I am writing this blog because I came across something today that shocked me. I was reviewing a Master Listing Agreement with a massive nation wide company, who will go unnamed.
In one of it’s paragraphs it read….
“Listing Broker additionally agrees to indemnify and hold harmless the indemnitees for and from all claims brought by, through or under owner and EXPRESSLY INCLUDING WITHOUT LIMITATION THOSE CLAIMS PRETAINING TO OR ARISING FROM NEGLIGENT OR WILLFUL ACTS OF OMISSIONS OF (unnamed company).”
In short, they are saying, the Listing Broker agrees to indemnify or secure them from hurt, loss or damage when they commit negligence or willful acts of omissions.
Just so we are clear, the vast majority of insurance companies do not cover negligence or willful acts of omissions so, in other words, you, the listing agent, your broker are responsible for paying legal fees, judgments or whatever else they incur if they are ever sued, even if they are clearly in the wrong!
What scares me the most, the Project Manager I was speaking with informed me, it’s just they way it is and since they have agents signing up left and right, it most likely isn’t going to be amended because, everyone is agreeing to this.
READ YOUR AGREEMENTS AND HAVE THEM REVIEWED BY AN ATTORNEY. In my opinion, this is a horrible way to do business. I don’t know how you can get around it but, I am not doing business with anyone who has this type of agreements, it is just dangerous!
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Have you ever heard of anyone who ventures into NON-residential real estate? How did they do?I've been looking around for REO agents or bank officers who find themselves trying to deal with really unique REOs to manage or dispose of. As the manager of a Marina and Boatyard operating and management company, and as a licensed commercial real estate broker and past owner-broker of two Coldwell Banker Commercial franchises, I know there must be some folks out there with a need to find someone to help out with unique assets to manage or dispose of.Do any of you know of anyone who's had that kind of REO asset to handle? I would be very interested in knowing how they resolved their dilemma.
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Posted by Pam Spehar on February 23, 2009 at 6:06pm
The Santa Cruz real estate market typically trails behind the Santa Clara County market. Buyers have been waiting for the market to hit bottom. I wish I had a crystal ball and could see the future. Is the market at the bottom? We just don't know. I do know there are excellent property at good prices for buyers. You can purchase a single family 3 bedroom home for $250,000 in the Santa Cruz Mountains. Be ready to offer. The properties in Santa Cruz mountains that are priced right are selling quickly and with multiple offers. YEP. If you are buying and want a deal and offer less than the drastically reduced price the bank is offering you will loose because once the race starts you best be ready to go for it. Banks are also reassigning property to a new agent after 90 days on the market if it does not sell. The property will be reassigned to a new realtor at the reduced price and the property is selling in less than 30 days because the bank realized the price was too much for this market. The reassigned realtor has the advantage with the lower price and the fresh listing. I am seeing those property going going and GONE. Maybe we are approaching the bottom and the prices will start leveling off?Most sellers are being advised to let the market settle down before they list their property. If you are a seller who needs to move, be prepared to set a market price that is between the short sale and bank owned marketing prices. A well maintained property will be more desirable than bank owned property for obvious reasons. A seller who has taken care of their property has the value built into the structural bones of the property. One never knows what the bank owned property bones are, there is no disclosure and banks are not required to disclose the condition. Whereas the home owner knows all about the condition and provide the complete disclosure package with the sale of the property. So the seller who sells and buys another home will do very well. They will be purchasing during a low market and will get the benefit of the lower tax rate with the new home. If the seller has owned the property for 8 or more years they will not loose, if the seller has not refinanced the equity out of the property. Property values in Santa Cruz mountains were going up 25% per year for 5 years so as the market levels out from the over inflated market we experienced sellers are still in good shape if they have owned the property for 8 years or more. If the seller has purchased in the past 3-4 years the value is lower than they purchased. So if you own a property you have recently purchased, HOLD ON if you do not have to move. If you need to move be realistic you sell at the reduced price and you will also be purchasing at the lower rate where ever you go as the entire nation the market is suffering from the housing crash.The real estate world is not so bad. You can sell at the reduced price and if you purchase some where else you will get the reduced sales price on the replacement property. If you buying the market is ready for you now, go for it. If your an investor Oh My Gosh, they just increased the limit to 10 and you can actually purchase a property that will cash flow with 25% down. YEP the real estate market is great. It is just too darn bad know one knows it right now. Once the buyers figure it out everyone will have figured it out. And that is the way the cookie crumbles.
