Blog

In their most recent web-blog, Zillow released their predictions about the housing market throughout this year.  The headline read, "First Quarter Brings More Dismal News For Housing Market."  Well, with that headline you can guess where the article went.  http://www.zillow.com/blog/2011-05-08/first-quarter-brings-more-dismal-news-for-housing-market-publish-sun-901-p-m/

Zillow is not looking for a market turn-around until 2012 with the possibility of a property value loss of 1% per month throughout this year.  With the market already down nearly 30% in the past three years another 12% is going to put a lot of homeowners upside down. 

So, you ask yourself, "Is this good news?"  It depends.  As a realtor, I have to look at the market from two angles, up or down.  For decades I've been an aggressive stock market investor.  I get just as many opportunitis when the market decreases as when it increases.  All a declining stock market tells me is that I need to change my approach to picking stocks.  I may short sell rather buy long in a particular market, or I may play it the other way around.  The market determines the play.

The same is true in real estate.  Declining markets affect Realtors and real estate in unique ways.  They cause part-time Realtors to drop out of the business.  That's good for those of us who actually make a living selling real estate.  Challenging markets like the one we're in will run unsophisticated Realtors out of the market.  Great!  More for those of us who have kept up on the markets, the news, up to date education and how-tos of dealing with a difficult market.  I've watched a lot of good people leave this profession in the last four to five years.  I'm sad to see them go, but they should have gone.  That's not being mean.  Who would want a part-time neuro-surgeon working on their brain?  The same is true in our profession.  When down markets shake unproductive Realtors out of the business it helps unclog the pipeline between people who need to sell, or need to buy, and professionals who really know what they're doing.

Markets like this one, and news like we received from Zillow, help us adjust to better serve our clients.  If we have clients who have been thinking of selling, but they've been waiting for a bump in the market, now might be the time to sell before they lose any more equity.  For the client who wants to buy, but needs a little more money before jumping in, this might be a good time to encourage them to sit on the sidelines for a little while.  You might advise them to save some money, and see if prices drop further.  They might not need as much money as they think. 

For the person who is upside-down and needs a short sale the Zillow article might convince the lender to let them lower their price to a sell-able level before the property is worth 10-15% less and everybody loses more.  For the wise investor, the article is a negotiating tool to help him buy property at a discount before the buyer is forced into a discount by default. 

News can be a glass half full or half empty.  If you have marketing skills that will work in a down economy you simply adjust when the markets go down and change your tactics.  You may even adjust to a new clientele for that period.  If you have a marketing plan for a roaring economy you make hay while the sun is shining and squirrel away resources because as surely as a market flies it also crashes.  Adjust, adjust, adjust.  Be flexible for "Blessed are the flexible for they shall not break!"

Wells Fargo has a call center which is where you call to initiate a short sale, and then to get updates before they assign a negotiator.  But what sets them apart from some other banks' call centers is that they stay involved throughout the short sale process.  So, if you call or e-mail your negotiator and he or she is not available you can ask the call center to talk to them directly.  It is a very nice system, kind of like talking to an agent's personal assistant. Sometimes you get more information from an assistant then you do from agent. 

Isn't nice to know that at least some banks are trying to get this process more organized?

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Someday, Your Kids Will Think . . .

No matter how successful and accomplished you are, or how many degrees you earn, or how widely respected in the community you are, at some point in your life your kids will think you're a goober.  I remember growing up watching my mom as technology began to make very rapid advances, and she was totally unaware of them.  So, whenever conversation turned to the latest technological advances her contributions to conversation were often classic. 

But, it doesn't have to be technology that gets us parents that broad smile from our children.  It can be something very simple.  This week I was grocery shopping.  I love cookies, and my favorite cookies were on sale.  Each pack was $1.00.  Wow!  One dollar seemed like a steal for the extra yummy cookies.  So, I loaded up a few packages of cookies, and then I noticed a little sale sign that said 5/$5.  Wow!  Another great deal!  I can buy one for $1 or I can buy 5 for $5. 

