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I was just reading about the REO Manager and the Broker this happened to me with my Broker so all Brokers are not necessarily created equal. Also not all Brokers are ethical that is why I started my own Company,

After dealing with one Broker who assigned all the relocation leads convenietly to herself, and another Broker who thought he was the "King of REO's" in our part of the country. I was his assistant and took care of all the inspections, rekeys, CFK, and lined up the trash out and took all the photos, entered contracts on weekends. He went on a weekend trip that was not unusual at all and while he was gone I was signed up for "call list" because no one else was in the office. A call came in on one of the Brokers regular listings and the couple wanted to see the house right away, so I called the next person on call and ask them to come in about half an hour early. I met the couple at the house wrote up an offer for the house and they signed agency with me. I faxed the contract to my Broker and he said he would present it over the phone. Later the same afternoon I got a call from the Broker saying the deal just "would not work they were too far apart on price."

The next day was Monday he announced the house had sold for about $8,000 less than the list price. Imagine my surprise when the contract was between my "buyer" and his "seller: and they had re-written the contract

Sunday night. I told him I wanted a referral fee at the very least and he agreed, was I ever in a state of shock when the referral fee fee was "10%". I threatened to take him to the State Board on an Ethics charge and he

whispered in my ear that if I did he would pick me up and toss me out of the building. I told him not to worry because I no longer wanted to share an office with a "thief". I came back to train a replacement REO person-

big mistake for free for two weeks after she was trained I turned in my keys. I was told never to step foot in his office again and it has been almost two years and I still meet his Associate's in the parking lot with contracts. After having two bad Brokers in a row I decided to be my own Broker, I make less money but I do not stay awake at night wondering if the person that I make income for is going to steal my clients or my reputation. After I trained his new assistant he told everyone I was "incompatent" and that is why he ask me to leave. So do not be surprised that some Realtor's need to take the "ethics' classes on a monthly basis. I sure do enjoy working for my new "broker-me" she works me hard but I have learned more than I ever could have under their guidance. Connie Brown

I have been using ebrokerhouse for about a year now based on my husband attending a CREOBA conference. He really liked the option of managing our offers since agents were sending them left and right to my email, his email, office offers email, fax, efax. They were coming out of everywhere and some were not even found. So we decided to go to an offer management system and the low cost of ebrokerhouse seemed attractive over the REOMaestro prices.

It worked well in our offer management system, we could view and respond to all agents, have our assistants notify the rejected offers quickly and input additional lender required information. We could now locate where all offers went. Locating lockbox combonations was made easier. And my bookkeeper had a great time managing the PGE and other billing. The customer service wasn't bad because they would call us to find out about our input. (I don't know if they ever applied it. )

BUT we found a few flaws: 1. You could not sort the property page. So if you entered a property 20 properties ago, you had to slowly go through all pages to locate it. 2. The weblink we listed on our mls for agents to submit offers often times was too lengthy that agents cut and pasted not enough of the link and took them to wrong pages and they would call and not know what to do. 3. Agents seemed to not understand the way to upload offers (this was most part on the other party for their passive approach to new technology) but that caused agents to call and be frustrated and send offers to all our emails or fax- again diminishing the point of having this offer management system.

Although the system helped us manage our pipeline, I really felt that it seemed archaic and lacked the 2010 technology to it. They definitely need to update the functions. But I am still an ebrokerhouse user - I think it's due to my passive approach to change too.

While the HAFA program may be another drop in the foreclosure prevention pool it will not stop the REO wave expected later this year from Shadow Inventory, ALT-A, and Option ARM's. Actually it may only postpone the invevitable. Many borrowers are on to the game now and understand that first you default, then you apply for HAMP, then HAFA, and even if you don't qualify for any of them you just bought yourself several months of free occupancy. I personally recently listed an REO property that had occupants that had not paid a mortgage payment or rent for over 12 months. I have now have a new tenant occupied REO listing that can not provide signed rental agreement or proof of payment for the last 3 months rent who were just given 45 more days and a $1000 CFK offer from the lender/owner just to insure vacancy. As the old saying goes the jig is up! While many have actual hardships the majority are just flat out working the system.

Add to this the second TD $3000.00 cap and release of future legal rights to pursue the former borrower at a later date. This just is not the real world. Many lenders are working up relationships with collection agencies and will play "when in doubt wait them out" to see if the borrower was honest about their "hardship". When they apply for a new car loan or a new mortgage in 3 years, stating a rise in income and newly aquired assets, the prior lender may go after their new asset pool. Most non purchase money loans in CA will be looking at this as a recoup alternative very closely. This is why the terms letter for short sales outside HAFA usually reserve the right to future actions.

Sure a $1000 check to the servicer and a $1500 check to the borrower makes the program attractive but it is still a short sale and has all the tax, credit, and legal ramifications as a traditional short sale. So I for one do not think this will be the do all end all that the Government, our Trade Associations, or the Lenders are cheerleading us to belive will be the case. Time will tell.

