Latest MLS records show a slight inventory shift for available, bank-owned properties in the City of Alexandria, VA from 35 assets to 31 assets, week-over week. Current REO list prices range from $119,000 to $599,000 for all property types. Under Contract/Pending listings total 30 assets with last-listed prices ranging beween $84,100 to $525,000. This reflects a general observation that current list prices are higher by 29% (low end) and 12.5% (high end) than those under contract/pending. Contract/Pending listings showed a median price reduction of 10.3% from initial lisiting prices with average days on market of 29. Current active listings have an average days on market of 55.
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Posted by Michael Howard on September 24, 2009 at 1:30pm
From MSN Money today. BofA and Wells Fargo have both been on the record stating that the "shadow inventory" does not exist. This is the third published report I have read that sates otherwise. As servicers continue to trickle product into the market there is a strong chance that this will prolong the housing slump for more than originally thought. The tsunami we have all heard about, while driving prices continually lower might rid the market of this distressed inventory faster and perhaps hasten a quicker recovery...Thoughts?Analysts say 7 million soon-to-be foreclosed properties have yet to hit the market.Posted by Elizabeth Strott on Thursday, September 24, 2009 8:59 AMAny optimists touting a housing recovery might want to pause and think about this: Amherst Securities Group analysts believe the market faces another major hurdle because about 7 million properties that are likely to be seized by lenders have yet to hit the market.The "huge shadow inventory" reflects mortgages already being foreclosed upon or now delinquent and likely to be and, assuming no other properties are on the market, it would take 1.35 years to sell this inventory based on the current pace of existing-home sales, analyst Laurie Goodman wrote in a note to clients.In 2005, there were 1.27 million properties in the same situation.There have been a number of recent economic reports hinting at a recovery for the housing market. In May and June, the S&P/Case-Shiller 20-city index of home prices rose, the first month-over-month increases in values since 2006. Prices for U.S. homes rose by 0.3% in July from June, the Federal Housing Finance Agency reported earlier this week."The favorable seasonals will disappear over the coming months, and the reality of a 7-million-unit housing overhang is likely to set in," the analysts said, according to Bloomberg News .Meanwhile, The Wall Street Journal reported on Wednesday that real-estate agents and analysts worry that when the shadow inventory is unleashed, it could cause a big bump in the road to recovery and add a new layer of difficulty for the housing market.Ivy Zelman, the chief executive of Zelman & Associates, a research firm based in Cleveland, believes 3 million to 4 million foreclosed homes will be put up for sale in the next few years. The question is whether the flow of these homes onto the market will resemble "a fire hose or a garden hose or a drip," she told the paper.
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Posted by Shawn Bradford on September 14, 2009 at 11:10am
The Hottest Place to be at the 5 Star Conference.....Club TsunamiIf you're going to the 5 Star Conference in Texas you don't want to miss the place to be.....Club Tsunami. The 5 Star, http://www.fivestarconference.com is the largest conference in the default servicing industry and a place for REO agents to network, increase their knowledge of the industry through educational sessions and build new client relationships.So, what is Club Tsunami? http://www.clubtsunami.net/ Club Tsunami is the world's largest networking party and charity event. Club Tsunami is Monday, September 21, 2009 at City Streets Night Club.Everyone is talking about Club Tsunami and all it has to offer: 3 D.J.'s, Casino, 2 Night Club Dance Floors, VIP room, Cigar and Scotch Lounge, and a Top Shelf Bar.Don't miss this chance to make new contacts, have fun, build relationships with clients, and best of all benefit a great charity: Foreclosure Angel Foundation. https://www.foreclosureangelfoundation.com/Make sure you're at the hottest event at the 5 Star. See you there!http://www.shawnbradfordteam.comRead more…
Take a look at this press release. PRESS RELEASEBe a Piece of the Solution. Over ONE MILLION AMERICANS have lost their homes through foreclosure. We know what the problem is, the REO Masters Network is asking REO Agents to Be a Piece of the Solution.The members of the REO Masters Network are hosting what will be the Largest Networking Party and Charity Event in the REO Industry and the proceeds are going to the Foreclosure Angel Foundation. The Foreclosure Angel Foundation is a non-profit agency that is helping people who have genuine hardships stay in their homes, get their homes back or get them back into a home. How can we as REO agents help? Support the cause.I realize that not all the REO agents in the country are going to FiveStar (although it may seem that way), but those of you that are...buy a ticket, come to the event and have some fun. You are contributing just by buying the ticket.Those of you that aren't going to the FiveStar conference can still buy a ticket as a donation to the cause. If you aren't willng to do that, then contact the Foreclosure Angel Foundation and tell them you are willing to do some "leg-work" in your area if they need it. Who knows, there is likely to be someone in your area that Marilyn from the Foundation is trying to help. She can't do it all by herself.Here's a good example, Harry Mallinger, who's wife recently died from a brain tumor and has two mentally challenged adult sons lost his home. Now Marilyn is trying to find a home for him in Florida. This is just one of the MANY stories.None of us can fix the problem on our own, but together we can make a difference so please, Be a Piece of the Solution.
