All Posts (2129)

Sort by

NRBA Still a Good Way to spend $1,990?

Some of you may have read my "Final Tail Opportunity" blog a few weeks ago, but this is another example of what I am talking about.  I got a call the other day from the NRBA saying that they are finally going to finish processing my application...after about 3 years!!!  So, they did...and they got my references...and, as expected I have now been offered to join this fine organization.  It has always been the premier place for REO Brokers to be designated. It has a long history of brokers who have been around the block for a very long time.  But, I believe I got this opportunity because the REO Business is scaling down and fewer brokers are applying for membership in this group.  Is it really worth the money now?  

Is it as exclusive as it once was? Actually, I don't really care about any of that.  Will it lead to more REO business?

As always, I value your feedback and opinions! Happy Holidays!

John Wise

818-391-4131

jwise@2cidirect.com

Read more…

An Ounce of Humility

 

As a young child, like most children are, I had a tendency to be arrogant, boastful, selfish and ego centric. I don't guess in this respect I was really any different than my peers however, it was only when I became more self aware, more able to analyze myself in a more retrospective fashion that I was able to see these traits and decide to do something about them. In my opinion, all of these traits are the least desirable of my personality and as such, I made a decision to negate their influence in my life as much as possible. For those of you who know me well, you know that in many aspects, my decision was made for me and my steering of my personality was subject in a great measure by my circumstances of which, were beyond my control. None the less, as with all of us, life takes its role as the developer of the strong and the destroyer of the weak and I found myself rising to the occasion, molding myself through my mentors, my peers, my family and my faith. I remember the day however, can't remember the exact date but can recall the location, and circumstances when I decided that a humble life, a life in which I stand before my belief system naked, prepared to be constantly judged, was a life I would pursue. You see, for me, such a life, where I am transparent and those who know me, or do business with me will not be filtered from my free thought and likewise, they could be honest and forth right with me, was a life where my associations would be my judgment and others could make a truthful decision on as to my intentions......this was a life of constant humility.

In this business, I have learned a all encompassing truth and that is, humility will serve you well. In fact, humility has been the catapult in which my career has stood and through humility, I hope to see career heights that I have only dreamed of. In this way, my life and decision has been a constant state of irony. This has caused in me a struggle....a battle between wills. In one aspect, my ego rises and I look at the trappings of success and my brains tells me that I deserve these rewards, I have worked hard for these rewards, I should take these rewards. Yes, maybe these thoughts are true, maybe in these moments of conflict I find the honesty of my nature however, it's not the life I decided to pursue so long ago. Life in this way can be cruel however, as I have learned, it's in the cruelty of life that we are a truly remarkable people....it's the cruelty of life where we find ourselves triumphant and victorious and it's the irony of life that we find, without such conflict, without such hardship, we would never know the glory of our abilities, when they are set to stand eye to eye with transgression.

Now, more specifically to the issue at hand. Here recently I was contacted by a man who felt I had participated in a wrong against him. He felt as if a promise was made and not fulfilled. In this, he was enraged, angry, bitter, and filled with vitriol that overflowed from his email and made my nose curl in disgust and had my eyes squint with disdain. You see, my role in this perceived  wrong was limited and actually could be logically argued that I had no role for I had no authority in the matter yet, blinded by his own paradigm, he was unable to coherently understand any intelligent argument as to such. Ultimately, those he accused with such fervor rallied the troops, circled the wagons and battle lines were drawn. Granted, the situation hasn't played out to completion however, my experience with this man has been as Epic as Odyssey and just as incomplete so, I expect that my day may come to be measured in it's success by how many times I am having to spend in quelling the fire of his bitter criticism and here we have our lesson.

After a brief discussion with those accused, it was apparent to me that had the man come humble and prepared to request Justice, it would have been well received and Justice would have been delivered in full favor of the accuser. Instead, this man came overwhelmed and out of self control, slinging accusations and making false assumptions that turned favor from him. His actions compelled those he accused to throw their hands up in self defense rather than throw their hands up in submission to his claim. Here is the meat of the lesson and that is, it's human nature to repel bitterness and likewise it's human nature to embrace humility. Had the man come, humble, appreciative, and accepting, his desire would have been satisfied and possibly even been quenched beyond his simple request.