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Apprenticeship, Experience and Referral
Ok, here it is, the secret each of you have been waiting for. I am going to tell you what it takes to become a REO Agent. Now, for some of you, this information is going to sweep over you like a tsunami while others are going to rise and surf it directly to your first REO listing.
The first concept I want to talk about is the “Apprenticeship”. Now, before I start, let me say that I don’t expect each of you to go and work for free for some over ego’d REO Agent but, I am expressing an idea that to become a REO Agent, you might first have to pay your dues and learn from the best.
So, what specifically do I mean by Apprenticeship. As a new REO Agent, you need to learn from someone who already knows. Now, yes, we have all kinds of “REO Certifications, Designations” and, the like but, the industry has no accepted standard certification! Let me say that again, THE INDUSTRY HAS NO ACCEPTED STANDARD CERTIFICATION! My point is, just like in the dark ages, to become an iron smith, you went and worked for one in exchange for his knowledge. This wasn’t because that was simply the way it was done. It was done this was because no one had set down, wrote a book and said, this is how you become an Iron Smith. So, in many ways, the default real estate industry is much like the dark ages, in that we DON’T HAVE A INDUSTRY STANDARD EDUCATION, when it comes to how to be a REO Agent. So, the next best thing is to learn from someone who is already doing it. This means, you need to seek out a successful REO Agent and, work out an agreement where you can co-list a couple of properties. I don’t want to hear anyone moan and groan about how they don’t know anyone or how they don’t get along with other agents or any other, “I am just a looser” self defeatist Bull Sh!t because, I just don’t really care that much. Actually I do care but, I have more pressing problems on my own to worry about yours.
Experience…..oh, this is key! You can have all the education both formal and apprentice education but, if your teacher never trusted you to list a property on your own or make a horse shoe by yourself……then ultimately no one is going to care who you studied under. You…yes, you, have to gain the trust of your teacher, through your knowledge and understanding, that will give them the confidence to co-list with you or let you do one on your own. This, of course, is all about being a good student and learning as much as you can! Once again, I don’t want to hear you complain about how you don’t know anyone or can’t get Mr. Super REO Agent to work with you….not really my problem. If you really want to break into this industry, then you will make it work somehow. By the way, if you can’t make it work, I am not sure you really deserve to be in this business. Just my opinion.
Now come the Referral, this is what you worked so hard for. Once you have proven you can do it, both with your education and experience, then your teacher should be able to provide the Referral. A good teacher (REO Agent) will shop you out to several Asset Managers they have working relationships with.
Ok, so, go find you a “teacher”, get a solid formal education like, RealEstateEducate.com or Five Star. Prove you can do it and co-list with another REO Agent, EARN their trust and ask for the referral
Now, all of this is just a suggestion but, it’s an idea that maybe you haven’t thought about. If you want another prospective, check out my blog, “How to start doing your first REO”
Good luck and let those questions rip…I am ready.
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Posted by MIRELA MONTE on February 23, 2009 at 11:01am
Agents Using Cheap Lockboxes: A Legal Liability Waiting to Happen?Our MLS lockboxes are very expensive - they cost just above $100. They are computerized lockboxes that take a reading of every agent showing the property. The listing agent can get on the Supra Website (the Lockbox Vendor) and ascertain exactly when the property was shown and the agent who showed it.The agent's name, telephone number and e-mail address is included, so the listing agent can quickly follow up on the showing and see how it went. Staying on top of the showings has been very beneficial to me as a listing agent. Possible problems are ascertained early on and corrected. Objections are addressed promptly and offers are encouraged more efficiently.Our MLS lockboxes are extremely safe: they are programmed to allow access into the property only between 9am and 9pm. Unless the person trying to gain access to the lockbox is a registered, active board member in good standing, he will not be allowed to penetrate the lockbox, which is indeed impossible to break into. Each agent is assigned a special Supra Key that has several layers of pass codes and protections, so that a lost key is virtually useless to anyone else other than the agent the key was issued to.In spite of all the advantages a computerized lockbox confers, many agents in our area do not use them due to their high cost, opting instead for the very unsafe lockboxes priced under $20 and easily available at most hardware stores. These cheap lockboxes have a code you can program for access, a series of three or four letters or numbers. If you give someone the code, they can come back again and again and gain access to the property at any time. If the numbers are not rolled back after the showing, any intruder can also gain access to the property.In my opinion these lockboxes are extremely unsafe, and I will not use them on any of my listings. They are a legal liability waiting to happen and I am perturbed by their frequent usage in our market area. I am amazed that some very expensive homes with high end furnishings have these flimsy lockboxes on. I wonder why the Sellers are not asking their Agents some hard questions...What are your thoughts on this subject?Mirela Monte, Your Myrtle Beach Real Estate Connection Join the Optimist Group!
