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Specialization is for Insects?

Posted by Scott Olson - REO Sacramento, CA on September 2, 2010 at 1:45am

A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly. Specialization is for insects.

-Robert A. Heinlein

Kind of makes you tired just reading it, but how true is that. In these days, we have to have a diverse set of skills. It’s also very important to identify talented team members that can help us excel in all of the areas we must be experts at.

I'm proud of my team and know that we can handle the many diverse tasks that the Asset Disposition world can throw at us.
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Bridge Asset Servicing Network Conference …. My thoughts on the Executive Team

Posted by Jesus (Jesse) Gonzalez on June 11, 2010 at 10:54am

Not just another REO Asset Management company, really?

Well, after talking with the Executive Management Team, interviewing on BlogTalkRadio and, now attending their conference, I can truly say I believe they are different.

Unlike all the pretenders who say that they aren’t just another AMC I can truly say that I know Bridge is different and in a really good way.

So what makes them different…….let’s start with the money back guarantee.

I have in writing a Money Back Guarantee that was signed in front of me by Alester Waddell CFO and notarized. Now, I am not going to go into detail about every single detail in this guarantee but, just let me say, Bridge really stepped up and is doing the right thing with it.

Secondly, their purchase power is a bit sexy…..if you know what I mean? Not that I wanted to be impressed of felt as if they were being boastful or pride full but, let’s just say, if size really mattered………….they would be masters of the universe and rock your world.

Thirdly, the technology, thank goodness someone has built a technology that appears to be fairly seamless and transparent. I have a bit more to learn here so, I won’t say more than, it looks good and if it can do all they say it can…….it will be incredible.

Fourthly, relationships! I am so glad I got to meet and have dinner with the owners and Executive Team…..that is so missing in this industry. Let me be clear, they didn’t just have dinner with me and excluded themselves from the rest of the pack. They mingled, sat at different tables, got to know the Realtors they are partnering with……………..why can’t the rest of our industry be like this?

Last but not least, passion and desire with an eye to the integrity of the whole process. I was able to set down with Bobby Funk for a spell and was really glad to find someone who felt, and sounded just like me. I was impressed and thrilled that it was as if we were reading from the same play script. It was so strange I had to step back, pray and ask the Almigty…………was this possible, did I happen across a company who thought like I did? I have to admit, my last night in Burbank, I got the chance to sit down with Marla Webb and it was confirmed that YES, I did find a company who thought like I did about this industry. Marla, you are the bomb!

All in all, it was all good….better yet, incredible. I can’t wait to start making money and hopefully, I can get down to working with just one asset company……Bridge! I know for many of you that may sound like a pipe dream but, with the way this company works, let’s just say……..Bridge is my triple platinum gold credit card and I plan on using it!

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Deutsche Sees 48% of All US Mortgages Underwater in 2011

