Seem lately I have been getting nothing but difficult BPOs to the point where I look at the order for the one thing or things that are going to make it work instead of mowing down the comps. An A-Frame in the middle of nowhere. A house on 5 acres where in 20 miles there aren't any on 5 acres. A really small house on a really big parcel.. The list goes on. So my new pet theory is that banks are using automated valuation programs to do a good number of BPO's themselves and then kicking the ones that the computer spits out to the humans. Any insights welcome.Actually I just had an insight about this whole thing. The REO wave is moving away from the subdivisions that were built during the easy money days as most of those homes have already gone REO and been bought. Perhaps one reason for the BPO's getting harder is that the default wave which generates BPO's is passing through as predicted, the alt A and pick your pay loans. Many of those homes were bigger, fancier, more unique, not so much subdivision financing. I think this observation has some truth to it. I'm seeing a lot more distressed and/or vacant big, upgraded homes in my BPO journies of late.
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When the REOs started hitting the market 2 years ago, the supply on the listing side was overwhelming REOs. This caused agents being solicited by companies offering the secret road to obtain REO. Not only that but some REO companies also saw an opportunity to have extra revenue to their bottom line by charging a fee to be in their list. Now that the lenders are realizing that the best way to maximize their profits is short sale, the REO inventory has decreased. And believe it or not, due to increase in short sale supply, there are already companies charging a fee in exchange for short sale business. Do you think it is worth?
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I was in the office today catching up on bookwork and low and behold I received notification that I had just received two new listings. Glory be, it's Sunday afternoon and I'm in the office all by myself. Can I get everything done?? I will just say this, I was able to get the listing agreement signed, the referral agreement signed, occupancy check completed, the pictures taken of the interior and exterior of both units, contacted the other listing agent that had them as short sales to notify her, ordered the locksmith for change out of locks tomorrow, did a quick lien search and obtained all the tax research records for my asset manager.Then as soon as I got the occupancy check updated in the system, I got the order for two BPO's. It is now 7:40 at night, I was able to get both listings completely ready including BPO's (I still have the HOA to do, but the HOA People obviously aren't workaholics) Plus I got my operating account and escrow accounts balanced and reconciled!!!And I was able to email my AM and tell her she was a workaholic also. We laughed over that one. I am hoping it pays off!!My question to each of you is this, am I spoiling my asset manager by getting everything done so quickly or am I allowing myself more time for this week for new and upcoming listings. Auction at the courthouse was last week, so I am hoping to get more listings this week. What is your take on my "Can Do Quickly" attitude?Actually I am needing a blog to keep up with my requirements here and couldn't think of anything worthwhile that you all haven't touched on. So the smart alec in me comes out!!
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It must seem that I am a buyer's agent if you've read my earlier posts, but I do have listings. I currently have three short sales and a standard. I want more listings, not because I don't love my buyers but because I do. It's frustrating to them and me to fine the perfect home only to find out it already has 15 offers.I have been making offers on REOs and short sales for two years now and I believe I write winning offers. I sure have written enough to realize what is a good offer and what will fail. But what do you do when the listing agent already has a buyer and they are double ending the deal?I lost an offer for my client who offered all cash and $10,000 above list price. I thought it was a slam dunk. No! I was told that an investor came in at the last minute with a large amount of reserves and went a little above my client's offer. A little above? How would he know to do that?A few weeks later I saw that the property actually sold for UNDER my client's offer, and that the selling agent was in the same office as the listing agent.I feel especially bad for the buyer's who "get it" and offer above list and better terms. And it's hard running around showing 15 homes, writing offers until midnight because you have to get them in before someone else grabs it. I'm done with it. Until more homes are released, I think I'll pursue listings. Hey banks! Just show me the listings!