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Posted by Linda Landry on September 13, 2009 at 7:28am
I am astounded at the destruction and mutilation discovered in properties abandoned after foreclosure! Where did the current mentality of homeowners/renters come from in thinking it is their prerogative/privilege to destroy/steal or damage property they vacate? Everyone is aware that renters are 'leasing' property from the owner and that owners require security/cleaning deposits. However, I have spoken to landlords who've had their property damaged or destroyed beyond the limit of the deposit to include arson! Additionally, homeowners who become thieves of destruction to the property they have lost to foreclosure abound. They apparently do not realize they are actually tenants of the bank who holds their loan. They do not yet own this property until the loan is paid in full. Their down payment was just that: a payment they put down towards the repayment of the ENTIRE loan in the amount to which they agreed to pay to purchase the property. Lest we forget, this agreement was in the form of a legally binding contract. Perhaps more defaultees should be prosecuted for default or destruction. If people keep defrauding and defacing it may result in the banks requiring we pay for a loan for thirty years PRIOR to taking possession! Wouldn't that be a kick in the you know what!Linda Landry, REALTOR ® Exit Realty 1st Choice Tucson, Arizona
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There is a group of REO professionals who do care! And they are pulling together to benefit the Foreclosure Angel Foundation. This foundation came to life from an unselfish act to help a neighbor and we want to be the foundation's next neighbor.There will be a series of coaching sessions that will culminate in the largest REO network party: Club Tsunami. The sale from the tickets will go 100% to the Foreclosure Angel Foundation. And it gets even better. The coaching sessions are free and if you missed any, you can download them. Come join the party!Be a pice of the solution!Read more…
Posted by Dawn Lewis on September 8, 2009 at 9:32am
San Diego REO News BlogFive Star Fort Worth Texas Club Tsunami REO Party and Charity EventThe next Five Star Default Servicing Conference and Expo will be held in Fort Worth, Texas at the Fort Worth Convention Center. The 2009 Fort Worth 5 Star runs from September 19th to the 23rd. The Five Star is the largest conference in the default servicing industry and is the most well known networking opportunity for real estate agents, real estate brokers, attorneys, title companies, servicers, lenders, service providers, investors, vendors and asset managers. This networking event allows all parties in the REO field to meet and network in one location and share ideas on how to get through the many REO’s on the market and the wave of REO’s to come. It’s where all the parts of the puzzle briefly come together and put together a plan for what to do next. The most powerful people in the REO filed attend and share ideas to better serve everyone involved.At this 2009 Five Star Event in Fort Worth there is a Tsunami Party and Charity Event hosted by REOMasters Network. REOMasters Network is raising heads in the REO Industry as the fastest growing REO Networking Group in the business.About REOMasters Network from their web site:
The REOMasters™ Network is the nation’s newest marketing and business development association for REO Agents and Brokers who want it all. The REOMasters™ Network has partnered with the nation’s top REO coaches and industry leaders to engineer a life and business success REO coaching and marketing association … being built by agents, designed for agents, and owned by agents. Scott McLaine, Founder and CEO of REOMasters™ Network.