Sadly enough, my experience is that even now, this man has not within him the ability to approach the situation with caution and instead, he will come out guns a blazing to his own folly.

I had heard growing up, it's always easier to catch a bee with honey than it is with vinegar......and, in the back of my mind, I always thought to myself, who would ever try to catch a bee with vinegar......I guess now I know.

Read more…

Survey says........

I've been doing BPOs for a little while now. I fly through some but others seem to take forever to accomplish. I was wondering from you all what you think the average time it takes to accomplish (from start to finish, pictures to submission) a SFR Exterior and Interior BPO?  I understand that different companies have different forms and reporting procedures, and there are always other items/issues, but just was curious what the consensus is for an average. Thanks

Read more…

4359163720?profile=original

Anyone remember MLS books? I remember when I first got into the business, we had to pay our Board of Realtors for this HUGE ass book that double the size of a telephone book that showed every active listing in our market.  I'm probably aging myself, but this was before the internet and even before computers were a standard staple of any office. Back then, the way we kept track of our clients and leads were by post-it notes and handwritten notebooks.

Good news - The times have changed! There is a plethora of great realtor software programs that now exist and are fairly cheap in the scheme of things, BUT...walk into any real estate office and your guaranteed to find at least a few agents still stuck in the last millennium using post-it notes and index cards as their best means of organizing leads and follow up.  I with I could report that the "post-it note agents" that are using this method were high producing agents that have stuck with a system that has worked well for them through the years.... but in my experience that is rarely the reality.

What's the best lead follow-up systems you've seen? What the worst/most embarrassing ones you've run across?

 

http://wp.me/p1yiuo-2l

Read more…

4359163596?profile=originalThe vast majority of pre foreclosure data sources compile their information from public records once the Notice of Default (NOD) or Lis Pendens (Latin for "Suit Pending" has been filed by the lender. The challenge in working these lists is that because that data is widely available to anyone that seeks it, there is intense competition among agents, investors, bankruptcy attorneys, credit repair firms and a host of others clamoring for the same crowded mailbox space.

Enter "soft" credit data that captures the information of delinquent homeowners once the lender reports the borrower as being late. Since this isn't yet public knowledge, agents can have an early advantage in getting in front of those distressed homeowners before the NOD or Lis Pendens. 

There are several ways to filter the data based on demographic, mortgage and credit attributes. 

  • Number of days late
  • Aggregate mortgage balance range
  • Number of mortgage trades (1st, 1st and 2nd, etc)
  • FICO score
  • Elimination of HELOCs
  • Hispanic Surnames
  • Presence of phone number
  • LTV
  • Single Family

To get a free area analysis in your area, visit www.preforeclosuredata.net/countrequest.htm

Read more…

Short Sale VS Loan Modification

One of the hardest things that you might experience is losing your home that you have worked so hard for. This is actually a problem that many property owners are experiencing nowadays, what with all the financial problems plaguing the country. The possibility of facing foreclosure or even bankruptcy does not only strip you off your ownership of your home; this also damages your credit score and subjects you to embarrassing situations.

While you might think that foreclosure or bankruptcy is the only way out of the financial pinch that you are in, you actually have better alternatives. The most commonly preferred options by most home owners facing foreclosure on their properties are the short sale process and loan modification. These two alternatives have helped a lot of property owners walk away from their financial hardships with their dignities intact.

If you are facing foreclosure on your home, you might be asking yourself whether to go with a short sale or to choose loan modification. While loan modification may be a viable option, a short sale has several benefits and advantages over the former. If you are still undecided on which alternative to choose, here are some of the differences, the benefits, and the advantages of a short sale VS loan modification.

What a Short Sale is all about

With a short sale, the lender accepts a cash payment on your property that is less than the amount of the remaining balance on your mortgage. For instance, if your mortgage balance is $250,000, the lender may accept a discounted payment of $200,000 from a buyer. If you no longer have the ability to keep making payments on your mortgage and if you do not have the desire to keep living in your current home, a short sale is the better option for you.

