I was dissapointed to receive the below E-Mail from RES.NET. It was promoted as being launched on November 1st - 2009. I signed up and paid at FiveStar, as many others did.To ensure that the final AMP product incorporates the latest software technology and provides users with the best possible experience, RES.NET has decided to postpone the launch of the application until January 4, 2010. RES.NET is committed to providing open and honest communication about the development of the AMP product, and will provide progress updates as they become available.In appreciation for your patience and your continued support as we implement AMP, we are automatically extending the Access Term for those already registered from 12 months to 14 months (14 months beginning January 4, 2010 = 2 months free).If you have any questions concerning this information, please contact our RES.NET Customer Support Team at (800) 760-7036Hope at least this new schedule is kept.
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Posted by Johnny Huang on October 23, 2009 at 10:30am
When I got the REOPro email that t-shirts were available, I bought 2. Why am I blogging about it? Because I'm an independent broker and don't have my own logo'd shirts like the Prudential's, KW, CW, etc. I can get them, but usually embroiders recommend going bulk production in order to save money on a per shirt price. I just don't want to buy alot of shirts with my own company logo, it was simply too generic.I think the REOPro shirts will generate more interest with people than my own company's name (not that I don't like my company name, it's just that it's a company name with no specific direction on real estate). To the person seeing my company name, it's just another real estate company that isn't a big brand.I golf alot and wear collared shirts every day, either with jeans or with slacks (sometimes khaki shorts), including going to social functions, unless they are ultra-formal. Now I have a way to promote myself that I'm an REOPro rather than wearing my usual Realtor pin (which people can't see anyways since it's so small)
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so many concerns, conspiracy theories, questions on if the government is trying to lock up the nations economy by controlling the market..It is mind boggeling. This video does give a pretty unbiased take on one more factor in the totally murky world we seem to be navigating. Watch and absorb seems to be the method of gaining knowledge, hope this can add to your own database...
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Have you spent 30 minutes on hold only to find out that a paperwork is missing? Then after you fax, sometimes may take 72 hours to be uploaded to the file. And sometimes after 30 days or more, they advise you to refax as the file has "disappeared". Hopefully this will be over as short sales are becoming a normal practice instead of REOs. We can all agree that approvals have increased dramatically over the past year. However the wait has not...Today, something happened that went unnoticed. Equator, former aka REOTrans, announced the launch of first ever short sale module used by a large lender. Although the article mentions Bank of America, it has not been officially disclosed. However, no matter who the lender is, this is a big step that we hope become standard. No more missing documents or excuses not to approve/disapprove a file. No more files sitting on a desk waiting to be worked. Most importantly, this will bring a peace of mind for the homeowners who will know where they stand. What say you?
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Hello All,I am an experienced REO broker for residential properties. I would like to venture out into the commercial REO sector. Can anyone provide any tips or direction as to the best way to go about it? I'm aware of the obvious: learn the commercial market, learn how to do commercial BPO's, etc. I guess my question is more about good resources to accomplish the obvious.Any help along these lines would be helpful. Thanks.
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My clients are always amazed when we first start searching for homes. They see the headlines in the media that there thousands of foreclosures on the market, now is the time to buy, make an offer, the banks are desparate....NOT.When we begin to put in offers and there are multiple offers on each home, and the offers are above list price and they lose out to an all cash buyer, then they see the big picture....it's not a buyer's market; it's a banker's market.If the media is right and there are so many foreclosures flooding the market, where are they? There are several answers.1. The Make Home Affordable Program was designed to keep homeowners in their homes while they work something out with their lender. The goal is to make homeowner's payments no more than 31% of their gross income. These homeowners are staying in their home while working with the lender...this takes time.2. The Moritorium - California is the Land of Never-Ending Moritoriums. The banks are under pressure from the Obama Administration to show a concerted effort to work out a loan reinstatement plan for the homeowner. The governor of California has extended the moritorium that was started by the Bush Administration in 2008.3. The banks are not releasing their inventory...we call it a Shadow Inventory, estimated to be in the hundreds of thousands. I have heard several different theories about this including: making their portfolios look good, not deflating the market anymore by releasing them all at once, to it's not their fault - the government is not letting them. Hey, the government did bail them out; who knows?I do know this, there is something in the works. I see banks get organized, coming up with plans, streamlining their process. I think 2010 is going to be a great year for real estate and buyers patience will finally pay off.
