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Five Star Fort Worth Texas Club Tsunami REO Party and Charity Event

Posted by Dawn Lewis on September 8, 2009 at 9:32am
San Diego REO News BlogFive Star Fort Worth Texas Club Tsunami REO Party and Charity EventThe next Five Star Default Servicing Conference and Expo will be held in Fort Worth, Texas at the Fort Worth Convention Center. The 2009 Fort Worth 5 Star runs from September 19th to the 23rd. The Five Star is the largest conference in the default servicing industry and is the most well known networking opportunity for real estate agents, real estate brokers, attorneys, title companies, servicers, lenders, service providers, investors, vendors and asset managers. This networking event allows all parties in the REO field to meet and network in one location and share ideas on how to get through the many REO’s on the market and the wave of REO’s to come. It’s where all the parts of the puzzle briefly come together and put together a plan for what to do next. The most powerful people in the REO filed attend and share ideas to better serve everyone involved.At this 2009 Five Star Event in Fort Worth there is a Tsunami Party and Charity Event hosted by REOMasters Network. REOMasters Network is raising heads in the REO Industry as the fastest growing REO Networking Group in the business.About REOMasters Network from their web site:

The REOMasters™ Network is the nation’s newest marketing and business development association for REO Agents and Brokers who want it all. The REOMasters™ Network has partnered with the nation’s top REO coaches and industry leaders to engineer a life and business success REO coaching and marketing association … being built by agents, designed for agents, and owned by agents. Scott McLaine, Founder and CEO of REOMasters™ Network.

The Tsunami REO Party and Charity Event will be the “Biggest and Don’t Miss Event” of the Fort Worth Five Star. The event is on Monday Night September 21st at the City Street Night Club 3 blocks from the Five Star Convention. The Tsunami REO Party opens at 8:00 P.M. and ends at 2:00 A.M. complete with a red carpet walk into the 22,000 square foot mega club. Networking and dancing recommended and encouraged. Busses will take you from the Forth Worth Convention Center, Main Street entrance to Club Tsunami and back. Busses will travel back and forth from 8:00 P.M. to 1:00 A.M. Now you have the place and you have the ride “both ways” now grab a date or a partner or your whole team and get some tickets before they’re SOLD OUT. We want to see you on the Party Bus not the Baby Bus….. Remember it’s for charity too!Register Here!Registration includes:The party is happening at Club Tsunami all night long. Dress to impress and have a great time rocking the house! Enjoy great music from three different DJ’s, try your luck in the casino, check out our social scene, meet great people and network with other agents. This event will sell out. Space is strictly limited! 2 Drink Coupons before 9:30 P.M., Happy Hour Food before 9:30 P.M., Networking Mixer 8:30 to 9:30.Tsunami Casino Night – Play the Craps Table, challenge the Blackjack Dealer, spin the Roulette wheel. Casino funall night long.Two Night Club Dance Floors – Choose from two different theme rooms in order to dance the night away. Cages will feature the best of pop and top 40’s dance hits while Indigo will play the best of the 70’s, 80’s and 90’s.Cigar and Scotch Lounge – Enjoy a fine glass of premium scotch and a quality cigar in the Tabu Lounge. Sip your drink, make some new friends, network with old ones. Just sit back, relax and enjoy the evening.Top Shelf Bar – Order your favorite drinks at the numerous bars throughout Club Tsunami or from any one of our many hostesses. Drink tickets provided at the door with admission.Raffle Drawing – With every ticket you purchase you will be entered into our drawing to win one of many prizes that will help you to grow your business.

100% of ticket sales profits will benefit the Foreclosure Angel FoundationWhat is the Foreclosure Angel Foundation – Excerpt from clubtsunami.netForeclosure Angel FoundationBeing Supported by the NFSTI REOMasters™ NetworkWe’re Fighting a Real Problem …That Needs Our AttentionThe Foreclosure Angel Foundation was born when Marilyn Mock saw a need in November of 2008 to help her neighbor who was about to lose her home. With nowhere else to turn but the streets, their home went up on the auction block.Marilyn bought the home at the auction price and sold it right back to the owners at the now lower cost. Marilyn had a keen sense that “It could be me in that situation.” One major life change could rip her family from their home too.Ever the optimist, Marilyn thought that others in her community who saw this need would surely step up and help. She took desperate letters from families losing their homes to a function where her friends and acquaintances had expendable income. Marilyn was shocked when they didn’t even want to see the letter, much less offer any help.At that point, Marilyn once again had another layer of her rose colored glasses ripped away, but this time she became determined. She believed that the American spirit of neighbors helping neighbors would win out.If you’re going to the Five Star Fort Worth 2009 make sure you make this event. This will be the one everyone remembers and asks, “Were you there!”.
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Paid REO websites.