The process of short sales usually requires the assistance of a Realtor to help you sell your property. Your Realtor will help you find a buyer and negotiate the transaction with your lender. The lender will then approve and accept the offer made by a potential buyer once you and your short sale agent have reached an agreement. This is why it is very important that you look for a reliable, professional, and experienced Realtor that will assist you throughout the short sale process. Make sure that the short sale Realtor you are going to be in a business deal with is experienced in handling short sales.


Continue....

Short Sale Service

Check out our FREE short sale agent networking and resource site, www.TheShortSaleGuide.com,
as well as our listing referral program and online training course!




Short Sale Specialist Network

Read more…

Fanne Mae direct notification questions

I was wondering how any of you Fannie Mae direct agents were notified you were accepted. I received and email from Fannie Mae Sap sourcing today. It was a notication that I had been invited to an E-sourcing event. I logged onto there website and was instructed and accepted a long two page disclosure form. Now on the website under status it states under phase (open for response) and a due date of 12/19/2011. Just wondering if I should be excited. Any input would be greatly appreciated.

Read more…

It's coming up on 2012 and I wanted to take a look at some predictions I had made for 2011 and just how well I did....or didn't do.

In my blog, "More Housing Predictions for 2011 part 2" one of my predictions was, "Lack of substantial job growth"

Well, I would say I was pretty on target for that prediction. I had mentioned that I didn't believe the underlying problems to the economy were going to be addressed and therefore, we couldn't expect a robust recovery, if one at all.

In my blog, "More Housing Predictions for 2011 part 2" one of my predictions was, "Government Home Retention Programs prevent a Real Estate Bottom."

Once again, I would say I was pretty darn accurate about real estate not hitting a bottom. The Federal Government hasn't released any new statistics on the recent success or lack of success on their foreclosure prevention programs however, with the increasing or steady number of NODs and Foreclosures, I would suspect that we haven't hit a bottom yet and yes, a lot can be laid at the feet of our government who is instructing banks to avoid foreclosing. I remember at the start of 2011, when I was out doing relocation assistance negotiations, people had been in their homes for 4-6 months before I showed up....now it's more like 14-24 months......no bottom in sight anytime soon.

In my blog, "More Housing Predictions for 2011 part 2" one of my predictions was, "Energy Prices will Rise to Un-precedent levels"

Now, on this prediction, I can't really say I was spot on but, I can say I was close. You see, we never made it to $5.00 a gallon for gas but, commodity prices in general are skyrocketing. In fact, most commodities like, cotton, sugar, gold and others are reaching record levels or surpassed record levels. This is obviously a sign of inflation concerns, higher cost, weak dollar. So, I won't say I was spot on but, I will say I was on track with this one.

In my blog, "More Housing Predictions for 2011 part 2" one of my predictions was, "Credit Tighterning"

I predicted that credit tightening would continue and it would become increasingly harder for the average citizen to get a loan......have you tried to get a loan lately......you better have a 650 fico and at least 15% down.

In my blog, "More Housing Predictions for 2011 part 2" one of my predictions was, " Unforeseen National Crisis"

More specifically, I predicted that obviously I can't predict a unforessen national crisis but, I am glad to say that on this prediction, I was wrong. At least, I am not aware of a "national crisis" of global concern.

All said and done, I would say I was pretty accurate....maybe a little skimpy on details but, 2012 predictions are coming and I assure you, I will detail those predictions up.

Read more…

Buying A Home "As Is". That's What You Are Doing Without A Home Inspection


Are you buying or considering buying a home? If so, you probably hired a Realtor. If so, you did the right thing. Have you found the ideal home and think you may want to buy it? If so, your Realtor, the sellers agent, broker and lender are very happy. But, if you buy a house without a Dallas Home Inspection, you are buying the house "As Is"! Now why would anyone do that?

Yes. I am a Professional Home Inspector. And yes, it is how I make a living. When you hire a home inspector like me, it is my job to compare the real estate you are considering against today's Texas Standards of Practice, local building codes and perfect conditions. No respectable home inspector wants to see someone buy a house that is not right for them.