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We just had one of our clients take us off "Preferred Status" because we stood up for ourselves. About a month ago we noticed the listing agreements started coming in with the listing commission at 1.75%. At first we thought it was a mistake but then it happened again for 1,5%. We put in a call to see what was going on and they simply told us that it was an executive decision that if we wanted to be taken off their preferred list to just let them know. Also, they said it would just be on Chase properties but then it started happening on all listings. We weren't just a broker that had one or two listings with them but around 50 and we produced great results for them. Our CFK is unrivaled in our area at over 95% success and our team speaks 4 languages.It just goes to show what they really think about agents and how much they value us. The last communication we got from them stated everything was ok and they looked forward to doing business with us. Fast forward a week or so and one of their clients calls us and ask us if we still want their listings because that company isn't going to be giving us anymore. At least they value us enough to give us the heads up. Luckily they made it mandatory that they use us for their listings.The point is that we were so replacable, in their minds, because they know other agents will take the listings for any commission. This was a long time coming and my main concern is that this will become a trend but it can only happen if we let it. They will find out the hard way, as well as the agents that take on these listings, that you truly get what you pay for and REO's are anything but free listings. I hope to work this out with them and get our preferred status back but I really have a feeling that this is a sign of things to come. So any AM's out there that need a good team in NJ please contact me. And agents, STOP SELLING YOURSELVES SHORT. Your time and expertise is worth something. They can only do this to us if we let them,
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Posted by Chris Treece on November 6, 2009 at 8:12am
Social media marketing is hotter than a firecracker, and growing hotter every day as online entrepreneurs realize just how effective this particular marketing technique can be.If you aren’t using social media marketing---you should be.However, a word of caution: Use social media wisely or you can end up doing more harm to your business than good. There are certain, basic, unwritten rules of etiquette that apply to social media. Before diving into the deep end of the social media scene, familiarize yourself with these rules of etiquette so that you don’t jump in there and start putting your foot in it.There is a lot more to social media marketing than joining Facebook, Twitter or Linkedin and trying to get friends or followers. First of all, don’t rush in and start requesting friends like somebody that’s been stranded on a desert island alone for the past 10 years and is desperate now for companionship of any sort.Take your time. Go slowly. You’re impatient, that’s understandable. You have probably looked around and seen some of your competitors with 3000 friends and/or followers and you want to catch up. But, quality is actually much more important than quantity, anyway.Think of your social community friends sort of like traffic to your online store. You want traffic, of course. But you want the right kind of traffic, not just a torrent of visitors who are not ever going to become buyers. This applies to your social media friends, too. Be a bit selective about who your friends and followers are and aim for quality.A big No-No is to go through your online address book and send friend requests to everybody on it. You will not win friends this way. In fact, you will antagonize many of those people to the point where it will damage any existing relationship you have with them.The correct way to go about letting folks know you now have a page on Facebook or whatever is to announce it on your website, or in an email newsletter, or in your email signature. This way, your contacts who want to participate will, and the others who don’t want to---won’t. You don’t want them, anyway.Although you don’t want to bombard anyone you’ve ever emailed with friend requests, you do want to connect with net workers who approach you. If it seems like a real, live person and not a spammer, then friend them. Not to do so would be offensive and against the social media etiquette rules.Be professional at all times. Don’t tweet messages from Twitter that would offend some of your followers, for example. Remember that you never know who will read a message you post online or send out in a tweet!Don’t be too sales-y with your new friends, especially at first. People don’t like to feel used and it’s bad social manners to give someone the impression that you only want them as a friend to try and sell them something. You do want to build your business, naturally. But be tactful about it!Mind your manners in social media marketing and watch your business grow!