In my totally unconsious state, I loaded five into my cart and headed to the checkout.  About two isles over I had an "ah ha" experience.  Wait!  One for $1 is the same as 5 for $5.  Ding!  A goober moment.  I could have taken them back and only purchased what I really wanted, but I really wanted all of them.  So, I checked out and headed home. 

Of course my lovely wife couldn't wait to tell my sons about the great deal I got on cookies.  And, in that brief moment, I was no longer the brilliant accomplished business owner.  I was the "goober" dad they have come to love.  It was OK.  Actually, I laughed first and thought the same thing about me.

If this has happened to you don't fret.  It's a stage of life I call "Mental Pause."  All of us go through it at some point.  It's not terminal, it will pass and you'll be back to normal.  At least until the next moment when you have a bout of "Mental Pause."

How will this effect your current short sale negotiations? Direct
approved assigned short sales are coming fast but are current BofA REO agents
going to get those listings?

Bank of America Home Loans has announced that it will exit the
reverse mortgage origination business and move the unit’s operational resources
into other critical areas serving customers. Bank of America Home Loans will
continue to serve the needs of existing reverse mortgage customers and those
with loans in process.

“We made the strategic decision to exit the reverse business due
to competing demands and priorities that require investments and resources be
focused on other key areas of our business,” said Doug Jones, consumer sales
and institutional mortgage services executive for Bank of America Home Loans.
“We fully understand the critical sensitivity of ensuring that our senior
customers are provided with the same level of excellent customer service that
we have provided in the past.”

On Thursday, Bank of America announced the definitive sale of its
Balboa Insurance organization to the QBE Insurance Group Ltd. The exit from the
reverse mortgage market is an additional step in the efforts of Bank of America
Home Loans to focus on its core mortgage operations.

Bank of America Home Loans entered the reverse mortgage business
in 2006 and expanded its presence in 2007 following the acquisition of Reverse
Mortgage of America in 2007 and Countrywide Financial Corporation in 2008.
Associates not redeployed will have the opportunity to apply for open positions
at Bank of America.

Bank of America President and Chief Executive Officer Brian
Moynihan also announced changes to Bank of America Home Loans and Insurance that
will continue the company’s strong momentum in extending home mortgage credit
while improving its leading mortgage modification programs for distressed
homeowners and resolving legacy mortgage issues.

The decision is the latest in a series of significant actions
taken to resolve outstanding mortgage-related issues while solidifying the
company’s leading position in mortgage finance. Bank of America in September
2010 initiated a self-assessment of default servicing, and in October became
the first servicer to voluntarily suspend foreclosure sales in all 50 states
while evaluating the process. While the review of the foreclosure process found
that the underlying grounds for foreclosure decisions has been accurate, Bank
of America implemented a series of improvements—including staffing, customer
impact, and quality controls.

Barbara Desoer, Bank of America Home Loans president, will
continue building the mortgage business for Bank of America. Desoer is
responsible for servicing loans for the more than 12 million mortgage customers
who remain current on their accounts, and for implementing the bank’s strategy
to be the preferred mortgage choice for its 50 million household customers
going forward. In 2010, Bank of America delivered $306 billion in quality mortgage
lending to 1.4 million customers.

At the same time, a newly formed unit, Legacy Asset Servicing, has
been established. Terry Laughlin will lead this unit and be responsible for
servicing all defaulted loans, and for servicing discontinued residential mortgage
products. In this role, Laughlin will oversee the bank’s mortgage modification
and foreclosure programs, and continue to be responsible for resolving
residential mortgage representation and warranties repurchase claims.

“This alignment allows two strong executives and their teams to
continue to lead the strongest home loans business in the industry, while
providing greater focus on resolving legacy mortgage issues,” said Moynihan.
“We believe this will best serve customers—both those seeking homeownership and
those who face mortgage challenges—as well as our shareholders and the
communities we serve.”