Pre Owned Homes

By comparing your prospective pre owned home against today's Texas Standards of Practice and local building codes, a home inspection will provide you with a complete education about how well the current and past property owners have maintained the home and kept it up to date with both modern standards and general maintenance. Just to name a few:

  • buyingahomeasis1.jpg?width=275Proper location and function of GFCIs
  • Proper location and function of AFCIs
  • Properly elevated water heaters
  • Water heater drain pans and TPR valves
  • Bathroom mechanical vents that vent to the exterior of the structure
  • Post tension foundation cable ends properly protected
  • Moisture were it should not be
  • Wood destroying insect metal plate at the top of piers
  • HVAC condensation drain lines properly installed to drain in a visible location
  • Anti-tip devices on free standing oven and ranges

There are literally thousands of possible updates and maintenance items that a home inspector will be aware of and check your prospective property for. A home inspection will provide you with the information you need to know in order to make an informed real estate purchase.

Even if many of the items found "deficient" during a home inspection are considered an "As Built" condition (meaning that was the code or standard at the time the home was constructed), with a home inspection, you will know what items can be improved to bring the home closer to the important and sometimes life saving, standards of today if you decide to make the purchase.

If the house you're interested in is a "fixer upper", the home inspection will reveal as many possible defects as possible and allow a potential buyer to better understand the costs that will be associated with restoring the property to better condition.

If you still think it wise to buy one of life's most expensive and long term investments without a home inspection, you are most likely buying real estate "As Is". It is a fact. People that buy a home "As Is" without a Professional Home Inspection experience more system failures, maintenance expenses and buyers remorse than people who hire a certified, licensed home inspector.

New Home Construction

buyingahomeasis2.jpg?width=200We hear it all the time! "I am buying a brand new home." "It was just built." "I don't think I need a home inspection". My response is, "Really, why would you do that"? I know that if you have ever bought anything during your lifetime, you have bought something (probably lots of things) that did not meet your expectations, did not work at all or was not well made. Buying real estate this way is NOT recommended by reputable home inspectors or honest Realtors.

I am sure that you would not buy a car without spending time to research the vehicle. I am also sure that you would not buy a car without taking it for a test drive. A home inspection is in many ways both part of your research of the property and your test drive.

Professional Home Inspector will test drive every component of the home for you with an expert eye and believe me, no home is perfect. Not even a brand new home that was just built. The home inspector you hire should provide you with a complete education about how well a home is built, how the appliances perform and if the construction contractors who built the home meet or exceed today's Texas Standards of Practice.

So, keep in mind that the few hundred dollars you spend on a Professional Home Inspection will providebuyingahomeasis3.jpg?width=200you with a valuable education about your prospective property. A home inspection is designed to:

  • Identify major problems
  • Identify safety concerns
  • Identify repair needs
  • Identify maintenance issues
  • Identify items to monitor
  • Identify deferred cost items

Me? I would not buy a car or any other expensive item without some research and a "test drive" of some kind. I certainly would not buy real estate, new or old without a Home Inspection from an experience professional.  So why would you?

North Texas Inspector | Dallas Home Inspection | Fort Worth Inspection

 

Selman Home Inspection | Dallas Home Inspection | Fort Worth Home Inspection
"Accurate Investment Protection You Can Trust"
469-371-3228

Read more…

New Questions For Today's Home Inspector

 New Questions For Today's Home Inspector

 

Peace of mind is the top reasons that home buyers hire a professional home inspector. People want to know that the home they are buying is not a money pit. They want to know that the home they buy is safe and in the best condition possible for their family. And, if there are repair needs, buyers want to have an idea about what to do about the defects, what the repairs will cost and how soon they need to be done. Asking the right questions of a perspective home inspector is important.

There are many traditional things that are suggested qualities for a great home inspection. And, there are lots of questions that people have been told for years to ask a home inspector before they hire one. Some of these are questions like;

  • DSCF2824.JPG?width=175What gets inspected?
  • How long have you been an inspector?
  • How many inspections have you done?
  • Can I attend the inspection?
  • How long will the home inspection take?
  • What will the inspection cost?
While these are valid questions, most home inspectors will answer these questions in much the same way. The main differences will be the cost of the inspection and how long they have been in the profession. In my opinion, a quality home inspection should provide a complete report, support, solutions and advice that will help a buyer purchase a home with confidence.
 
