Blog

I believe Jesse does NOT need to enumerate all REOPRO benefits

because they are just already tremendous !

He does NOT either need to justify his intention because they are

already clear enough. In addition he is HERE at any time.

I mean he is available for us at any time!

You can blog, forum or email and he will answer one way or another.

So what else do you need?

Gift wrapped, Maybe?

One day, I even believe to have had a vision of him while doing a BPO!

(to be verified!)

...........................................................

The goal of 25K members ? WHY ?

Or Why not 35K?

Let me share with you my pilot experience which has been terminated

as professional by 09/11/01… The pilot association known as AOPA

had at that time more than 300K members and the benefits for their members

are equal to the weight they have with governmental authorities and any

other entities in the industry. I have never met a pilot who doesn’t belong

to AOPA to be more clear …

regardless their experience and the bird they were flying.

..............................................................

There is no free lunch in America ! to clarify some issue regarding

if Jesse is making or intending to make some money out of his enterprise.

Honestly and Sincerely, I really hope that he will make some big bucks

for his initiative. That just makes sense!

I friend of mine told me one day:

“WE ARE ALL THE SAME, WE WAKE UP EVERY MORNING TO WORK,

TO SUPPORT OUR FAMILY AND HELP EACH OTHER TO DO SO”.

I thought that it was very appropriate and nicely said.

This is the best definition of what Jesse is trying to accomplish.

....................................................................

I have to admit that I did invite some few new agents

but not from my immediate area.

And we go from there to another topic which I have some really

HARD time to understand.

Let me explain. Each Counties around mine have approx. 3 times

more foreclosure than mine. More than 40% of REO in my own County

are listed by agent from these around Counties

while I am here to collect 40 bucks for BPO to ensure their listing.

I would have a regular amount of listing and I would not have any problem

to recommend some agents around me because some are working hard

and will deserve the REOPRO benefits. But to ensure more listing to other

while I am logging BPO at $ 40…This equation does not work for me at this time.

This is getting even more Dijon !... (mustard = spicy !) (ahaha!)

...when I am in direct competition with my own broker

by having registered with some platform (Bankers Asset Managers, Atlas),

logging about 15 listings that he is subcontracting with one employee only

while I am not even able to register myself to these platforms.

Therefore, I have not a chance with these companies.

Is that ethical? (I am not sure about that)

ANYONE CAN EXPLAIN with a key of my problem and I will send you a

bottle of Chateau “Something” !

In the meantime I am logging $ 40 BPO, avoiding to be chased by

frustrated home owner and risking my life to drive to some haunted

Bank owned properties.

This is resulting to a lot of frustration so

I am starting to get more Chateau Something !

The last one was an interior BPO which was gutted due to an interior fire

since the tenant was growing some pot in the bedrooms and

the heating lamps caught in fire.

The valuation was cancelled but I had to do the interior inspection,

loaded more than 30 photos almost 4 times since they lost my email,

succeeded to get the fire investigation report which was emailed several time

as well and I was VERY HAPPY to get $10 for all of that !

Same day I see one of my completed BPO listed by an agent from

more than one hour one way in the best circumstance of traffic and

weather condition combined and again a little more of Chateau Something!

...............................................................................................

The A LA MODE …

I wish it would be more Ice Cream Topping but that’s Okay!

Ahaha … Well …!!!

It was a lot of work to put together and to understand but guess what? …

The dummy I am has succeeded. Again, it was a lot of work and issue to understand.

You can judge by yourself www.REOfrenchie.com.

The Alamo (I mean A la Mode) team was extremely responsive and

helpful and I would not have done it without their assistance.

I have reduced the task to keep it for free at this time and looking for

to upgrade since I am missing a few features but I have to understand more

what I can do or not. The upgrade proposed by this company is a too big bite

for me at this time. I have to monitor more often REOPRO-Store.

I am confident there is a desirable option.

....................................................................

Conclusion:

Thank You Holly Jesse!

25k REOPRO: Yes…

Invitation: by appointment only

A La Mode: Thank you again Jesse…

Bucks for Jesse : You deserve it …

REO4me : Still waiting !

BPO: Appetizer (small)

Alain… !!! Alain Thillois… licensed to REO.

Effective Monday, May 3rd, the AutoAccepter 2.0 by BPO Automation now contains nationwide broadcast statistics for BPO order delivery. This means that for the first time ever, you can now see where, when, and how many orders are being dropped, as well as fine-tune your autoaccepter to maximize performance.