Posted by John Oliveri on September 8, 2009 at 9:14am
OK, I have learned my lesson. We should listen to Jessies wise words. I did pay to join AMS REO and FAS, INC. I have never received any type of business from either of them in the many months since I have registered. Has anyone had success with either of these companies? I have sent emails to AMS REO, the emails bounce back which leads me to believe this company was a scam. I send emails to FAS and they are delivered but I never receive a response. Is it me?
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Top 5 Reasons to attend Club Tsunami at the 5 Star Conference in Texas

Posted by Shawn Bradford on September 8, 2009 at 7:57am
5. Network with REO agents from across the nation at Club Tsunami.http://www.clubtsunami.netHaving a network of REO agents as a resource is a must to increase your business and knowledge of the REO business. You can call upon your network of other reo professionals when you have a question about a REO company that you've just started working with, need cash for keys advice or want to compare ideas for how to best grow your REO business.4. Network with Asset Managers to increase your business.http://www.fivestarconference.com/Asset Managers attending the 5 Star Conference in Texas are not going to want to miss the fun and excitement of Club Tsunami. Meet asset managers in a relaxed and fun environment.3. Have Tons of Fun at Club Tsunami!!!!Club Tsunami offers 3 D.J.'s., 2 Night Club Dance Floors, a Casino Room, Cigar and Scotch Lounge, VIP Room, Top Shelf Bar and Dancing all night long!2. Network with the State and Executive Directors of ReoMasters Network.http://www.Reomastersnetwork.comThe REOMastersTM Network has partnered with the nations top REO coaches and industry leaders to engineer a life and business success REO coaching and marketing association ... being built by agents, designed for agents, and owned by agents.1. 100 % of ticket sale profits benefit an amazing charity: Foreclosure Angel Foundation.http://www.foreclosureangelfoundation.com/Marilyn Mock, the founder of Foreclosure Angel Foundation, makes it her life mission to help her fellow Americans keep their homes when they have no other place to go. Have fun at Club Tsunami and help to support this amazing cause.Club Tsunami is the place to be at the 5 Star Event to have fun, network and benefit a great charity. Don't miss out!http://www.shawnbradfordteam.com
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Climb in U.S. House Prices Pauses in July

Posted by Erik Keith on September 8, 2009 at 7:43am

Integrated Asset Services®, LLC (IAS®) (www.iasreo.com), a leader in default management and residential collateral valuations, today released the latest IAS360™ House Price Index (HPI). Based on the timeliest and most granular data available in the industry, the index for national house prices was down 0.5% in July.The slight decline marked the first down month for the IAS360 since February. The leading U.S. housing benchmark remains ahead fractionally for the year but still well off (-16.2%) its high in June 2007.“We are seeing normal seasonality with a slight July pullback, but we are not out of the weeds yet as we will see waves of volatility while the markets correct themselves and settle down,” said Dave McCarthy, President and CEO of Integrated Asset Services. “Meanwhile, there’s an awful lot going on down at the neighborhood level that will take time to normalize at the top.”Conspicuous among the nation’s 10 major metropolitan statistical areas (MSAs) were the 3.8% declines in both Denver, which had been reliably stable since the first of the year, and San Francisco, which had jumped almost 8.0% from February. Notable, too, was a sizable 4.8% drop for the month in Las Vegas. While the region has fallen month over month since August of 2006, July’s plunge represents the largest percentage drop to date.“A lot of this volatility has to reflect Washington's near-term influence on price behavior through actions like the foreclosure moratorium,” says McCarthy. “We’re already seeing buying activity moving around in different price segments. The beauty of the IAS360 is that the index captures and reports on these changes in a way that reveals the reality of the market.”The IAS360 House Price Index is a comprehensive housing index tracking monthly change in the median sales price of detached single-family residences across the U.S. The index, based on all arms-length transactions, tracks data for 15,000 neighborhoods, that roll up to report on the changes in 360 counties, nine census divisions, four regions, and the nation overall. The IAS360 House Price Index is delivered on a monthly basis.
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Public Law 111-22 Compliant Property Management Services now available to Lenders & Servicers for Northern Virginia REOs