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Posted by Anton Stetner on February 22, 2009 at 6:19pm
We have been steadily growing our REO business this year and I am looking to expand it more. So my question is this is NationalForeclosures.com LLC - worth the money?Any thought would be helpful.Thanks,Anton
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I'm currently looking for a movtivated buyer's agent that can work a growing terriroty in Stockton & Lodi. If you know of anyone looking to get there feet wet in the REO business representing buyers, assisting with MSR and Prop Mgmt, send them my way.Sincerely,Jonathan BurgessReal Estate BrokerNFSTI./REO-BPO CertifiedYou can send an email to: offer@code3realty.comProspects with relationships within the public safety professions are highly desirable!!!
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Received this from my top Mortgage Consultant and thought it would be a good idea to share.There has been a lot of activity this week attempting to solve the historic economic problems. No one expects this to cure the problem overnight but it could reduce the damage.These two plans have a dramatic effect on our business. Let me try and make them easy to understand.The $787 billion Economic Stimulus Package.Here is how the Economic Stimulus Package affects our business:The Fannie and Freddie loan limits will be raised to $727,000 in high cost areas.The first-time homebuyer tax credit will be raised to $8,000 with no payback.Many were hoping this would be $15,000 as first passed through the Senate but it's settled at $8,000. You have to buy a home between January 1, 2009 (yes, it's retroactive) and December 31, 2009. You have to be a first-timehomebuyer or have not owned a home in the last three years. To get the full benefit, you have to make less than $75,000 as a single tax payer or $150,000 as married taxpayers.If you sell the home before you have been there three years, you have to forfeit the credit or pay it back if you already wrote it off. This credit is different than the $7,500 one first-time buyers got in 2008. Right now, that credit has to be paid back. However, there is some discussion that it may not have to be repaid. If the repayment provision in the new home buyer tax credit is made retroactive back to April 9th 2008, when that plan first took place. This detail is still to be finalized.Interest rates should stay lowRates have been driven down to historic lows since late November. This is a direct result of the Government buying hundreds of billions of dollars in mortgage-backed securities.The Economic Stimulus package calls for the Government to buy another $200-300 billion of mortgage paper from Fannie and Freddie. We could see historically low rates through the end of the year.The Homeowner Affordability and Stability Plan (Obama Plan).You can read the plan here:http://www.treas.gov/initiatives/eesa/homeowner-affordability-plan/FactSheet.pdfThe complete details will be announced on March 4th.The plan seeks to help as many as 9 million Americans avoid foreclosure by restructuring or refinancing their mortgages.The program is intended to help responsible homeowners who are experiencing financial hardship and may be at risk of losing their homes to foreclosure. Lenders will not be forced to participate. Its voluntary.Here are the highlights:Right now if you want to refinance, and your loan amount is over $287,500, you need around 20% equity in your home. The new plan allows homeowners who are current on their mortgage to refinance through Fannie and Freddie up to 105% of the value of their home.This means if you owe $200,000 on your home and it's only worth $190,000 you can now refinance. The 105% financing includes your closing costs up to 4%.If you are late on your mortgage, the Government is now introducing a new standardized form of note modification. This is NOT a principal reduction. Your loan amount will not change. This is modifying your existing loan.If you currently owe $250,000 on your mortgage and your home is worth $175,000 you would be modifying your $250,000. Not getting a new mortgage for less.The Government will be financially incentivizing homeowners and loan servicers who modify mortgages successfully. If you modify your loan under this plan and make your payment on time for five years, you may be eligiblefor up to $5,000 in reduction of your mortgage debt.The lenders who participate in the plan will be agreeing to let you modify your loan to 38% of your gross income. This means if you make $4000 per month, they will be agreeing to lower your payment to $1520. Then theGovernment will step in and help you lower your payment to 31% or $1240. They will pay the lender the difference out of the $75 billion in the fund.You need to be able to document your income. This will be challenging for some self-employed borrowers.The government is also investing hundreds of billions in Fannie and Freddie to keep them solvent and aggressive in making loans, while keeping mortgage rates low.If you seek relief under the plan, the home must be your primary residence. Investment properties and second (vacation) homes are not eligible.The loan must be a conforming loan.The homeowner must be able to qualify for a 30-year fixed mortgage payment with their current income.You must be employed to take advantage of the refinance. If you are not, you may be eligible for the modification still.You may be eligible for a loan modification in this plan even if you have not been late yet or missed a payment.Let's say you have a first and second mortgage. Under this plan, you may be eligible to modify the first lien so long as the second agrees to re-subordinate the second if necessary.The plan also calls for changes to personal bankruptcy provisions. This plan will allow bankruptcy judges to modify mortgages written in the past few years.If you have any questions, please don't hesitate to contact me.Have a great day!!Best regards,Aaron GordonHome Loan Consultant / Sales ManagerCountrywide Bank, FSBCell: (702) 283-2333Office: (702) 304-8900Secure eFax: 1-866-905-792210190 Covington Cross Drive #190Las Vegas, NV 89144email: aaron_gordon@countrywide.comweb: http://countrywidelocal.com/aarongordonRead more…
