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Wells Fargo Gave Me a Save the Date Invite on a Santa Clara Short Sale

Posted by Marcy Moyer on May 20, 2011 at 12:48pm

Have you ever gotten a Save the Date invitation for an upcoming event? They are great because they help you plan for the future, and bring excitement for the future into the mix. I got a lovely e-mail today from my negotiator on a Santa Clara Short Sale Listing.  He said that he was just waiting for management to approve his approval and he should have something in writing to me in a few days.  This was very nice for a number of reasons:

1. Everyone involved is looking forward to getting approval and moving forward. The buyer and seller need to know things are moving forward.

2. After short sale approval there is a lot that needs to be done. The buyer's loan gets initiated, appraisal is ordered, and the property inspections are completed. The HOA docs also need to be ordered if the home is a condo and they have not already been ordered.

Knowing that approval should be coming in a few days (baring any management hiccups) means we all have a heads up to get ready to roll.

If you have any questions about short sales 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

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

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How to Clean a Green Pool ln 3 Easy Steps

Posted by Brian Roth on March 1, 2011 at 2:30am

Is your pool GREEN? Are you breeding mosquitoes? Do your neighbors hateyou? Even with an automatic pool robot, you may still find that yourpool gets out of balance after storms or during the hottest part ofseason.

Try these 3 steps to get your pool back to that inviting clearness, enticing you to dive on in.

Things You'll Need:
Chemicals: Shock, Algaecide, Clarifier, Chlorine.

Tools: Aquabot is nice, Broom, Vacuum A little dedicated time and energy

Step 1: Using the large net skim all debris from top of the pool and remove any debrisyou see at bottom of the pool. Backwash pool. Brush sides and bottom ofpool to remove algae growth.Run pool pump for 1 hour and then removeremaining debris and vacuum. If you have robot cleaner such as theaquabot pool cleaner, you will save a lot of manual labor on this step.It may take longer to brush than by hand. AT this point you can backwashif the pool is not visibly cleaner. Check your pump and if it shows inthe range of where it needs back washing then do so. Usually the gaugewill 10 when backwashing is needed. Continue running the pool pump.

Step 2: Clean pool = safer fun. Next shock pool. If algae has visible growth, use 2xthe amount of pool chemical you normally use. You should shock at leastonce a week during swim season and ideally once every 3-5 days.Make sureto distribute mostly in the deep end but you can also distribute aroundedges. If it settles into one place makes sure to brush it off and mixinto pool water so it doesn't damage surface.wait 1/2 - 2 hours forthings to settle and brush any areas that look bad. Keep the Filter(pool pump) running.

Step 3: If shock did not clean up the visible algae; then brush well, and add a goodalgaecide. Running the swimming pool pump for 12 hours. Run the robotguy around the pool again or vacuum by hand. Check gauges to see if youneed to backwash. If water is still looking filmy or cloudy addclarifier to remove the minute particles from the water. After theclarifier has had about 4 hours to work you can then backwash pool againto flush out the filter. The clarifier is going to help make your poolreally shimmer and look inviting.

Step 4: Now here is some extra. Check your water level and add water if you need to. Thentake sample of water to you nearest pool supply store and have ittested (usually free). They will recommend adjustments to restore PH andchlorine levels. Keep the pool balanced weekly and free of debris andshock at minimum once a week during swim season and you will have littletrouble with a sparkling
clean pool!

Tips & Warnings: If you cannot get pool back into shape after doing this once;then decide whether it is worth it to drain the pool and start over.Pools are recommended to be drained every 3 years. Sometimes it isnecessary. Do this for spring cleaning your pool and also before fall sothat the pool will be easier to maintain year round. You cannot vacuumand backwash too much. Just make sure to keep water
levels up asyou back wash.Instructions are for in ground pool. If you have aboveground pool you will need to check manufacturer instructions. Sandfilters need sand replaced every 3 years for maximum efficiency. At endof year run filter cleaner through system.

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REO listing assignment limits to radius

Posted by Henry Vega on December 28, 2010 at 8:00am

             I am sure you've heard stories about an REO agent in San Diego getting a listing assignment in Los Angeles, I am just really curious to see how many mile radius the asset management companies/banks are limiting you to I have had some companies cut back from 30 to 15 miles from office. Does anyone use their home address? If so how do they get away with it? I would like to hear seom of your feedback. Thanks, wish you all a productive 2011.