Posted by Clay Kime, REOM, CDPE, RDCPro on September 6, 2009 at 6:00am
Lenders and Servicers need REO Agents that can also provide professional Property Management Services, and not just property preservation and maintenance. We have the controls in place to ensure full legal compliance with the PTFA.

The Protecting Tenants at Foreclosure Act of 2009 (PTFA), is included in the Helping Families Save Their Homes Act of 2009 (S. 896 -- Public Law 111-22, approved May 20, 2009.) It requires that tenants residing in foreclosed residential properties be provided notice to vacate at least 90 days in advance of the date by which the immediate successor, generally, the purchaser, seeks to have the tenants vacate the property. **Except where the purchaser will occupy the property as the primary residence, the term of any bona fide lease also remains in effect, which we know our Corporate Clients will not be doing.
This legislation and regulation came into being because, all too often, tenants were caught unaware that the residential property in which they reside was being foreclosed and were given little notice of the need to vacate the property. The objective of these new tenant protections is to ensure that tenants receive appropriate notice of foreclosure and are not abruptly displaced.
Requirements are to provide tenants with at least 90 days advance notice to vacate and to preserve the term of any bona fide lease apply to foreclosures on all federally-related mortgage loans or on any dwelling or residential real property.
Our clients depend on the Clay Kime REO team to insulate them from future surprises that could delay asset disposition, property preservation, and timely settlement. Clay is REOM & CREO Certified by NFSTI and serves as the Virginia State Director and Executive Member of the REOMasters Network.
The REO and Distressed Property Management Division at RE/MAX Preferred Properties has implemented a fully PL 111-22 compliant Property Management Program for our Corporate Clients.
All of our occupancy verifications are conducted immediately upon receipt of every assignment. If the property is found "occupied," verification of the identity of the occupant is required. Verification of the occupancy rights (lease, rental agreement, etc.) is also required, including proof of prior payments to the landlord (previous owner). Immediately thereafter, the results of this interview are assigned to our legal team, and communicated to the Client.
If a Cash for Keys negotiation is explored we work aggressively to obtain agreement with the occupant. We further work to prosecute evictions immediately where occupancy retention rights are misrepresented.
In instances where continued occupancy in compliance PL 111-22 is required, we stand competent and experienced to ensure our Corporate Clients are compliant with full, licensed property management administration throughout the legal requirements.
There is much more to full legal compliance with PL 111-22. Please feel free to give us a call at (703) 625-2652 to discuss how our full range of REO services . . . can help you excel. Or just E-Mail us at TeamKime@MRIS.com
You can also Twitter me at REOVirginia.

Come and meet all the REOMasters professionals at the FiveStar Conference, September 21 -23. I invite you to join me and REOMasters Network at “the” Blow-out charity, fund raiser party “Club Tsunami” (8:00 p.m. – 2:00 a.m) immediately following the RES.NET Community Cookout from 6:30 – 8:30 p.m on September 21st.

At Club Tsunami, 100% of the ticket sales go to our designated charity partner, The Foreclosure Angel Foundation.The Foreclosure Angel Foundation is overwhelmed with thousands of desperate cries for help, many from battered spouses, the elderly and infirm, requesting relief from either losing their home, or help finding a new place to live and sleep. Marylin Mock, the Executive Director recently told me that she has well over 3,000 applications for assistance from the most fragile and frail in our society, awaiting assistance.
Come meet Marylin Mock and the REOMasters Network team and celebrate this worthy fund-raiser. The Club Tsunami event will be completely sold-out before the 21st.st.
I have a some Corporate Clients that cannot attend FiveStar this year. As a result I have few extra pre-paid, VIP tickets available for PMs and AMs. Interested, please let me know.


Regards,


Clay
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America's Favorite Recession Pastime: Complaining About Government.