You Might Be A Realtor, If . . . (edit/delete)

During a recent real estate class I realized that Realtors speak in code.  As I watched the poor newbies in that class I wondered if they felt like they had fallen into a black hole and popped up in some foreign land where they didn’t speak the language.  Those of us who were experienced in the field rattled off conversation that left the new realtors looking bewildered and lost.                 
                   
This revelation led me down one of those spontaneous rambling thought processes that often leads to my blog posts, and it looked something like this:

●    You might be a Realtor if your dining room table doubles as a desk.
●    You might be a Realtor if your car cigarette lighter doubles as a charging station for your laptop or Ipad, Smartphone, GPS, etc.               
●    You might be a Realtor if your idea of a short sale is a contract that ratified in 12 hours or less.
●    You might be a Realtor if your broker is your first emergency contact.
●    You might be a Realtor if you have a wireless printer stored in your car trunk.
●    You might be a Realtor if you have a vanity license plate that says BUYNOW, combined with a window decal “www.SuperRealtor.com.”
●    You might be a Realtor if your first child’s initials are EMD.   
●    You might be a Realtor if you’ve learned to put on eye shadow, eat a sandwich and set up your next appointment while driving down the highway.
●    You might be a Realtor if you’re an REO Specialist with no foreclosure experience.
●    You might be a Realtor if your sales team includes your spouse, kids and the dog.
●    You might be a Realtor if the string of initials after your name would make a PhD green with envy.       
●    You might be a Realtor if your Christmas cards include a business card.
●    You might be a Realtor if every up or down real estate news feed inspires you to post, “It’s a great time to buy.”
●    You might be a Realtor if you have interchangeable sign riders that say, “It’s a buyer’s market. Buy today!” or “It’s a seller’s market. Sell today!”
●    You might be a Realtor if you have mastered the art of describing a pole barn as “Beautiful country setting, spacious property with plenty of room to expand and wonderful views of wildlife.”
●    You might be a Realtor if every listing description ends with “This won’t last long.  Act today!”

You get the idea.  So, what would be on your “You might be a Realtor” list?

Well, it has taken a lot of months, and 4 buyers, but I finally got approval today from Chase for a short sale in the Belle Haven neighborhood of Menlo Park.  So far everyone is delighted, and hopefully we will make it through the loan and property contingencies. 

Short sales are sold "As-Is", period. Banks do not allow any credits, repairs, or other consessions for things that are wrong.  That is why I try to get inspections on all my short sale listings before they go on the market. That way there are fewer surprises at the end.

Nothing is a done deal until it is done, but we have come a long way, and my record is still 100% on getting an approval, and hopefully will stay at 100% on closing.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Federal Government Disclaimer (MARS):
1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Realtor Safety. Be Careful Out There! (edit/delete)

As soon as the lenders, vendors, and GSE's started releasing REO product again a new crop of money grabbing theives starts soliciting hungry REALTORS.  Let's put this to bed once and for all.  Keep your credit card in your pocket!

It's good money if you can make it.  Think about it this way, there are over 1 Million REALTORS in the US.  If only 1000 pay to play $395.00 the company that just solicited you made $395,000 and delivered you a cool listing on their web site to no where or gave you a 1 hour Webinar on how to break into the REO business that is the same old nonsense that usually requires "Platinum Upgrade" for an addtional cost, sold you an exclusive zip code (that they sold to everyone else in the zip code) or worse sold you a list that you have no idea what to do with that is so old that half of the links don't even work any longer. 

You DO NOT need to be Certified to sell REO's.  There is NO one certification that will gurarantee you listings. Sure you need training and on Certification on your resume does look good but get one that includes some training. You DO NOT need to join anyones web site for $395.00 to get REO listings or exposure. You DON'T even need to attend multiple REO Conferences unless you like the venue for a vacation spot and want to meet and greet with other REO wannabes.  My last two in Las Vegas and Fort Worth were a total waste of time and money.  Pick the right Conference and attend because you like their programs, need some additonal training, or just need to get away, but do not kid yourself that you will meet Asset Manager that can give you listings. The decision makers do not attend these conferences.  The old trainer joke about meeting them at the BAR after hours is total bunk.  Not saying don't go - just saying don't go with unrealistic expectations. 

