of Flickr, and yes I have permission to use them

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