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If you have your REO Systems in place and you are experiencing growth, have you considered an REO Team?

If so, what would you consider looking for as you build your team? I have just chosen three tips for this post. There are many more, but I find that these three are important to building a successful REO business.

1. Experience

2. Education

3. Integrity

Experience

How much experience does the potential member have in doing BPO’s? What asset companies have they dealt with and for how long? What about tasks such as Utility set up and ordering services from your vendors? When it comes to the closing transaction tasks, how much experience do they have in dealing with escrow/title companies, lenders and co-agents? These are just a few of the question you should consider when building your REO team.

This is important because the REO market is different for every REO agent. And it is crucial to have a good amount of experience in dealing with asset companies, asset managers, banks, title companies, lenders and other REO agents. I have found that there is a basic flow to an REO transaction, but sometimes there are exceptions. And I have found that learning from that exception, adds to my REO experience. And I can add this to my REO process to reach a successful transaction.

Education

Training is so vitally important. Would you consider adding a team member to your business who already has been trained on various REO portals or someone who you have to train? Time is critical, especially when it comes to tasks such as BPOs or determining occupation status. Do they know the criteria for searching for comps for the BPO?

And when it comes to the contract to close tasks, how much training does the team member have in using various online transaction management systems? Such as EbrokerHouse, SettlementRoom, RELAY, TransactionDesk, TAZAREO, and others? Again, your time is important and having a member who is proficient in using these systems will save you time and money.

Integrity

Enough can’t be said about this topic. Simply put, everyone needs to be honest in their business dealings with one another. I feel that this is a foundation in a truly successful business. If a member is cutting corners to try to get the job done, it will come out in the end. Just a quick example. If a bid (quote) is submitted by a vendor for a repair on the REO property, don’t change the amount when submitting it to the asset company. I have known of this to happen and the person did think they were getting away with it. And since it was just a small amount in the beginning, it was not discovered. So the person felt safe and increased their bid amounts. But when the asset company discovered this, all monies had to be refunded for all of the bids. And of course that agent lost their business with that asset company. A hard but powerful lesson.

I hope these few tips: Experience, Education and Integrity can help you in your search for a successful REO Team.

To your business success!

Roxanne

The Golden Era of REO Came and Went with Nothing More than a Whisper.

Since 2008, I have been hearing that banks and lenders are going to flood the market with REO inventory and spark a “gold” rush of sorts in real estate. In fact, I distinctively remember huge parties and networking events around this whole “REO Tsunami” idea however, what we have learned is history repeats its self.

At that time, I like many others, wondered just exactly what was going to happen to all the REO inventory we knew the bank were holding. I like many others asked around and gleaned as much information as we could and ultimately I saw two different schools of thought forming.

The first school of thought or the Tsunami crowd was throwing lavish networking events, hosting charities parties and even organizing education conferences around this whole crowd mentality that the banks and lenders were going to inundate the markets with non-performing assets. I was never a part of this crowd but, honestly…..I did start asking “what is going to have to happen to all this inventory?”

The second school of thought was a more controlled response where the banks and lenders were going to trickle the inventory on the market. The argument here was, banks and lenders aren’t able to flood the market because it would collapse the American economy. Now, this sounded more reasonable to me and this was the camp I was in however, I knew that in the back of my head, somehow, someway, inventory was going to have to move but, I just didn’t know when.

2009 – 2012, agents across the country saw banks clamoring for their help to unload REO inventory. We could put an application in with a non-traditional REO disposition channel and be approved for listings in a couple weeks and in some cases a couple days. Now, granted, getting in direct with organizations like Fannie Mae or HUD was still a nightmare and impossible for most, none the less, the REO Agent ranks started swelling with over puffed up agents claiming to be local experts and before you knew it, every city was swollen with rank and file amateurs selling REO. I remember one large…very large, national outsourcer tell me that they DNU’d (Do Not Use) categorized more agents in 2008 than they accepted applications.