The AutoAccepter 2.0 was developed in collaboration with top national BPO companies, and provides an effective means of capturing broadcast orders while letting you stay mobile - taking photos, filling out forms, and doing listings instead of simply clicking "refresh" over and over again hoping to get orders.

The AutoAccepter 2.0 was developed as a response to customer demand for a tool that would work as a virtual assistant for them while they were on the road, and it's become more valuable than ever in today's competitive BPO market as agents compete with in-house software programs & minimum-wage staff working diligently to soak up available orders.

Broadcast BPO orders are an excellent way for new agents to break into the BPO marketplace, and our product is an ethical, cost-effective, highly-effective tool for delivering those new assignments directly to your inbox.

Visit us online at http://www.bpo-automation.com for a free 2-week trial of the AutoAccepter 2.0 today!

Related Articles

Who's Lending Now

When Hiring a Property Management Company

The longer term outlook for apartments remains good.

Ran into an issue this week - wanted to see if anyone else has ran into it and what happened.

Had buyers, we found the home, knew that it was a short sale, made an offer and it was accepted. During the offer to acceptance, we found out that an investment group had successfully negotiated a short sale and that they would be closing on May 19th, 2010. They would be the ones selling the property to us. Thought okay, we got a good price on a good home, works for the buyers. Buyers had been approved for a FHA loan. We found out all the details several days later, when the listing Realtor called the buyer's mortgage company. What happened was that everyone we have talked to has stated that they can not close the loan until 90 days after the investment group has closed. Most all of the lenders said that even though FHA has waived the 90 day rule at this time, it doesn't apply in cases where investors have bought a short sale property. One lender has said that they would close it, but their debt to income ratios are much lower and the buyers didn't qualify.

My question is: with the number of short sales out there, has anyone else ran into an issue where they have the buyer and the property is now owned by an investor. And if so, have you had financing issues and how did you get around it. In our situation, it appears next to impossible. We have been told that we could go conventional with either 10% or 20% (depending which lender), but the buyers don't have that kind of money. Are we now going to end up with a surplus of investor owned homes that they can't sell for 3 months due to financing restrictions.

With all my respect to REO Veterans! I doubt that you started as an REO agent knowing everything, I am not applauding the agent that does not have a clue of " CASH FOR KEYS " means. I am sorry to inform you that I am a newbie, and my background is Loan Officer, I was already question by Mr. Marquez how did I get in... well!!!

I am a sales person, so my ability to originate business helps, I don’t wait for the business to come to me I go out there and get it, REO's is not the only way to be in the business, STOP waiting for the AM call, there are many investors out there getting your business they are tons of buyers, many pre-foreclosures. Don’t worry of what others do.

Get UP take your cell phone device in case your AM calls you and take business cards and get to work, go do door knock, sellers are waiting for you to get them into a short sale, why wait for lender to foreclose on the property. Do you know you can help them by doing a short sale and save their credit rating?

The difference with me PROUD newbie is I am eager to learn, other veterans agents know it all, and if Sunday Newspaper, Real Estate section reads 5000 SOLD homes I don’t have time to find out who was the top realtor selling or making money I want to be top Realtor and I want to Make Money.

HHEEELLLOOOO Get ahead! Get out there and work like a REALTOR or Broker whatever you are. I go out there and door knock twice a week, I hold open house EVERY WEEKEND and build a prospect buyer sheet, I’m too busy to care what others do. I am sorry I am a newbie but I love to Diversify. My hard job got me into the REO world. You become noticable when you work HARD. All my newbie fellows keep going to conventions, dont give up!

Proverbs 10

¹⁴ Wise people store up knowledge,
But the mouth of the foolish is near destruction.
¹⁵ The rich man’s wealth is his strong city;
The destruction of the poor is their poverty.
¹⁶ The labor of the righteous leads to life,
The wages of the wicked to sin.

It's no secret that my operations have moved into the Hotel business again, however, this time it's hotel real estate and operations. I'd like to share with everyone why I've decided to focus on hotels.

I've always had a heart for hospitality. From being in the front lines at McDonald's learning their "fool-proof" system, to mid-size hotel operations and financial accounting, my spot was in Hotels. I also loved real estate. When I was working for a hotel, I managed to study and get a real estate license. I loved both industries.

My father, also a real estate broker in New York, has a heart for hotels as well. He was more of an owner/operator. He loved how it changed his life when he first bought his first motel and ran it himself and decided that real estate was his passion as well. He now works with me in California.

So why now, after these years of REO's and BPO's in the residential field?