The Tsunami REO Party and Charity Event will be the “Biggest and Don’t Miss Event” of the Fort Worth Five Star. The event is on Monday Night September 21st at the City Street Night Club 3 blocks from the Five Star Convention. The Tsunami REO Party opens at 8:00 P.M. and ends at 2:00 A.M. complete with a red carpet walk into the 22,000 square foot mega club. Networking and dancing recommended and encouraged. Busses will take you from the Forth Worth Convention Center, Main Street entrance to Club Tsunami and back. Busses will travel back and forth from 8:00 P.M. to 1:00 A.M. Now you have the place and you have the ride “both ways” now grab a date or a partner or your whole team and get some tickets before they’re SOLD OUT. We want to see you on the Party Bus not the Baby Bus….. Remember it’s for charity too!Register Here!Registration includes:The party is happening at Club Tsunami all night long. Dress to impress and have a great time rocking the house! Enjoy great music from three different DJ’s, try your luck in the casino, check out our social scene, meet great people and network with other agents. This event will sell out. Space is strictly limited! 2 Drink Coupons before 9:30 P.M., Happy Hour Food before 9:30 P.M., Networking Mixer 8:30 to 9:30.Tsunami Casino Night – Play the Craps Table, challenge the Blackjack Dealer, spin the Roulette wheel. Casino funall night long.Two Night Club Dance Floors – Choose from two different theme rooms in order to dance the night away. Cages will feature the best of pop and top 40’s dance hits while Indigo will play the best of the 70’s, 80’s and 90’s.Cigar and Scotch Lounge – Enjoy a fine glass of premium scotch and a quality cigar in the Tabu Lounge. Sip your drink, make some new friends, network with old ones. Just sit back, relax and enjoy the evening.Top Shelf Bar – Order your favorite drinks at the numerous bars throughout Club Tsunami or from any one of our many hostesses. Drink tickets provided at the door with admission.Raffle Drawing – With every ticket you purchase you will be entered into our drawing to win one of many prizes that will help you to grow your business.
100% of ticket sales profits will benefit the Foreclosure Angel FoundationWhat is the Foreclosure Angel Foundation – Excerpt from clubtsunami.netForeclosure Angel FoundationBeing Supported by the NFSTI REOMasters™ NetworkWe’re Fighting a Real Problem …That Needs Our AttentionThe Foreclosure Angel Foundation was born when Marilyn Mock saw a need in November of 2008 to help her neighbor who was about to lose her home. With nowhere else to turn but the streets, their home went up on the auction block.Marilyn bought the home at the auction price and sold it right back to the owners at the now lower cost. Marilyn had a keen sense that “It could be me in that situation.” One major life change could rip her family from their home too.Ever the optimist, Marilyn thought that others in her community who saw this need would surely step up and help. She took desperate letters from families losing their homes to a function where her friends and acquaintances had expendable income. Marilyn was shocked when they didn’t even want to see the letter, much less offer any help.At that point, Marilyn once again had another layer of her rose colored glasses ripped away, but this time she became determined. She believed that the American spirit of neighbors helping neighbors would win out.If you’re going to the Five Star Fort Worth 2009 make sure you make this event. This will be the one everyone remembers and asks, “Were you there!”.Read more…
5. Network with REO agents from across the nation at Club Tsunami.http://www.clubtsunami.netHaving a network of REO agents as a resource is a must to increase your business and knowledge of the REO business. You can call upon your network of other reo professionals when you have a question about a REO company that you've just started working with, need cash for keys advice or want to compare ideas for how to best grow your REO business.4. Network with Asset Managers to increase your business.http://www.fivestarconference.com/Asset Managers attending the 5 Star Conference in Texas are not going to want to miss the fun and excitement of Club Tsunami. Meet asset managers in a relaxed and fun environment.3. Have Tons of Fun at Club Tsunami!!!!Club Tsunami offers 3 D.J.'s., 2 Night Club Dance Floors, a Casino Room, Cigar and Scotch Lounge, VIP Room, Top Shelf Bar and Dancing all night long!2. Network with the State and Executive Directors of ReoMasters Network.http://www.Reomastersnetwork.comThe REOMastersTM Network has partnered with the nations top REO coaches and industry leaders to engineer a life and business success REO coaching and marketing association ... being built by agents, designed for agents, and owned by agents.1. 