Did You Work This Weekend?

I had an open house today in La Habra, California.  The odd thing is , I think I was they only agent in the area having one. My wife even was in disbelief that I would elect to have one.

Well I have found out a few things:

 The market makes no adjustment for holidays...I had 12 groups of people show up which is good for me.5 of those people gave me their email and 4 of the 5  gave me a valid phone number. One Family wanted to know what was needed to buy a home  (I will be  setting an appointment this week with my spanish speaking collegue)Rain does not deter a home buyer.  okay it didnt rain but it was cloudy.  Last week it did rain and I still had people come.Oh yes I followed up tonight (Sunday) , thanking them for stopping byIt doesn't matter that the property  has just gone into escrow.  Only one person asked why I still show it if it cannot be offered upon and I said there is always a chance it will fall out of escrow; her husband supported my position.

So. did you work this weekend?  Maybe I got the lead that was destined originally for you...well you get the idea.

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.

We typically expect MLS inventory in the 4^th to quarter begin dropping but boy howdy, inventory levels really dropped this year! We are at the lowest level since starting this project in 2009 and on a long-term downward trajectory in all three segments of sale type.

To see a graphic illustration of this trend view the charts and tables:  http://www.centralorproperty.com/Central,ORTrends.html

Reminder: the charts and tables do not include bare land, multi-family homes, time shares or mobile homes without land.

Bank Owned (REO) inventory remains but a fraction of total inventory in Bend and Redmond. Total REO inventory is down approx. 85% below peak levels.

Future availability of this segment remains uncertain as government intervention and the developing reluctance of lenders/servicers to foreclose in the first place or release for sale their current inventory has slowed the flow of these properties to the market.

The continuing saga of the fate and actual size of this “shadow inventory” I believe will continue to be shrouded in uncertainty for quite some time. What we do know, is most homes for sale in this segment sell quickly.

Short sale inventory continues the long-term slide as well. Total Short Sale inventory is also down approx. 85% below peak levels.

The Mortgage Debt Relief Forgiveness Act expires in just a few weeks and may have slowed down this segment. Most “experts” believe the act will be extended and retroactive if extended after the deadline.

Of potentially equal importance I believe, in my face to face experience with most distressed home-owners they have no intention of short selling or even letting go of their homes in any way. What happens with the distressed homeowner segment whether it is short selling, foreclosure, loan re-modification or some other form of settlement will be pivotal to future market direction.   

“Non-Distressed”/“Traditional” Inventory is roughly half of what it was at peak levels since starting this project in 2009. The downward trend is less pronounced than short sales and REO but a significant downward trend nonetheless. An overwhelming percentage of this segment experiences long marketing times, expirations and terminations as most list prices continue to be misaligned with what current market conditions will bear.

Looking forward, we are right in the middle of the seasonal low inventory period and typically expect tighter supplies in the coming months. The list-to-sold ratios however, indicate future MLS inventory will fall below seasonal levels of the past 3 yrs.http://www.centralorproperty.com/Central,ORTrends.html

We are also near the typical end of year jump in expirations which will put a big, typically short-term dent in inventory if this is a typical year. Whatever that is these days!

Final Thoughts

Our market has definitely strengthened. Some might argue it is an artificial development while others will argue it is a sign of recovery. What can be said for certain is we have experienced a long-term and significant trend of declining inventory accompanied by price firming and appreciation in many areas throughout Bend, Redmond and Central Oregon.

Supply is tight and appears this will be the case at least in the near-term.

Merry Christmas!!!!!!!!

Buying a Foreclosure in Winchester, VA 

If you're thinking about buying a foreclosure in Winchester VA, there are certain things you should know.  Foreclosures can be great buys, and many of them are listed at bargain prices.  But, and there is always a but, foreclosure purchases do have characteristics that aren't always like fair market sales.

• A foreclosure becomes known as an REO (real estate owned) once the homeowner has lost it and the lender has taken control of it. Most consumers don't know the difference, so "foreclosure" is often used to avoid confusion.
• A foreclosure is typically sold "as-is".  That may mean that some repairs will NOT be made.  Lenders will usually take care of any problems that could be considered a hazard.  For instance, an electrical meter has been tampered with and someone could stick his hand inside of it and get electrocuted.  Water, air, mold, heating and structural issues also come to mind when considering repairs that are hazardous.  They may end up being negotiated.
  
