Anyone who has done bpos for brokerpriceopinion.com (or any other bpo company) and has not been paid for bpo services rendered needs to speak up and report them; first, to the Colorado Better Business Bureau, second, to the Colorado Attorney General's office, and third, to NABPOP. I am in battle to get paid and have filed complaints with the above mentioned. If enough complaints are made, we can stop them from this type of business practice of not paying agents. I strongly encourage all agents to file complaints and have your data ready of jobs completed. I have been told by them through the BBB that I will be paid, but I have not received full payment yet. They did agree to pay me only after I complained to BBB in installment checks cut biweekly, but I have only seen one check and that was in December 2010. They still owe me quite a bit of money. They simply told me before I complained that they did not have the moeny to pay me and they didn't know when they would have it. They also told me that they were expecting an investor to come above with funds and at that time would be able to pay. Think about it: what investor would invest in a company that has BBB complaints against it? If you do not report them, they will continue to not pay agents for bpos. I've seen they've been doing this since 2004. NABPOP can certainly help stop them, if not report them to the banks who are using them for the bpos, to stop using them for bpos. If they continue with nonpayment for services rendered, they need to be put out of business.
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For well over 2 years, I have been reading article, listening to financial experts, watching the systematic devaluing of the American Dollar, watching commodity prices sky rocketing, seeing energy prices increasing and watching our Federal Reserve providing bailout after bailout. In my opinion, you add up all of these factors and you get a situation where the US Dollar becomes so weak that it can’t not trade against foreign currencies, ie….the Chinese Yuan.
It has been my stance, during this time, that eventually the US Dollar is going to see competition in the foreign currency market place that it ultimately can’t win and the real possibility of being replaced as the World’s reserve currency was a real, substantial and an economy destroying, national security issue.
Of course, many readers called me a doomsday conspiracy theorist or just lived in complete and utter denial that this could never happen because, the outcome would be so severe to the US economy, it would be kin to dropping a Nuclear weapon on New York. I get it, people don’t want to look at what is really going on in the Country and see things for what they really are because the outcome is too scary for most of us. Yet, denial doesn’t stop the wheels of change.
For those of you who don’t watch the news or can’t pin point China on a map….or better yet, don’t know the Chinese President’s name, let me just say, you most likely will in 2011. Of course, I am sure many of you can tell me the name of The Prince of Wales soon to be brides name….right? Anyways, President Hu Jintao (the Chinese President) is coming to America soon and before he takes off, he goes on Chinese State run television that the U.S. dollar-dominated currency system a “product of the past”. Well, that’s not all the story because he then turned around and started highlighting the way the world can begin moving towards a Yuan global currency.
Now, if this had come out of the mouth of some Chinese Communist insider who was like the aid of a Communist politician I and the world wouldn’t have given it much thought and yes, I would still most likely be spewing my “conspiracy theory” that China wanted to destroy the US Dollar and yes, many of you would be like, “Noooo, that’s crazy talk” but, when the President of China comes out, on International Television and starts talking about how we would like to see the Dollar replaced by the Yuan…..well, we just moved from Conspiracy Theory to OH MY GOD!
For more of the Article, visit http://online.wsj.com/article/SB10001424052748703551604576085803801776090.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsTop
Now, that we can all agree, China isn’t our friend and is ready to destroy our economy in such a way that it would make The Great Depression look like a cake walk, let me shed some light on exactly what can be expected if the World decided to give up Dollars and move towards Yuans.
- Hyperinflation: Essentially, this is just when inflation gets completely and utterly out of control. To make this point clear, I don’t mean out of control like a couple points a month, I mean out of control as in a couple of points an hour.
Hyperinflation is caused when large amounts of money, not supported by actual growth in an economy through GDP output (Gross Domestic Product) is put into circulation. This doesn’t have to be where the Government prints too much money, it can happen when the World decides forgo a Dollar and get a Yuan because essentially, the same thing is happening. All of those Dollars people were holding onto because they had really good purchasing power get dumped into currency exchanges as people move to the Yuan. Keep in mind, hyperinflation isn’t caused when the Government prints too much money, it’s caused when large amounts of money hit the market and, the economy that printed the money doesn’t have the necessary growth to support all that currency.
If you haven’t gotten my point yet, let me just spell it out. If the world was to transition from the American Dollar reserve currency to the Chinese Yuan, we would have so many dollars out their floating around that the dollar here at home would become worthless. A great example of this is Germany, more specifically the Weimar Republic. If you haven’t already, you need to look this up. Go and at least Google it for goodness sakes. Weimar Republic.