100 % of ticket sale profits benefit an amazing charity: Foreclosure Angel Foundation.http://www.foreclosureangelfoundation.com/Marilyn Mock, the founder of Foreclosure Angel Foundation, makes it her life mission to help her fellow Americans keep their homes when they have no other place to go. Have fun at Club Tsunami and help to support this amazing cause.Club Tsunami is the place to be at the 5 Star Event to have fun, network and benefit a great charity. Don't miss out!http://www.shawnbradfordteam.comRead more…
Posted by Erik Keith on September 8, 2009 at 7:43am
Integrated Asset Services®, LLC (IAS®) (www.iasreo.com), a leader in default management and residential collateral valuations, today released the latest IAS360™ House Price Index (HPI). Based on the timeliest and most granular data available in the industry, the index for national house prices was down 0.5% in July.The slight decline marked the first down month for the IAS360 since February. The leading U.S. housing benchmark remains ahead fractionally for the year but still well off (-16.2%) its high in June 2007.“We are seeing normal seasonality with a slight July pullback, but we are not out of the weeds yet as we will see waves of volatility while the markets correct themselves and settle down,” said Dave McCarthy, President and CEO of Integrated Asset Services. “Meanwhile, there’s an awful lot going on down at the neighborhood level that will take time to normalize at the top.”Conspicuous among the nation’s 10 major metropolitan statistical areas (MSAs) were the 3.8% declines in both Denver, which had been reliably stable since the first of the year, and San Francisco, which had jumped almost 8.0% from February. Notable, too, was a sizable 4.8% drop for the month in Las Vegas. While the region has fallen month over month since August of 2006, July’s plunge represents the largest percentage drop to date.“A lot of this volatility has to reflect Washington's near-term influence on price behavior through actions like the foreclosure moratorium,” says McCarthy. “We’re already seeing buying activity moving around in different price segments. The beauty of the IAS360 is that the index captures and reports on these changes in a way that reveals the reality of the market.”The IAS360 House Price Index is a comprehensive housing index tracking monthly change in the median sales price of detached single-family residences across the U.S. The index, based on all arms-length transactions, tracks data for 15,000 neighborhoods, that roll up to report on the changes in 360 counties, nine census divisions, four regions, and the nation overall. The IAS360 House Price Index is delivered on a monthly basis.
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At some time in life, many of us were told we have no business complaining about things in life that we don't know about, don't participate in, or don't help to make better.I'm paraphrasing a few examples here ...Obama has said it - "I can't do it alone. I need your help."My former CEO said it "Bring me a problem, and bring me a solution."My former boss said "Great point - you are in charge of fixing it."My REO Masters Co-Founder Scott MacLaine said it "This is an organization where members don't join and expect success to happen, but have a hand in making a difference."I'm down with this philosophy (i.e. in agreement) because it just makes sense. It's practical. But I'll let you in on a secret - The other day I did happen to fall off my high horse and complain. It all started in court, where I'm spending way too much time lately.In my role as an REO Broker, I am frequently asked to appear in court as a witness for the bank at unlawful detainer hearings. A few weeks ago, the defendant actually showed up. This couple pleaded to the judge about saving their home, doing a loan modification, whatever it took, they were committed. The judge had to explain, as delicately as he could, that it was too late and that the bank filed to gain possession of their property. He granted the couple 2 weeks to vacate. Within the two weeks, the couple managed to get a relative to get qualified to buy the house. The bank agreed to go into escrow, knowing full well the relative was purchasing the home to enable the former defaulted borrowers to stay in the