Posted by Ken Lee on September 5, 2009 at 1:43pm
At some time in life, many of us were told we have no business complaining about things in life that we don't know about, don't participate in, or don't help to make better.I'm paraphrasing a few examples here ...Obama has said it - "I can't do it alone. I need your help."My former CEO said it "Bring me a problem, and bring me a solution."My former boss said "Great point - you are in charge of fixing it."My REO Masters Co-Founder Scott MacLaine said it "This is an organization where members don't join and expect success to happen, but have a hand in making a difference."I'm down with this philosophy (i.e. in agreement) because it just makes sense. It's practical. But I'll let you in on a secret - The other day I did happen to fall off my high horse and complain. It all started in court, where I'm spending way too much time lately.In my role as an REO Broker, I am frequently asked to appear in court as a witness for the bank at unlawful detainer hearings. A few weeks ago, the defendant actually showed up. This couple pleaded to the judge about saving their home, doing a loan modification, whatever it took, they were committed. The judge had to explain, as delicately as he could, that it was too late and that the bank filed to gain possession of their property. He granted the couple 2 weeks to vacate. Within the two weeks, the couple managed to get a relative to get qualified to buy the house. The bank agreed to go into escrow, knowing full well the relative was purchasing the home to enable the former defaulted borrowers to stay in the house. If escrow closes, the occupants essentially will have been awarded the mother of all loan modifications since the new purchase price and interest rate are well below what they were when the couple purchased the home at its peak. And the big bonus - the occupants have not paid their mortgage for about a year!Since the bank is the decision-maker, I happily facilitated all this. And then scratched my head and said ... What the ??? How do I get a deal like that???OK forget about me - what about all the other people in need? What about my client who suffered a rare disease resulting in a bone marrow transplant and a short sale because there was no loan modification that could help?I don't begrudge the couple fighting for their home. I don't know them. Maybe they are great people and this is Karma coming around to help. I may never know. But I am pretty certain that in this unprecedented real estate climate, the stories, the backgrounds, and the behavior behind those who have lost their homes are as diverse as one can imagine.Can we really blame government or banking institutions for helping those less deserving, or foregoing those in real need? Maybe not if:1) Policies are helping to solve the problem at large on a high level.or2) I'm not part of the solution.Enter the Foreclosure Angel Foundation. This is not my idea so if am insinuating that I am part of the solution, well, let me disclose that I'm merely outsourcing my contribution to the solution by supporting Marilyn Mock, founder of the Foreclosure Angel Foundation. This is an amazing lady who has started a foundation to help the neediest of those in foreclosure. You may have heard the expression "Think Globally, Act Locally." That's how Marilyn got started. She saw a problem and jumped right in. Never complained to anyone on behalf of the victim, never complained about the cruelty of the world, just took decisive action.I first saw her on Oprah (my wife made me watch it) and then when the founders of REO Masters announced the organization's support for Marilyn and the Foreclosure Angel Foundation, I was thrilled. The support will kick off with a fundraising event at the Five-Star Conference in Dallas later this month.Complaining feels good. But being part of the solution feels even better.
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Selling REO's - Fantasy vs. Reality

Posted by Henry B. Torn on September 5, 2009 at 1:48am
Oh the Illusions of Grandeur!!We have all heard it and deal with it everyday. "I'm looking for a STEAL or really good deal!!" "I want to buy the million dollar property for $400K!!" " Oh and it has to be move in condition"Perhaps I am wrong for being so candid with my clients and prospects by responding with, " NOT GOING TO HAPPEN!!"HELP!!! I NEED SELLING IDEAS AND SOLUTIONS FROM MY FELLOW REO AGENTS.........What selling techniques are working for you? How are you overcoming unrealistic expectations with your buyer clients?Is any one 'mixing' conventional sales with REO's in your search? As I have 'vented' in past blogs, the REO inventory at least here in the Chicago market is relatively thin and the conditions of these properties are not good for the most part.I feel like I am losing a lot of business by advising the buying public of the reality of the market versus their fantasy of great property, great location, great deal, and of course the proverbial "I'm the only buyer for this diamond in the rough""I'm such a shrewd dealmaker that there is no one else but me and the Bank/Asset Mgt. who owns this property needs me more then I need them!!"I genuinely believe many of these buyers convince themselves of this. I genuinely believe they pound their chests thinking they are going to have their cake and eat it too and that simply is not the 'reality' of this market at least here.Any ideas, solutions, effective selling techniques would be appreciated. Thanks for letting me once again VENT!
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The Power Of Networking