Ok, because I am a Realtor and work in the Default Industry, let’s talk about just exactly how this will effect the housing industry.
Destroyed.
Do I really need to say anything more. Could you imagine what would happen if in the course of a month, interest rates went from 4.8% (about where they are at now) to, 24.8%.
I don’t want to try to convince you, if I haven’t by now….then, let me give you some resources so you can go read for yourself.
For those of you who won’t go get a book, let me give you a Google search you can perform. Type the work “Hyperinflation” and then the following countries, one at a time. Angola, Argentina, Austria, Belarus, Bolivia, Bosnia and Herzegovina, Brazil, Bulgaria, Chile, China (Yes, it happened to them too and may actually be happening again), Free City of Danzig, Georgia, Germany, Hungary, Israel, Japan (Some say is still suffering from hyperinflation), Krajina, Madagascar, Mozambique, Peru, Philippines, Poland, Republika Srpska, Romania (I have an investor from Romania who lived through this, it’s why he came to America, he had to escape his Country, he can tell you some stories you wouldn’t, couldn’t believe), Russian Federation, Taiwan, Turkey, Ukraine, UNITED STATES OF AMERICA (Yes, some people are already writing about our hyperinflation because, they see it as inevitable, that should scare the hell out of you by the way), Yugoslavia, Zaire aka Republic of the Congo, Zimbabwe.
My point by writing all those countries down is to highlight the fact the world has gone down this path enough times that we know what it looks like, we know what the warning signs are, we know what can happen and in fact, some countries will use economic war fare as a way to destroy another country without ever having to drop a single bomb. Does that sound familiar?
Ok, yes…..I can hear many of you now….this Jesse dude is crazy…..he is like really out there, the boy has lost his mind, DON’T TAKE MY WORD FOR IT. You go figure this stuff on your own. If I am wrong….hell yeah, let’s party on how insane I was but, what if….what if I am right? Let me just say, I am not alone in my beliefs, it’s not like I am in some fringe society creeping around dark allies, hell, I do that anyways….no, just kiddin. It was a joke for goodness sake, get over it already.
The reality is, things aren’t good, things don’t appear to be getting better and our enemies, both foreign and domestic see we are weak and are ready to strike. If we don’t prepare for the worse, where will your family, business, lives be if the worse comes?
I do have hope, it may not have sounded like it in this article but, hope is still alive. Within each of us, we have the ability to change, we have the ability to self evaluate and take stock in who we are. We are Americans, we are a melting pot more diverse than anywhere else on this planet. We can put aside our differences and works towards a common good. Let us remember what it means to be the shining city on a hill, let us forge forward and make hard decisions embraced in each others charity, good works and grace. We have done it in the past, nothing stops us from doing it now.
Step # 1, stop the spending. The best thing we can do for our economy and potentially save it from total collapse or attacks from foreign Governments is to balance this budge in the next 5 years or less.
Step # 2, balance the unfunded liabilities, ie…Social Security. I had heard once that we have over 50 Trillion in unfunded liabilities. That number seemed high to me but, I may not be remembering it correctly so, if anyone knows what the Countries unfunded liabilities are, I would love to hear it. None the less, this needs to come down…preferably to zero.
Step # 3, increase innovation. We as a country have lost our edge, we have lost what made us so special. Our innovators are gone. Why, you might ask…well, we can write another whole blog on that so, let’s just leave this one to, we need to be more innovative.
Step # 4, ground sweeping education reforms. Our education system is broken, it’s been broken for a long time. We need to make changes that way increase transparency, accountability and reward those who exceed objectives.
Step # 5, law enforcement. We need to start enforcing the laws we have. The AZ shootings the past week are a gleaming example of a State’s failure to enforce the law. You see, what you aren’t hearing in the headlines is that Mr. Laughner (the shooter, whatever his name is) would have never been able to buy the guns in the first place if he had been put on the State’s “Mental” list (those who are suffering from mental disorders) and submitted to the Federal Government background check list. In fact, it came out that over 50,000 people in AZ who are supposed to be on that list, aren’t because AZ hasn’t sent the list into the Federal Government for years. WHY NOT?
Now that I have completely ruined your day…..lol, I really hope I was able to leave you with some hope. Ghandi said (paraphrasing) To evoke change in the world, you must first be that change. Really great words to live by in these times, don’t you think?
Arms Length Transactions in Silicon Valley Short Sales Is It Too Onerous?
When a seller sells their home as a short sale, most lenders will make everyone, the buyer, the seller, and the agents sign and notarize an Arms Length Transaction document. This states that the sellers and buyers do not know each other, are not related, and the seller will never again, EVER, live in the house , or ever make any profit off of the sale of the home. They can never rent the house or ever buy it back from the new owner.