• Lenders really don't care who you are.  They will not discriminate against you for any reason.  They view you from data on a piece of paper as a potential buyer who they will never see, hear from or get to know.  All they want to know is, "Can you buy the property?"  If they seem like they are being hard to get along with, it's not personal.  When a bank's asset manager has 200 files sitting on his desk, he doesn't have time to discriminate. 
• Banks who are trying to liquidate their REOs are not like a seller who has to sell.  You can't demand things from them.  Expecting the same level of response time, offerings of closing costs or just about anything else is more than likely going to frustrate you.  If you start demanding things during the negotiations, they will just say, "Next." 
• Threatening a bank with legal action because they are not responding to your demands will not win their favor, approval or respect.  Again, their response will be, "Next."
• When you buy a foreclosure, you normally buy caveat emptor.  Buyer beware.  That doesn't mean that all foreclosures are dumps in terrible condition.  It can be quite the opposite.  A bank in California may not have a clue what a house in Winchester, VA looks like.  So, they can't afford to make any disclosures or promises about a property they will never see.  You buy at your own risk.
• Some banks will work with you on closing costs and some will not.
• Banks may charge you a daily per diem if for some reason you cannot close on time.  I've seen it go up to $150 a day.  It's best to have all of your paperwork ready, as well as your loan approval done on time.  Make sure you're ready to get busy once the bank agrees to your offer to purchase.  You should already be pre-qualified for a loan before you start.  It's better to be pre-approved. 
• The less complicated your contract is, the better chance you have of getting the property.  Adding a bunch of contingencies or conditions only makes the next contract more attractive, and banks will gladly accept a pile of contracts before they make a decision.  Keep it simple.  Some things are unavoidable like a final loan approval, but you can skip some contingencies.  Talk to your Cornerstone agent. 

Don't give up on foreclosures because they're more work.  A foreclosure might be the buy of a lifetime.  It takes patience and understanding, and when you're ready to buy a Winchester VA foreclosure, give your Cornerstone agent a call.

Buying a foreclosure in Winchester, VA

What to look for when buying a foreclosure in Winchester, VA

I am so upset with Eval online.  I am owed $2000.00 and just got an email they have ceased operations!  I was promised a check a week ago.

Who else is owed money.  I want to file complaints in Florida and hire an attorney.

Due to unforeseen circumstances

Evaluation Solutions, ES Appraisal Services is ceasing operations. Any inquires should be directed to :

Bradley R. Markey
Stutsman Thames & Markey, P.A.
50 N. Laura Street, Suite 1600
Jacksonville, Florida 32202
(904) 358-4000
(904) 358-4001 (Facsimile)
brm@stmlaw.net

McKissock, a leader in continuing education, has compiled the top criteria that land surveying, home inspection and engineer professionals consider when selecting continuing education courses required by states and industry associations.

“We invite everyone to use these criteria to scrutinize their education choices,” says Annie Creek, Market Research and Compliance Specialist at McKissock. “The licensed professionals we work with are required to take courses, but have the freedom to select their education partners. Hopefully we can help shed some light on how continuing education can be enjoyable.”

According to ongoing research among licensed professionals, the following criteria top the list.

1. Price – The cost of courses is clearly a top priority. Take the time to compare courses, look into discounted course packages and ask about price matching.
2. Relevance – Review home inspection, engineering and land surveying courses with a lens of relevancy. In addition to what’s required, select courses that will make your job easier or better. Education providers should strive to offer classes, webinars and resources that apply directly to your daily tasks.
3. Acceptance – Most of the time, professionals seeking continuing education need to meet strict requirements for their state or industry associations. It’s critical to ensure that the courses you take meet their standards and requirements.
4. Access – Busy professionals require extra coursework to be quick and easy to find and complete. Consider courses that can be taken on-the-fly at any time.
5. Expertise – Don’t be afraid to ask about instructors’ and course authors’ experience in their respective industries. The best courses are almost always written and taught by subject matter experts who have real-world experience.