 

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Experience REALLY Counts in This Market!

Posted by Natalie and Randall Filbert on December 5, 2010 at 6:22am

Shortsales, Foreclosures, Deed-in-Lieu, Loan Modifications, HAMP, HARP, and a host of others industry terms have only recently become common vocabulary. Many of these terms have been around a long time, however they have become much more common because of current market conditions. The Real Estate Market of the last couple of years has been particularly volatile. Because of this, it is increasingly more difficult for home sellers and buyers to know all of their options and to choose the right one for their particular situation.

Because of the number of variables and volatile market conditions (which can vary drastically from state to state, city to city, and even neighborhood to neighborhood) it is imperative that consumers seek the advice of Real Estate Professionals who have current, recent, and relevant experience!

Ask your real estate professional how many transactions they have been involved in in the past 12, 6, 3 months! Most likely, conditions in your market have changed alot during that period and if your agent has not been active, you may want to seek another opinion from a more qualified professional.

Also, consider the importance of dealing with an agent experienced in the type of property you are interested in. Just because an agent has sold some condos doesn't necessarily mean that they know what the single family market is doing.

It is more important now than ever to seek the advice of experienced and qualified professionals when making such an important decision as required in a real estate transaction.

Experience REALLY Counts in This Market!

For Experienced Pros in the Boise Idaho area visit us at www.BuyandSellinIdaho.com

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Is it in your client’s best interest?

Posted by Jesus (Jesse) Gonzalez on October 29, 2010 at 3:35am

Lately, more than ever, I have been getting calls from agents who are all asking the same question and, that is, “are you working any offers on 666 Money Pitt Lane”

Well, before I tell you my typical response, I would like to share some insight and see if you agree.

Per Realtor.com,

“An agent is bound by certain legal obligations. Traditionally, these common-law obligations are to: Put the client's interests above anyone else's; Keep the client's information confidential; Obey the client's lawful instructions; Report to the client anything that would be useful; and Account to the client for any money involved.”

So, here are my questions.

1. Is it in your clients interest to reveal to other agents that you are or are not working other offers?

My argument is NO, it is not in your client’s interest to reveal that you are or are not working other offers.

Simply put, when answering the question, you don’t know the motivation behind the person who asked it. We can get into a bunch of “what if” questions but, ultimately if by answering the question the agent decides not to show the home or not put in an offer then, you just hurt your own client. Ultimately my job is to get as much for my client as possible in the shortest amount of time and that means, getting as many offers in the door as possible. I could be wrong but, I suspect that the main reason Realtors ask this question is because they want to avoid being in a multiple offer situation or they want to be in better negotiating position. I guess that’s all fine and good but, it’s not my job to make that so for another agent and their buyer.

Now, let’s flip the script a little here.

Do you think my argument is valid for bank owned properties? What about Fannie Mae properties? HUD properties?

I won’t answer that question for you, I would love to get your responses.

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Deeds in Lieu of Foreclosures: Homeowners Need to Be Informed

Posted by Marcy Moyer on July 2, 2010 at 6:50am
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An Interesting Alternative to Foreclosure: A Deed in Lieu of Foreclosure (edit/delete)

There is a new (actually renewed ) option for underwater homeowners who cannot, or do not want to pay their mortgage. A deed in lieu of foreclosure is an agreement between the bank and the borrower. The borrower gives the home back to the bank and the bank does not have to go through the foreclosure process. It can be a win win situation for both the bank and the borrower.

The government HAFA program is the major force behind this renewed option. If a borrower does not qualify for a loan mod, or gets a mod and is not able to make the payments, this government program encourages the banks and the borrowers to pursue either a short sale or a deed in lieu. By encouragement I mean gives financial incentives, in order to decrease the number of foreclosures, vacant homes, and neighborhood blight.

Under the HAFA deed in lieu program the borrower agrees to give the home back to the bank and in exchange the bank helps with some relocation costs and also agrees not to pursue a deficiency judgment. Depending on the state the borrower lives in and they type of loan, after a bank forecloses or agrees to a short sale they still may have the right to go after the borrower for the amount of the money the bank lost. HAFA stops that ability of the bank to pursue a deficiency.

In addition to the halting of any deficiency judgments, the privacy afforded by not being foreclosed and evicted, and the help with re-location costs (Bank of America is offering $3,000-$15,000) borrowers who agree to a deed in lieu can purchase another home after 2 years instead of the 5-7 after a foreclosure.