The intention of this rule is obvious. The banks do not want to sell a home for less money than is owed on it and then have the seller get the benefit of being able to own the home for less money than they originally promised to pay for the home. I am not going to take sides here on whether the seller or the bank has the moral high ground on this. I am just going to say that the banks have made a decision that it is in their best interest not to reduce principal on most loans, but allow a short sale with new owners instead.
In addition to not being able to buy back the house for less money, or have a friend or relative buy the house for less money, the seller is also not allowed to rent the house, ever. This is where I start to have a problem. Some banks have been allowing foreclosed owners to stay in the homes as renters which makes a lot of sense. The house does not get stripped or destroyed and the renter has a relationship with the house which will help preserve the home’s value. So why can’t a seller rent from the new owner in a short sale? Many of these sellers do not have money to move and except for HAFA short sales or an occasional generous bank they are not given moving expenses. It may be hard to find a place to rent after having some credit hits from missed mortgage payments or high credit card bills due to trying to keep up with the mortgage. It seems like an onerous rule to me, and one that does not directly benefit the bank anyway. Why should the bank care who the next owner rents to, especially if the original bank no longer owns or services the note?
And most importantly, what is wrong with a little humanity? Why can’t families stay in their familiar surroundings, keep their children in the same schools, have the same neighbors? Isn’t is enough punishment to lose your home, your equity, and your savings?
What do you think?
Marcy Moyer
Keller Williams Realty
650-619-9285
D.R.E. 01191194
This would be my suggestion to anyone starting out. There are many emails I receive everyday about buying a domain name for any of the listings that I currently have.I would say before you think of buying a website like this, go to a domain name register and look up your area that you cover.
It may be more difficult if you are in a larger city but this might suprise you if you are in the burbs or in a rural area. I was writing this post and as I was writing it I went to a website register site and looked up what was left in my area I found www.NicevilleREO.com was still available so I secured that name tonight.
What spurred this post was a call I recevied this week on a new listing I received from a pre marketer at a company I have been trying to get in the door with for awhile. I was told she checked out the agents for my area and looks for someone who is easy to find. " I went to CrestviewREO.com" this stuck in my mind and if it was something that was pointed out I know this helped my foot in the door.This triggered a quick google search I was told by the assigner which found my www.LinkedIn.com and my REO qualifications and pushed my name to the asset manager and preservation task were sent over shortly after.
Take the time look up your area REO.com and see if it is available.
Mortgage Bankers Association for the week of 01/12/2010
Market Composite Index: (loan application volume) increased 2.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 47.5 percent compared with the previous week
Refinance Index: increased 4.9 percent from the previous week. The seasonally adjusted Purchase Index decreased 3.7 percent from one week earlier
Purchase Index: increased 41.9 percent compared with the previous week and was 10.5 percent lower than the same week one year ago. The four week moving average for the seasonally adjusted Market Index is down 5.3 percent. The four week moving average is down 1.0 percent for the seasonally adjusted Purchase Index, while this average is down 7.5 percent for the Refinance Index.
Refinance Share of Mortgage Activity: increased to 72.1 percent of total applications from 71.0 percent the previous week
Arm Share: decreased to 4.9 percent from 5.0 percent of total applications in the previous week.
MBA outlook: (Excerpted from mbaa.org)
The financial markets response to the announcement of QE2 on November 3 has likely been a disappointment to the Fed. Equity prices have risen, but long-term rates have backed up considerably, with the yield on the 10-year Treasury pushing up past 3%. And turmoil in Europe has led to an increase in the value of the dollar in exchange markets, not the decline that had been expected in response to QE2. Had the Feds proposal for renewed large-scale asset purchases been well received, Fed officials might now be considering increasing the announced rate of purchases to $100 billion per month or more. But dong so under present circumstances would likely evoke a political firestorm.
The percentage of loans on which foreclosure actions were started during the third quarter was 1.34 percent, up 23 basis points from last quarter and down eight basis points from one year ago. The percentage of loans in the foreclosure process at the end of the third quarter was 4.39 percent, down 18 basis points from the second quarter of 2010 and down eight basis points from one year ago. The seriously delinquent rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 8.70 percent, a decrease of 41 basis points from last quarter, and a decrease of 15 basis points from the third quarter of last year.