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Different conferences however, the same ole story, huh?
We all know sex sells and it was brought to my attention, that fact is no different at our industry conferences. At a recent conference, I had heard rumors, yes…rumors that some people come to these conferences in order to obtain new business by using their “ASSETS”, if you know what I mean?
As pure as driven snow, I was completely naïve to this phenomenon and couldn’t or just wouldn’t believe that some of the professionals I was meeting came to these conferences hat in hand with their libido leading the way however, come to find out, I was sorely mistaken.
A colleague I had met actually confessed to me that she once was one of those who would come to this particular conference to “hook up”.
Now, let’s be honest with one another, I have no problem with an adult, doing adult things, in the privacy of their own hotel room, it’s none of my business however, what I didn’t realize till much later, these “hook ups” were not just dark hotel rooms with candle light passion…….business was being done, legitimate business! (“Legitimate Business”……OH I BET!)
In other words, many of these people who were looking for love in all the wrong places, weren’t really looking for love at all, they were looking for assets, REOs! That’s right, for some, sex = REOs and either you were willing or not.
After picking up my chin from the floor of the expo hall, I followed my mothers advice, “If you can’t say anything nice, don’t say anything at all” and stayed silent. That was, until Mrs. “Assets on Show” herself said, “What’s wrong with that?” Please note, I spelled her name with “Mrs” because she is married….at least when she gets home she is married.
Because she asked, I decided to let it rip and for those of you who know me, when I am done, I can leave you wishing you never asked in the first place. After about 10 minutes I felt I was spent so, I walked away and lost that floozy in the crowd. Personally, she is not someone I want anyone knowing that I actually know her….or for that matter, ever met her.
So, is it a fact that some people come to these conferences looking to provide a “good time” to anyone who can give them a REO, yes. Is it a fact that the vast majority of us are their for legitimate business reasons and conduct business above board in an ethical and moral way, yes.
In fact, I was never approached to participate in any torrid “gathering” but, I wouldn’t have ever picked up on it if I was being approached because, I was too busy actually working. Not to mention, I am not really the “approachable” type in that way. You see, something about me screams, that I wouldn’t be interested and, contrary to popular belief, it isn’t my weight problem……lol…..or maybe it is, I don’t care, not interested either way.
Let’s face it, sex sells and for some people, it’s the only thing they are interested in however, don’t be down trodden because for every 1 person who does business this way, there are 10 who don’t so, chin up young man…or lady, keep you eye on the prize, work hard and success will follow.