house. If escrow closes, the occupants essentially will have been awarded the mother of all loan modifications since the new purchase price and interest rate are well below what they were when the couple purchased the home at its peak. And the big bonus - the occupants have not paid their mortgage for about a year!Since the bank is the decision-maker, I happily facilitated all this. And then scratched my head and said ... What the ??? How do I get a deal like that???OK forget about me - what about all the other people in need? What about my client who suffered a rare disease resulting in a bone marrow transplant and a short sale because there was no loan modification that could help?I don't begrudge the couple fighting for their home. I don't know them. Maybe they are great people and this is Karma coming around to help. I may never know. But I am pretty certain that in this unprecedented real estate climate, the stories, the backgrounds, and the behavior behind those who have lost their homes are as diverse as one can imagine.Can we really blame government or banking institutions for helping those less deserving, or foregoing those in real need? Maybe not if:1) Policies are helping to solve the problem at large on a high level.or2) I'm not part of the solution.Enter the Foreclosure Angel Foundation. This is not my idea so if am insinuating that I am part of the solution, well, let me disclose that I'm merely outsourcing my contribution to the solution by supporting Marilyn Mock, founder of the Foreclosure Angel Foundation. This is an amazing lady who has started a foundation to help the neediest of those in foreclosure. You may have heard the expression "Think Globally, Act Locally." That's how Marilyn got started. She saw a problem and jumped right in. Never complained to anyone on behalf of the victim, never complained about the cruelty of the world, just took decisive action.I first saw her on Oprah (my wife made me watch it) and then when the founders of REO Masters announced the organization's support for Marilyn and the Foreclosure Angel Foundation, I was thrilled. The support will kick off with a fundraising event at the Five-Star Conference in Dallas later this month.Complaining feels good. But being part of the solution feels even better.
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•Are you interested in increasing REO?•What about Commercial REO?•Do you know what to say to an Asset Manager?WEEK ONE•Foreclosure Angel Foundation Introduction (Today - Friday)WEEK TWO•8/31/09 - State of the Market•9/01/09 - Explosive Commercial REO Oportunities•9/02/09 - BPO Automation Made Simple and Profitable•9/03/09 - Loan Modification as a Secondary Revenue Stream•9/04/09 - Social Media - The Blogging EffectWEEK THREE•9/08/09 - Foreclosure Angel Foundation•9/09/09 - Putting the 'Short & Sweet' into Short Sales•9/10/09 - Razor Sharp Seling Skills w/Side of Motivation•9/10/09 - How to Attract More Buyers Than You Ever Thought Possible•9/11/09 - Social Media Marketing Strategy for REO AgentsWEEK FOUR•9/14/09 - Office Organization, Systems adn Peace of Mind•9/15/09 - REO Task Management Simplified & Served Hot!•9/10/09 - How to Talk with An Asset ManagerThe best REO coaches in the nation are coming together to benefit the Foreclosure Angel Foundation. For more information go to www.clubtsunami.netBe A Piece Of The Solution!
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Posted by Mykel Martin on August 21, 2009 at 5:30pm
Hey, who’s going to Five Star? I responded to a post about a month ago that I thought I’d share with you if you’re going.
The Post:I will be attending the 5 Star conference this year in hopes to further the REO business for my company. Can anyone that has attended this in the past give me any pointers.My Reply:Just remember...when you go, you are there to get information - you are on a fact finding expedition. Collect more cards than you pass out; don't take brochures and the like. Remember, most of the AMs there are from out of the area. They are not going to pay extra to add your brochure to their luggage weight. Guess where your brochure is going? Correct! So you can see how important it is to collect their contact information instead, so that when you get back home, you can solicit them. Any thing you do hand out, be sure it has your phone number and email address on it. Additionally, once back home be on the look out for an excel spreadsheet that will come via email and include the contact information of each and every attendee of the conference.Hope this helps. Good Luck!