McKissock is a trusted resource for state-specific, state-approved home inspector, engineer and land surveying courses, regulation information and compliance. McKissock also serves as a resource to stay on top of license renewals. To help remove the potential of license lapse or expiration, McKissock offers a free reminder service that will notify you when your license renewal date is pending. Visit http://reminder.mckedu.com to sign up.

Visit www.mckissock.com and select a state for information on approved land surveying, engineering and home inspection courses. McKissock offers customizable packages, individual courses and affordable webinars.

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....

Long written off by many, Detroit is becoming an interesting city to watch from an urban revitalization perspective. At the core of these developments is the emergence of a startup ecosystem where (for the most part) one did not previously exist. While still early, the progress made in this area over the last several years has been impressive and is having an impact on the region. As an outsider looking in with experience in other entrepreneurial hubs, I wanted to share thoughts on conditions and trends coming together that may help elevate this into a more viable and sustainable model for the city going forward.

I grew up in the Detroit area in the 1970s and 80s. While officially in the suburbs, our house was only two blocks from the city border, bringing the city a bit more upfront in our personal lives. During high school and college, I also worked at the old Tiger Stadium, which afforded the opportunity to experience the city even further.

It was a tough time for Detroit, coming off the riots from the late 1960s and the accompanying exodus of hundreds of thousands of residents. Those challenges continued well after I had left, with the downsizing of the automotive industry, a shrinking tax base, and too much mismanagement and corruption at a local government level.

After graduating from college, I left the area for a programming job in another state. While I continue to spend time in Ann Arbor, I’ve spent little in downtown Detroit over the last 25 years. Still, with family and friends in southeastern Michigan, I have watched it from afar with interest over the years. More recently I’ve been intrigued to 

watch the rise of the startup community in the region. To be honest, I did not give it a lot of real hope considering the multitude of challenges facing the city.

Sometimes when you’re down, the only way is up. But the story goes much beyond that here. Despite the potential for municipal bankruptcy currently hanging over the city, there are good things happening in Motown. The recent TechCrunch profile of Dan Gilbert does a great job outlining some of them. The region is taking steps and riding some key trends that are starting to effect change. From an outsider’s perspective with some familiarity with the region, here are some of the key ones that are driving (at least for me) a more optimistic view of the city’s trajectory:

Read More: http://www.xconomy.com/detroit/2012/12/18/hope-in-detroit-an-outsider-on-motowns-entrepreneurial-renaissance/

A professor stood before his philosophy class and had some items in front of him. When the class began, he wordlessly picked up a very large and empty mayonnaise jar and proceeded to fill it with golf balls. He then asked the students if the jar was full. They agreed that it was.

The professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles rolled into the open areas between the golf balls. He then asked the students again if the jar was full. They agreed it was. The professor next picked up a box of sand and poured it into the jar. Of course, the sand filled up everything else. He asked once more if the jar was full.. The students responded with a unanimous ‘yes.’

The professor then produced two Beers from under the table and poured the entire contents into the jar effectively filling the empty space between the sand.The students laughed.. ‘Now,’ said the professor as the laughter subsided, ‘I want you to recognize that this jar represents your life.

The golf balls are the important things—-your family, your children, your health, your friends and your favorite passions—-and if everything else was lost and only they remained, your life would still be full. The pebbles are the other things that matter like your job, your house and your car..

The sand is everything else—-the small stuff. ‘If you put the sand into the jar first,’ he continued, ‘there is no room for the pebbles or the golf balls. The same goes for life. If you spend all your time and energy on the small stuff you will never have room for the things that are important to you.

Pay attention to the things that are critical to your happiness. Spend time with your children. Spend time with your parents. Visit with grandparents. Take your spouse out to dinner. Play another 18. There will always be time to clean the house and mow the lawn. Take care of the golf balls first—-the things that really matter. Set your priorities.

The rest is just sand. One of the students raised her hand and inquired what the Beer represented. The professor smiled and said, ‘I’m glad you asked.’ The Beer just shows you that no matter how full your life may seem, there’s always room for a couple of Beers with a friend."

How do you get REO business?  You have to get noticed, face it you and I are just a part of a hungry herd, scouring for business.  Here's what's worked for me.  I find a asset management company that has property in my area.  I go to Hoovers.com. if you don't have an account with Hoovers, go to the public library. I look up the people in the company and find a VP who's in charge of asset managers property marketing, then I go to jigsaw.com and look up the company's email format.  So now I have a name, a phone # and an email address. 