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Posted by Daniel Ripper on October 19, 2009 at 6:00am
This week Governor Schwarzenegger signed several pieces of legislation into law that will affect real estate transactions in the state of CaliforniaSB 36, by Senator Ron Calderon (D-Montebello), creates licensing requirements for all residential loan originators.SB 237, by Senator Ron Calderon (D-Montebello), creates a registration program for appraisal management firms.SB 239, by Sen. Fran Pavley (D-Agoura Hills), makes it a felony to commit fraud on a mortgage loan application.AB 260, by Assemblyman Ted Lieu (D-Torrance), bans negative-amortization loans and limits mortgage prepaymentpenalties to no more than 2% of the loan balance.AB 329, by Assemblyman Mike Feuer (D-Los Angeles), requires lenders to give more and clearer information to those interested in reverse mortgages, which let seniors borrow against their homes’ equity.AB 957, by Assemblywoman Cathleen Galgiani (D-Stockton), allows buyers of foreclosed homes to choose local escrow officers, rather than being forced to use the escrow company chosen by the bank seller.AB 1160, by Assemblyman Paul Fong (D-Cupertino), requires that mortgage loan documents be written in the same language the verbal negotiations were conducted in.See more of the article here:http://erinattardi.featuredblog.com/?p=111Read more…
The first step to recovery is admitting you have a problem. Hi my name is Mark Anthony...and I am a BP-O-holic!!!!It all started when I was trying to get jump on new inventory for my investors. They would do all the research (NOD from realtytrac) and tell me to get a hold of the banks and see if they will take our offer. Most of the time no one responded.So I started a email/letter ecampagn and about 2 weeks later taylor bean let us present and took our offer. It wa a little rocky but everybody was happy.The next three contacts were from LLC's and they all said that If we gave a free bpo the would us the listing and would get back to us on the buying side.All three have not been listed or have changed hands. I cant figure that one out. Sheeesh, i gotta scratch that itch....Did I get lucky or do I need an intervention????Mark Anthony Ruiz
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A lot of money is being spent by companies trying to attract real estate agents to spend money on their short sale products. This may be because many agents become restless and anxious when the market changes from one trend to another.I'm writing this blog to let you know not to lose your common sense when faced with many solicitations on the different certifications that are currently flooding the internet. First it was REO certification. GET IT! GET IT! GET IT NOW! Even now I still get solicitations to come to a seminar or an event that says they can show you how to get more REO listings or get into the business. But in my area, most agents are asking where all the REO's went. Now some companies are pushing Short Sale Certifications & Designations. GET MORE LISTINGS THIS WAY!Don't get me wrong, I love education. I have a degree in education. I also enjoy research a lot. But one day I asked myself, which certification do I choose? But MOST IMPORTANTLY, which one matters to the companies I want to partner my business with?I started my late night search on this subject and actually sent emails to some big banks, and to my surprise I got some very good advise. The government backed bank rep I spoke to told me that they don't have a preference one way or the other on getting certified and they don't endorse any particular training company. He was more interested in me getting the knowledge, so that when I bring a buyer to them or get a listing from them, that I follow their rules, their procedures, & their guidelines for a smooth transaction. He then gave me a link to listen to a webinar for free that their company uses frequently for short sale trainings. It was awesome. After listening to this webinar I searched the internet for more and I found a lot. With as much as I know today I could probably certify myself. (ha-ha)So what do you do? Certified or Not?1. Ask the banks (if you are trying to get listings). Ask them what proccedures they use.2. How much should you pay for the certification or designation?3. Who is going to RECOGNIZE your certificaton (training) during this market phase?
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Thanks for the blog legal review today...and the knowledge of where I can look for questions, support and just plain smart and funny people walking the same walk...you are amazing to have put this together.
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Posted by Ellen Dittman on October 13, 2009 at 11:30am
Yesterday I got a message on my home answering machine from XYZ LENDER....Thanking me for applying for a loan modification. The call from XYZ LENDER seemed odd and it was from my OWN lender. I never applied for a loan mod and havent been thinking of doing one but, I blew it off as a wrong number and went about my busy day of faxing short sales packages etc on behalf of my clients. So, today I recieved a letter from XYZ LENDER thanking me for applying for a loan modification. The letter was indeed my own home address, my own loan number. The letter further stated that they were processing my application and had recieved my purchase agreement, listing agreement etc. etc. HUMMMMM....So I called XYZ LENDER and they confirmed that they had a purchase agreement signed by ME and a listing agreement on my property. I asked the gentleman from XYZ LENDER if the loan # matched the property address and indeed he said it did. I was just about to ask him to fax me copies of these documents associated with my property and he put me on hold for some time. By this time heart pounding and thinking of contacting State Attorney's office. Gentleman gets back on the line and end of story is that somehow those short sale documents I faxed to them yesterday on a property 30 miles away (and my listing of course) got mixed up with my own personal property account. By the way, all documents on my listing short sale were clearly marked with my clients loan # and property address (not mine). They assured me that this would be undone within 72 hours. What a scare. I am hoping that 6 years from now I wont hear someone on the other end of the line say something like "your loan mod you applied for in 2009 was denied", or that this doesn't somehow come back to haunt me! I guess the lesson learned is pay attention to mail you recieve because if it can happen to me it can happen to someone else.