We expect that mortgage originations will decrease to $967 billion in 2011, the lowest level of originations since 1997. This is a decline from $1.5 trillion in 2010 and a little under $2.0 trillion in 2009. Purchase originations should increase to $615 billion in 2011 up from $473 billion in 2010. Refinance originations, primarily impacted by the level of mortgage rates, are expected to drop sharply in 2011 to $352 billion and fall further in 2012 to $237 billion. We expect that the refinance share of originations should fall from 69 percent in 2010 to 36 percent in 2011, and then 24 percent in 2012 as rates climb above the 6 percent mark.
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The 15-year fixed-rate mortgage: Averaged 4.13 percent with an average 0.8 point, down from last week when it averaged 4.20 percent. A year ago at this time, the 15-year FRM averaged 4.50 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.75 percent this week, with an average 0.7 point, down from last week when it averaged 3.77 percent. A year ago, the 5-year ARM averaged 4.44 percent.
On. Averaged 3.24 percent this week with an average 0.6 point, down from last week when it averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.31 percent.
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
Mortgage rates began the new year a little lower this week and remained below those at the start of 2010, which should help aid the recovery in the housing market. Low mortgage rates are an important factor in housing affordability , which in November was the highest since records began in 1971, according to the National Association of Realtors Not surprisingly, the Realtors also reported that pending existing home sales rose for the second consecutive month in November to the strongest pace since April when the homebuyer tax credit expired. More recently, mortgage applications for home purchases at the end of 2010 were roughly running at the same rate as the beginning of the year, according to the Mortgage Bankers Association
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I know I may be a little late to the party (I am sure many of you are aware of this already), but after purchasing my IPad, I discovered ITunes U in the ITunes store.
ITunes U is a wealth of free lectures, seminars and educational videos. I have downloaded and watched several from the Khan Academy on Banking and Money as well as a lecture from Stanford University on Stocks.
There are topics that range from robotices and Black Hole theorys to music and theology. Anything you want to know about is most likely on there. And the best part is that it is free.
I would encourage you to check it out. As the adage goes: Learners are Earners and Earners are Learners.
Ok, I was reading Jessie's 2011 take on "How do I get my first REO listing?" and it got me thinking. So many agents think that once they get an REO listing they'll be on the easy money train. It just does not work that way. If this is the niche you decide to choose, be prepared, it is not glamorous.
First there are the properties, sure you might get lucky and get some 3 year old mini mansion, but more likely you'll get a mixture of suburban and urban properties to sell. In the past year, more than half of my REO's have had no plumbing- copper stripped, yet some still occupied. I have had to deal with flea infestations, break ins, police reports, fire reports, lead paint liens, city registration inspectors, abandoned pets, water penetration and mold.
Next there are the people. At times you'll be dealing with innocent tenants that have lived in the property for years and have no idea that the property has been foreclosed. You will be the bearer of the bad news that even though they paid their rent on time, the owner chose not to pay the mortgage. Other times you will meet with the former owner, and they will feel compelled to tell you their story. Some of these stories will break your heart, especially the ones when the foreclosure was caused by an illness or job loss.
Lastly there is the paperwork, not just a standard listing agreement and some disclosures, much, much more. There's initial occupancy checks, initial BPO, monthly marketing reports, updated BPO's, offer submission forms, utility invoicing paperwork, relocation assistance agreements, contractor repair bid forms and most of these documents need to be uploaded into a system.
Now I am not trying to discourage anyone from the REO business, just trying to give you a bit of reality.
So, How do I get my next REO listing? Plenty of tips are already posted on REOPro, but to reiterate;
1. Be available to your AM 24/7
2. Respond to requests immediately- get a blackberry, IPhone whatever you need to get this done.
3. Ensure all your paperwork is accurate and early, not just on time.
4. Anticipate your AM's needs, Know your AM's temperament.
5. Visit the property-often. Nothing is worse than not knowing about something that happened to one of your properties. You should always be the first to know.
6. Remember DOM=$$$$ Make sure every offer you submit is with a purchaser that is pre-approved or has proof of funds.
As an example today I trudged through over 29" of snow to do an initial occupancy check, so it would be in less than 24 hours from assignment, but that is how I will get my next REO listing.
Interesting title isn't it? Yet ist is not as it seems when you look at at and I will tell you what I really mean. What I am about to say bleeds into servicing asests as well.
I went to my office meeting yesterday and again there was the usual talk about how we need to rise our standards and do more of everything to increase our business. One of our top realtors commented how he isin't working anymore with the prospects that seem to take forever to commit to a decision. He was pretty confident and assurred of himself being a subscriber to the Floyd Wickman approach to things. That being aside, I am telling you my own business secret and I have said it before.