Our opportunity now comes in a form of a private group from China with LARGE sums of cash. We are talking 9 digits dollar figures and they want flagged properties with existing management operations. We must not let this opportunity go past us!

This group is mainly from overseas looking for USA opportunities and moving their currency from the undervalued markets in Asia.

Quite an interesting thought here because when they move the money to the US, then the valuation of their currency stablizes (most likely in a few years), they are going to make a ton of money when they sell their properties. In the meantime, they will bank on US dollars with the cash flow of the hotel operations each year until they liquidate! What an amazing concept!

Our perspective, since our initial contact with the buyer-client, we are sure that there will be smaller groups that will come around and seek our expertise and help and in return alleviate the distressed hotel market that the nation is experiencing. (Currently over 200+ NPN and/or defaulted hotel properties in the SF Bay Area alone!!).

We consult and advise any new owners how to run a hotel operation, large or small.

If you have any hotel NPN and/or assets you need help with, please look to us. We can bring buyers in with agressive action without compromising operations.

We are Legacy Hotel Group

http://www.legacyhotelgrp.com

For those of you who might be unaware, Fannie Mae has been releasing their REO inventory. Whatever your opinions are on Fannie, Freddie or the government programs in general, they have released more REO than most other financial institutions and we have to work with them. Embrace it, especially if you're a buyers agent... this is a good thing for buyers. Check out their website, they list their Active listings as well as listings that are coming soon. Use it to your advantage, and your buyers: www.homepath.com

Ok, I blew my Fannie horn for the day :) Have a good weekend!

I’m curious how other agents see short sales and REOs mixing.

If you are an REO agent and are assigned a listing, you are happy. If you then find out that one of your associates in your brokerage has had it listed as a short sale within the past 6 months, your happiness might turn into a sense of loss. You need to tell your seller that the property has been listed with your brokerage and let them decide if there is a conflict of interest. In fact, the seller probably is already aware that the property was previously listed with your brokerage, in which case they may not have assigned it to you at all depending on their policies.

Do you, REO agents, consider this scenario potentially damaging to your business? One reason I was motivated to build my own brokerage was I could control what listings we handled and avoid sellers in distress since potentially we have a better chance of selling their home as an REO listing than selling their over-priced, underwater short sale home. When I worked at a franchise brokerage I had to turn down pre-listing bpos because another agent in my office currently had the properties listed. This happened a few times and I decided that it was up to me to solve the problem by leaving.

Now, the whole game is changing and short sales are becoming part of the mix with management companies that previously only managed REOs. I have heard some short sale agents claim that they get REO listings by being the short sale agent for the owner in default but I have yet to see any proof to back up this claim. Usually the short sale agent gets a call from the REO agent instructing them to remove their short sale listing from the MLS because the property has a new owner. These are uncharted waters so my question is:
Will a short sale assigned by a management company be more likely to be kept by a listing agent if it fails to sell and becomes an REO?

1. Lenders have realized for some time that foreclosure proceedings are very costly, not to mention the fact that properties deteriorate in condition. They know the amount they recover from a short sale versus a foreclosure is very significant, and are doing whatever it takes to cut their losses.
2. Many have improved their processing times dramatically for short sales, or are in the process of implementing much more efficient systems.
3. High numbers of foreclosures and non-performing assets make lenders look bad to their investors and share holders and can also effect their relationship with the FDIC in a very bad way
   
4. New flip laws are encouraging more investors to buy them again
5. The new HAFA short sale program offers excellent incentives for the lenders to approve them
6. Lenders are in the lending business, NOT in the property management and asset disposal business!
   

All of these factors combined will make 2010 "The Year of the Short Sale"!

Are you ready for the short sale explosion?


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

Mike Linkenauger

"Preventing Foreclosures
One Home at a Time"

(877)737-4903

Special prices applicable till April 30, 2010. CAR members please use promotion code “APCAR005” and non-CAR members please use “APUSA005” on the order form.