You go big or you can go small.  I always go big.  I write a short letter, two paragraphs max, attach my resume and references. I send them to the VP via FedEx 3 day, I send it so it arrives on a Wednesday. One the same day I order a small order of Shari's Berries, 9 count berries, $19,95 and schedule the gift to arrive on Thrusday, and I call on Friday.

I've had good success with this method. Right now the banks are sitting on their properties hoping to hatch another bail out from the Feds.  That's topic for another post.

The importance of flexibility and negotiation cannot be stressed enough. Owner bought a mixed use building(commercial and residential units), does not have legal representation or knows what to do but decides to draw up a lease. Potential renter's attorney reviews the lease and requests modifications which really are not out of the . ordinary. Because owner is not knowledgeable and hard headed, he responds to the atty that he will make no changes to the lease, atty advises renters to walk. So owner has lost a potential long term lease due to ignorance and rigid thinking. I suggest that people who want to be better negotiators take a Dale Carnegie class or 2. Life is about Negotiating and business is all Negotiating, a deal in business can take a year or 2 to formalize, success takes an open mind and leaves clues. It is important to have the right tools as well.  Get a legal representative, a it is said let those who know more about the majors do it, that's not your forte. This article is a good read. http://www.entrepreneur.com/article/203168

Watch this first, https://www.youtube.com/watch?v=NugRZGDbPFU

I have an idea I'd like submit to the group.  We all are in the real estate biz, we all compete for business, we all have limited time, we work weekends. My life's philosophy is work less earn more. For 5 years I dominated my area for REO listings, now that's on a down trend. Maybe I'm wrong but I think most of us would like to own our market place when it comes to listings, I personally don't like to work with buyers, but you have to eat. I'd like to create a master mind group who's goal is to discover a new creative, FUN way to dominate the listing market in our area.  Master mining is like coupling a group of computers together for dynamic power.  So I'll kick it off.  Spend a few hours this week learning about SMS marketing, then post your comments back here. No idea is too small or stupid. You idea will spark another in someone else and so on.  Anybody up for this?

It’s too soon to fairly measure the full affects of the new guidelines Fannie Mae rolled out last month but we should have started to see some improvements on the front end of the short sale process. As part of the Federal Housing Finance Agency’s Servicing Alignment Initiative, Fannie Mae has implemented new rules effective November 1^st this year, intended to streamline the short sale process and help prevent foreclosures and stabilize communities.

Fundamentally the changes will significantly speed up the overall process and could eventually do away with the negative reputation short sales have earned over the past several years with homebuyers as well as the many real estate agents who have all but given up on the dreaded short sale.  

Here are some of the more noteworthy changes you can expect to see during the course of your next short sale:

*  Servicer’s authority to approve and complete a short sale without Fannie Mae endorsement (time savings; 30 days)

*  Reduced documentation required to complete a short sale (time savings; 45 days)

*  Standardized $6,000 (maximum) payout to subordinate lien holders (time savings; 60 days)

*  Approval for borrowers  that meet certain hardship criteria who are not currently in default of their loan (removes barriers  for homeowners in danger of foreclosure)

*  No hardship documentation from borrowers 90 days or more delinquent (time savings; 30 days)

*  Borrowers deficiency waiver (we could see a spike in homeowners willing to consider a short sale)

*  Fannie Mae Short Sale Assistance Desk (http://www.fanniemaessad.com/) (time savings; 15-30 days)

Based on over 70,000 short sales last year and geared up for just as many in 2013, it was imperative that Fannie Mae revolutionize their processes in order to facilitate the overwhelming demand to help the still millions of underwater homeowners at risk of foreclosure.

These changes are intended to avoid delays, eliminate red tape and assist in foreclosure prevention . Be a part of the cause; get back into the short sale business.

Your comments, good and bad, regarding the effectiveness of these changes are strongly encouraged. We would like to hear your opinions.

If you are the Personal Representative for an estate that has property to sell it will be your responsibility to pick a real estate agent to list the home for sale. If you do not know any agents who are familiar with Probate sales, you have another excellent option, a Foreclosure specialist.