During this time, many could argue we had a “REO Golden Era” but the truth of the matter is, it never lived up to the hype….or better yet, it never lived up to what many of us saw was actually happening in our markets. Just because we had a record number or REO agents out there selling a record number of REOs, we still had homes setting on the market, with no agent sign in the yard, just setting vacant, abandoned and on the banks books as a non-performing asset. In fact, it was so rampant that many of us, myself included really was starting to believe a REO tsunami was definitely on the horizon however, it never came.

Instead of a Tsunami, we got a short sale bonanza or in some areas a property management nightmare. Those professionals who had been around the block in the 80’s knew we would never see a tsunami and they were right….are right however, like I said earlier, it left us all wondering just exactly what was going to happen with all this inventory. What we didn’t know was that the largest holders of REO inventory, HUD, Fannie Mae, Freddie Mac, Bank of America, Wells Fargo, Etc… was going to end up as political punching bags and political puppets for the attempted socialization of the American housing industry. Instead of letting the free market run it’s course, we found ourselves at the mercy of politicians who used the crisis to help re-elect liberal or progressive politicians that promised housing reform. This housing reform was just a guise to put in public welfare policies which would keep people in homes longer even though, it was incredibly obvious these homeowners were never going to be able to keep the home.

Finally, the tsunami will never come because of the push to property management. Many politicians are starting to see the writing on the wall and are realizing that these banks just can’t keep people in the home for an indefinite amount of time and because of such, they now have to rent these homes to the same people who can’t pay the mortgage. Well, at an extremely reduced rate, that is.

You end up with a market place that is overly burdened by government / political influence and that is creeping along (regardless of lame stream media reports) because it’s directly tied to unemployment rates. You end up with high fraud levels because distressed homeowners have no idea what is all happening and turning to less than reputable agents or predators to save their homes and worse of all, you end up changing the homeowner mentality from one of “homeownership is a privilege” to “homeowners his a right”. Once this fundamental transformation of the real estate industry is complete, we will have another entitlement program in this country….housing.

Want to promote your ActiveRain, Twitter, WordPress or other blog on REO Pro? Want to do it automatically? Here's how:

You can build readership for your ActiveRain or other blog by adding the RSS feed to REO Pro. It'll automatically get posted on all of your REO Pro blog & discussion posts, which is good for the search engines and also great for building readership. Also, it will update automatically with your latest stories as soon as you post them!

First, find the RSS feed you want to add. In this case, since the URL for my ActiveRain blog is "http://activerain.com/blogs/timventura", then my RSS feed for ActiveRain is "http://activerain.com/blogs/timventura/rss".

Feeling confused? Here's an easier way to find it: You've got an ActiveRain user name, right? Mine is "timventura". Well, replace the capital letters in the following url and that's your ActiveRain RSS feed: http://activerain.com/blogs/USERNAME/rss

Test this URL to make sure it shows a valid page, and then copy URL for your RSS feed to notepad, or write it down so you don't forget it. Don't use ActiveRain? I'll give you some more example feeds you can use below.

Second, login to REO Pro, then go to the "My Page" link in the main menu bar. This takes you to your profile page - this shows your picture & vital stats on the top left hand corner of the page, and shows all your user profile info in the middle of the page. My profile page is here: http://reopro.ning.com/profile/TimVentura - so you're looking for a page that looks similar to this one.

On your profile page, scroll down, down down - and look for a box called "RSS" on the left-hand side of the page. It's right above the "Gifts Received" Box, and looks like the picture below. Click the "Edit" button once you find it.

Third, enter a name for your feed into the "Title" box, and then paste your RSS feed URL into the "URL" box. Click "save" and you're done! It may take a moment to show up, but if it doesn't show up with a list of stories, then you might want to test your RSS feed here. If the stories DO show up, then congratulations - you're all done!

Here's a bonus: AFTER you've clicked save, you can click the "+Add RSS" link again and add a second feed to your profile! That might require showing a fewer number of stories per feed, but it lets you add stories from multiple sources to build readership for all your writing.

Some Useful RSS Feeds:

Replace the capital letters with your own specific information, and make sure to test your feed here if it doesn't seem to be working.