Here's how you can make certain that creative real estate will work for you. You're taking a step that will move you from the sidelines out onto the playing field. You're making the change because you're tired of working a traditional job. Besides, you want some more excitement in your life. As a comparison let's say you've decided to take a shot at becoming a professional baseball player because you love baseball and the money players are making today seems... well, good enough to pay your bills with.To prepare you go down to the batting cages and hit balls for two weekends. To make sure you're in shape you run a few miles each day. After three weeks of this preparation you're ready for the majors... right? Of course you aren't. Becoming a success in any endeavor requires a long term commitment, a solid game plan, and a willingness to strike out a few times.As I travel across the country, I'm surprised at the number of people who are looking to get into the majors in real estate investing by trying out a new method for a few weeks to see if it will work right away for them. The bad news is that I haven't yet found a way to "get rich overnight" in real estate.The good news is that you can become a successful real estate investor much easier and quicker than you could make the majors in baseball. The only talents you'll need are desire and a determination to succeed. There are three steps that if applied will guarantee your success.Step one - Gaining KnowledgeYou're off to a good start by reading what you have in your hands right now, one of the best sources of informative articles anywhere. Read and listen to everything else you can. There are free offers for audio tapes and special reports everywhere.Call or send away for these free offers. There are numerous ways to make money in real estate and you'll get enough information from these free offers to know which area of real estate investing seems like it would be a good fit for you. After you've chosen the method you are going to pursue, get your hands on every book, audio tape or course that you can so that you can establish a good foundation of knowledge for your investing career.Next, attend a few seminars that go into greater detail so that you can fully understand how to make a living as an investor. Being able to ask questions as you're learning will allow you to learn faster and easier.Step two is - Doing.Go out and start talking to sellers to find out the difference between a motivated seller and a "I'll wait until I get everything I'm asking for" seller. Make offers on property using an agreement that has a clause that will allow you out of the deal if you need to get out. (This is called a weasel clause or "subject to" clause)It is only by getting out into the marketplace and making real offers that you will move into a position where you are gaining the experience and confidence that will sustain you for the rest of your investing life.Step three - Get Feedback.If you don't know what you did right and what could be done better, then you're not increasing your investing skills. The best critique of your deals is going to come from either a mentor or another experienced investor.Find a way to hang out with other investors. Either go to your local real estate investing group, or call up some of the other investors in your area. To find other investors just look at the "real estate wanted" section of your paper. The ads that say "I Buy Houses" will lead you to other investors.If you're worried that the other investors won't want to help you, I think you'll be suprised. There is so much opportunity out there that it is rare for two investors to be going after the same deal at the same time. To eliminate this worry completely, simply choose another nearby city, perhaps a city that's an hour or two away. Call some investors there and explain that you're just getting started in your nearby (non-competing) city. Offer to take them to lunch anywhere they choose in exchange for feedback on your deals and advice on getting started as a real estate investor.By taking these three steps, you'll be on your way to certain success if and only if you are willing to apply one final secret formula. This secret is behind the success of every single person who has ever achieved anything worth writing home about. The secret formula is this:Be willing to fail. Expect to fail. Learn from your failures.If the first deal you do doesn't work out avoid the temptation to exclaim "This just won't work for me." Or "This method must not work in my city." Is it possible that because you're just getting started perhaps you just didn't have the experience yet to keep your deal in place? The only way to get experience is by following the three steps I've explained here.Each time you "fail" you'll actually "win" as long as you ask these two questions. What did you like best about this? What can you do better next time? By consistently using these three steps multiplied by the power of this formula you'll achieve so much success as a real estate investor that people will want to know how you did it.