Posted by Marcelo Da Silva on September 2, 2009 at 3:06pm

We always tell our clients: location,location,location! Take a look at the following numbers:•Total Active Properties: 201,698•Total Agents: 622,462These numbers were in the summer agent newsletter from REOTrans sent on 08/22/09. Do the math. It's 3 agents for 1 property available in their system. And signing up with them is not a guarantee of business. Even though the REO inventory is drying up, there are still agents receiving a considerable number of assignments. The reason: network. These agents established a relationship with the asset managers and their company. If we want to grow and stay in business in this niche market after all these excessive REO inventory is gone, we have to network,network,network!
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Short Sale Success - It's in the Package, Stupid

Posted by Vytautas on September 2, 2009 at 6:02am
There is no shortage of advice on how to make a short sale transaction a successful one. While many of them are very valuable, too often experts concentrate on complicated strategies, missing the main point: success is in the package, stupid!When you decide to short sell your house, you need to submit a package of documents to your lender. You need to prove that financial hardship, not lack of responsibility, caused you to choose this path.One small mistake in the documents or a missing page can derail months-long efforts and push home owner into foreclosure.Bear in mind that once you submit the package, making any changes to it can be time consuming and reduce your chances of successfully selling the property.Loss mitigation departments are really slow and inefficient. Sometimes just to look into the package for the first time can take weeks. If after initial screening the package appears to contain any mistakes, bank employee will go to the next package and let yours sit for at least 10-20 days.Even if you send the updated information or missing documents promptly, it is very likely the package will stay in a "sandbox" for a few weeks until being reunited with the missing documents. So the importance of getting it right from the first time cannot be stressed enough.Then there are many quirks that only experienced professionals would know. For instance, you probably know that including a hardship letter in your package is a must. If you lost your job, you will mention that in the letter.Guess what. If you do not write a separate letter of explanation where you explicitly tell that you are not getting any paychecks and do not have any pay stubs, in a month or so you will receive a notice from the bank asking to prove that you are not receiving any paychecks.Common sense would suggest that if a person states he is unemployed that means he is not receiving a paycheck. Well, common sense is not exactly the most accurate term to describe a short sale process.If this is not ridiculous enough, wait for what's coming. Some banks require notifying them by phone before sending a package. If you do not call them, you can be almost 100 percent sure your hard work will be buried in the deep drawers of a loss mitigation department for too long.To make things worse, some banks accept generic forms; others have their own and would accept only those. Mix these up and your 'short sale' will become 'long sale' or 'no sale' whatsoever.And all of this is just a tip of an iceberg. Brokers who deal with many short sale transactions know hundreds of similar instances and have skills to handle it properly.Preparing a successful short sale package is not a rocket science, but inexperienced agent can do much more harm than good. One of the biggest mistakes home owners make is selecting top real estate agent in his or her area to put the short sale process together.The person can be a top-seller and multimillion dollar producer, but if he or she has little experience with short sales, he is not a professional you need to look for.Only somebody who has been doing it for at least a few years on daily basis can make a short sale really 'short' and help you get out of troubled waters unharmed.While looking for real estate professionals to help you navigate short sale process, ask whether they have experience in this particular area and what their closing ratio is.Also inquire whether agency works with real estate investors who actually have cash. Having buyers with cash readily available will always increase chances of a successful short sale.
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BPO Automation

Posted by Susan Cook, RDCPro, CDPE, SFR on September 2, 2009 at 12:46am
I hope this doesn't start a flurry of agreements or disagreements about this topic. I want to know who might be using BPO automation, what you are using and why you like it. I'm looking at several options. I also would like to know if anyone is running a team for BPO's and what your structure is. Also, my partner brought this up, do you have any security concerns about passwords & logins with the auto accept and automation software out there. I would appreciate any input you have and if you don't want to post publicly, please feel free to email me your response. Thanks for your valued opinions!
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ABC: Blogging 101