Training and Certification Content (2-3 hours)

• 
  
• Section I – Foreclosure Alternatives Market Background
• Section II – HAFA Overview
• Section III – Implications of HAFA
• Section IV – HAFA Roles and Responsibilities
• Section V – HAFA Process and Documents
• Section VI – HAFA Opportunities and Challenges

HAFA Certification Quiz

Each of the above modules ends with a short multiple choice test. Upon the successful completion of all 6 modules and tests registered clients will:

• Become a ‘Certified HAFA Specialist’, enhancing your HAFA credibility in the marketplace
• Have the opportunity to participate in AssetPlanUSA’s Certified HAFA Real Estate Professional Network for Servicer and AssetPlanUSA HAFA referrals
• Receive HAFA program and Servicer updates for 1 year
• Be able to print and keep a desk reference ‘HAFA Summary’, as well as 4 key HAFA example contracts
• • HAFA Short Sale Agreement (SSA)
  • HAFA Deed-In-Lieu Agreement (DIL)
  • HAFA Request for Approval of Short Sale (RASS)
  • HAFA Alternate Request for Approval of Short Sale (ARASS)

http://shop.assetplanusa.com/training.html

Recently, one of our members sent me some hate mail, yes….I get hate mail and, I wanted to share some of it with you so that I can clarify some points, just to make sure we are all on the same page.

Before I do this, just so you know, I won’t be revealing who this person is so, don’t ask.

Point # 1 –

I am here to make money.

Quote, “I truly believe that you are trying to build something big for yourself”

Yeah, was anyone under the impression I wasn’t? I am a capitalist……tried and true. I believe a person’s dedication, commitment, desire, ambition and liberty to follow their own dream is the American Dream. Absolutely I am trying to build a huge network of default professionals for myself and anyone else who decides to join me, walk along side me and pursue their dreams with me. If my ambition and dreams aren’t in line with yours, go find another network to join or start your own. The father of modern economics said that competition leads to the greater good so, if you don’t like me, if you don’t like what I am doing, if you think I am living Satan spawn then……..take a number, get in line, be patient and hold your breath.

Quote, “You know, we don’t really have to have you to get screwed out of our money”

Screwed out of your money……..are you serious? I want everyone to know, since May of 2008 I have made less than $1,500.00 off REOPro. Yep, that’s right, no more than $1,500.00! Just to be even more clear, $1,400.00 of that came from sponsors buying advertisement space. I don’t ask for donations, which would be nice, I don’t charge a membership fee, I don’t charge a set up fee, I don’t charge an inactivity fee (which is where I would make the most money)………I DON’T CHARGE MEMBERS A DIME! What money are members getting screwed out of by REOPro?

I have recommended service providers to this network, service providers that I use myself and find a lot of benefit in using. If you took my word to join any service I have recommended, guess what…………I DIDN’T MAKE ANY MONEY FROM YOU JOINING THEM!

Oh, wait a minute, I take that back……I did make about $40.00 off of 2 people who upgraded their alamode account a couple months ago. I do make money if you purchase any upgrades to your alamode account through the REOPro store but, out of almost 150 orders……I have made $40.00. In fact, it’s been such a failure that I have even thought about getting rid of it but, that is a different topic for another day.

Quote, “What are the benefits to ME when I suggest that people join the site? Does it make ME look bigger and more organized? Or you?? I really think you are self-serving and only out for yourself. I think the Alamode website deal was the clincher for me. Do you really think you saved people money?”

Oh dear golly goodness, is this person serious? What are the benefits to you when you suggest that people join the REOPro site? Building this network gives us a greater pool of resources to pull from. More people joining equals more people writing blogs, responding to forums and organically creates an environment for sharing. Sharing is good, it cost you nothing but, it could change your business. In fact, I am aware of several people who have come on-line, wrote a blog of forum, read the responses, created connections and got referrals to join companies that changed their business. The direct benefit to getting people to join REOPro is so that our community develops and in that we find strength, knowledge, power and the ability to have a voice in an industry where we are drowned out by bank policies, government regulation, inactivity of NAR and consumers. If you can’t see this….why are you still a member?

As for Alamode……hell yeah it saved people money! Alamode guarantees my members who order products and services through the REOPro store a better price than they could get direct. Did you know that….of course you didn’t because, it’s none of your business what the details of the deal I worked out with Alamode are. I challenge you to go to Alamode, order a website and then go to the REOPro store, order the same product and compare the prices. See for yourself.

Quote, “A site like this would be great if it kept out the vultures.”

Keep out the vultures….who do you think I am? I am not the Judge and Jury of the Default Real Estate Industry. Maybe, one day, we can get to the point where we can centralize and control some sort of BBB of the Default Real Estate Industry but, the reality is that I don’t make enough money on this site a year to pay 1 months mortgage payment, let alone pour my resources in with no monetary return.

Better yet, our members have stepped up and become REOPro leaders. For instance, Tim Ventura with The BPO Automation Group have sponsored a service you can find on our main page where our members can go and rate the BPO companies they have worked with, anonymously. This has been great because it allows our members to go in and see for themselves what our members think of a particular company and then you can use that information to determine for yourself if it’s worth your time, money and energy.