Twitter: https://api.twitter.com/1/statuses/user_timeline.rss?screen_name=USERNAME

ActiveRain: http://activerain.com/blogs/USERNAME/rss

YouTube: https://gdata.youtube.com/feeds/api/users/USERNAME/uploads

WordPress: http://www.MYWEBSITE.com/feed

Other Feeds: Click here to see directions for lots of other feeds, including Facebook.

Sincerely,

Tim Ventura Marketing Director Harris Real Estate University Real Estate Insider News

I read an old forum thread from a REOPro member from back on 1/8/2012 titled, "What is the best REO Certification to have?" and based on what I know about REO Training, I stopped to read. She goes on to ask more specifically, which "training" actually gets people business or a return on the investment.

As expected, many people stood up, and answered her question and for the most part, the respondents were either looking for an answer themselves or just simply said they got their first REO and didn't have a lick of training to boot.

This plays right in line with everything I have been saying about REO training for years now and that is, REO training doesn't equal ROI (Return on Investment).....at least directly, that is. Well, this maybe a bit confusing since, everyone out there offers training. Conferences have their training, banks have their training, outsourcers have their training and in fact, independent 3rd party real estate trainers have even come up with their own training. Everyone has training so, it has to have some value, right? Maybe not.

First thing to know about REO training is, everyone has a training program and they are a dime a dozen. Or at least $399.00 your first year and $199.00 every year after that....lol. Seriously, it seems like you can go down the street to the local bakery, pick yourself up a dozen donuts, get your taxes done and oh...why not go ahead and pick up that REO designation you always wanted. With the hodgepodge of REO training out there, it seems everyone has one. It's more than an assumption, it's a fact, everyone has one so, how do you choose?

Now choosing a REO training program seems more the appropriate question here and I think, this is really at the heart of what Bonita wanted to know. This can be a bit tricky, so much REO training out there, the general agent who isn't in the know isn't going to know which ones to stay far away from. My point is, the question it's self tells me exactly what I need to know about your REO experience...not much? An experienced agent isn't going to ask about training because he will be so involved in the community, he is going to know which ones to steer clear from. If you have been paying attention to that last sentence, you will have noticed a key word, "involved". Involvement in this community of professionals is more than a couple forum threads and a blog or two. It's about knowing how this community works and who we have black balled. A lack of involvement is going to leave many people without any ROI and that is to be deserved. Trust me, some of us have paved the path before you where we have attended so and so's training just to write about it later to tell the world...DON'T GO! Staying involved in this network, know about how to query a search, becoming a regular reader......all of these things keep you in the know, keep you involved and as such, you can also steer clear from unscrupulous business solicitations.

Ok....so, I guess I will jump off the soap box here and give you a bit more of a technical answer to the question, which certification gets you business.....direct business.

Well, the short of the answer is, none of them do. You see, business in this business is obtained by developing relationships and getting to know people. In my time as a REO agent, I have worked for at least 4 different outsources and not a single time did I get my business by simply putting in an application and waiting to hear back. Yes, I put in an application, yes, I uploaded my E&O and all that stuff but, by doing that I wasn't granted a REO. In fact, I had to work harder and smarter. I got involved. I went to conferences, I shook a lot of hands, I had a few drinks, I told some dirty tasteless jokes (yes...I really did) I bought a few dinners.....I did the "conference" thing, I got involved. From there, people learned my story, the got an idea of who I was, how I worked, what type of dedication I had and that is exactly where education came into play.

Before I got my first REO, I had no REO experience so, the only thing I knew to do was to get an education. Like Bonita, I got on a local network and asked, "What is the best REO certification out there" and someone who would later become a colleague of mine wrote back, something to the effect that no "best" certification exist however, I have these 4 certifications myself. I thought to myself, 4 certifications....DAMN, that's a lot of money, money I didn't have at the time. So, sacrificing I did, coming up with the money, getting the certifications and boom, I had them. Oh, I felt so proud of myself, I was on top of the world, I just knew I was going to get some REO business now. Back at the conference, I was at a bar with some vendor managers for a major outsourcer who was surrounded by desperate agents like myself. The question, what training do we need to have came up and the answer was surprising to me. This gentleman stood up and said, "we don't care, just as long as you either have training or experience."