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Ok, not sure who mentioned ASREOS to me but, I was intrigued none the less and that prompted me to investigate them just a wee bit. Here is what I know.
Founder Frank Patrick also founded REO Res Q, REO Renegades and American Society of REO Specialist.
To join ASREOS it cost (per their website) ….(https://members.asreos.com/public/5.cfm)
Property Preservation Monthly ($99.97)
REO Broker/Agents Silver Monthly ($99.97)
REO Broker/Agents Gold Coaching Monthly ($239.97)
REO Broker/Agents Gold + Membership ($539.97)
REO Broker/Agents Platinum Monthly ($997.97)
By the way, i wasn't able to find any information on subscription levels and what they get you, go figure?
From 100.00 to 1000.00 dollars a month…..ARE THEY SERIOUS?
On their website, they answer the following question……
1. Do you assign REO listings?
No, but we help you get more REO listings of your own by providing access to our nationwide network of REO Sellers who are consistently acquiring new foreclosure properties - and Master Contractors who need to prepare those properties for market. Those contacts are invaluable when it comes to growing your ongoing REO business.ASREOS.com also provides crucial inside information as to how to make effective contact that counts with assets managers in charge of assigning REO listings. And, by becoming part of the ASREOS Online Directory of REO agents/brokers and property preservation contractors, your status will get a big boost in the REO industry overall.
Pay special attention to that first line….NO
Does anyone have any experience with these guys that they would like to elaborate on?
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Well, I was doing some research on all of these companies who offer a certification program with the chance to list REO’s. Well I came across www.ForeclosureU.com and browsed over to the “Realtor Director” they have and pulled up Tennessee.
I found 10-15 agents and sent them all an email asking for their endorsement of the program. I had 5 agents reply back and out of those 5 not a single endorsement….not a one!
I asked each one if anything good came out of the program. 3 said, nope, nothing good at all and, 2 said, they had a basic knowledge of REO now but, that’s all.
I asked each of them did they make any connections, get any leads or list a single REO and all 5 respondents said, no.
www.ForeclosureU.com markets themselves as providing an outstanding REO education as well as putting its graduates on a list that is heavily “marketed” to Asset Managers and REO Brokerages but, in my opinion, it’s not worth it.
If you have an experience with www.ForeclosureU.com please feel free to share it, I would love to hear about it.
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Heard this morning from a very reliable source that REO assignments are going to double for the 2nd quarter (Apr/May) of the year. Also, we should be seeing even more investment, foreign and domestic, in tangible assets such as real estate due to the oversupply of money and lack of confidence in financial markets. Would not be surprised if we see a shortage of inventory towards the end of the year. Especially since the latest policy of rental leases in lieu of foreclosure, recent short sale appeal and more foreign and local real estate investment due to oversupply of money.
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Here is a post from one of my AR collegues I thought it was worth sharing:Has Fannie Mae pulled their head out of their... sand box?What if I told you Fannie Mae is offering special financing if you buy one of their bank owned homes? Would you believe me? Well you should because it is true!Why does this benefit you? Well frankly... the terms of their offered financing is pretty darn sweet!The benefits of their HomePath program include:Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)You may qualify even if your credit is less than perfectAvailable to both owner occupiers and investorsDown payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employerNo mortgage insuranceNo appraisal feesFREE home warranty is included with the purchase.I recently wrote a blog about another local Sacramento Agency that is offering a similar incentive if you buy one of their bank owned homes. Read the blog now >>BUT the catch is they only have 2 or so homes available in the Sacramento Area to purchase.Here is the best part about this program... There are over 250 homes available in the Sacramento area right now that qualify for this program!Here are some other homes available in the Sacramento Area:Elk Grove... 46 homes available!Citrus Heights... 21 homes availableRancho Cordova... 16 homes available!Fair Oaks... 4 homes availableCarnichael... 