So what is the catch? The pesky second loan once again can get in the way. If the borrower has a HELOC or second loan on the property this process does not work. In these cases the borrower must try for a loan mod, do a short sale, or be foreclosed if he/she can not pay the mortgage.

In California as well as other high priced states many homeowners have at least two loans on their homes. The cost of the home required so much down payment that many borrowers used a second loan in place of, or in addition to the amount they had for their down payments. As a result the option of a deed in lieu of foreclosure is not an option.

I think this is a good option for banks and homeowners. Wouldn't you enjoy not having to kick someone out of their home?


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Search Engine Traffic vs. Social Media Traffic? Which is Better?

Posted by Chris Treece on February 2, 2010 at 7:06am
It's important to understand and know what is best for you and your blog, when you start blogging and invest your valuable time writing for your blog, you want good return over the time you have invested. The way you will gain your profits is by getting more and more visitors to your blog. Now which is a better way to gain visitors social media or search engines like Google, Yahoo, Bing and other.Social media traffic - Positive side:• It can bring huge amount of traffic to a blog or website in a very little amount of time.• Your blog get exposure to new visitors, readers and advertisers.• It also gives you rise in your revenue sometimes.• A popular story on Digg, Stumbleupon or Reddit makes people link your story with their blog or bookmark in other social media websites like Delicious, Netscape and more, which helps in creating backlinks to your blog.Social media traffic - Negative side:• To bring traffic from social media you need a network of friends active in social media which demands lot of time investment, it completely depends on you if you want to invest your time to build a network in social media.• Social media traffic is not reliable because some day you might get peak in traffic and the other day you might get nothing also social media will only give you traffic until your post is popular and visible to mass audience.• Don't expect social media traffic to click on anything else on your page, majority of traffic will not even bother visiting any other web page of your blog which will lead to high bounce rate of your blog.• Eats up lot of bandwidth with almost nothing in return other than lot of page impressions and large spike in increased traffic.Organic Search engine traffic:• Search engine traffic provides targeted traffic to your blog, your visitors will look for more similar stuff on your blog if they like your posts and also will subscribe to your blog and more over spend time on it, all these factors will result in low bounce rate of your blog.• Gives you a moderate traffic but the traffic is steady and you will not face ups and downs in your traffic unlike social media traffic.• Search engine traffic pays you in long run.• Money makers: Search engine visitors are those visitors who come to your blog looking for something that they really want and if there is something you have which is useful to them then they would even won’t mind paying money to get it.Social media has evolved as a very powerful tool in recent times and the traffic from social media is very tempting to every one and to achieve that level of traffic people don't mind spending hours getting their story voted by others to make it popular.I can only say that both the channels have their own power and importance in blog promotion. I prefer search engine traffic over social media traffic but also I like sharing some unique and interesting stuff with my social media friends once in a while because it also keeps my blog visible in social media also.You can't just focus on either one of the channel's because you will be missing out on potential visitors from the other channel, so it's ideal to manage social media and search engines on regular basis and you can do this by optimizing your blog regularly for search engines and also chipping some posts for social media freaks to gain benefits from all the available resources available to generate traffic.
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REO Bank Owned, Cash Buyers in Las Vegas, Nv May Not Always win the Bid

Posted by Dawn Barrier on January 24, 2010 at 7:30am
What? But I thought Cash was King? That is what you are most likely saying to yourself right now?But, in this market it may not always be. You can't assume that Cash will always get the house, at least that is what I'm seeing.There are a lot of cash buyers bidding on homes in Las Vegas right now, and it seems (or you would think) that most of the time a cash buyer will get the home over a buyer who is financing, but, that is not always the case.I am currently working with a few cash buyers and one of them actually did not win a bid on a home they wanted, even when the bids were at asking price (which by the way was at the TOP of the price range for this area and home, it would be the new high comp), buyer was paying all closing cost and offering a 15 day close with inspections being the only contingency.Now, maybe this bank did actually get a higher offer from the fha/conventional buyer (even Cash buyers have a limit as to how much they are willing to pay), but the bank maybe running the risk that this home may not appraise at that higher offer and then they will be 2-3 weeks into the deal and have to lower their price anyway or ask the buyer to pay the difference.Or maybe, just maybe in that area we maybe seeing a turn around in prices for the better. Maybe they didn't believe me when I said, "No, they are not an investor, they want to retire in this home". That is a possibility as some lenders will actually favor a first time home buyer over what they think will be an investor. Maybe the other buyers agent worked for the same company. There are many variables and you just never know what a bank will do in this market and the sellers agent most likely will not let you know why your offer wasn't chosen, but your offer will most likely be in backup position with the other offers that came in.So, buyers in the Las Vegas area, get ready to make several offers on several homes before you actually get one.By the way, my buyers moved on and we have another home in escrow now
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Are You Working Your Linked In Contacts? You'd be surprised at whom you're connected with!