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Should the REO Bank Sign and Approve the MLS Sheet? Yes, why not?After you receive a listing and have added it to the MLS (Active or Non-active status), send a copy to the Asset Manager for him/her to review and sign. Make sure you highlight the broker and agent remark section, commission, etc. Once the Asset Manager signs the active/non-active MLS sheet, activate the listing and return the signed copy along with the listing agreement in one secured PDF.Why? To prevent any miscommunication or problems after the fact with the information on the MLS. It may seem like a lot of extra work but you are protecting your agency and the REO bank from any claims of misrepresentation of information such as the commission terms, disclosure availability, repair and warranty statements, etc.A simple stamp with the Bank Name, Signature, and Date on each page will do. I have suggested this method to several of the brokers and agents I work with. The Asset Managers did not have a problem with signing the MLS Sheet. They have welcomed the idea! It’s all in the approach.You can also use the stamp for traditional real estate listings.Carolyn Nelson
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Posted by Chris Plumb on October 13, 2009 at 4:45am
It was mentioned a couple of weeks ago that we should ALL update our pages with our experience and zip codes. Their was a HINT of something to come. Can someone clear the air and be more specific on what is coming?I have seen many more NOD's and NOS's in Sacramento County. Lenders can't HOLD them forever, but are the Lenders now doing more loan mods? It appears that through Titanium Solutions the Lenders are working hard to do loan mods. Are they doing loan mods because they feel it is better for the client or are they just meeting the TARP requirements?I have worked really hard on Short Sale Listings, as I am sure many of you have. Yesterday I lost a short sale because the Investor holding a Green Tree NOTE would not release the unpaid balance and they are demanding repayment. Um... ok, well I asked my client to seek legal counsel from a Real Estate Attorney and the Attorney counseled her to let it foreclose because she was young and would recover within a few years and have the ability to buy again.I am staying positive and know that I am staying in Real Estate for the LONG Haul!!!God bless and good luck everyone!
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Posted by Chris Treece on October 12, 2009 at 3:37am
Social Media Marketing via Video When we talk about social media we immediately think of Facebook, Twitter and even Myspace, but often overlook the video option of YouTube.To help you understand the value of YouTube consider the following statistics:In March 2008 there were 78.3 million videos uploaded and growing at approximately 20 percent every month. In one day there is often more than 150,000 videos uploaded. In July of 2008 there were over 5 billion videos viewed on YouTube.Over 75% of the U.S. Internet audience views online videos. This accounts for 558 million hours of online video watching on a monthly basis. YouTube alone has over 258 million registered users, 50% of them visit weekly if not more.Are you seeing value yet? Of course you are. We all know that we must be innovative and creative with our marketing techniques and initiatives, so if we are not using YouTube, are we missing out? The short answer is yes.How can you use YouTube to market your products or services?YouTube has several categories that you can upload videos to. They include:• Autos and Vehicles• Comedy• Education• Entertainment• Film and Animation• Gaming• How-to and Style• Nonprofit and Activism• People and Blogs• Pets and Animals• Science and Technology• Sports• Travel and EventsYour next step is to make the determination of what category your products or services fit into. Keep in mind that when it comes to social media marketing it's not just about uploading a commercial for your product, but it's interacting with potential customers.What type of video could you post that consumers would find valuable and interactive?Could you put together a how-to video? What about an entertaining video showcasing your products? How about sharing a podcast that is entertaining and informative? Remember value and interaction are key when it comes to using social media to market effectively. There is a fine line, don't cross over it or you will do more harm than good and possibly detour potential customers rather than attract new customers.YouTube also introduced brand channels for companies to set up their own page that is branded by you and houses your videos. This is the YouTube concept of advertising and marketing, so while I would consider it more advertising than social media I do want you to be aware that it is an option. The problem with this option is YouTube is not very upfront about the cost, so you'll need to do some digging and make some phone calls to find out if this is a viable option for you.The fact is that YouTube is another effective way to utilize social media marketing and the cost are minimal if any at all. If you can create videos that share value and interaction with consumers you can post those videos to an audience of 78.3 million users. What you must remember is that your video will be one of 150,000 that are uploaded daily, so make it worth the time for users to view it. You also want to keep in mind that users 18 to 34 years of age frequently share videos with their family and friends, so there is a viral effect to be had here as well.As with any social media marketing strategies be creative, have fun but most of all do it - because your competitors probably are.