Training or experience....well, I had 4 certifications while most everyone else I was around had none or one. I pushed myself up to the front, told the man about the INVESTMENT, I had made in my education and impressed he was. I remember him saying to me, "are you sure you haven't worked for Fannie before".  I said no, I really don't have any experience and he said something like, I couldn't tell from talking to you. The point here is, yes....REO training is a dime a dozen and yes, REO isn't going to be booming forever but, it will always be here. No specific training is going to lead directly to a specific asset....well, it's highly unlikely however, it shows people one thing and that is, you are invested.

So, if I had to leave you with one thing to remember about training. It shows you are invested. If you remember nothing else, if you take training that sucks, if you pay too much, if you feel you got nothing in return, just remember, it shows the world, you are invested and that is worth something.....maybe much more than you will ever know.

Many REO Realtors who were closing a record number of deals in 2012 may not be able to close that same number of deals, or anything close to it in 2013. This really shouldn't come as a surprise to anyone considering, we have been noticing on dramatic pull back in REO now....for about 6 months or so, This all cumulated for many of us when Fannie Mae decided to fire all of thier outsourcers...or at least, the vast majority of them. None the less, this has many speculators out there talking up the "Rise and Fall of REO" and yes....make no mistake, it is definitely in declined however, let's not forget one, simple, truth. Home sales are directly correlated to jobs. No jobs = REO.

Now, it's true, short sales are playing a much larger role in the default real estate industry...in fact, as the article outlines, they seem to be up....much more than REO. In fact, from what I am hearing in the industry, many of these lenders and participants in "community stabilization" programs are seeing that short sales do a much better job at maintaining home values than REO ever could and as such, are holding back from foreclosing and giving bank directed short salesa much stronger look.

I have heard, the word on the street is, Fannie Mae and HUD are very likely going to be coming out with their own "Pre-Approved Short Sale" .... which isn't anything new however, it will have one dramatic change and that is, it will be bank directed. What that means is, instead of waiting on a homeowner, desperately trying to save their home, holding onto it from either desperation or flat out resolve, banks will hire their REO agent to go out, make contact, discuss options and give the REO agent a "Pre-approved Short Sale".

If you want to read the article, "The Rise and Fall of REO" I referenced it below however, make no mistake people, REO isn't going to fall....untill unemployment falls. These two are one in the same and as long as we stay over 7% unemployment, REO will, at the very least, level out but, it will stay strong.

By the way, for all you agent out there who are just hating the idea of doing a short sale, won't do a short sale or simply think its too much work for the money.....you might want to be changing that attitude because, as Corelogic reports, short sales had a banner year in 2012 and no one expects anything less in 2013.

To learn more about short sales, maybe even attende the industry's only Short Sale Symposium, you need to attend the Short Sale Specialist Symposium at Sea.

Link to: The Rise and Fall of REO

Link to: Short Sale Symposium

Can I get some advise from the REO pros out there.  I have been to Five Star a few times and did get a lot out of it, but wondering if it's the best training out there.  I understand these are not landing areas to meet asset managers, and I'm okay with that.  I got to these events to learn, not brown nose. 

Any feedback on the best training (event) out there.  Any additional information is appreciated.

I have been scratching my head lately how some name brand agents get their bank owned inventory....does the asset manger really care? or really know?

IN SEARCH  OF ....the listing agent

For starters... listing comes on the market...is listed in the MLS....but has no lockbox until 4 days later because the assistant does not work on Sunday.  I tried to show this property twice ...no offer from me!  This equals lost sales.  Should you not do your own work? I work Sundays.....

In a listing recently: This text in the agent commentary in the listing: "If status shows active it is active...do not call for status, do not ask about offers, do not call, email only ( obviously has too many listings with no customer service.)