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Here’s a snapshot of the San Francisco East Bay Real Estate Market. I run these numbers monthly and have been tracking 38 cities since 2005. I primarily look at two indicators, Months Supply and Pending Over Active ratios.Pending Over Active Ratio relates to buyers and sellers. Basic Econ 101, Supply and demand. Actives (represents sellers), or properties that are still available, versus Pending (represents buyers), or properties leaving the market. That relationship often indicates whether we’re in a “sellers or buyers” market. A ratio of 1 (an equal number of Actives and Pending) is considered a normal market or in a state of equilibrium. Anything under (high inventory, few buyers), prices are flat or dropping. Anything above (low inventory, many buyers) is considered a seller’s market. The trend since earlier this year indicates that we are in a “sellers” market in most cities. However, one factor that may be skewing the numbers is that there are longer escrows due to REOs and increased government loans.Months Supply, Basically, months supply is the ratio of inventory to sales. What it tells us is how many months the stock of homes for sale would last, if sales continued at their current rate. Six months supply is considered normal or equilibrium. We are currently at a two month supply of houses for sale for the entire 38 cities that I track. Many cities are now below that level with a few even below 30 days. This is also an indicator that we are in a “sellers” market in most cities.DOM, (Days On Market), continue to decrease in most areas. Houses are going into escrow quicker. However, once in escrow, they are taking longer to close.Also, the relationship between what, on average, homes are selling for to list price support this. We’re seeing properties in many areas getting multiple offers and actually now, on average, selling at or above the average list price. The spreadsheet takes into account sales by city during the last 4 months.Areas that were hit hardest last year due to high inventories and downward pressure on prices due to the high number of distressed properties on the market, are now starting to see some recovery, especially in the lower priced areas. Examples would be in East Contra Costa along highway 4, (Pittsburg, Antioch, Brentwood, even Concord). More recently, in West Contra Costa in the San Pablo, Richmond, Pinole, Hercules areas).Finally, we are starting to see a slight increase in foreclosed properties coming onto the market. 17% of active listings are foreclosed properties (REOs), as compared to 14% last month.See attached spreadsheet HERE:Glen's Numbers 10.31.090001.pdfRead more…
In the past two years we have gone from the wild west where everything is allowed to gradual government intervention to stop the bleeding that Wall Street has caused to our economy and more specifically to the housing market. The American dream of homeownership has become a nightmare that is causing everyone insomnia. With the liquidity drought of the private market, everyone has turned to Uncle Sam for a rescue. FHA loans now are becoming part of our day to day purchases as it used to be back then.... Evidently this exposure may have some consequences later if we are not careful in managing these funds. And in the end can cause more harm than good and we taxpayers will be once again the ones with pockets hanging. Do you think FHA is the new subprime?
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I got this from today Miami Herald, I would like to know what company will orchestrate the property management portion of the plan, I know TItanium has an assignment earlier this year where the occupant had the option to lease the property after the forclosure."Fannie Mae to rent out homes instead foreclosingBy ALAN ZIBELAP Real Estate WriterWASHINGTON -- Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.The program will "eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," Jay Ryan, a Fannie Mae vice president, said in a statement.But the effort is likely to affect a relatively small number of homeowners. In the first half of the year, Fannie Mae took back about 1,200 properties through this process, known as a deed-in-lieu of foreclosure. That pales in comparison to the 57,000 foreclosed properties the company repossessed in the period.While neither option is particularly attractive for the homeowner, a deed-in-lieu does less harm to the borrower's credit record.The rental program is designed to help homeowners who don't qualify for a loan modification under the Obama administration's plan, but still want to remain in their homes. Fannie Mae is not planning to market the homes for sale during the one-year rental period.Fannie Mae has hired an outside company, which officials declined to identify, to manage the properties.To qualify, homeowners have to live in the home as their primary residence and prove that they can afford the market rent, which would be determined by the management company. The rent can't be more than 31 percent of their pretax income.Fannie Mae's sibling company, Freddie Mac, launched a similar effort in March. That policy, however, requires the foreclosure to be complete and only allows month-to-month leases. A Freddie Mac spokesman declined to say how many borrowers have participated."
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Posted by Johnny Huang on November 4, 2009 at 11:00am
Did you know that you can participate in Trulia.com and become an expert voice as the local real estate professional?If you don't know about this, you're missing out on a huge opportunity. It's said that people search for homes on the internet more than anywhere else nowadays. What Trulia (and Zillow) has done is bring a forum to the buyers/sellers and pros to bounce questions and ideas off each other. I've been doing this for the past year, and I'm not at all a power user on Trulia, but I've noticed that my comments have had great responses as well as decent leads that come through my website because I answered someone's question.I also cross market my profiles on the internet that links Trulia.com, Zillow.com, Activerain.com and other sites that allows me to participate. People tend to feel more at ease looking at my profile without the pressure of talking to someone live. The best part about this is that it is free marketing and it paints a picture of who you are on those sites!If you already do this and don't seem to have much luck, keep plugging away and always promote your profiles either on your marketing flyers or business card. My business card on the back says "See me online!" then I pasted images of the representative sites that I have profiles.