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Posted by Mykel Martin on August 21, 2009 at 4:30pm
If you've been passing up homes that require repairs, there’s renewed interest in the 203(k) FHA loan program that lets qualifying candidates borrow a single loan with a 3.5 percent down payment to cover both the home’s selling price and the cost of licensed contract work to improve the property.Popularity in the 203(k) FHA loan program, or Rehab loan as it is often called, has nearly doubled since last year due to the large inventory of REO homes. This years, demand is on pace to double again.The main advantage of this program is it allows buyers to purchase a home that needs work and not have to come out of pocket with cash to complete the repairs. The biggest disadvantages is most lenders aren't experienced with Rehab loans and show little interest in promoting them because they can take up to 60 days to close.Even though the application process is long and it is difficult to find a lender versed in doing them, the FHA Rehab loan may the rare modern-day wild card loan that keeps the industry afloat. Helping our Buyers get the best deals, often in area they otherwise couldn’t afford, and helping us close on more deals. . . sounds like a win-win to me!FYI – I have an REO with Wells Fargo right now that is a perfect candidate for this financing. I’ll let you know how it goes.
I've chatted with a few of you about the new NAR Certification course in Loss Mitigation. I got mine today and here's the scoop. Not much. I'm tremendously glad that NAR is doing something to address the reo segment. Obviously it's not going away any time soon even if it does slow down and the banks do a 180 and start helping people modify. That being said though, this course doesn't merit much in the way of certification. (Shhhhh. don't tell anyone I said so since I will proudly display my certificate).The biggest problem as I see it is the fact that it seems to be a 101 course and I think it would be much more effective if it were expanded and then done in two parts. My class had about 30 people and it was about evenly divided between those who were actively involved in REO and those who thought it might be a good thing to try. It is a good thing to try but the class that explains what cash for keys and trashout is should not be the same class that tries (not very well) to explain the intricacies of a short sale or a comparison of data upload platforms.I'd really like to see a weightier Certification that a beginning/intermediate/advanced level would bring. I also think they focused on short sales too much and as we all know there are few hard fast rules for those. They made some very good points about liability though and emphasized why all the T's must be crossed and I's dotted. Who has taken this so far? What are your thoughts?
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Posted by Dawn Barrier on August 3, 2009 at 5:16am
Las Vegas New MLS RULE & REGULATIONS (GLVAR) will affect REO & Bank owned listingsNEW MLS RULE & REGULATIONS will affect REO & Bank owned listingsSOURCE: Direct from GLVAR Go here to read articleMLS Rules & Regulations have been modified to add the following verbiage to Section 1.0 Listing Procedures:The Service shall not accept any listing agreement that provides that cooperative compensation cannot be offered or paid to a cooperating broker if the purchaser holds a particular license or credential, engages in a particular trade or profession, or if the range of potential purchasers is otherwise arbitrarily restricted. This does not affect specifically named prospects in listing agreements as set forth below.If a member is found in violation of the new rule they will receive a letter stating that they must modify their listing to be in compliance. If not modified within a thirty (30) day time period, the listing in question will be removed from the MLS.--------------------------------------------------------------------------------How to Contact the GLVAR MLS Department:(702) 784-5050 - Department Line
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What an awesome seminar this was! Full of a ton of useful information presented in an informal, casual way that allowed all questions to be addressed on all topics.The highly experienced asset manager and top REO agent who were the presenters, were a wealth of knowledge and I felt it was very worth the time and money to attend.