Posted by Michael Howard on August 7, 2009 at 3:45am
These are staggering numbers. I heard a lecture from an analyst from Anderson School of Business at UCLA which was a bit gloomier than this but these are some of the gravest predictions I have seen in print. Will we see more aggressive programs from the administration to combat the forecasts? The various moratoriums so far have had less than robust results. A contact at Wells Fargo tells me they have had less than a 1% success rate in loan mods. I can't see a substantial turn around until at least 2013, any thoughts?From Housingwire.com.By AUSTIN KILGOREAugust 6, 2009 4:18 PM CSTDeutsche Bank (DB: 66.81 +3.39%) believes continued declines in home values will increase the number of US mortgagors with negative equity from 14m in Q109 to 25m in Q111.According to a report Deutsche released this week, the 25m represents a projected 48% of all US mortgages. While subprime and option adjustable-rate mortgages (ARM) are the biggest source of underwater borrowers in the current market, Deutsche said a larger percentage of prime conforming and prime jumbo borrowers will join the fray.Prime conforming and prime jumbo will make up 79% of all US mortgages and Deutsche estimates 41% of conforming and 47% of jumbo will be underwater, up from current levels of 16% and 29%, respectively.This rapid influx of underwater borrowers will have a significant impact on default rates. In addition to future underwater borrowers being forced into default from a “life event” — unemployment, divorce, disability, etc. — Deutsche warned others may “ruthlessly” or strategically default.Increased defaults in the middle class will suppress consumption, added Deutsche, further slowing housing recovery.It’s hard to predict exactly how high the default rates will go. The current housing recession is unique in that it was brought on and perpetuated by a number of factors — unstable loan products, crashing housing prices, and unemployment, among others. Deutsche cited a study of the Massachusetts housing decline of the late 1980s and early 1990s that showed less than 7% of underwater borrowers defaulted as perspective on the default rate for underwater borrowers.But in the early 1990s, borrower and loan product quality were significantly better, the home price decline wasn’t as severe, and unemployment was lower. Deutsche said the 7% experienced in Massachusetts should be the floor — a best-case scenario — for the surge of underwater borrowers it expects in 2011.Borrowers with loan products with already high underwater rates will only get worse.By 2011, Deutsche predicts 89% of option ARM borrowers will be underwater, up from 77% in 2009. The rate of underwater subprime borrowers will increase from 50% to 69%, and underwater Alt-A borrowers will increase from 49% to 66%.An important factor to consider is how deep underwater borrowers will be, and it depends on their loan type.For prime conforming borrowers, Deutsche predicts the number of borrowers with negative equity — loan to value (LTV) between 105% and 125% — will virtually equal the number of borrowers with what it calls “severe negative equity” — LTV over 125%.But Deutsche expects the 89% of option ARM borrowers underwater to be split with most — 77% of total option ARM borrowers — holding severe negative equity. For underwater prime jumbo loans, more borrowers will have severe negative equity — 29% of the combined 47%.The split for underwater Alt-A borrowers is expected to take an opposite proportion, with 49% of all Alt-A borrowers in negative equity and only 18% in severe negative equity. Underwater subprime borrowers will face a similar breakdown.
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How To Build An REO Team!

Posted by Carlos H. Silva Sr. on July 2, 2009 at 8:46am
I am often asked how to set up an REO team. Of course there are many ways to do so and some are better than others. Ultimately you have to do what works best for you and your clients. Here is how we've structured it:1. Person or team to access damage, handle lock outs, visual inspection, opens property for utilities, take pictures, check occupancy status, handles cash for keys and installs lockbox; usually has a CWP.2. BPO agent or team depending on how many listings you are getting.3. REO agent or team coordinator who inputs listings, takes in all the offers, follows up and closes transaction.4. Billing person or team to pay all vendors and make sure expenses are submitted to asset manager.5. Dedicated asset manager liaison to negotiate and handle all matters directly with the asset manager.6. Dedicated receptionist to field all incoming calls and give out to agents per broker/team leader instructions7. Agent or agents to sit open houses and field incoming buyers calls; they pay a referral on the calls only.8. Commission disbursing person or team.Besides that there are the usual dedicated repair contractors, loan officers, home inspectors, escrow officers and home warranty representative. Be careful when your starting your team that you hire ethical agents that are not going to try to take away your buyers or REO accounts. Make sure you have a detailed written contract that stipulates every member's duties.
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Smaller banks are still assigning REO and Tsunami to come!

Posted by John Marker on March 18, 2009 at 1:35am
We are still getting REO assignments from the smaller banks that are not participating in the moratorium and Re assignments. Waiting for moratorium to be lifted. I must say that they need to get the backlog of properties on the market and sold so we can get to a more normal supply and demand situation. Until that happens, prices will continue to drop which is not a good thing.
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REOPro – How Can We All Benefit?