Posted by MeLisa Minter on December 15, 2009 at 2:16pm
Ok Gang,I listened to the Blog Radio on 12/18 and even punched in to ask Jesse a question about signing up with all the Asset Management Companies. After listening to the show, I took Jesse's advice about utilizing Linked In and Facebook to our advantage.I was already doing something similar, which is how I found this group. Anyway, I typed in the name of a Mortgage Servicing Company that I've done Short Sales through. I proceeded to pull up their Linked In Employees and low and behold, I see two employees,(one an Asset Manager the other an REO Attorney), that I am connected to by the second degree. It seems that one of my good friends is the first connection with one person and the other person is connected to me by a group that I joined on Linked In.So naturally, I email these two contacts by using the "Request and Introduction" Method. I included an attention grabbing subject line, and introduced myself and informed them how we were connected. I proceeded to let them know that I am a member of Realty Pilot, the most innovative BPO/REO Traffic Controller, and that it is free to Mortgage Companies/Mortgage Servicing Companies Asset Managers.I then explain to them how they can be of assistance in helping me connect with some of the Asset Managers in their organization and introduce them to Realty Pilot and my REO Services.After I completed the mesage, I clicked on the "Notify Friend Button, so I could send "1st connected firend" a courtesy notice stating that I contacted one of her linked in connections.I know what they say about the Six degrees of Separation, and it seems that it can definitely be beneficial if you work it right.It's going to be interesting to see the type of results that we will get from this.
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Realty Pilot Partnership Results in First REO for REOPro Agent.

Posted by Jesus (Jesse) Gonzalez on December 2, 2009 at 7:26am
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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Obama Supplemental Directive for Short Sale and Deed in Lieu

Posted by Jesus (Jesse) Gonzalez on December 2, 2009 at 5:22am
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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Communist Agenda in Default Real Estate?

Posted by Jesus (Jesse) Gonzalez on August 29, 2009 at 3:00pm
First off, let’s make sure we all agree on what a Communist is, in reference to the topic of Default Residential Real Estate only. Communism is egalitarian or has a political doctrine based on the idea that all people are equal and have all the same rights or in other words, believes that all economic inequalities should be removed from society. Now, understand that I do a lot of default counseling. I see 3-5 people a week, on average that are in some sort of default with their home. Here lately, it seems that more often than not, I am visiting homes where owners are 5, 6, 7, 8 or more months in default but, the foreclosure auction hasn’t even been scheduled. This seems a bit odd to me because I can’t remember a period in history when homeowners in default were given so much time before the bank foreclosed. My realization that it seemed banks were holding on to more and more of this default inventory unsettled me because I didn’t understand why. Why would a bank continue to loose money on a non performing asset? This was crazy to me…..foreclose, force evict if necessary, sell the asset, recoup what you can, write off the balance and allow capitalism to work however, this isn’t happening. Here lately, I have been hearing a lot of buzz about America’s shadow inventory of REOs and I have to admit, it seems very possible that his “shadow inventory” is much more than a conspiracy theory but possibly a concept designed to purposely create a economic disaster of unprecedented proportions that would allow the government to take over wall street in the name of “Saving the Country” from financial ruin. Carlos Silva, here on REOPro wrote a great blog titled, “Why you won’t see a Tusnamie of REOs” and here is the link, http://reopro.ning.com/forum/topics/heres-why-you-wont-see-a. I challenge you to read his blog and then ask, why? Was the passing of the Community Revitalization Act along with the formation of Fannie Mae and Freddie Mac as well as the key de-regulation of lending guidelines all framework to set up a disaster in this country that would usher in a Communist / Socialist revolution that would change the fabric of this country? I really don’t have answers to these questions but, I do know this. TARP…not working, it’s keeping people in homes, yes..but, these people can’t afford these homes anyways so, why are we (tax payers) shelling out billions just to see these people go back into default 3-5 months later? Is this a Communist agenda to force egalitarianism on us, the American People? Stand up, question boldly and hang on to the truth.
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How I made lots of money in REO's with little experience.