There is REO business out there you just need to prospect.  Yup no secret crash diet loose 30 lbs a day prospecting short cuts here. Just like dieting this is a long and tedious process and you must do it daily for it to work.  Happy Hunting.   

Are We Falling Apart? (edit/delete)

Is it just me or are we as Americans falling apart?  I've noticed a trend on TV lately that has me a little worried.  Let me give you an example.  There is a commercial of a middle-aged lady who can't find her car in a parking lot because she can't remember where she parked it.  Been there, how about you?  Fortunately for her there is a wonderful company that has created a miniature digital recorder she can carry on her key-chain, and if she remembers to record her location before she leaves her car, bingo!  Problem solved.

In another commercial, I saw that same lady, but this time she couldn't hear.  In this commercial she got another small device, I believe it was called "Loud and Clear,” that helped her listen to her pastor, and birds and even her TV while her husband sleeps soundly beside her.  It looks a lot like a cell phone wireless earpiece.  So it blends right in, in bed.   I did find it a little strange in the same commercial that the same lady was walking around in the woods looking at nature while a guy is hunting nearby who also can't hear without the device.  That really seemed like a scenario for disaster, but I digress.

It didn't stop there.  The same lady shows up in another commercial unable to cut paper on a straight line.  She was so bad with scissors that she had to be isolated in a separate room on craft day.  So, some brilliant company created a cutter just for her.   So now, she can find, hear and join the happy crafters on craft day.  Oh, but her tale of needs weren’t over yet.  She eventually she took to farming.  Yep!  She's growing tomatoes.  Upside-down!  On the porch.  But, here again, she doesn’t know how to water them.  So, another clever company made a ball with a spike attached that automatically keeps her tomatoes watered.  And, if you’re horticulturally challenged, this is your ticket!

Her life is obviously full of challenges because eventually she started having trouble getting out the car that she can't always find without her little digital recorder.  Another entrepreneurial sort inventor created a little round swivel block that gives her the ability to rotate on her seat and out the door she goes.  Best of all, she never wrinkles her slacks.

Just when you think technology has done just about everything they can for her she realizes she can't sit on the sofa and watch her favorite movie without having body parts exposed to the elements.  What woman likes cold toes?  Or, if her toes are warm toes her shoulders are cold.  So, Snuggie created the ultimate comfort item for her, a human sized fleece bag.  Now, she's nice and toasty.

I have a feeling one of these nights I'm going to see her snuggled up on the sofa staring at her favorite show, and then the announcer will break in and tell the consumer that she would enjoy her favorite show more if she could hear it.  But, she forgot her little digital hearing device that she was wearing at her craft class.  If she could just remember that she got two little digital hearing devices for just $19.95 because they doubled her order when she called right away.  But all is not lost.  She can rotate off the sofa, find the zipper on her Snuggie she can use her new cutting tool to slice her tomatoes and have a nice snack while she looks for her extra hearing device she got with separate shipping.  Like I said, I’m a little worried about us as a country, but I do see a lot of opportunities for witty inventors on the horizon. 

60 Seconds! What Would You Grab? (edit/delete)

My life is full of phone calls, meetings, appointments, contracts, leases, emails, returned phone calls, more emails,  deadlines, etc., etc., . . . you get the picture.  It's probably a lot like yours.  I was just thinking, "What would I do if I had nothing to do?"  What a wonderful question to ponder.  I need to spend more time thinking about that one because I definitely think it's worth exploring .

That made me think of another question I heard in a movie last year.  In the movie, "Leap Year" Matthew Goode (Declan) asks Amy Adams (Anna) what she would grab if she only had 60 seconds to escape a burning building.  Hmmm, what would I grab?  Now, I'm assuming that is knowing that the family and the dog are all safe and away from the fire. 