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Wow, where has this week gone? I was going to be a good REOPro member and blog daily and stick to it for two weeks at least. Hello??? I think my last blog was last weekend!I want to know why it is already the 10th of October? Do you realize what is just around the corner? Fall!! And with fall comes winterization, oh please existing inventory, SELL!!! The price is right, the homes are great and I am waiting with pen in hand!What do you mean you found a short sale down the street for less money? Yeah, they advertise it that way, but look at all the time you have to waste to get it and then there is no guarantee until you get it at the closing table! The agent guarantees it? They have a 100% success rate, let me check that out. Look at the stats, ONE short sale listing and ONE short sale sale, and look, it was their own home. OK, I guess that would constitute a 100% success rate.....I love marketing gimmicks.At least with a foreclosure you know what it is - AS IS and it is AVAILABLE NOW!! Thank goodness for the few I've sold to this week that don't know about Short Sales! Of course my short sale agent is keeping busy, so I guess that's why it is good to diversify and take care of both Short Sales and Foreclosure properties.Just had to remind you all that Fall is coming. Gear Up for those calls of frozen pipes and people trying to get inside to stay out of the cold and wet!I hope you all have a Better Than Great Day!
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Posted by Monica Oakes on October 10, 2009 at 12:19pm
Sitting in my office trying to find a Short Sale in this Foreclosure Market is hard.I remember when it was easy to find a Short Sale because agents was not showing them.Now that the market has changed from foreclosures in demand to Short Sales in demand.There are maybe 10 offers for 1 Short sale these days.As I was making my calls I decided to merge my call lists.Here is what I did...I was calling owners who are in default on their loans in the areas my buyers wanted.Now these were properties that was not listed.I set a appointment or I spoke with them on the phone about the Short Sale process.What made it more interesting to them was the fact that I had a buyer for their property.Right now I have 2 happy buyers and 2 happy sellers.They will have to agree to the Dual Agency and make sure the seller understands the Fair Market Value.I even sat down with two couples discussing the Fair Market Value and what the Lender might accept.Be creative in markets like this but stay within the Procedures and Laws of Real Estate.Every system may not be perfect or for everyone but we can strive for perfection or create our own.Find your niche and perfect it.
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I love referrals! I never realized that referrals could come so quickly after a closed deal. I thought "oh maybe if I keep in touch, they'll buy another house in five years and remember me"...not so.I closed a deal with a buyer last month, who sent me his sister who is looking for a home. Then I closed another one last week and got a call from her friend who is an investor. Another referral was from a client that I just successfully completed a short sale with.Why do my clients like me? I educate, educate, educate. They really want to understand this crazy market and love it when someone from the "inside" will share it with them. If you do this I think it shows them that you are knowledgeable and love your work so much that all you want to do is talk about it all the time and tell everyone what's going on in the real estate world.There is another factor. I know agents who never get referrals because they just see their clients as dollar signs. Clients pick up on that right away. They try to talk their clients into buying something they don't want; they don't listen, they don't ask, they just show them home after home with the hope that one of them will stick. That is a waste of everyone's time.Just show everyone that you are interested in what's best for them, not the other way around. Don't push, don't stalk, just educate. Seems to be working for me....that's my blog and I'm sticking to it.