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Interesting article about a research by an associate law professor at ASU whose name is Brent White. According to his research not enough people are walking from their underwater home due to restrains and marketing by lenders scaring people about their credits. He advocates that mortgages should not be reported to credit bureau so the homeowners could have more leverage in negotiating a loan modification with their lenders. He states that "It's unfair that responsible homeowners, who bet on the housing market just like lenders, are bearing the burden of the meltdown". Fair or unfair: what's your take?
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Funny thing is what some REO agents get away with in their business dealings. I have submitted resaonable offers for first time buyers for bank owned property and I struggle to get a confirmation that they received the offer. I have to beg.Yet, on the flipside, I have an investor that insists on submitting extremely lowball offers (50% off list) and I get irate email from listing agents telling me not to bother. I even get agents that refuse to submit offers...has anyone heard of NAR standards?I also have another observation. I currently have a REO condo in escrow and it struck me in the begining that the agent had no idea what he was selling and took responsibility for nothing... was being an "order taker". That is as far as I am going.I recommend that banks who release REO property have "secret shoppers" that evaluate agents on their processes. I bet one of two things would happen...agents would clean up their act or the banks will be firing some agents and hiring new ones.I am a firm believer in the service of the customer. If I MARKET property and respond to inquiries properly, then I truly earn the comission given. Banks will have confidence in my ability. I am not just a paperwork pusher,but the mediator between two parties. I believe I have a certain level of trust bestowed on me that I need to fulfill.
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Posted by Linda Landry on November 2, 2009 at 8:09am
Although it may seem overwhelming at first, the home buying process can be simplified in three easy steps. However, one two three is boring so let me explain with three F words. 1. Finance: the first step is to seek financial advice from a lender. First you must find a lender whom you trust and desire to work with throughout the complete transaction. Changing boats in the middle of the stream is possible but not suggested as it adds complications and stress. Find out how good your credit is and if it is not .....what you need to do to bring it up to par. Find out not only how much your lender is willing to finance for you and how much money you will need to bring to the (closing) table. Factor in the interest rate and points you are being offered. Learn what your payment will be; know that the lender is likely quoting PI (principle and interest). Calculate an additional $150-200 per month for TI (taxes and Insurance). Arming yourself with the knowledge of the strength of your buying power allows you to continue the endeavor with confidence. 2. Find the home of your dreams/desire. Find the home most suitable to your needs and taste. Elicit the assistance of a REALTOR ® to enable you to expand your search, access your choices, compare recent values of similar properties and to walk you through the transaction. Commit yourself to a Buyer/Broker agreement if you want the agent to work in your behalf and act as your advocate. 3. Finally when you are certain you've found what you want....exactly what you've been seeking or even beyond what you thought, it is time to make an offer. You and your REALTOR ® will work up the offer with what you plan to bring to the table and what you are asking of the seller. In Arizona this is done on a purchase contract which becomes legally binding if the seller signs accepting your proposal. However, be prepared for the seller to counter your offer and the reality of a possible negotiation process. When both parties agree, it becomes time for the buyer to begin the process of becoming a homeowner with inspections and plans for the pending closing of the transaction and moving. This is the time to start packing! In Arizona ownership occurs at recordation which is within three days after the signing. This will be the time to take possession. Keep in close contact with your REALTOR ® throughout the process as the agent will guide you through the time lines.