Posted by John Thomas Sinclair on April 10, 2009 at 7:37am
I am a Realtor in North Idaho. Coeur d' Alene, ID to be exact. I have been in the business for 8 years. Two years ago I saw that the market was shifting downward. Our foreclosure rates were on the rise and I saw an opportunity in a field that I had always wanted to pursue. I had done three bank owned deals in my career. They were all with local mom and pop banks. How did I break into the REO's?Well for one, I refused to accept the mantra that it is a closed field. I followed FC notices in our paper and followed homes that interested me all the way through the sale. When no one bid at the auction, I googled XYZ bank REO department. I called and stayed on hold forever. I was always polite. When I got through to the right person, I would say "Hi I am an agent that works in the area that your bank just took a home back in. How would I go about getting on the list to be an approved Realtor to help sell this asset for you? Most times they would say "we are not interested". This actually rarely worked but I kept at it. One day I was walking in my neighborhood and I noticed a vacant house with dead grass (the REO calling card!) The neighbor was super helpful and told me she heard a bank out of TX owned it now. I googled this bank and got the right number to call them. I gave the lady my spill and she said "I was just about to assign that one; it is right in front of me. What is your fax number and I'll send you over the agreement!" I don’t know if cloud 9 would be high enough for how high I was floating!I may have been on cloud 9 but I was clueless too! I knew how to sell homes but the REO side was new to me. I never let my seller know how clueless I was. Anytime something came up that I was unsure about I got online and googled till I figured it out. I registered on the various sites to upload the offers and forms, again learning as I went. I paid invoices with no idea of how I was going to get paid back. I was able to get this little home sold for a good price and the asset manager was happy. Not a week later the same bank sent me two more REO listings!From there, I could see that I was on to a good thing and that this is something I needed to pursue all out. I began buying courses, googling, reading blogs, and just getting information anyway I could. One of my courses gave me a list of banks to register with. I built a resume and gathered the necessary forms. I spent one week registering with every single bank on the list. I paid for memberships to several REO platforms so asset managers could find me. I continued following foreclosures in the paper all the way through the sell. I continued calling those banks. My business grew and grew.To this day I continue doing all of the above. I never sit still or take my inventory for granted. I would say that I am one of the smaller fish in this huge pond of REO brokers. I currently have 12 REO's in some stage of the process. Just yesterday I closed two and one more is signing today. I have been able to build a list of investors that want these properties so I find myself doing both sides of about 25% of my properties. I consult with them throughout the remodel and then help them sell them if they are flip deals.I learned early on that you have to build systems to maintain the influx of properties. My scanner and Blackberry are my new best friends! People drive me crazy when they say "ohh, you are so lucky to have all these deals in a dead market." My broker once told me the harder you work the luckier you are. Now that I can believe. If you want to get started in REO's work at it, envision it, be determined, and stick to a plan. I believe this REO boom will be around for awhile. Grasp the opportunity and go for it!P.S. I am envisioning myself working with Bank of America and Wells Fargo! I'm not sure how that is going to come about but I know it will! Any tips?The Holy Grail in my business would be to get in with Bank of America or Wells Fargo. If anyone has any tips there, that would be great.
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Bank A, Neighborhood Z