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By now thanks to recent articles in The Wall Street Journal, New York Times, Bloomberg, CNBC and other media, so called Shadow Inventory has come to the mainstream, but it is more elusive than Sasquatch. Real Estate Agents have been blogging about this for months. For those who may have missed it, Shadow Inventory is the defaulted loans that the lenders are allegedly not releasing for sale. According to Rick Sharga, VP of RealtyTrac “We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market” Lawrence Yun, NAR chief economist called it a business decision by the banks “ I believe many banks including Fannie and Freddie, who are holding onto some properties, are releasing foreclosed properties in a measured way so as not to flood the market which they perceive then perhaps could lead them to even more drastic price cuts .So they are releasing properties on a measured pace as a business decision to minimize losses”How big is this Shadow Inventory? Well that depends on what you’re counting, and who is doing the calculations. Some statistics include foreclosures that have been completed, plus NOD (Notice of Defaults), NTS (Notice of Trustee Sales), Strategic Defaults (borrowers that are capable, but not willing to continue to pay on negative equity properties), possible Builder Bankruptcy’s, Vacant lots, Zombie Subdivisions, Commercial Loans, Debt-Securitization Markets, Side-line Sellers, and future Option Arms set to re-set in 2010.The problem here is that no two experts are counting the same. Just as followers of Sasquatch, Bigfoot and Yeti fantastic creatures can’t agree on the details, neither can the forecasters of Shadow Inventory. A recent report from Amherst Securities Laurie Goodman, which took into consideration reports from Mortgage Banker’s Association, Trulia, Core Logic and RealtyTrac led to the report that 7 million properties are in this inventory, and this was not including half of the items listed above. https://www.youtube.com/watch?v=stVgR0SeiQoShe further concludes that 7 million understates the problem because it does not include borrowers that are currently 30- 90 days late in paying, only those which already have received NOD. According to Ms. Goodman’s research, a borrower that misses 1 payment only has a 25% chance to recover, after 2 missed payments 5%, and after 3, only a 1% chance to recover.That is only 2 experts, and quite the disparity between 600,000 and an understated 7 million. Atlanta Federal Reserve real estate expert Analyst K.C. Conway, who is part of the central bank’s Rapid Response program to spread information about emerging problems to bank examiners focused on commercial real estate at a Sept 29, 2009 presentation “Banks will be slow to recognize the severity of the loss-just as they were in residential”In my opinion let’s take the monster out from under the bed, and really look at it. Lenders may have inventory of foreclosed homes that have not been released yet. It may be that the process is taking longer, and the REO departments cannot handle the volume, some may have title issues, some might be in a short sale process, or some may be occupied by tenants that just were granted a whole slew of rights through Protecting Tenants at Foreclosure Act in May 2009. Mistrust of Wall Street and Banks is leading some to a conspiracy theory. As someone who has been a Real Estate Broker for 18 years, and has lived through the Savings and Loan Meltdown, sold properties for the RTC and FDIC, I do not believe they are taking into consideration any of the positives in future-casting. Current foreclosed single family residential property inventory is down. Days on the market from list date to under contract is down. Multiple offers on foreclosed homes becoming the norm. What about sideline buyers pent up demand for these properties? Investment firms and private investors itching to buy bulk portfolios? Housing Affordability Index is at a 20 year high, which brings even more buyers into the market. It will take further stimulus, credit market liquidity, lower unemployment rates, and restored consumer confidence to beat the monster, but it can be done.
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Should the REO Bank Sign and Approve the MLS Sheet? Yes, why not?After you receive a listing and have added it to the MLS (Active or Non-active status), send a copy to the Asset Manager for him/her to review and sign. Make sure you highlight the broker and agent remark section, commission, etc. Once the Asset Manager signs the active/non-active MLS sheet, activate the listing and return the signed copy along with the listing agreement in one secured PDF.Why? To prevent any miscommunication or problems after the fact with the information on the MLS. It may seem like a lot of extra work but you are protecting your agency and the REO bank from any claims of misrepresentation of information such as the commission terms, disclosure availability, repair and warranty statements, etc.A simple stamp with the Bank Name, Signature, and Date on each page will do. I have suggested this method to several of the brokers and agents I work with. The Asset Managers did not have a problem with signing the MLS Sheet. They have welcomed the idea! It’s all in the approach.You can also use the stamp for traditional real estate listings.Carolyn Nelson