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Posted by Chris Treece on October 29, 2009 at 4:20am
I hear the debate all the time, and no I'm not talking about the Presidential debate - I'm referring to Twitter.Should we consider Twitter to be a marketing tool or is it just for people who have a lot of time on their hands and the need to jibber-jabber all day long?I will be honest, I was an early adopter of Twitter and then I walked away from it I couldn't see the value, recently my viewpoint has changed.Think of Twitter as a means to get instant public messages out to your audience, whether it is an audience of colleagues or potential customers.Twitter is becoming an increasingly important platform for online communication and, yes, conversation. TechCrunch reported that Twitter has more than 1 million users and approximately 3 million messages are posted daily.How can we use Twitter as a marketing tool?Good question. Let me see if I can help.Twitter As A Learning ToolAs I mentioned over 3 million messages are posted everyday. Are you mentioned in any of them? What about your company? This might be a good time to find out. Twitter provides a search engine that allows you plug-in company names, brand names, topics and even personal names. How is your buzz level? Are there any negative comments out there? If I were you I'd use the search engine to check in a regular basis.Today I found out that BMW made a customer unhappy and he Twittered about it. I learned that Weather Underground has some really cool iPhone application and that the chocolate cake at Macaroni Grill is deadly.All that was posted today! So, whether you are a Twitter or not someone may just be twitting about you.Use Twitter as a Media OutletYou can use Twitter to post news or updates about your company or products. However, please don't do this before you become familiar with the format and etiquette of Twitter. The best way to do this is to post a link to the full content of the news or update. Think of what's valuable to your consumers and let them here about it first on Twitter. You'll be amazed how your following will grow.A Promotional PalaceIt's not uncommon for companies to post promotions, sales, or specials on Twitter. An example would be Dell, they do it well. It's important to remember that Twitter is about conversation and breaking news, so be sure if you are posting promotional information that you make it conversational and personal. If I want an ad, I'll turn on TV.Create Character in Your BrandTwitter is a fantastic tool in giving your brand a voice and a personality. Being successful in Twittering you will have to put forth your personality and a unique style. That's what makes the difference and can increase your Twitter following and make it a successful marketing tool for you.Customer Service and Chit ChatAs you begin to use Twitter you will notice that it's all about conversation. It's about talking to your prospects and consumers; interacting with them. If you are not going to do this don't use Twitter as a marketing tool, it simply won't work. Make friends, be a friend and reply. Show your followers that you want to engage and be involved with them - this provides optimal customer service and that you are in fact personable.
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How fast can the printing presses pump out the money - At least durring the depression our money was backed by Gold and had some value. Now it is quickly becoming worthless.There have been plenty of parallels drawn between the current downturn and the 1930s, but here’s another jarring one: U.S. banks are now charging off loan debts faster than they did in the early years of the Great Depression, according to Moody’s Investors Service.The banks have charged off $116 billion in loans so far this year, nearly three percent of all outstanding loans, Moody’s said in its report. Similar charge-offs accounted for only about 2.3 percent of outstanding loans in 1932, the Great Depression’s third year. A charge-off occurs when a bank writes off a loan as uncollectable and takes the loss for a tax benefit.The new figures help gauge the death of the U.S. credit crisis, a byproduct of the economic downturn begun in 2007. As unemployment and foreclosures increase, loan charge-offs have grown steadily throughout 2009, from $31 billion in the first quarter to $40 billion in the second quarter and $45 billion in the third, Moody’s said.The actual figures could be even worse than Moody’s estimates. The data provider and credit-ratings firm looked only at banks with more than $50 million in assets, meaning nearly a fifth of the nation’s banking assets – held in hard-hit community and regional lenders – weren’t included in the results.In recent months, the recession has lifted and growth has returned to many sectors, including housing and securities. But banks’ profits are increasingly being eaten by the high costs of their credit obligations, Moody’s said.“For most banks, third-quarter earnings were at best modest, and in many cases they recorded sizable losses,” Moody’s said in its report, adding that credit expenses led the firm to conclude that “earnings prospects for the fourth quarter of 2009 and for 2010 are bleak for many U.S. banks.”On a positive note, however, the firm said it had already accounted for the charge-offs in its credit ratings of U.S. banks, and was unlikely to take further downgrading actions – yet.