An asset manager can mean many things depending on what industry you refer to (and no, we’re not referring to your computer operating system’s asset manager in this blog post). Even in real estate, it can mean different things — someone who manages rental property can sometimes go by the title of asset manager.

For the purposes of buying and selling real estate (and the sub-plot of understanding foreclosures in the secondary market), an asset manager is neither someone who collects rent on a property or sorts out the different processes that Windows is running. An asset manager is the person that controls a bank’s REO listings and properties.

(And if you didn’t know, REO stands for Real Estate Owned — it’s the term given to properties that have gone through foreclosure, failed to sell for cash at the foreclosure auction, and reverted back to the lender.)

Now, why should you know what an asset manager is? More importantly, why should you find out who asset managers are?

Simple — they’re the people that you can negotiate with if you want to buy these properties. And because these properties come in such wildly varied states — some in good shape, some in bad; some in pricey neighborhoods, some in cheap homes; some are mansions, some are tract homes — getting in touch with an asset manager will help you zero in on the exact type of home you want, all while educating you on just what it would take to pry that home out of their hands.

How can you figure out who is an asset manager at particular bank or lender? Thanks to the internet, we’ve got a number of ways to determine these things. You can try searching on a professional networking site like LinkedIn or you can go with the more direct approach and use Jigsaw to figure out who holds that title at a specific bank.

Update: For clarification, please note that this post is designed to
help you learn who the major players are as you educate yourself on
the process. However, it's best to work with the REO agent whenever
you involve yourself in a potential transaction. Not only are REO
agents experts in bringing a deal to close, the asset managers will
probably thank you -- they're often juggling 200+ case files at once,
which means they've got a lot on their hands!

Search for foreclosure homes www.bestreohomes.com

Recently I started exploring all the features on my 9700 Blackberry Bold...and found the video feature. Practice made perfect with a willing "Test Asset Manager" to send my weekly occupancy check as a video with audio. It works great!

Today I am going live and will be testing the water with a REO property coming into inventory with a weekly occupancy check and a Asset Manager that enjoys assisting me in progress. I will be running two systems at once...the old one and my new one. On the otherside of the coin...I am wondering what the "REO Bank" will need to document their files and a video may not fit the mold? If nothing else it is just really interesting to explore and try something new to improve REO Agent methods...looking forward to my Asset Manager's reaction.

I'm sorry, but I really have to get this off my chest...

I don't work with buyers often but my buddy Pam, in the Reno/Sparks area, asked me to take care of one of her good clients, so of course I agreed. When they came into town, I pulled a few properties to show them. To make sure it went as smooth and easy as possible, I sorted through and eliminated properties that weren't vacant and short sales where I didn't know the agent. That left about eight properties that we could get through quickly and easily without wearing my clients out (being they are in their 70's).

So here's the issue. We got to one of the REO properties and there was no key in the e-box. OK, that happens, but when I took another look at the MLS sheet, it stated there was an e-box but in the agent to agent remarks it stated "Key is missing from the lockbox". I pulled the MLS sheet on Wednesday night and showed on Thursday. A little annoying, but OK maybe the agent found out the key was stolen/misplaced and wanted to let other agents know until it could get resolved. That happens.

My clients wanted to go back an look at it again on Friday, so I checked the MLS again and now it says no lockbox and the agent to agent remarks say "***NO KEY IN LOCKBOX***". Really?????

I looked at the MLS again today and it still says no lockbox and "***NO KEY IN LOCKBOX***"

In all honesty, it worked out GREAT for me because the first time we went to view the property and found no key in the e-box, I pulled out my keys and just happened to have a key that worked on that door.

It helped that I knew what asset management company it was. So, I was probably the only agent that was able to get into the property. We submitted an offer on Saturday and as of this morning (Monday), our offer was the only on they had...I wonder why????

So here's the issue now. If I were the asset manager, that agent would be FIRED because the first thing I would ask is "How are you marketing my asset if nobody can get in to see it!??!?!" Now this asset management company uses a notionwide property preservation company, but seriously would it be that hard to go make a copy of the key and put it in the e-box???? Or does it make more sense to leave it inaccessible over a weekend, waiting on the property pres company, after a price reduction????

The REO agent community is not as small as it was a few years ago, but other agents still lump us all together and that kind of stuff makes us ALL look bad. Take some initiative and reslove those little problems!!! Don't wait for the property pres company for something as simple as that!
I'll be totally honest. I know who the agent is and he/she is a rookie REO agent and the way it was handled shows it. That's the kind of thing that makes asset managers look for "experienced" REO agents. Don't lose an account over something stupid like that. Have answers or solutions for issues that arise. Submit bids for damage when you report it. Throw away the junk that's left at the door. Dust off the surfaces. Do the little stuff to set yourself apart from the rest!