Or how abou this..." PLS use lckbx on door. Pls txt for all info. Snd offr w FICO,EMD,POF,RPA.  Sllr mtvd!  ( obviously too busy to slow down and write like a human.

My point is this.  Does a certification really make you a good REO agent?

I would think as long as you do a presentable job on 1 listing or 5 listings and act intelligent, I think that would be good enough. 

Really, can you think of why it would not benefit an asset manger to have their property marketed with the same vigor as a standard owner occupant?

HMMM....

Have you noticed a slow down in December in your REO listings?  I have heard in the past that the banks hold off on cash for keys, and evictions in November and December, but I have not felt it.  I'm busy as ever dealing with cash for keys right now and I have dealt with two evictions in the past month. I feel that's high for a slow month.

I'm just curious how everyone else is feeling. 

If you are doing REO work you must be aware of all the training involved.  It's not just, get up and go.  Citi has mandatory training each year.  I just finished a class yeaterday that I dreaded taking , because I take similar classes all the time, however, it was great.  It got me thinking, it got me fired up and it helps me do a superior job on the bpo's band REO work that is bestowed on me. 

So quit complaining and work smart and hard.  Take your classes and enjoy them.

The real estate industry is being flooded with new marketing tools, platforms and strategies, which are being rolled out in anticipation of a new housing boom and explosion of new Realtors but is this doing more damage than good?

The real estate business has long been plagued by endless expensive and ineffective lead generation tools aimed at Realtors. Now there is a new surge to cash in on all of the players entering and reentering the business from Zillow and the acquisition of Buyfolio to The Real Estate Book’s new internet marketing makeover of old and overdone tools to Listingbook and others.

In fact, one of the biggest risks to new real estate agents, brokers, investors and even mortgage companies is training and spending themselves into bankruptcy before they even really get going, despite the slick pitches of how ‘great’ the next exotic marketing ploy is.

Savvy real estate professionals know that they need to be constantly seeking the best possible ROI for their marketing budgets, while putting their blinders on to block out these distractions, yet keeping one eye on real future trends and emerging lead generation tools which are truly revolutionary and valuable.

After all, why give up your hard earned capital to overpay for others’ experiments in advertising or give up your highly valuable leads and referrals to someone else to work for you and no doubt cash in on in other ways? Or why blow big money on complex advertising campaigns which don’t improve results or speed up production?

This is especially true when effective and affordable solutions are at hand for delivering fast results for finding distressed multifamily properties, REOs and other real estate which needs to be listed and sold.

After all, winning in the real estate game today is all about controlling the listings or at least having off market properties to offer. Fortunately the latest software, like BankProspector has made this much easier, faster and affordable to do. This tool in particular means no need to waste time and dollars on fielding calls from unqualified prospects and being able to leap gatekeepers to lock up distressed properties for sale from institutions.

Don’t underestimate opportunities like this, which present the chance to get ahead of the competition, while improving speed and profit margins to continually compound and increase success. Only those who innovate and demand top results will be able to separate themselves and stay in the game long enough to really achieve what they set out to.

I was heavy in the REO / BPO business in Las Vegas for 6 years. I moved to San Diego about a year ago and took a break from real estate sales, instead opting to work with a company affiliated with doing tours to London for the Olympics. Now that the Olympics are done, I am attempting to get back in to the REO / BPO biz, and am finding it SO difficult to get get my wheels turning again.

I previously got most of my listings from Old Republic, but upon trying to get biz again, I have found I must now be a BofA approved agent. I got most of my BPO's from FARVV but am having no luck receiving new orders from them after updating my account to reflect active/change in state to CA. With every company I try to reignite my relationship with or sign up with anew, I am running in to walls and roadblocks everywhere I go!

I'd love to hear some suggestions on WHO IS HIRING AGENTS RIGHT NOW, or any advice on how to get my career in REO / BPO going again. Thank you for your help!!

You know, I gotta' admit, I'm pretty tired of the run-around.

SAM is a perfect example.

I've been in their system now for years. But, I get BPO orders and ALL of their listings go to another agent in town.