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Posted by Dorit Katz on October 28, 2009 at 1:10am
Having a rapport with various mortgage agents and appraisers can certainly pay off. They are a wealth of information. In today's market of ever changing mortgage rules it has become crucial to make sure that a buyer goes to the right lender/mortgage person for a loan. This is a hugh part in the sale of an asset/home. I am finding that most of my low priced REO listings have buyers going for FHA loans. I've dealt with a couple of homes that needed repairs and did not qualify for a straight FHA loan. I've been lucky that either the bank agreed to make the repairs or the buyer was able to get an FHA 203K.An FHA 203K is a great option for any house that needs repairs. It's basically an FHA rehab loan. The problem comes in when the buyer is just barely making the approval for the FHA loan and cannot qualify for the the 203K which is usually at a higher interest rate. So the question becomes "what can be done?" The bank might make some of the repairs that are enough of an issue even for a conventional loan buyer.These loans are both good and bad. First, they have become a very big thing in my neck of the woods and are allowing many buyers to afford a home who could not otherwise buy one. The current market is affording buyers low prices and low rates - a double plus. The buyer only needs 3.5% down, needs only a 620 FICO score, but do need full documentation (as it should be). The appaisers can be very particular when going through a home for an FHA loan. Some will notice and photograph everything from holes in walls, open wiring, and peeling paint, both inside and out.I have a deal that will probably go FHA and the bank is willing to make some of the more obvious repairs, but there is some peeling paint under the roof the roof line and some of the windows do not currently work. As far as the buyer is concerned, these are minor. What I need is an FHA appraiser who can overlook the small stuff.I found out that if the FHA loan comes through a large bank, the bank usually uses an appraisal company from which the appraiser gets chosen. Not the ideal. You never know who your getting or what part of the county they may be from (they may even be from a different county). I also found out that if I use a small bank, the bank usually has their own list of possible appraisers to chose from. In this case, I have a good relationship with one of these small banks that sends out 1 of 3 appraisers, all of which they approved for their needs. All 3 of which will over look the minor stuff. I informed the selling bank that instead of not accepting an offer with an FHA offer, we just need to make sure that it goes through my mortgage banker. They were happy to hear this option since it doesn't knock out the potential buyers.Also important. I just learned that once an FHA appraisal is done, that appriasal stays with the property until it is sold. For example, buyer 1 applies for an FHA loan and an appraisal is done. The buyer backs out or at some point we find out that he doen't qualify. Now the house is back on the market. Another buyer comes and applies for an FHA loan. This property already has a file and the old appraisal will be pulled. No such thing as getting another opinion as with a conventional appraisal even if you take it to another bank.So beware with an FHA loan, do your homework and make sure the buyer is going to the right mortgageperson/bank. Your AM will appreciate your diligence.
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I receive this email from NABPOP, I know in Maryland appraiser were trying to pass legislation to force lenders to only use license appraiser and go away with BPO, now it seem that this is going to national levels, or maybe I was not aware, but I think this affects all of us and we need to make sure that part of the business stays open for us."Dear Member,This e-mail is a call-to-action to step up and become involved in the protection and advancement of our BPO industry. While “the sky is not falling”, valid pro-BPO information is lacking. Showing interest, becoming involved and providing information shapes policy. We need you to be a link in that chain to ensure that Broker Price Opinions are defended, protected, and advanced. We need to let the real estate industry’s federal trade association, the National Association of Realtors® (NAR), know how valuable and important BPOs are to you.As you may already know, the BPO industry is being unfairly targeted by a few “special interests” and those who simply do not know the value of the Broker Price Opinion and its uses. Recurrently we have detected ill-fated attempts to block or restrict the use and practice of BPOs at the state and even at the federal level. NABPOP along with the Real Estate Valuation Advocacy Association (REVAA), a non-profit association comprised of valuation companies, are actively defending and advocating the BPO industry.Currently, NAR does not have a policy in support of BPOs. Since performing BPOs is a vital aspect of many REALTOR’s® business model, we want to encourage the NAR to stand with us in our efforts to protect, defend, and advance the legitimate generation and use of BPOs. NAR bills itself as “the voice for real estate”, and since BPOs are such a growing method of valuation we would like the NAR to put forth a pro-BPO policy. You, as a REALTOR®, can give voice to this much-needed policy by contacting NAR via e-mail; letting it be known that BPOs are important to REALTORS® and the real estate industry in whole. The objective is a simple one, to have NAR establish a strong affirmative policy regarding the production, payment, and