Tuesday night I had an excellent conversation with a new prospect that wishes to buy some good property in North Whittier. He listened carefully to my advice and what position he needed to be in for when we look at homes on Saturday. He volunteered one interesting point: his realtor experiences. He said his previous realtor was not very attentive to his needs! He was already impressed that I had taken notes of his goals and reviewed them with him to make sure I understood what he wanted in a home.
A current prospect has told me the same thing: His previous realtor made him sign a buyer- broker and then was not servicing him and his needs! He was being showed anything but what he wanted. I picked up on that right away and made sure his property choices fit his criteria. I almost repeated history with him but I apologized for not remebering certain details, recovered, and show him a perfect fixer property that set his imagination ablaze with ideas. We put on offer on it!
Case #3 I was looking at my ancient prospect pipeline yesterday and noticed that an old lead was again looking and expressed interest in a property. I quickly called him up and he indicated it was time for hm to buy so HE WANTED TO GET QUALIFIED because I called him. I am sure if this prospect was in my collegue's hands, he would have discarded him long ago!
What does this mean? CUSTOMER SERVICE every day! You never know when a dormant lead will wake up. Your leads will buy ...sometime in the future. I can't wait for the day when Floyd Wickman or Mike Ferry will start talking about SERVICE instead of "closing" the deal. Look all around you. What is the main theme of business? How great their service is...21 Century Insurance, Allstate, HR Block, The Home Depot, and Best Buy are just a few that proclaim customer service.
This is what it takes...that is why I work with my loan officer...when I need him, he will answer or call me back asap! He doesn't give me leads...I get nothing material from him...he gives me service. Thank you Anthony Elias from PMAC.
Therefore, give me your rejects because I will develop them for a future transaction. Otherwise give them great service. When Mr or Ms Asset Manager needs to you to fly at warp speed...don't you think you should do so? They want SERVICE and reliabilty! Well, I am now going to give my asset manager in Chicago a service call....because he may need some great customer service,
I sell a lot of of Probate and Trust sales. They are not quite like a traditional sale, but not as unlike a traditional sale as a Short Sale or Foreclosure. One of the differences are disclosure obligations. In California one of the diclosure requirements that causes the most confusion is what happens about the Natural Hazard Disclosure Report and statement. It is simple:
As per the Trust Advisory or Probate Advisory that needs to be signed in each of these transaction the Trustee in the case of a Trust, or the Personal Representative in the case of a Probate, is required to provide a Natural Hazard Disclosure report, but is not to sign the report.
The most common request I have with these sales is for the Trustee's signature on the Natural Hazard Report. It is not an oversight that it was not signed, it was on purpose.
If you have any questions about trust or propabate sales in Santa Clara or San Mateo Counties, please feel free to ask me.
With a new year, comes a fresh group of REO Agent hopefuls, scratching at the door of the industry ready to eat their own just to get that first listing. With this feeding frenzy comes all the questions like, “How do I get my first REO?”
Almost like tradition, each year I have tried to write a blog answering just that question yet, I don’t find myself invited as a keynote speaker to any conference, or quoted in anyone else’s blog or better yet, asked for my advice on some cable television news network yet, here I am, writing away and sometimes, I feel it’s into oblivion.
None the less, let’s sit down together for just a moment and discuss what it really takes for an Agent to get that first REO listing.
Now, before I share the secret to my success, we need to build up the reader with suspense and excitement. One way you can accomplish this is by talking circles around the actual answer causing the reader to build excitement through the anticipation. The reader begins to wonder will the next line hold the secret but, of course, we have to let the reader down and say something that leads the reader on another path, which may seem far away from the answer. Just another way to build up excitement, ooooh I just love this, don’t you?
Well of course, let’s remember what the REO industry is. We need to understand that the REO Industry is all about money. Yeah, yeah, you most likely already know that but, what you don’t know and why you keep reading is because you don’t realize that the REO Industry is all about MONEY!
Ok, that last paragraph may sound a bit silly but, let me explain. Many of these Asset Management companies see these vacant properties not as vacant properties but as non-performing assets. We call them that because when we say “assets” it reminds people that the vacant house isn’t just a vacant house, it directly represents a dollar amount, money. It keeps it real for us.
Let me ask you a question, who would you trust with your money? Seriously…..think about it for just a second, who can you actually trust with your social security number, your pin, banking account numbers, credit cards, debit cards (for those of us getting out of debt), etc…? Many of us may be able to answer that question with just one or two names. I bet most of you would say spouse and possibly your parents, that would be it……no one else? Why not? Ok…..I know that answer and you do to, it’s a rhetorical question. We don’t trust anyone with our money because it’s our money. That is the exact same mentality of the REO Industry and if you haven’t clued in to that yet, that is likely why you are still waiting for your first REO. Maybe I am being a bit harsh and cruel, maybe I have upset your sensibilities but, you asked and more importantly you continued to read this blog. J
Ok, so now, let’s move from the metaphorical to the realistic and ask another question, a more appropriate question and that is, “How do I get a Asset Management company to trust me with their money?”