I asked them several times if they could share the wealth. I mean, it kinda' sucks that I only get $45 BPO's and this other guy's making thousand$.

I asked several times, pointing out that on several occasions my expertise was solicited to support this other Realtor's pricing. And, I have more years in the business. AND, I think I was in their system before him.

But, will they throw me a bone? Will they give me even ONE listing?

Nope. They say they're all set, nothing I can do, except maybe wait 'til other agent "goes away".

And, I see same thing happening elsewhere.

Recently had a run-in with a company who services HUD. The agent in our office that they were working with was let go (from our office)--and you'd THINK that might give HUD Rep pause to reconsider and perhaps go with me, the agent who originally signed our office up with them (HUD).

But when I called AM, he got real nasty and said he was going to stick with that agent no matter their ethics, history, etc.

And then there's the bureaucracy that is Fannie.

Why they stay with the current agent they have servicing 90% of their listings in this area, is beyond me. This agent has a terrible reputation, sometimes only puts 1 photo on line, and generally thinks their s__t don't stink.

Yeah, yeah, yeah. I know. You're thinking I sound like a bitter, twisted semi-professional windbag.

But you and I both know, the system is terribly flawed!

What I wouldn't give to work as a liaison between the Realtor community and these banks. They just DO NOT know what they're doing. Wonder no more why we're in the financial straits we're in. It's because of these banks and companies, unable to properly and efficiently process  the REO inventory.

Charlottesville Real Estate

Number of Foreclosures Showing Signs of Decreasing

The number of foreclosures in July 2012 is 10% lower than the amount from July 2011. Finally, it looks like the real estate market is making solid improvement. In fact, July 2012 is the 22nd month, in a row, to show a decline in foreclosure activity when compared to the same period from the previous year.

Overall, there is a 20%+ decrease in the annual number of homes being taken over by banks. The trends are taking place in at least 38 states as well as Washington, D.C.

As a whole, the nation is seeing that one home out of 686 homes is either in foreclosure or on the verge of repossession.

In comparison, Wisconsin shows one home out of 701 is facing foreclosure. Coupled with the news from last month that housing prices are on a steady rise; it does seem that the real estate market is getting back on the right track.

What does this mean for Buyers and Sellers?

In order to see how this is a good thing for both buyers and sellers, we have to look at the big picture. Fewer homes facing foreclosure would indicate that people who were out of work, or working at below average wages for their skill set, are now finding better paying jobs. The better jobs obviously are resulting in more money, aiding these families to get current on their bills. This would indicate the overall job market is improving. A better job market means more potential buyers that can purchase a home. That is great news for people who are in a position to sell a home.

The same type of facts has an impact on people looking to buy a home. An improving job market is good for those people that were out of work, fresh out of college or working at a job that was enough to pay the bills while they searched for a better option. More employment translates to more income, leading to more savings and an improved ability to pay for a mortgage.

What remains to be seen is the impact these improvements will have on the lending industry. One of the main problems that led to the real estate crash is the loose requirements that were in place allowing almost anybody access to a home mortgage. It is doubtful that mortgage lenders will return to those kinds of practices. However, it is a good assumption that lending rules will ease a bit in the coming months to help borrowers take advantage of the unprecedented rates that we have experienced for the last 3 years.

2012 has been dubbed by some as ‘Year of the Short Sale’, with even more short sales expected to be completed than last year. However, are they really a smart move for investors or is investing in distressed property notes a better way to go?

There has been a lot of buzz in the last few weeks about mortgage institutions cutting down on the time it takes to process short sales. Fannie Mae and Freddie Mac have announced new guidelines requiring loan servicers to now make decisions on short sales within 30 to 60 days. While Bank of America has sliced its short sale processing time back to 20 days from 45 or much, much longer via their new, improved online platform.