usages of Broker Price Opinions.We ask that you send an e-mail message, as opposed to writing a letter or calling them, as the most advantageous method to send a message to NAR. Sending an e-mail message is a simple yet effective method that won’t place a strain on NAR’s resources. There are two e-mail options, an automatic e-mail (verbiage, subject, and addresses automatically populate the e-mail) or an e-mail that you can write in your own words. An e-mail in your own words will be more powerful and we encourage you to take the time to write an e-mail.For automatic e-mail, simply click on the following link Automatic E-Mail to NAR and click send (some e-mail programs will not allow automatic population. If the above link does not pull up a new e-mail, you will have to follow the below link and use the “copy and paste” option). If you would like to write the e-mail in your own words, follow the below link where we have provided some talking points that you can use as reference as well as the e-mail address (bpo@realtors.org) to send the e-mail to. Click on the following link to access either option http://www.nabpop.org/Advocacy-CallToAction.phpThe greater the number of requests that NAR receives, the greater the message will be. We encourage you to forward this e-mail to all of your associates that may have an interest in joining this call to action. The above page is accessible to the public and being a NABPOP member is not a requirement to participate in this call to action.BPOs are a “win” for the mortgage industry, REALTORS®, and consumers. In today’s tight mortgage environment, BPOs are a key tool, which, for example, is reflected within Obama’s Homeowner Stability Plan designed specifically to help troubled borrowers restructure their debt.In addition, the top mortgage servicers utilize BPO’s when evaluating the best course of action when reviewing short sales, REO strategy, and portfolio reviews. While appraisals are the preferred product for underwriting newly originated loans; for many other purposes, BPO’s are faster, less expensive, and are performed by professionals like you, who have their finger on the pulse of their local market.The vast, indeed overwhelming majority of NAR’s membership – the agents and brokers, would benefit from a strong proactive “PRO-BPO” policy stance. This call-to-action is to let you know that, as a dues paying REALTOR® member, NAR needs to hear from you. With your help, NAR will realize the importance of BPOs to you and do the right thing, by issuing a pro-BPO statement or policy. Our organizations will then be afforded the powerful opportunity to stand shoulder to shoulder, defending and advancing the mutual interests of our groups’ members.NAR is recognized as the leading housing trade association. Government, the media, and a host of influential folks turn to NAR for real estate information and opinions. To be sure, NAR has tremendous political clout, which is why it’s so important that they adopt a pro-BPO stance and policy. REALTORS® have the chance to urge the Association, to take a stand in support of their business practices. By sending NAR an email we can show the Association how much BPOs are supported by their members.NABPOP would like to thank you in advance for your efforts and for your support of our political advocacy of BPOs.If you have questions or comments, please contact NABPOP at 800-767-0743 option 102 or Support@NABPOP.com"
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It came out unnotice today a proposal from HOPE NOW Alliance to consider the benefits received by an unemployed worker to be used to determine eligibility for a loan modification under the Making Home Affordable program (HAMP). The process would be streamlined with the several government agencies to verify the benefits. With unemployment that will rise to double digits, this could be a major bump to the recovery. However what will happen once the benefits are over and the homeowner has not found a job yet?
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I saw on the news the other night the estimated $ amount of fraud committed on the First Time Home Buyer Tax Credit. Amazing numbers. There were so many that claimed the credit that were going to buy a home, so many that were under age, the youngest was 4 years old. They always find a loop hole don't they.I sold my first daughter a home in January, she filed for the tax credit and received within 2 weeks. No proof required.I sold my second daughter a home in June, she has not received hers. She had to submit the HUD with seller and buyer signatures. (Like that couldn't be fraudulantly produced). They have been reviewing her file, she received a letter the other day not to expect a decision until November 22.It just amazes me what people will do to ruin it for someone else. Although they should have known the bad would find a way to take advantage of it.
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Posted by Chris Plumb on October 23, 2009 at 3:17pm
I had not planned on attending the www.CDPE.com event. My wife works and couldn't go to the workshop. I decided a couple of days ago to buy the online course. It is by far the best $500 I have ever spent in 16 years of being in Real Estate and Lending. If you are interested you can put in the code for a discount - DISC100. It is normally $600. I do not work for this company and I do not receive any compensation for posting this. They ROCK!!! Imagine someone coming to you and saying for $500 we will give you everything you need to grow your business and give you an education to help you be successful. It is awesome!
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