Now, it’s important that you understand something, every single agent who currently has REO inventory can answer this question differently. This phenomenon is because, most of us got into the business uniquely. Truth be told, very few us got in just because we were selected from a list of random applicants with shiny resumes that smelled like Chanel and were written on pink paper (name the movie if you can?) It’s true, some REO agents can regale you with stories about how they just got a random call from Joe Schmoe Asset Manager Extrodinare however, most of us, I guess about 90% of us, are going to have a much more interesting story about how we met an Asset Manager at a conference or were referred to one by a friend or….something like that.
Ok, this blog it getting to be a bit longer than ususal so, let me cut to the chase. I know my readers and they are already wondering why I have taken so long to just get to the damn point already…..aren’t you?
If I have said it once, I have said it a thousand times…..it’s Networking!
Ok, so the secret wasn’t so much a secret after all but, let me explain why so many of you aren’t working your Networks, building your Networks, making your Networks successful for yourselves.
First off, when you get up in the morning, you aren’t thinking about writing a blog, your thinking of getting the kids washed, fed and off to school, the husband / wife up, washed and off to work, yourself 1 hour on the treadmill, wash, fed and off to the office. By the time you reach the office, you are thinking of voice mail you have to return, which continuing education classes you need to take, how you are going to pay your office bill this month, explaining to that homeowner why you haven’t sold their home in 5 months or explaining to that buyer why he can’t get a loan. My humble point is, none of you make time to network or don’t have time to network or can’t network for this or that reason. This is exactly why you aren’t successful because no one important enough know you well enough to trust you with their money.
Let me say that last line once again because, I know many of you missed it.
NO ONE IMPORTANT ENOUGH KNOWS YOU WELL ENOUGH TO TRUST YOU WITH THEIR MONEY.
Granted, it’s not just that simple but, that one line drills down to a foundation that answer the question you posed earlier and that was, “How do I get my first REO listing?”
I have written many….many blogs on how to network, where to network, when to network, what to say, what not to say and, still….I look back at some of my blogs and I see it appears they have been lost to the vastness of the blogosphere. Better yet, I get the wonderful question from the “default professional” who just joined REOPro and says, “How do I get a REO listing?”
Dear God, was I the first email you wrote on this network, was I the first name you saw, did you even bother to read some……3…..2…..or at least 1 blog?
No, you most likely didn’t, you most likely saw that I owned the network, assumed I was a fount of free flowing information, thought you would be bold and a go getter, sat down at your desk and wrote me a one line email, “How do I get my first REO listing?”
Let me just say, you would not be one I would trust with my money…..why on God’s green Earth would any Asset Manger trust you with his?
Fannie Mae recently launched WaysHome, an interactive video to educate homeowners about their options to avoid foreclosure, motivate them to make the right decisions, and encourage them to seek help. WaysHome is part of Fannie Mae's Know Your Options initiative to help today's struggling homeowners. Check it out at: www.KnowYourOptions.com.
Overview
WaysHome, a unique and innovative learning tool, allows homeowners to put themselves in real-life situations facing today's borrowers, make decisions, and see the consequences of their actions. Through WaysHome, homeowners can:
- Participate in an interactive video simulation.
- Select a character and go through the simulation "playing" that character.
- Follow characters as they encounter financial hardships and challenges that affect their ability to pay their mortgage.
- Choose different paths based on real-life situations.
- Experience the positive outcomes or negative consequences of their choices, i.e., if they avoid taking action, foreclosure may be their only option.
- Learn about options that may be available to help.
- Discover the right paths to avoid foreclosure, know their options, and find their way home.
Agent benefits:
Our research shows that many homeowners still don't know about or understand their options to avoid foreclosure, and many homeowners who are seriously delinquent or in foreclosure have little to no contact with their mortgage company. WaysHome is designed to encourage homeowners to take action before it's too late.
If you or your clients have questions or would like to order free copies of the WaysHome DVD, email ways_home@fanniemae.com.
According to Royal Bank of Scotland analysts, using data from corelogic, "The month-over-month price decline in November was the largest in 2010."
The most recent CoreLogic (CLGX: 19.11 -0.21%) Housing Price Index, scheduled for public release next week, will show home prices dipped 3.35% nationally from November 2009 to November 2010.