What would I grab?  I don't think it would be my files, lead lists, smartphone or laptop, digital camera, storage media, etc., but what would it be?  I'll have to admit I'm a little stumped.  Once my family and the dog are safe there isn't much else that would rise to that critical level.  With online backup programs, dropbox and other resources where a tech savvy modern business person can keep important documents, photos and contact lists, and so on, there isn't much I would need to be back up and running in a day or so.

So, I pose the question to you.  If you only had 60 seconds to escape a burning building what would you grab on the way out? 

This was not a terrible week for me with short sales. In fact, it was pretty good. Here's the summary:

1. Closed a Menlo Park Short Sale with Bank of America, I represented the buyer.  It was smooth, and took 3 months start to finish.

2.  Another buyer is buying a short sale in Sunnyvale.  The file had been lost in bowls of HAFA, (government assisted short sales), but the listing agent managed to find it, get it back to a tradional sale, and we are waiting for a negotiator to be assigned.  we are 6 weeks into it.

3.  My Menlo Park Short Sale Listing with Chase has been in and out of escrow 4 times now.  the investor for Chase wants more money than the house is worth based in its condition.  After being with the latest negotiator 6 weeks we got another response from the investor asking for more money now than what they approved last time.  The buyer has now agreed to the previously approved price and we are waiting to hear back from teh negotiator.

4.  My Santa Clara Short Sale Listing was submitted 5 weeks ago.  It finally got a negotiator this week.

So all in all it has not been a bad week.  Short sales are still long, and can have problems, but all in all there are a lot of yeses so they are worth pursuing if you can not keep your home and want to avoid foreclosure.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Federal Government Disclaimer (MARS):
1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Optimists

AP

A wave of foreclosures is forcing down home prices in most major U.S. cities. But economists and real estate agents are noticing what they call a key first step for any housing recovery: a drop in the glut of homes for sale in markets hit hardest by foreclosures.

If we were to see several consecutive months of supply getting smaller, it would point to an improving housing market, said Celia Chen, senior director at Moodys Analytics. Even if it is investors buying them, they are renting them out in hopes that prices in the next several years will rise.

NAR

According to the latest Realtors Confidence Index, the gap between the indices of Prospective Home Buyer Traffic and Prospective Home Seller Traffic has narrowed, with an increase in Prospective Buyer Traffic. A continuation of the narrowing of the gap between buyer and seller interest would be favorable to the strengthening of real estate markets nationwide.

In many cases, and in recent years, market prices have already declined substantially. The size of the shadow inventory, mortgages, 30 days overdue or in foreclosure, suggests that problems may not be resolved for two or three years. However, the shadow inventory is declining in size and we may be near the end of continued price declines in many markets. Chart

Pessimists

Standard and Poors

There is very little, if any, good news about housing. Prices continue to weaken, trends in sales and construction are disappointing. says David M. Blitzer, Chairman of the Index Committee at S&P Indices. Ten of the 11 MSAs that recorded index lows in January fell further in February.

Wall Street Journal

The enormous supply overhang of existing homes (particularly factoring in all those in foreclosure or soon to be) promises to keep pressure on prices for some time, said Joshua Shapiro, chief U.S. economist at MFR Inc. From a longer-term perspective, it is important to keep in mind that in the seven years leading up to the peak in July 2006, the nonseasonally adjusted national 20 city home price index jumped by 155% (126 index points)… So far, this index has dropped by 32% (66 index points) in the 55 months since the peak.

I could fill the page with pessimists, hardly a positive thought out there today. I think the most positive take away is that at least this is an orderly retreat, rather than the kind of screeching declines we have seen.

Thanks For Reading

www.yourpropertypath.com

Sometimes Life Erupts! (edit/delete)

If there is anything I've learned in life, and in real estate, it's that sometimes life erupts.  I tend to warn my buyers that all will be well and we will get to and through closing, but we may have to climb over some rocks on the way.