Posted by John Occhi on June 1, 2008 at 4:35am
REOPRO is a new site that is focused on REO Agent education. At the time of this writing, there are about 150 members. From a very rough review of the site, my guess is about half of us have little or no REO experience and want to break into the niche du jour while the other half has been doing this long enough to think they know what they are doing. I like to think I fall into the later category.As with any new site, our success depends on one another. I hope that we do not fall into two different camps – those in the know and those wanting to know. We are all here, I assume, to grow and better perfect our trade.MY METHOD - BLOGA method that I have been very successful with in my own personal growth is to teach. When I teach, I am forced to research and know the answers before I share them. Now, I don’t teach in a traditional classroom or even with traditional students. Rather I write.That’s right, I will find a topic of interest to me – typically one that I know enough about to be dangerous – but not an expert. What usually prompts me is I question something that I think I know, but am not sure of. So, I research and I document my research. Other times, I write about my experiences as I go through a certain aspect of my business / life.If you are a seasoned REO Agent, then you have something to share. I know you are busy, but this is an effort that will come back and reward you many times over – if you do it right.If you were to Google my name, you’d find that I have over 400 articles published – most on my primary blog – HemetRealEstateBlog.Com. I do have 4 or 5 other blogs that I write to on occasion, plus I am a guest author on another handful of blogs. When you Google me, make sure you check out Video as a search option and you’ll find that I have nearly 200 videos published as well – all of them from the very early days of video on the internet – March to June 2006. I quit, because I was not satisfied with my editing capabilities and I thought I looked goofy. However, there is not a month that goes by when I still don’t receive a phone call or email asking a specific question about the content of one of my videos.I share this because a public forum like REOPro can give you instant credibility and it helps everyone else who participates.MAKE THE MOST OF REOPRONow, this is a site that is dedicated to REO real estate and not all aspects of real estate. So, I for one truly hope that we will not see a bunch of articles that are off topic – you know what I mean…no one cares bout new home sales, FSBO’s, or any other real estate topic that cannot be tied to REO’s.OK, so if you are new, what can you write about? Well that’s easy…document your journey. Write a diary of what you go through to build your business. When you see something that someone in your market is doing good, let us know…then again if you see something that someone in your agent is doing that gives REO’s a bad name, let us know that too.Being new to the niche will mean you have the most questions. Instead of asking the same questions over and over again in different blogs, why not turn your question into your won blog post and solicit help from readers. I would suggest a format where you ask the question and give your best idea of what the answer is – and ask for clarification and further input.GOOGLE AND SEOBy generating your own blog, you are now generating your own credibility – both here in the REOPro community as well as in your own market. The good news, the more article that are written the more Google and the other search engines will respect this site and give us higher search engines in our own market. I’ll add some article here about blogging and the search engines – but believe me when I say, the more the merrier for everyone.The second step you can take to make REOPro a more productive networking platform is to add comments to others blogs. If you read something that makes sense to you – or maybe it doesn’t….leave a comment for the author. As a blog writer I can tell you that comments on my blog validate me which encourage me to write more. Maybe you missed Stacie Cunninghams blog article about me - well, I've got to tell you it motivated me to start contributing here.Way to network Stacie!Another task you can take on yourself is to invite others to REOPro - remember, the Team spirit - Together Everyone Achieves More!Finally, the way I see it, REOPro is so new that we are on the ground floor. This can get as big and as important in our industry as we make it. Can you imagine the clout the agents who started NRBA or REOMAC have in those organizations today?So, to all of those REO REALTORS and those who want to be, welcome to this site and I hope you will make it your own.John Occhi, REO REALTOR®Century 21 Crest – CrestREOJohn Occhi is a REO REALTOR® thatspecializes in the sale of bankowned homes in the Inland Empireregion of Southern California. Hehas helped many buyers acquiregreat deals on these REO homes.His company, CrestREO, the REODivision of Century 21 Crest – the77th largest C21 in the Nation, hasSold Over $1Billion in REO Sales.

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