I'm still annoyed, but I do feel a little better. Thanks for listening, put it on my bill. :)

Seriously, In 27 years in this industry never has it been this bad. I am not telling you anything you don't know if you have been in this business 10+ years or more. As long as I can remember there has always been death, drugs, divorce, disease, and just plain dead beats the source that has fed us the REO over the years. Now we have a 6th "D" of REO. Those dumb enough to have stated they could afford the property they purchased and now an O'Bummer adminstration who seems to cater to the first 5 d's of REO as well. I have no sympathy for the so called I want what I want "Sub Prime Victims". Where else but America can anyone live free for 2-4 years, maybe longer and be catered to for ignorance? The new tenant act law? haha 98% of those in the property were not paying at all, the reason for the default of the wanna be investor. But they get to stay free another 3 months. I know there will be no tsumani of REO coming our way. There will be no opening of any flood gates. Confirmed by several of my clients. Slowly they will release the lower end properties as values stabilize and go up from there. It is what it is so fasten your seat belts for a long slow bumpy ride, over priced REO, demands of seller financing applications and a part time job to afford all the mandatory REO education courses that come with the threat of NO MORE BUSINESS if you don't comply as a way for the very sources we depend on to generate revenue to survive themselves when there is very little business right now. Since when in past years have you ever seen so many certification courses in REO all claiming to be the key to the business? Default School multiple choice training with questions so elementary as "What is the proper amount to spend on a gift to an asset manager?", What type AC unit is this? da, central, how to hold a digital camera and take pictures of a house? What happens when you bill late after a closing? OH Please! My game piece is still on the monopoly board and my objective is to collect more little green houses then anyone in my area. I refuse to lose, follow directions and am hanging in there for the long haul still having more fun then anyone without the support or back up income of a spouse or a job. I have become the Queen of 40.00 BPO's and fried rice recipes, haha That's reality.

Everyone on this site is obviously focusing largely on obtaining, marketing and closing REO listings. But don't forget the buyers! It's nearly spring buying season, and I am really hopeful that business will pick up in the coming months. Here in Northern California, we have seen prices climb exponentially and then...some would say "finally"...come crashing down. We have some neighborhoods, including our specialty area, where prices have not fallen quite as hard as in other areas, but generally we are looking at prices we haven't seen since the early 2000s. We have an awful lot of buyers out there thinking this may finally be the time to get in the market. Fortunately, a lot of those buyers are people who did not want to get into the risky sorts of financing deals that were used by so many to purchase inflated-value homes, so they even have good credit to work with.

So, as we work on our portfolios of listings, don't neglect the buyer side too. Given the large percentage of REO properties in the inventory, REO agents are also in a good position to help buyers navigate the different process of buying a bank-owned home. If I was buying, I'd rather have an agent who understands the disclosures banks are and are not required to make, why it is that some actions take longer than they otherwise would for a standard sale, etc.

Let's go sell ... and buy too!

The long predicted tsaumi of forecloses is not forthcoming. This, is according to Rick Sharga, SVPof Realty Trac. According to Rick, the bank will release the 'shadow inventory' to the market over the next couple of years in a controlled fashion.**

Our own Carlos Silva predicted the same in an article last August. see link

This way only makes sense, because if the banks were to flood the market with all of their pent up inventory it would apply downward pressure on pricing. In turn, further exacerbating the depressed housing market and home prices.

The 'shadow inventory' exists but the 'tsaumi' apears to not be heading our way........

**From NFSTI conference on 2/25/10 sponsored by Dan Waterman

I have firsthand information about a fairly common practice that I once tried to say is isolated but know now that it exists throughout our industry and its fairly, I guess common:Giving preference on a listing through keeping it in the office or only negotiating a fellow agent's offer.

I once thought that our primary job as a realtor or real estate agent is to fully market property. To me that meant truely letting the most qualified buyer contract on the house.

Questions abound: Are we being fair to the seller even if it is a bank? Is someone participating in a deal that "channels' income to them ( In this case, having a "Wells Fargo" loan rep in the office to facilitate this deal.)? Is the buyer really going to get the best value for their money? Are we hurting our image as a realtor, being honest and legitamate?

Likewise a friend recently gave me an account of a family member that wanted to buy a house through a buyer's agent and recounted how the listing agent offered them a " special way" to get the house if they put down x amount of money. To my friend, it sounded devious.

Laws keep getting passed that dictate how we do business. In California, there is the new GOOD FAITH ESTIMATE mandated coming out soon. Taking up front fees for Loan Mods is outlawed here. Last year title companies were banned from giving us freebies because of supposed corruption. This year loan officers not of banks will need to be specially licensed by the DRE.

What I am trying to say here is that we need to be models in our profession and take extra care to avoid any PERCEPTION of wrong doing just like a pastor of a church is held to a higher level than his flock. If he has a "fling" its a crime. If his parishioners have a " fling" its well because they are sinners. You get the idea.