Foreclosure specialists, also known as REO agents, have the skills needed to be a successful Probate Agent. 

Here are the similarities:

1. Pricing your home: REO agents have done hundreds to thousands of BPO's. These are broker price opinions which are used by the bank to help determine market value of a property. No one knows the market value of a home better than an REO agent. They can advise you on the price you can reasonably expect to get for your home, and the listing price that will be most effective to get that price.

2. Cleaning out your home: REO agents have "trashed out" hundreds of home and know the best haulers to accomplish this at the best prices. Even more important REO agents are trained to know the difference between trash and valuable personal property, so you will not have to worry about valuable items that were hidden away getting trashed instead of returned to the estate for sale or distribution. Every probate home I have ever helped sell has been full of both trash and personal items. You can hire firms to sell the valuables, but the trash out has to be paid for separately in most cases. Very often valuables are hidden in furniture or other items that were called worthless by the appraisers and auction houses. These valuable will not escape a good REO agent.

3. Need carpet, paint, or some other cosmetic repairs? Again, REO agents have done this hundreds of times and know the best contractors to do things properly and at the best prices. They also know the difference between what has to be done for health and safety and what items should not be fixed because it will only add liability to the estate.

4. A Probate agent needs to follow directions from the Probate attorney and not just take the lead. REO agents are team players and are used to taking direction from the banks that hire them. If there is a rule they follow it, whether they agree or disagree with that rule. You do not want any rogue agents dealing with your probate sale and making up their own rules.

5. Picking the best offer for the estate, not for personal reasons is essential in a Probate sale. An REO agent is experienced in knowing what kind of offer is best for the estate. They are not swayed by compelling stories like this is someone's dream home, or my grandmother knew your grandmother. They can guide you towards choosing the offer that will be the best one for the estate. The Personal Representative's job is to do the best job for the estate, and not let his or her own emotions make decisions.

6. Do you represent an estate with a valuable house but no cash? Does the house need some cosmetic upgrades in order to get a better price? Is it full of trash that needs to be disposed of? Are the carpets stained and smelly? Is it full of furniture that has no resale value, but no money to do any of these things. Very often you can get an REO agent to front the money to get the house ready, and then repay them at close. The banks did this for foreclosures so it is not a foreign concept for an REO agent.

In the past, REO agents were so busy with selling homes for banks that they had little time for working other kinds of transactions. However, foreclosures have plummeted, and now there are plenty of real estate agents with exactly the kind of skills you need to sell your home in Probate. 

If you are looking for an REO agent the best place to go is http://reopro.ning.com/ Here you can find REO agents from all over the country.

If you have any questions about finding an agent for your Probate sale please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

As a Chase Priority Partner I was recently invited to join the Chase Short Sale Real Estate Agent Referral Program to be eligible to receive short sale listing referrals. I submitted my application and was accepted to the program. I have yet to complete the Chase short sale process training course which will be taking place in the middle of January 2013.

Can anyone please share their experience if already active in the program? How long after completing the course did you start to receive referrals? Have the referrals been solid? Have you been able to secure the listings and/or successfully close the sales?

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. 

Did loads of work on Hurrican Sandy storm damage so it's been hectic. Visited Red Hook, Lower East Side, Canarsie, Bergen Beach, Staten Island, Georgetown and Rockaways. The Rockaways made me very sad to see the devestation, pictures do not tell the story, just sadness. Many lost everything and most people in the areas hit did not have flood insurance.

As the waterlevels get higher and the storms keep coming, last year it was Irene and yes, I just did some Irene damage assessment too, we need to be mindful of low lying locations close to waterways, creeks, rivers, streams, etc. FEMA has their hands full and many insurance companies had to hire outside adjutor companies to help as many areas not in "flood zones" were flooded and the electrical fires many.

Right now the wall street area in Lower Manhattan is still struggling. Many businesses are still not able to function even buildings, along the streets are massive generators and the utility companies have loads of work to do. NY is an old city with many buildings constructed in 1700's so it's really tough. One day at a time with many lessons learned from this storm. However there are blessings like work for construction, plumbers, electricians, handy men and of course us realtors. Win some, lose some is the balance.