14 homes available!and so on...Here is some more specific information about their guidelines:97% (3% down) for owner occupied financing with NO MORTGAGE INSURANCE!Why is this such a big deal?A typical FHA loan with an equivalent down payment (3.5% down) would require 1.75% of the loan amount to be paid upfront for a mortgage insurance premium. Then on top of your monthly payment (PITI), you would be charged .55% (of the loan amount) every year for ongoing mortgage insurance.Let me break this down so I don't throw too much loan lingo your way.. Here is an example mortgage insurance fees for an FHA loan of $200,000...$200,000 x 1.75 = $3500 You would be charged this amount at closing or you could roll this into a loan on a traditional FHA loan program for the upfront mortgage insurance premium.$200,000 x .55 / 12 months = $91.67 This means $91.67 would be added to your payment every month for mortgage insurance.With this special financing offered by Fannie Mae you could put .5% LESS down than a FHA loan and you do no pay ANY MORTGAGE INSURANCE! This really is a sweet deal!Do you feel like a little more sugar today? Wait until you see what they will do for an investor!90% (10% down) for non owner occupied properties with NO MORTGAGE INSURANCE!If you are looking for an investment home in Sacramento, you know that you will get a better return on your investment if you have less money in the deal. Right now with typical financing (actually offered by Fannie Mae for non-Fannie Mae owned homes), you should expect to put down at least 25%.Wow! So for example if you purchased a home for $150,000 (not owned by Fannie Mae), you would need to put down $37,500 plus closing costs. If you buy a home owned by Fannie Mae, you only have to put $15,000 plus closing costs. If that does not help you"sharpen your pencil" I am not sure what will! This is a really big deal!They even offer a renovation program that allows you to finance light renovations upfront and add it to the loan amount. So if you find a Sacramento Fannie Mae owned home that maybe has some vandalism issues (which many do), you can probably get a discount for the home and finance in the repairs that are needed to bring it back to livable condition!It is so nice to be able to report some good news to folks. It really has been a drag having to shovel through the bad news to try and find something good to report as far as guideline changes go!Here is a link to search for homes in your area >>We can offer this special loan program... so just give us a call and we can discuss this opportunity further!Happy Hunting!This blog by:Team NewingtonSacramento Mortgage Planners(916) 687-6868www.SuperiorLoanTeam.comRead more…
Last night, Jennifer Kraus with my local news, NewsChannel5 did a story on a company called dont4close.com. As a part of the NC5 Investigates report Mrs. Kraus chronicled a very depressing story about a family who is loosing their home due to mortgage arrearages and were taken advantage of by a less than scrupulous man who guaranteed he could save their home from foreclosure.
As a Certified Home Retention Consultant with Titanium, when I saw the story come up, I was entranced and attempted to understand every detail.
Ultimately, the family was facing foreclosure and contacted dont4close.com to help them save their home. Allegedly Charles Jones behind dont4close.com offered the homeowners, the Reynolds, a deal they couldn’t refuse. He offered to pay their mortgage for 1 year and after that time, the Reynolds could start paying him back.
Well, to make a long story short, allegedly Charles Jones sold the Reynolds home to a third party, a woman named Gladiz Romano. After some investigative work by Mrs. Kraus she found Mrs. Romano who admitted she bought the house but has never made a single payment for the home or ever even visited the home.
In closing, NewsChannel5 offered up some “tips” on how to prevent other homeowners from being in this situation. One of the tips they offered was,
“If you face foreclosure, stay away from businesses that guarantee to stop the foreclosure process, require you to sign over your property deed or pressure you to sign papers you don't understand.”
Web link for full story….
http://www.newschannel5.com/Global/story.asp?S=9815589&nav=menu374_2_2
As a HRC, Realtor and concerned citizen, I totally agree with the statement but, what bothered me was, the story left it there…..they didn’t go further. They didn’t explain that sometimes banks will send out representatives to homeowners residences because homeowners loose communication with their mortgage servicers and they (the servicers) don’t have any other choice.
I am sure this oversight was simply due to a lack of knowledge that a legitimate process does exist to preserve homeownership or at the very least avoid foreclosure so, I wrote an opinion editorial to Mrs. Kraus and hopefully will be able to address my concerns with the story but, either way, it’s important that those of us who work hard, legitimately, morally, ethically do what we can to create positive news worthy stories and get the message out, we are here to help!