However, while short sales may be a great deal for sellers and even offer the feeling of nice discounts for those buying new residences or investing in the odd property here and there, they do pose some issues for full-time or more active investors. Let’s take a look…

5 Reasons Distressed Property Notes are better than Short Sales

1. Short Sale Fraud

Banks angry at real estate investors profiting while they take a hit by reducing and writing off principal balance debt have engineered flipping houses which are short sales for profit into becoming ‘short sale fraud’. Whether you agree with it or not, the disclosures and affidavits now required for those involved in short sales pretty much makes it illegal to immediately turn them around for profit. Considering the number of tasks forces and regulators hunting down real estate fraudsters (when they’re not partying it up in Cartagena, Colombia or Las Vegas) it just isn’t worth the risk to even be accused of such a thing.

2. Buying Notes Eliminates Hassles

Buying distressed property notes gets rid of a lot of hassle that comes with acquiring short sales. Besides the bizarre and trying upfront paperwork and negotiations short sales can come with big property management headaches and even tougher problems for those buying into the new fantasy breed of REOs to rentals on offer.

3. Reducing Costs & Risks

Investing in distressed property notes means slicing out soaring costs associated with closings, financing and points and rehabbing. Then there are the huge liabilities that can come with these properties as a direct owner which can threaten your investments including personal injury.

4. Resales

Distressed property notes can actually be a lot easier to sell and cash out in any market. A little seasoning and you can pump up their value and if you like cash out just a portion of the payments while retaining the note.

5. Better Bargains

There are good deals to be found among short sales. They may not all be turning in profits but buying a home that was once sold for $6 million for just $2 million can feel great. However, commercial and construction distressed property notes currently often offer even better discounts and bargains as there may be even more of these being held by banks than single family residences. Plus there is far less competition for them.

In Los Altos from Jan 1, 2012 until June 30, 2012 there were:

3 closed short sales

3 closed bank owned homes

Total sales during this time period were 192

Total % Short Sales: 1.5%

Total % REO Sales: 1.5 %

Total Percentage  Los Altos Distressed Properties: 3%

Again, we have a high priced neighborhood and almost no distressed property sales. Values are appreciating and there are more pople trying to buy homes than there are homes available. Additionally, there is very little new contruction before the crash, so there is not a big group of people who bought into a large development and are now underwater.

If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Los Altos Hills from Jan 1, 2012 until June 30, 2012 there were:

1 closed short sales

0 closed bank owned homes

Total sales during this time period were 45

Total % Short Sales: 2.2%

Total % REO Sales: 0%

Total Percentage  Los Altos Hills Distressed Properties: 2.2%

The low number of distressed property sales in Los Altos Hills is consistant with the other high prices neighborhoods in Silicon Valley. These areas are showing strong sales, good appreciation, and plenty of buyers with enough cash and income to purchase. Compared to the same time period in 2011 there were 2 closed short sales and 5 foreclosures with 52 sales for a total of 13.5% sales being distressed. 2012 is definatley different.

If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Palo Alto from Jan 1, 2012 until June 30, 2012 there were:

1 closed short sales

3 closed bank owned homes

Total sales during this time period were 284

Total % Short Sales: .3%

Total % REO Sales: .9%

Total Percentage  Palo Alto Distressed Properties: 1.2%

1.2% of all Palo Alto sales being distressed properties is not enough to even comment on. The price of homes have in Palo Alto is now up to pre 2008 prices in the $2,500,000 price range and the homes over $2,500,000 usually do not have loans that are a very high percentage of their value so anyone who is having financial problems can generally sell and be made whole. So if you are looking for a bargain, look outside of Palo Alto.

If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

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

In Santa Clara from Jan 1, 2012 until June 30, 2012 there were:

97 closed short sales

47 closed bank owned homes

Total sales during this time period were 491

Total % Short Sales: 19.8%

Total % REO Sales: 9.6%

Total Percentage  Santa Clara Distressed Properties: 29.4%

29.4% of all Santa Clara sales being distressed is enough to have an effect on the overall market. However, as inventory is still so low, unless these homes are truly physically distressed, which is more common with bank owned homes at this level, most homes will not sell for much less than fair market value. There are twice as many short sales as foreclosures in this time period which is what we are seeing in many other cities. 

If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194