As a professional home inspector, I can certainly answer the questions above. However, my firm strives to deliver more value than other North Texas companies. It is our goal to set a new standard and to be the leader in the Texas Home Inspection industry by also providing support, solutions and advice.
 
Furthermore, while there are lots of people and websites that tell you what to ask the inspector, there are few who tell you what the answers should be. So, may I suggest a new set of questions and (my) answers for today's home inspector?
 
  • What is the purpose of your home inspection?
    • "To reduce the risks associated with buying a home by disclosing any difficiencies before you close and inherit any problems. Working for you and your family, I want to educate you on the condition of the property in relation to today's standards. Our home inspection is designed to educate and provide valuable information about the condition of real estate before you make what could be a life long family investment."
  • Are you licensed?
    • "Yes. All home inspectors in Texas are required to be licensed by the Texas Real Estate Commission."
  • How many inspections do you do?
    • "Normally, no more than two each day per inspector. A home inspector can not perform a thorough inspection doing any more than two per day."
  • How long have you been a home inspector?
    • "X number of years. Prior to home inspections, I was in the construction industry."
  • What are the standards or codes used for your home inspections?
    • "In Texas, home inspectors are required to inspect structures using the Texas Standards of Practice and local building codes."
  • What do you inspected?
    • "Everything between the foundation and the shingles including electrical, plumbing, HVAC, appliances, grading and drainage. (We want our clients to know what to expect)"
  • Can I attend the inspection?
    • "Yes. You are welcome to attend as much of the home inspection as you like. However, we will review all of the findings with you at the conclusion of the inspection."
  • How long will the home inspection take?
    • "It depends on the condition of the property, how large the property is and what other aminities are present. Normally 3-5 hours."
  • What is included with the home inspection report?
    • "The buyer home inspection we perform for you will be presented in a binder and will include a complete Texas Home Inspection Report with color photos and illustrations, a copy of the inspection agreement, a summary report, access to our Home Maintenance Guide, access to our Preferred Vendor List and, a 100 Day Coverage Certificate and a ten percent discount on your next Lowe's purchase."
  • When will I recieve the report?
    • "Our office is mobile. In most cases, your home inspection is printed onsite and reviewed with you at the time of the inspection."
  • What if I can't be there for the inspection?
    • " We can deliver your home inspection to you and your agent via email. We can also post your report to a secure location on our website for you to view and print from online. We are happy to review the report by phone or make a separate appointment to meet you at a more convenient time."
  • What will the inspection cost?
    • "The money spent for a home inspection is small when compared to the cost of real estate, your mortgage and any unseen defects. Our inspection services are competitively priced and unequaled in service, thoroughness, quality, support and value at just $xxx.xx."
  • How can I save money on a home inspection?
    • "We offer discounts for using our website or smart phone site to schedule your inspection services and, we offer discounts to law enforcement, teachers and medical professionals in association with "Homes For Heroes."
  • Do you inspect swimming pools and spas?
    • "Yes.  If a property has a pool or spa, it is inspected at no additional cost."
  • Do you inspect sprinkler systems?
    • "Yes. If a property has a sprinkler system, it is inspected at no additional cost."
  • Do you do termite inspections?
    • "Yes. We perform a complete termite inspection which includes a WDI report for $xx.xx."
  • Do you septic system inspections? 
    • "Yes. We perform a septic system inspections for $xx.xx."
  • Do you arrange for access to the property?
    • "Yes. Like agents, we are equipped with SUPRA keys and HUD keys. We will take care of all of the property access requirements for you through the Centralized Showing Service."
  • Are you insured?
    • "Yes. We carry Error & Omissions, commercial vehicle and business liability insurance which exceeds the requirements set by the Texas Real Estate Commission."
  • How do you back up your inspections?
    • "Our inspection services are back with years of experience, ongoing training, our 100 Day Inspection Certificate and, we are available to take your calls and answer any questions you may have before, during and after your inspection."
In addition to these questions, you may also want to ask if the inspector has any references. Today, video references are preferred by many.
 