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Posted by Daniel Ripper on February 6, 2009 at 1:42pm
In the last couple of weeks, I've had a number of choice listings enter the market at what I figured was a good market price based on my evaluation. Within hours of some of these listings, I had multiple offers, competing buyers, higest and best, etc.. Some of these offers went above asking by as high as 25%!1st scenario: The sellers didn't take the strongest offer with the bottom line (yes they were well qualified with an 80% downpayment) They took the second best which was all-cash but 25K less!2nd scenario: Countered the best well rounded offer, but in the counter was an offer amount reduction! Good for the buyer and their agent.I had to confirm with the AM making sure that the reduction wasn't a typo before moving forward. Apparently the reason why banks are doing this is many buyers overbid and then when it comes time for loan approval, can't make value/work the price down for whatever reasons. Thoughts on this? Is it healthy for our market to keep things lower, even if somebody is willing to pay a higher premium?
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In most cases the Fears Of Shrinking Industries, Your 401k and Real estate Investments go hand in hand. With the current state of job securities, massive lay offs and the fear of what to do next is most thought about and one of our biggest worries today. I recently read an article about a husband and father of two who had worked in his industry for well over 20 years, and was suddenly laid off and his 401k was reduced to nothing. He was facing his biggest fears of his life, what was he going to do, his family was depending on him. His wife a stay at home mom was forced to look for work and after 5 months she did find a part-time job in the retail industry for holiday shopping. The husband on the other case sought processional job counseling and after submitting application upon application he was actually spinning his wheels and going no where fast. He sought training in a new industry and this was the key. To this day he is getting back on track, he made an investment with the savings he had into real estate and he and his family are very happy that he did.We never think about our 401k's until it is too late. Many of us never thought to open it or have any idea about what we would do with it. Of course retirement has it's benefits, unfortunately in today's hard and trying economy most of us will not have the opportunity to retire from our industries. With shrinking industries we must take the first step to secure our futures. It is time to open your 401k pull out your money and put it to work for you unless you want to continue to work for your 401k. Don't wait until it you open your pay envelope to see the infamous 'PINK SLIP'I would like to introduce you to a few ideas i came across a few weeks ago. REO agents ace also become real estate Investors. The downloads I am including will introduce you to and fortify your beliefs and realistically show you how you can benefit from these free downloads and course materials. Within this link you will find many useful resources that you could incorporate in your current industry or pass on to someone you know with an interests in real estate.Free Web Bonus PackFree e-Book: How To Create Multiple Streams of Income Buying Homes in Nice Areas with Nothing Down!https://mfg.infusionsoft.com/go/FreeWebBonusPack/cdnsi/Ultimate Investors Boot CampLearn Multiple Ways to Buy Homes with Little or No Money at the Ultimate Investors Boot Camphttps://mfg.infusionsoft.com/go/UIB/cdnsi/Read more…
We have recently seen our REO inventory not moving as fast as it did last year. We speculate it's due to buyers who are worried about the economic turbulence. However, foreign investment in US distressed markets is on the rise. We have recently been approached by an Asian and European investment groups who are already making distressed acquisitions. They are giving us the opportunity to earn their business and be their exclusive representatives for their US acquisitions. We expect more foreign investors will be rushing to the US distressed markets. If you are not tapping that market you might consider doing so. Below you will find the marketing presentation along with the investment broker profiles we prepared for the investment groups. You are welcome to use some of our ideas.Distressed Property Investments Presentation.pdfInvestment Broker Profiles.pdfBTWWe are looking to establish a business relationship with brokers/agents from all US markets who have REO listings to offer our investors. Please reach out to me if you are interested.
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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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Posted by MIRELA MONTE on February 4, 2009 at 2:07pm
Here are some current "Deals"... Oceanfront condos practically given away for a fraction of the price they used to sell for. All of these are "distressed property transactions", either Short Sales (Pre-Foreclosure), or Bank Owned (After Foreclosure).Ocean Villas: 2BR/1.5BA now priced at $139,900.2005 sold comp: $232,000!!!The Palace: 2BR/2BA now priced at $139,900.Same units sold in 2005 for $279,900!!!Beach Colony: 2BR/2BA now priced at $179,900.Same units sold in 2005 for $430,000!!!Prince Resort: 2BR/2BA now priced at $210,000.Same units sold in 2007 for $570,000!!!Paradise Resort: 2BR/2BA now priced at $210,029.Same units sold in 2006 for $379,900!!!Myrtle Beach Oceanfront Slaughter Fest. Get yours today! Are all these great deals? Some are, some are not! We'll uncover the mystery of the Myrtle Beach Oceanfront Deal later on this week. Stay tuned!Myrtle Beach Oceanfront by Mirela Monte Join Me on the Optimist Group!
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