What about the “Non Paying BPO Company” Group (their name is something like that) where you can go in and see what BPO companies are milking people out of hard earned cash.

Quote, “. I just sense too much of your own purposes being served here.”

I hope you do get the sense that I am serving my own self purpose because I am! My purpose is to create a network of professionals that can change the direction of the wind! Granted, that may be a bit lofty but, you get the idea. My purpose is to help Agents, Asset Managers, Title Agents, Locksmiths, Land Scappers, and everyone else in this cut throat industry to feed their families. I am hell bent on making this happen and guess what, that means I may end up making a lot of money but, have you ever known a poor person being able to provide you with a job or work?

Just to be clear, I am a LIBERTY loving, constitution toting, private property rights supporting, God fearing, profit motivated, big hearted, loyal as a dog man who believes I can change the world one person at a time so that we all benefit through capitalist principles and if this isn’t what you signed up for, good luck and I wish you the best.

I understand that you need to reach this goal of 25,000 members and there might be some lack of acting from some of us. I know my reason is because your not giving enough info out. You state it will benefit all of us, but how? Maybe if you would enlighten us we would take that extra step and make it more of a priority.

It would be nice for us to see the light at the end of the tunnel and if what you have brewing is worth it then i'm sure we can hit that number. I know, at the very least, we can all get 6 agents from our office to sign up but the question arises again,,,,,why?

Connecticut Senator Christopher Dodd, Chairman of the Banking Committee introduced his own Financial Reform Bill recent however, it didn’t have bipartisan support and died on arrival however, the White House bill that is likely to be brought to the floor on Monday has a very similar outline.

What specifically got my attention was the $50 billion fund, that will be raised out of fees charged to banks. This fund is suppose to be used to liquidate failing banks. Now, it doesn’t say anything in particular about using that money to liquidate bank nonperforming assets in the form of short sale however, follow me down the rabbit hole for a while.

This is an election year and, the last thing a politician wants is to be seen as is someone who is pro business and, pro Wall street, however the financial crisis has gotten worse than anyone will admit and therefore, the government realized their folly with the philosophy, “everyone gets to stay in their home.” So, now….here we are, elections in November, the Country is PISSED OFF at incumbent politicians and the banking crisis is worsening due to the enormous debt and weakening dollar so, what can a politician do?

They find an enemy, in this case, big banks and they find a victim, in this case, defaulting homeowners. Now, regardless of how you feel personally about who is really responsible for this calamity, let me assure you, the media is going to spin this as if it’s all the banks fault so, just a bit further down the rabbit hole, come on……you know reading my blog is like watching a naughty movie on your company laptop, you may not ever say you do it but, we know, oh trust me, we know.

Ok, I digress.

What these politicians need to do is get rid of these toxic assets on these bank portfolios now, under a capitalist system, the banks would be left to deal with the problem on their own however, that isn’t the reality of the situation. So, these politicians in control of these banks tell them that they need to do more short sales however, the banks say, we can’t take the loss.

Well, the Government can’t give them a direct bail out because, it’s not popular at the moment so, the Government decides to charge the banks fee which is essentially tax payer money anyways because the bank is Government owned. The Government then “banks” these fees at the Fed and makes the fees available to banks they determine need to liquidate some non performing assets. So, in essence, it’s a Government bailout with taxpayer dollars however, it’s hidden in the guise of bank fees.

So, how did I make the stretch that these fees would be used to create an influx of short sales? Well, I can’t tell you my source but, let’s just say, no politician in their right mind wants to be charged with kicking homeowners out of their home, no matter if the homeowner can afford the home or not. This is especially true with Progressive politicians because, keep in mind, they are following the Franklin Roosevelt 2^nd Bill of Rights that says everyone gets a home.

Ok, now that I took you on a trip to Wonderland, let’s come back to reality.

America’s debt spending is weakening our dollar in foreign markets. This is why we are seeing gold prices rise. This is important to understand because, we don’t want to end up like Greece in the next 24-36 months, if not sooner. A continued weakening dollar, increased fuel prices, lower home prices, lack of real job growth, more defaults, more upside down homeowners, a tightening credit market, lack of industrial production in the country, higher taxes for everyone and we are gearing up for a perfect storm for hyper inflation.

The Government has to do something, right?

I got an idea.......JUST STOP DEBT SPENDING!