As you can see, the questions to ask a home inspector before you hire them have changed some over the last few years. Many inspectors provide answers to these questions on their websites but you are encouraged to call and ask some of these.
 
A Cheap Home Inspector May Cost You More
 
There are always "cheap" home inspections to be found. Most of these are new to the business or are not busy for one reason or another. If an inspection firm is not busy, there is a reason. A home is one of the largest expenses most families ever make. The home inspection is NOT the place to skimp. It is NOT the time to shop for the least expensive. "You get what you pay for" has never been more true than with the home inspection profession. Your losses could be huge!
 
When you need a home inspector, I encourage you to ask at least some of the questions above, visit their website and make a smart decision.

 

Selman Home Inspection | Dallas Home Inspection | Fort Worth Home Inspection
"Accurate Investment Protection You Can Trust"
469-371-3228

Read more…

BANKERSREO

Hello Everyone,  Need your input!   I recently received a call from BankersREO Management Company to complete a BPO on one of there Potential "properties".  According to the person, there are no agents in my area.  (that's a FIRST).   The promise is to complete the BPO and if or when that partiular property becomes available to them, It will be My Listing.  However, before I get the information, I will first have to pay a MEMBERSHIP FEE OF $399.00.   After asking several questions, I understand they are New in the area and currently have NO INVENTORY.  So far, they have called me three times.  Is anyone out there working with this company?  I am tired of spending $$$ on New companies that fall thru the cracks.

 

Thank for your Input!

Read more…

Final Tail Opportunity?

I am a Realtor in Southern California and have been selling REO for about 4 years for a handful of companies like Wells Fargo and US Bank and a few Third Party Asset Managers.  I had given up on applying for new companies because of the massive number of agents who tried to jump into the REO Business destroyed most opportunities for real, professional agents. But, I am feeling like there might be an opportunity to expand my REO relationships because the flood of agents trying to get approved has dropped so dramatically while the REO Inventory has dropped but is still high relative to history.  
I thought I would reach out to you all and see if you felt the same and to see if you knew of any companies who might have inventory who are actually hiring new agents.  
Read more…

Foreclosures No Longer a Stigma

With housing prices on the decline and defaults on the rise, more and more people are walking away from their mortgage, not as a last ditch effort, but more as a first option.

It seems that the stigma of being foreclosed on is quickly dissipating as more and more homeowners are making the decision of strategic default, treating the process of foreclosure more as a business deal instead of a personal obligation. And it seems that the consequences of foreclosure may be slacking as well. There are companies out there that actually guide people through a strategic default. I guess this is another way of sticking it to those evil banks that loan people money to buy a home.

I have been in the real estate business as a foreclosure agent for over seven years. I have talked to many people, both borrowers and tenants, who have lost homes to foreclosure. There are many legitimate reasons as to why someone  my lose their home. I have had to console people as they share their story and it can be heartbreaking. As hard as they tried, they just couldn't make it work. They deserve a second chance.

But I have little empathy for someone who just walks away because their home value declined or got tired of paying the mortgage. They are not the only ones affected by their decision. Their neighbors, the banks, the community and every future home buyer and seller could suffer direct or indirect consequences of that action. If you are facing default, there are programs that can help. I would urge you to check those out before deciding to walk away.

 

http://moneyland.time.com/2011/11/09/after-walking-away-from-a-mortgage-no-regrets—not-many-consequences-either/

 

 

www.nickmiller.biz

 

Read more…

Will I be forgiven of the deficiency in a short sale?

Facing a financial struggle can be a really challenging part in any individual’s life, especially if it was due to any number of hardships beyond the individual’s control such as the loss of employment, death of a family member, divorce, or any other difficult changes in ones financial situation. One of the most demanding financial obligations that any individual has are mortgage payments, and any blow to the financial capabilities of the individual can directly affect how he or she handles their mortgage payments.

ar13220018787756.jpg?width=180Financial obligations aside, if any homeowner however is forced to neglect or simply cannot afford the the monthly financial obligation that he or she has on their mortgage, there are only a number of options that he or she is left with. Foreclosure or short sale the home are the two most common for a borrower who must be relieved of their monthly financial obligations. These two options are not the only options available for a delinquent homeowner, but these are two of the easiest and most effective ways that can be taken especially if the homeowner has no other options available. But these two options also have a really large drawback in the form of a deficiency.