I came to a vivid understanding of this prinicple a few years ago in my office.  I had been gone for the weekend, and when I returned to the office on Monday there was a note on the receptionist's desk that read, "Don't use the men's bathroom."

Being from the "I know a lot of plumbers and if they can fix a toilet, sink, etc., so can I" school of thought, I went straight to the men's bathroom to survey the problem.  Everything looked perfectly normal.  The sink ran fine, the toilet flushed fine, the lights worked and I couldn't find a thing out of place.  So, I ran the sink a little longer, flushed the toilet a couple more times and returned to my office. 

A little later curiosity got the best of me so went back over and surveyed the scene again, only this time things had changed.  Just around the corner from that bathroom is a small closet with an ejection pump.  The ejection pump collects all of the waste from both bathrooms, holds it and when it reaches a certain depth it ejects it into a holding tank and then on to the drain field. 

The floor outside the ejection pump closet was covered with . . . well, you know.  It smelled awful, and somebody had to clean it up.  Oh, yeah, I was the guy who was flushing the toilet willy nilly so it fell to me to clean-up the mess and restore the office to a more pleasant place, and I did.

You might think the average sane man would have stopped there, right?  Oh, how I wish that were true.  I went back to my office and called a plumber.  He promised to be there the next day, and that was that.  I sat there thinking about the ejection pump and my "I know a lot of plumbers and if they can fix . . ." thought kicked in and . . .   I bet you can already see where this is going.

My "Tim 'The Toolman'Taylor" mindset drove me back to the other side of the building to investigate what was going on with the injection pump.  This time I was armed with tools.  The ejection pump sits in a black tank that is dug into the ground about 3-3.5 feet.  The pump has a series of plastic pipes attached to it that will carry the waste to the holding tank each time the ejection pump well is full. 

In order to remove the pump you have to disconnect the pipes one by one until you can lift the pump straight out.  So, I started disassembling the pipes.  When I had them out enough to pull the pump I started lifting the pump.  That's when I got the biggest surprise of my day.

Whatever was plugging the bottom of the pump gave way as I lifted the pump out of the holding tank.  When it was up about 4 to 5 inches it roared to life.  It was at that point that I realized the pump had not been turned off at the electrical panel. 

Now, visiualize this.  I'm in a three foot square closet with a 30 gallon powerwasher full of poo.  When it broke lose it started spraying its contents through the one pipe that was still attached.  Unfortunately for me it was the one that came straight up out of the pump.  It immediately unloaded its contents onto the ceiling above and of course "what goes up, must come down."  In the midst of the geyser, I had the presence of mind to reach over and pull the electrical cord out of the receptacle, and it stopped.

I was a sight to see.  There was yuck everywhere.  I smelt nasty, and I was soaking wet.  Ironically, all I could think at that moment was that I was glad my secretary was not looking over my shoulder when life erupted.  Well, I cleaned everything up again, and stripped down to the "bare" necessities, wrapped up in what clothing I could find around the office and headed home to shower and sanitize myself.

It taught me a good lesson, "Life Erupts."  When I'm working on a deal, and it seems to be falling apart I always tell myself, "I could be in the closet with the injection pump.  This is nothing!"  Remember, things may get nasty and even stink a little while you work your way through a flood of signatures and initials, last minute changes, and extensions and compromises, but it could be worse, you could be in a three foot square closet with a fountain of . . . .

I am just curious! Has anyone else given up yet on becoming an REO Agent for any new banks, servicing companies or third-party asset managers?  I have been selling REO for about 3 years now and was fortunate enough to get approved by a few good and long-lasting companies in my initial stages before the storm of other agents realized what a good decision it would be to sell REO Assets.  I spent the first few years signing up and selling, signing up and selling, going to REO Events, signing up and selling, going to REO Events. I kept hearing the promises that I would see assets. I kept hearing the experts say, keeping applying, keep showing up to the REO Events and it will happen. Well, it's been about 2 years since I have been approved by any new asset management companies.  I have stopped attending the REO Events. I don't want this to be a "Debbie-Downer" blog post, but I'm tired.  And, to be honest, it feels like the tide is turning.  We are now seeing values beginning to stabilize. We are now seeing Short Sales dominate the market and recently we have also begun to see delinquencies and pending foreclosure actions begin to decline. While I know the flow of REO Inventory will continue for a few more years, in my mind, I feel like the parties over...or at least beginning of "last call".  