Posted by MIRELA MONTE on February 28, 2009 at 7:44pm
As a follow up to my earlier blog: "The Ocean Between Buyer and Seller", here is my letter to the bank decision makers, arguing for the acceptance of a price which is $165,000 (34%) lower than the original asking price. This, along with the comps of this neighborhood and the adjoining neighborhoods, pictures and video of other, better priced listings will accompany this presentation tomorrow. Please give me any tips that may help me offer a more compelling argument!Bank A, Neighborhood Z6 Month Analysis:Homes Available for sale: 20Expired Listings: 26Withdrawn Listings: 29On Hold (don't show): 1Pending Sale: 1Sold: 1We have a unique situation in Neighborhood Z. The community is incomplete; only about a third of the lots have been built on with two thirds of them still vacant (raw land). Twenty properties are currently available for sale. Four of these available properties are Bank owned and two of them are short sales. In the past 6 months this community has seen a total of 26 listings expire and 29 listings withdrawn.We could only find one property sold within the last six months. The listing agent of that property claims that he only inserted the transaction in the MLS as a favor for an out of state builder who sold the property to one of his out of state investors. The property shows a sold price which is about twice the amount indicated by any of the current listings. We've tried to reach that builder repeatedly, but as of yet we have not had any success.The only property that has a contract on it and is waiting to close is fairly similar to ours in terms of price and size, although it's somewhat smaller. The current pricing on it is similar to ours and the original price was similar to our original price. We will not know what it sold for until it actually closes, if and when it does.There is another available property, also bank owned, which is 200 sq. ft. larger than ours, but priced for $50,000 less than ours. Most likely that property will sell first, unless we lower our price first. If we used the same price per square foot as that home, our price would be $333,333. The $325,000 offer we received today, although significantly lower than our asking price, is right in line with the market price.When the property was appraised last month for $390,000 (was the appraiser local and familiar with our market, or an out of the area appraiser?), this lower priced competing listing was not yet on the market.This neighborhood is in close proximity to Neighborhood T, U, X and Y, which are all finished neighborhoods of a higher caliber offering homes at similar prices and still garnering a very low level of transactions. Because "Neighborhood Z" is only one third complete and has so many competing properties for sale and virtually no sales activity, my fervent recommendation is to accept, or come close to the Buyer's offer price.Mirela Monte, Your Myrtle Beach Real Estate Connection
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How Insulting the Seller Might Actually Buy You the Deal of the Century...

Posted by MIRELA MONTE on February 4, 2009 at 2:15pm

Asking price: $167,432 on a Bank Owned property in an oceanfront building where similar listings are still priced at over $200K. My investor client asked me to put in a bid for $125,000. The bank approved it. SOLD!Asking price on a short sale: $190,000 in an Oceanfront building where similar condos are still listed for up to $300,000. My investor bid $154,000 for it. The bank finally accepted $168,000. We closed last week.I just received a request to bid on a short sale home currently priced at $549,900, the least expensive home ever sold in that neighborhood. The lead came from Active Rain. The investor wants to bid $260,000. Will I write it up? You bet! Why? Because the bank might actually take it!Here are some deals you could bid on: Luxury condo on Waterway. Asking price $299,900.Waterway community custom home, 4BR/3BA. Originally priced at $799K. The bank now owns it and listed it with me for $489K.Just check out our website for current REO deals at: http://www.myrtlebeachhomes.us/Homes or www.BankOwnedInMyrtleBeach.comGo ahead: insult the Seller! I will be glad to do it for you!Mirela Monte, Your Myrtle Beach REO Source
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C.A.R. Opposed Point-of-Sale Bill Passes Assembly

Posted by Nesli Ibrahim- M&N TEAM on May 31, 2008 at 6:48pm
AB 2678 (Núñez) was passed by the Assembly on a 44-33 vote on Wednesday. The bill needed 41 votes to pass. AB 2678 would require, among other things, that ALL homes and commercial property in California have an energy audit at point-of-sale, and that mandatory energy efficiency investments be made. While C.A.R. appreciates the goal of energy conservation, C.A.R. strongly opposes the point-of-sale requirements in AB 2678 because they are not necessary to achieve the bill’s objectives and such mandates will weaken the housing market. If enacted, AB 2678 could add thousands of dollars to the cost of purchasing a home, including up to $400 just to have the home audited. AB 2678 will next be considered by the state Senate. Stay tuned for a Red Alert on the bill.Here’s how Assembly members voted:Yes Votes: Bass, Beall, Berg, Brownley, Caballero, Calderon, Carter, Coto, Davis, De La Torre, De Leon, DeSaulnier, Dymally, Eng, Evans, Feuer, Fuentes, Furutani, Hancock, Hayashi, Hernandez, Jones, Karnette, Krekorian, Laird, Leno, Levine, Lieber, Lieu, Ma, Mendoza, Mullin, Nava, Núñez, Parra, Portantino, Price, Ruskin, Salas, Saldaña, Solorio, Swanson, Torrico, and Wolk.No Votes: Adams, Aghazarian, Anderson, Arambula, Benoit, Berryhill, Blakeslee, Cook, DeVore, Duvall, Emmerson, Fuller, Gaines, Galgiani, Garcia, Garrick, Horton, Huff, Jeffries, Keene, La Malfa, Maze, Nakanishi, Niello, Plescia, Runner, Silva, Smyth, Spitzer, Strickland, Tran, Villines and Walters.Not Voting: Houston, Huffman and Soto.
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