(http://www.housingwire.com/2011/01/06/home-prices-go-haywire-coast-to-coast)
30-year fixed-rate mortgage: Averaged 4.86 percent with an average 0.8 point for the week ending December 30, 2010, up from last week when it averaged 4.81 percent. Last year at this time, the 30-year FRM averaged 5.14 percent.
The 15-year fixed-rate mortgage: Averaged 4.20 percent with an average 0.8 point, up from last week when it averaged 4.15 percent. A year ago at this time, the 15-year FRM averaged 4.54 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.77 percent this week, with an average 0.7 point, up from last week when it averaged 3.75 percent. A year ago, the 5-year ARM averaged 4.44 percent.
One-year Treasury-indexed ARMs: Averaged 3.26 percent this week with an average 0.6 point, down from last week when it averaged 3.40 percent. At this time last year, the 1-year ARM averaged 4.33 percent
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
Interest rates on fixed mortgages and the 5 year Hybrid ARM rose slightly over the holiday week, but were still below the years highs set in the first half of 2010. For the year as a whole, 30 year fixed mortgage rates averaged just below 4.7 percent, which represented the lowest annual average since 1955 when secondary market yields on FHA mortgages were above 4.6 percent and the average price of a home was $22,000. Recent news on housing markets has been mixed. The S&P/Case-Shiller house price index fell 0.99 percent in October, in line with other reports showing a softening in house prices since mid year. Home sales continue to recover in the months following the expiration of the Home buyer Tax Credit, however, with sales of new and existing homes up 5.5 percent and 5.6 percent, respectively, in November
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Market Composite Index: (loan application volume) d ecreased 3.9 percent on a seasonally adjusted basis from the prior week. For the week ending December 31, 2010, this index increased 2.3 percent on a seasonally adjusted basis.
Refinance Index: decreased 7.2 percent from the previous week and the seasonally adjusted Purchase Index increased 3.1 percent from one week earlier. The following week, the Refinance Index increased 3.9 percent and the seasonally adjusted Purchase Index decreased 0.8 percent
Purchase Index: decreased 18.1 percent the week before Christmas and decreased 12.2 percent the week following. This measure was 12.1 percent higher and 6.1 percent lower, respectively, than the same period a year ago.
Refinance Share of Mortgage Activity: for the week ending December 31, 2010 was 71.0 percent, an increase from 70.3 percent for the week ending December 24, 2010.
Arm Share: No info available this week
MBA outlook: (Excerpted from mbaa.org)
The financial markets response to the announcement of QE2 on November 3 has likely been a disappointment to the Fed. Equity prices have risen, but long-term rates have backed up considerably, with the yield on the 10-year Treasury pushing up past 3%. And turmoil in Europe has led to an increase in the value of the dollar in exchange markets, not the decline that had been expected in response to QE2. Had the Feds proposal for renewed large-scale asset purchases been well received, Fed officials might now be considering increasing the announced rate of purchases to $100 billion per month or more. But dong so under present circumstances would likely evoke a political firestorm.
The percentage of loans on which foreclosure actions were started during the third quarter was 1.34 percent, up 23 basis points from last quarter and down eight basis points from one year ago. The percentage of loans in the foreclosure process at the end of the third quarter was 4.39 percent, down 18 basis points from the second quarter of 2010 and down eight basis points from one year ago. The seriously delinquent rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 8.70 percent, a decrease of 41 basis points from last quarter, and a decrease of 15 basis points from the third quarter of last year.
We expect that mortgage originations will decrease to $967 billion in 2011, the lowest level of originations since 1997. This is a decline from $1.5 trillion in 2010 and a little under $2.0 trillion in 2009. Purchase originations should increase to $615 billion in 2011 up from $473 billion in 2010. Refinance originations, primarily impacted by the level of mortgage rates, are expected to drop sharply in 2011 to $352 billion and fall further in 2012 to $237 billion. We expect that the refinance share of originations should fall from 69 percent in 2010 to 36 percent in 2011, and then 24 percent in 2012 as rates climb above the 6 percent mark.
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Does anyone here ever try different things to get more business verses the old signing up and just waiting?
I know that is not going to always work,although I have got some business that way.
Every 2 or so months, I go through all the lists I have of REO and BPO companies to update them. I first go through the ones I am registered with, then start working it.I have emailed to remind them I am available. I have even called to touch base with whomever I need to, to get my name in front of them. You never know, I have received business from a company I was signed up with. I kept emailing the right person about once a month, then about 5 or 6 months later, my first listing with them. Keep in mind, I have never paid for these that have worked! Most of my business was never paid for with a fee.