So, what now? On one hand, I don't want to give up, because that's not in my nature. But on the other hand, I don't want to be short-sighted about my business.  I have begun to focus more time and energy on my "normal" (whatever that is) retail business.  If the economy continues to push forward, real estate values and the "normal" retail real estate business should push forward as well.  I will continue to market for Short Sales in the area's that I farm, but what do I do about the REO business.  Has anyone been approved recently by any new companies...AND received new REO Assets? 

My message today is to continue to push forward. Continue to find the markets that work for you. Continue to find the products that work for you (REO, Short Sales, "normal" retail). But I have to tell you that this is my own "self-help" blog. Really...I'm not kidding...I needed my own self-motivation today and this is it.  Thanks for listening and if anyone has any feedback...I can't wait to hear it.  

I have been added to their database back in June of last year. Has anyone been receiving listing from them before doing certification. I am getting ready to do the certification just wondering how many have recevied listings from them.

 I found an old email below that offered courses live for 349. I noticed on the site it is now 449.

Find everything Fannie Mae on the REOPRO group http://reopro.ning.com/group/fanniemae

AIG tries to payback the bailout money and the fed says no?

Federal Reserve Bank of New York and BlackRock (BLK: 196.10 -0.95%) sold $1.3 billion of subprime mortgage bonds the Federal Reserve acquired from AIG upon bailing out the insurer three years ago.

The sale of the bonds came after the Fedearl Reserve rejected a bid from AIG to repurchase all of the assets in the Maiden Lane II portfolio for $15.7 billion.

 Richard Fisher, president of the Federal Reserve Bank of Dallas, said the central bank's "duty is to get the best returns on any investment and to do that in a responsible way."

 According to the Fed's website, it announced an offering of $1.5 billion in former AIG securities assets this week.

The Fed chose to have BlackRock sell the assets off in smaller pieces under the notion it would produce a higher profit for taxpayers.

The ACLU (The American Civil Liberties Union) filed a petition with a Florida appellate court this month.

The 20th Judicial Circuit Court in Lee County, Florida.They are trying to stop the court from pushing foreclosure cases onto a mass docket that was designed to quickly handle an influx of foreclosure cases.

I couldn't believe with the problems of the last year this could even be a thought in anyones mind. We have to make sure all the foreclosures are heard fairly that is why we have a court system.

All of this at a time when there are reports out that the OCC is set to announce a foreclosure settlements the settlements are with major mortgage servicers over recent foreclosure problems and this will entail from multi-billion dollar fines to forced principal reduction and stricter emphasis on pursuing modifications.

OCC according to Wikipedia:

The Office of Thrift Supervision (OTS) is a United States federal agency under the Department of the Treasury. It was created in 1989 as a renamed version of another federal agency (that was faulted for its role in the Savings and loan crisis). Like other US federal bank regulators, it is paid by the banks it regulates. The OTS was initially seen as an aggressive regulator, but was later lax. Declining revenues and staff led the OTS to market itself to companies as a lax regulator in order to get revenue.

The OTS also expanded its oversight to companies that were not banks. Some of the companies that failed under OTS supervision during the Financial crisis of 2007-2010 include American International Group (AIG), Washington Mutual, and IndyMac.

The OTS was implicated in a backdating scandal regarding the balance sheet of IndyMac. Reform proposals from Henry Paulson, Barack Obama, and the U.S. Congress have all proposed to merge the OTS with the Office of the Comptroller of the Currency.