So a homeowner can in fact opt for the above mentioned options when it comes to their property, but throwing the deficiency factor in the mix begs the question: “Will I be forgiven of the deficiency in a short sale or in a foreclosure of my home by the lender?”

What are deficiencies?

Deficiencies are merely the difference in the homeowner’s owed mortgage debt to the lender as a result of selling a short sale home or a foreclosed property. Basically, selling a short sale or allowing your home to be foreclosed effectively decreases the value of your property as compared to the original mortgage payment, therefore resulting in the difference of amount that the homeowner still needs to pay to the lender. While the main differences between a foreclosure and short sale is clearly felt on the individual’s credit score rating (which can affect the relationship of the individual to banks, lenders, and shows up on the credit of the individual which might affect his employment status etc.), there are some differences to note with regards to each method’s deficiencies and the pros and cons for each that the homeowner might need to know to effectively determine whether to go for the short sale of a home or allowing it to go to foreclosure. In many states, a lender can't legally pursue collection of the deficiency in a short sale or foreclosure. The first step for any borrower in hardship to do is to determine if they are in a recourse or non recourse state. In many states or in many cases, a borrower simply forfeits the property, suffers the negative credit impact of a short sale or foreclosure, and moves on with their lives. For those who may still be liable for the deficiency, simply walking away and allowing a foreclosure can permanently scar ones credit and financial future.

Terms of a short-sale and a foreclosure deficiency

In order for us to properly determine the pros and cons of a short sale and a foreclosed property in terms of deficiencies, it is important to properly identify the terms:

Continue Reading....

Read more…

If you can not pay your mortgage you might want to do something about it sooner rather than later. Here's why:

1. The Mortgage Debt Relief Act of 2007 is set to expire at the end of 2012

2. This act says that if you sell your primary residence as a short sale or it is foreclosed then no federal tax is owned on the debt foregiveness, the difference between what you owe and what the bank was paid back after the short sale or foreclosure.

3. In 2013, unless the act is extended there will be taxes owned on homes that are foreclosed or sold as short sales.

4. Do you really think the congress is going to pass anything like an extension of this tax relief during the election season?

 

So, if you can not pay your mortgage DO SOMETHING NOW. Don't be stuck with losing your home and then still owing taxes on it.

If you have any questions about short sales in San Mateo or Santa Clara Counties, please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

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

 

 

Read more…

With the future of the economy still uncertain, and mortgage default notices being filed at breakneck speed, is there any reason to be optimistic about the real estate market today?

I guess that would all depend on who you are. For investors who can get their hands on some cash, this is a great market to be in. As the pendulum of supply and demand continues to swing higher and higher on the supply side, prices will continue to fall, which equals a great buying opportunity.

And not only that, but as more and more people are being displaced from their homes, the demand for rental property increases. Of course you, as the investor/landlord, will have to relax your rental qualifications some as many will have a foreclosure or default on their credit report.

Overall, it is still an unfortunate situation we find ourselves in. But for those who are able to take advantage of the situation, yet do not, only adds to the level of misfortune. The only way to turn this thing around, and for homes to start appreciating again, is to reduce the supply of inventory.

Interesting article: http://www.eforeclosuremagazine.com/foreclosure/more-foreclosures-on-the-way-with-more-default-notices-filed

 

Check me out at www.nickmiller.biz

Read more…

Half of Homeowners Underwater on their Mortgage50% of Homes with Mortgages now Underwater


I came across the video below and was shocked to hear that nearly 50% (half) of the nations homeowners are effectively underwater. In times like these, it's important to know that there is help available. If you are a home owner that is struggling to make mortgage payments, I would first suggest that you talk with your bank. They may be able to offer you a few different options. They can sometimes lower your interest rate, offer you a forbearance, or even roll your past due amounts into the mortgage principal.