Last week, I even looked up some of my old AM's through FB to see if they were still in the business. Amazing how many aren't...My next thing is trying to get around the limitations on LinkedIn. There are alot of AM's on there. I think this is what you would call "thinking outside the box". I am in no way saying to stalk them or harass them by sending out too many emails as they are very busy, but with the right subject line, they JUST might read it and respond. Persistence is the key here. Remember it is not always what you know, BUT who you know...
Anyone have any ideas they would like to share?
I have a few more ideas I will try to see if they work and let you know.
Well, today is my first day as a GEORGIA Realtor! I don't know anyone here except my family and my new office Broker. Wow... this will be somewhat of a challenge, but I belive I can do it!.
My plan is to start doing Short Sale listings, as this has become a specialty for me. I believe I have attended every class known to man kind, and feel pretty prepared ... although Georgia is a non-judicial state, so this will be a little different. I did take an awsome class recently, here in Woodstock, at the Keller Williams office and have decided from this class that one mearly needs to ask for an extension, and normally you will get it- yeah, sounds a little too easy, but we shall see. The proof is still up in the air on that one... any other suggestions would be welcome, as this is foreign territory for me. Well... here goes, off to the races! Have an awesome day!
I am not an econimis, nor a financial expert, but I like to think practical outside the box, I know what I am about to say will get some people upset, and my even triger a Nationalistic reply to it, but the reality that we lived in is different to the reality we would like to live in.
We need to have a better housing recovery to help our frail and declining economy, the main reasons are high unemployment, the large amount of people living and on the way to live depending of our welfare system and social security. I am sure there tons of other factors out there, but like I said before I am not an expert.
I think the best way to give a push to the housing recovery is to allow undocumented immigrants to purchase homes, give loans to those who has ITIN numbers and pay taxes, have job security and 10% down payment. Even if the banks give them higher interest that regular loans, lets say 1 to 2% higher than the ongoing rate. I am sure if we think there are 11 million undocumented in America that 20% of them will have the means to purchase a home (good credit, saving, steady income) or 2 million plus new home owners.
Since the beginning of my real estate career I have help several immigrants from different parts of the world purchas a home in America, some are undocumented and in the past there were several banks who provide financing for them with an ITIN number at a higher interest rate, we are talking 10 to 12% interest in 2005 to 2007, at 80 to 90% LTV.
Immigrants have a different way of doing things, they usually don't use plastic and if they do they are very good with their budget, they also like to save, some use banks some has mattress money, one time a buyer askme how much he would need to buy his dream home and I told hime about $20,000 or 10% of the sales price, and he went to his bedroom and walked out with to bags with $10,000 in each bag.
I am sure some of you would say well they are illegal, criminals who are breaing the law, etc, etc. But our government looks the other way, there are several of those undocumented immigrants who use a fake social to work and pay taxes with it, and then they pay taxes again with thei ITIN number during tax season, because they think that by doing that, maybe one day they can change their status and become premanent residents, and they usually have young children and want to live a normal life.
Also as I mentioned before this is no something new, there were loans for this type of buyers up to 2008, the last bank that had this type of program was Citibank in partnership wtih NACA.
An individual with a tax id or ITIN can open bank accounts, get credit card, finance the purchase of automobile and other goods from department stores and online stores.
I am not trying to get a political debate, this is just my humble opinion based on my experience with a niche of clients, their needs and an opportunity help our economy. I don't think another artifical tax break would help with housing recovery, but this can create a long term solution and maybe a way for lenders to start opening up to buyers.
Therefore I propose the following changes to every agent's open house program:
You must have with you your preapproval letter. Or give me your loan officer's name and number. That is your admission ticket. This house may be overpriced for your buying power. I want to show you homes that you can afford. Forget lowballing as it does not work. I will then leave you alone after signing in. Give me feedback about the home please.
If you are shopping for someone else, please at least give me their contact information. I will then let you look . Since when did you become a real estate agent?
Oh you are an agent...where is your card or "my brother is an agent". Ask them to show you this property instead.
If you do not have your preapproval letter , my loan officer partner will talk to you because he is here right beside me. No, I am not trying to sell you something...you will sell your house to yourself. I want you to be a success this buying thing and write an offer that is the one accepted out of 10 offers.
You will commit to set up a consultation with me before we look at anything else. I want to show you only the right homes for you and not just what you got through random listings. I need to learn about what you seek and not show just any 3 bed home.
Yes indeed, I am considering changing up things and ratcheting up my program. I need some real buyers. MOST OF ALL I WANT YOU TO BE SUCCESSFUL!