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Any Broker and Agent that have worked in the REO for a considerable amount of time understand the importance of working with your vendors. Those brokers understand that vendors are more than service providers. Your vendors are a part of your team, the well-oiled team.When working with vendors and before you hire a vendor, consider a few useful advice.1. What is the vendor's track record? How much experience do you require and how much experience does the vendor have in property preservation?2. Is the vendor licensed? You should be looking for a skilled, trained, and licensed vendor to handle most of your property preservation jobs except lawn care.3. Does the vendor carry liability insurance? You should not hire major contractors that cannot provide an up-to-date Certificate of Liability. This includes and not limited to vendors that provide roofing, structural, HVAC, electrical, and major repairs on the property. If the final work becomes a liability issue in the future, who is responsible?4. Service Contract/Agreement - All vendors should be on contract with the terms of service written in plain English. A few items that should be covered:a. Services to be rendered - Clearly define who, what, how, when, and why the services should be rendered.b. Invoicing procedure and terms -When, how and why the vendor should process all invoices in a certain manner and what are the consequences if the invoices are not submitted according to the procedures outlined.c. Payment Terms - How and when will payment be remitted. All vendors except the utility companies should be on a PWP process, 30 - 45 day payment process, and all invoices totaling $250 or less should be paid immediately. The vendor should be aware of the process upfront.d. Vendor responsibility - Clearly define what the vendor services should be covering. Example: if the vendor is boarding/re-securing broken windows, this should include removing ALL broken glass and related debris on the interior and exterior of the property. What is the vendor's turnaround time on common projects?e. Broker/Agent responsibility - Clearly define your responsibility to the vendor.f. Mediation - If mediation is required, what is the procedure and cure.5. Do not let failure to pay your vendor or pay in a timely manner an option. Too often some brokers and agents get into a penny crunch and attempt to prolong or avoid paying the vendors. Not only does this tactic ruin your reputation with the vendors, it will also cause major problems with the REO Bank. Depending on the outstanding amount, law, and time frame, the vendor could consider a Mechanical Lien on the property. I've seen this happy many times.6. Submit your invoices for reimbursement immediately. Spend 30 minutes a day submitting invoices. Adhere to the bank's submission procedure. Do not change the procedure to suit your own needs. Always be prepared to provide the following:a. Typed Invoiceb. Itemized Invoice - include the service date on each itemc. Full property address with REO/Loan numberd. Copy of the W-9e. Copy of the payment method. If paid by cash, the vendor my sign, date, and indicate cash payment. The broker/agent must also sign, date, and indicate the cash payment. It is wise to not pay by cash to avoid any problems with the bank's accounting department and seller procedures. GET A MONEY ORDER OR CERTIFIED CHECK! Cash is not traceable in disputes.f. Keep a copy of all submissions for your file (hard copy or electronic).7. Utility Bills - Pay the utility companies on time to avoid any late fees. The banks will not reimburse the broker/agent for late fees. If you are paying the utility bills online via the company website, don't forget to print out a copy of the payment receipt. Writing the check number, amount, and date paid is not sufficient proof of payment.Start the process of paying each vendor on the right foot. Don't get into the habit of holding back payment because you can't manage your funds or for fraudulent reasons. The banks frown on FRAUD and angry vendors calling in to complain about non-payment.If you are behind the eight ball and are not up-to-date with your invoice submissions, it is time to take the time and get your invoices in order. Spend 30 or more minutes a day getting your files in order. If you are working with a remote real estate assistant and other agents, consider using an online program to manage your BPO files. Take a look at MS Workspace Live, eBrokerHouse.com, TAZAREO, GetDropBox.com , and SharePoint, or an OTM program such as SettlementRoom, SureClose Personal, Transaction Point, RELAY, PaperlessRE, or TrackMyFile.Carolyn Nelson
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A couple of months ago I received an reo listing from an asset management company that sometimes sends me listings, not many, but hey every little bit helps. They ordered the CFK, and although I am usually succesful with cfks, in this case the homeowner did not agree to it. She was receiving advice from an attorney/friend that told her to stay in the house. After a while, as it happens, I was notified of the lock out date. The family was already gone on the lockout date, but they had destroyed the property. Among many other things, they took of all the electric outlet covers throughout the house and left the wires exposed. The house has illegal additions, code violations, an empty pool, electric issues, they broke walls, took all appliances, Central A/C, etc. Since I am very familiar with the way this particular city works, I sent in a document attached to the bpo explaining everything and advising what needed to be done before the house started showing to avoid problems with the city. Needless to say they sent my bpo back 3 times because the appraissal came in at a higher value. Of course the appraisser was not using reo comps with similar illegal additions and/or conversions. He failed to mention that probably more than half the house would have to be demolished because it was done without permits. Finally my price is approved and the property goes on the market, I go back to the property before listing it on the mls to make sure it was ready to be showed. When I get there, I find the only thing done was the trash out and they caped the exposed wires. I again write to the am and send pics, since they have their own preservation co to do everything, they've decided that was all they were going to do to sell the property as is. Ok, well I dont want to be a pain...To make a long story short, the house has been on the market for less than a week and somehow the city already heard about this beauty and went there today (without even notifying me) I don't know how they got in. They later faxed a 2 page long violation to my office listing everything they could think of and they want it fixed yesterday. Now for the plastic cover plates that I recommended to put on all the electric outlets just to make it look decent we have to hire an electrician, pull permits and pay fines!!! They are going to make my life miserable and hold up the sale for months and many of this problems could have been avoided by just doing some minor work in the house, not only to avoid problems with the city, but also for safety issues. Now even the mosquitoes in the neighborhood are coming from inside this house. LOL. I could only laugh when I saw what they were hitting us with. I love my job, I work very long hours, try to stay optimistic in all situations and will go the extra mile to get issues resolved and close the deal. This one will close, I know that, but Im going to have to move into the city office until everything is done the way they want it and they take pity on me or get tired of having me around. Oh... and drain my pockets while I wait for reimbursement.