 

In the event that you need to sell your home due to your financial situation, I would be happy to discuss if a short sale might work for you. This is a process in which we work with your bank to sell your home for less than you owe on the mortgage. Does your home qualify for a short sale? Fill out our Short Sale Home Evaluation Form to find out.

Read more…

Who Would You Choose Moving Forward?

I've seen a lot of articles and blog posts about Wells Fargo, Chase, BofA and others recently. It got me thinking about the future of the REO industry.

I've been an REO agent for over 8 years, back before the REO market was hot. Until recently my largest client was Wells Fargo. Early 2011, Wells Fargo's inventory became non-existant so in June I decided to go out on my own. Knowing that I would lose Wells Fargo as a client (they only work with agencies that have a JV), since there inventory dried up I figured I wouldn't be missing much. Seems I was right, they've only had 2 listings in my area since my move. My question is this.... if you had to align yourself with one major bank moving forward which would you choose? Wells Fargo, BofA, Chase, Other? 

 

I've found that most Banks prefer to give their REO inventory to agents with working relationships with their local branches (at least with the top 3 mentioned above). I have worked with my local Wells Fargo Rep my entire career, but I refuse to give them business if it's their policy to end a long established relationship with me because I don't have a Joint Venture mortgage company with them. So the question remains, where do I send buyers? Which Bank do you thing will have the most upside in the coming years? 

Read more…

•Accompany the Sheriff on Evictions
•Secure & Re-key the property, deternine occupancy
•Turn utilities on in our name
•Have property winterized
•Coordinate the trash out (Some AMs have us store the personal belongings / trash for 90 days+)
•Ready the property for marketing including making repairs and improvements
•Pay the bills on all of the above & wait up to 120 days for reimbursements
•Handle vandalism, theft,vandels, squatters, animals, arson, gang bangers!
•Fill out BPOs and take Pictures of subject and comps.
•Marketing Prep Work - Photos, MLS data sheets, info box flyers, write ads etc
•List the Property
•Schedule showings (for agents who will steal the key is their buyers interested.
Rekey the property .
Rekey the property ...again
•Educate Co-op agents and get one day codes for those who are smartcardless
•Submit Offers through different portals
•Coordinate all details of the closing
•Keep all parties up to date

Do you have an opinion or preconceived notions of foreclosures?

What about the folks who lost their house ~ what do you think about them?

What is the cause of foreclosures in your area?

Who are the lenders in your area? Who are the Asset Managers?

Do you have any specialized training in REO work?

Do you know what a BPO is? Are you familiar with the various BPO forms?

Do you have the ability to front the money for Property Management?

Do you have a crew to handle the clean outs, lawn care, re-keying, winterizations etc?

Are you willing to take the time to educate the co-op agents on how to submit offers correctly?

Are you willing to explain the process to prospective buyers?

Do you have systems in place to handle all the details?

Do you have someone who can cover for you when you are sick or on vacation?

In my work as an REO agent, I have:

...been on a police raid that resulted in a drug bust of 3 known criminals. I was behind a tree, on my cell phone w/ the 911 operator while the police approached the home, shotguns drawn. My job was to notify dispatch if anyone ran by me. I was unarmed....that time.

...was visited by the sheriff as to why I was ‘breaking' in to a house (just assessing the contents and getting pics!)

...been chased down by unhappy occupants after I photographed their dwelling for my report

...been cornered by pit bulls and crack whores

...explained to a child why I was kicking his family out of their home 2 weeks before Christmas

...accompanied my clean up crew as they discarded stinking dead animals, pounds of human waste and a lot of drug-like substances from a house that was broken into numerous times and we evicted squatters twice!

...had as much as $29,000 in outstanding reimbursements. (Did I mention that YOU front the money?!)

...been called at 2 a.m. by a neighbor who thinks someone has broken into my listing

...become BPO Certified

...become a Foreclosure Intervention Specialist

...attended REO Conventions at great costs.

I'm sure by now that you get the idea that it's not quite the same as regular real estate. Just incase you were wondering.

Read more…