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I just finished the prep for this week's REO Master's Network Teleconference. I have to say that it's hard to out-perform someone like Richard Hartel who has over 2 decades of asset management experience, but I think we are going to come close this week.I was listening to all of the REOPRO, Twitter, and ActiveRain users and members over the last couple of weeks when we started receiving feedback from the first call that I was on. Much like many of you, I was also trying to assimilate in my mind what the heck was going on between NFSTI and REOM - but the truth of the matter is that for as many little details that we're still sorting through (mostly future projects and marketing plans for our Network), there are 100 amazing things happening that are making me smile from ear-to-ear. That's why I've been able to just persevere and move forward with 100% conviction.The call this week is at a different time (1 PM PST Thursday July 9). Please call in even if you called in the last couple of weeks (instructions are at the REOM website). We have a new guest, Lauren Galey. She is a loan modification and loan acceleration expert and will be adding that component to our REO Mastery Weekend training. She divulges a lot of great FREE information during this call including:A free downloadable eBook about getting updated on Loan Modification as a RealtorHow to Apply with a reputable Loan Mod company and get referral business (she will also tell you how to get registered and avoid the $150 application fees that usually go along with this business).How to get the "Mortgage Mess Cleanup Kit" for FREEScott McLaine, the CEO of REO Masters Network, is really reaching out to the cream-of-crop right now (as you'll see from the call, he's really wearing his thoughts and plans on his sleeve). Also, I just received word that I am going to be able to give each attendee at the REO Mastery Weekend a copy of a hot-off-the-press publication called, "The Big Four Manual". This book teaches you how to become an approved REO agent with the Big Four Servicers (Bank of America, Wells Fargo, Chase, and Citi) and their outsourcers. At this time this book is ONLY for our State and Executive members and will be for sale later in the month with the original author for a fee (which I don't know how much that will be). I'm reading it right now and it's short, sweet, and awesome!Hope to see (hear) you there~Sincerely,Dan WatermanCEONFSTIREO Masters Network
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Not too long ago I posted questions about any contacts out there for the FDIC. Several folks were very generous with the information they had and I seriously followed up. I thought I would update you now with what I mostly HAVEN'T been able to find out.Prescient is a mega broker for them but they do only take written applications that should have already been mailed. I wouldn't let that stop me though. Prescient's web site leaves much to be desired. Static links and lots of 'coming soon' features. My impression is that this could take a while. I have a townhome complex I am bird dogging for a client but there is absolutely no one I can find to talk to or submit an offer. I know that the loan was bad and that the FDIC took over the lender. I can't find any deed of foreclosure though and I'm afraid that the FDIC pulled the trigger before the actual sale on the courthouse steps. That could be a problem. Anyone run into this before?I don't know what is going on with them but from my perspective they are MIA. Has anyone been accepted by Precient yet? Are they just going to bundle this stuff and sell it off blind to investors? Anybody? Anything?Thanks for your input.Chris
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