Posted by Linda Landry on August 31, 2009 at 10:00am
A=Action Your subject line must create action! Think about how you scan material you receive in your inbox or on your screen and how you decide what to spend your time reading. Your subject line must not only communicate your content but compel your potential reader to open.B=Body This is your content information. Keep it as simple and informative as possible. Your personal style will dictate. Some people are more education and teaching directed and others have a way of communicating with humor. Follow your personal style but keep in mind the short attention span we seem to all have when browsing the net. Say or convey and then take your bow and leave.C=Comments This is where you learn if you have conveyed your point. When others respond they provide you feedback and critique. This is your opportunity to evaluate your purpose, interact with others and often gives you food for thought for your next blog!Linda Landry, REALTOR ® Exit Realty 1st Choice Tucson, Arizona
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Communist Agenda in Default Real Estate?

Posted by Jesus (Jesse) Gonzalez on August 29, 2009 at 3:00pm
First off, let’s make sure we all agree on what a Communist is, in reference to the topic of Default Residential Real Estate only. Communism is egalitarian or has a political doctrine based on the idea that all people are equal and have all the same rights or in other words, believes that all economic inequalities should be removed from society. Now, understand that I do a lot of default counseling. I see 3-5 people a week, on average that are in some sort of default with their home. Here lately, it seems that more often than not, I am visiting homes where owners are 5, 6, 7, 8 or more months in default but, the foreclosure auction hasn’t even been scheduled. This seems a bit odd to me because I can’t remember a period in history when homeowners in default were given so much time before the bank foreclosed. My realization that it seemed banks were holding on to more and more of this default inventory unsettled me because I didn’t understand why. Why would a bank continue to loose money on a non performing asset? This was crazy to me…..foreclose, force evict if necessary, sell the asset, recoup what you can, write off the balance and allow capitalism to work however, this isn’t happening. Here lately, I have been hearing a lot of buzz about America’s shadow inventory of REOs and I have to admit, it seems very possible that his “shadow inventory” is much more than a conspiracy theory but possibly a concept designed to purposely create a economic disaster of unprecedented proportions that would allow the government to take over wall street in the name of “Saving the Country” from financial ruin. Carlos Silva, here on REOPro wrote a great blog titled, “Why you won’t see a Tusnamie of REOs” and here is the link, http://reopro.ning.com/forum/topics/heres-why-you-wont-see-a. I challenge you to read his blog and then ask, why? Was the passing of the Community Revitalization Act along with the formation of Fannie Mae and Freddie Mac as well as the key de-regulation of lending guidelines all framework to set up a disaster in this country that would usher in a Communist / Socialist revolution that would change the fabric of this country? I really don’t have answers to these questions but, I do know this. TARP…not working, it’s keeping people in homes, yes..but, these people can’t afford these homes anyways so, why are we (tax payers) shelling out billions just to see these people go back into default 3-5 months later? Is this a Communist agenda to force egalitarianism on us, the American People? Stand up, question boldly and hang on to the truth.
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NFSTI REO Coach-A-Thon Schedule

Posted by Marcelo Da Silva on August 28, 2009 at 6:30am
•Are you interested in increasing REO?•What about Commercial REO?•Do you know what to say to an Asset Manager?WEEK ONE•Foreclosure Angel Foundation Introduction (Today - Friday)WEEK TWO•8/31/09 - State of the Market•9/01/09 - Explosive Commercial REO Oportunities•9/02/09 - BPO Automation Made Simple and Profitable•9/03/09 - Loan Modification as a Secondary Revenue Stream•9/04/09 - Social Media - The Blogging EffectWEEK THREE•9/08/09 - Foreclosure Angel Foundation•9/09/09 - Putting the 'Short & Sweet' into Short Sales•9/10/09 - Razor Sharp Seling Skills w/Side of Motivation•9/10/09 - How to Attract More Buyers Than You Ever Thought Possible•9/11/09 - Social Media Marketing Strategy for REO AgentsWEEK FOUR•9/14/09 - Office Organization, Systems adn Peace of Mind•9/15/09 - REO Task Management Simplified & Served Hot!•9/10/09 - How to Talk with An Asset ManagerThe best REO coaches in the nation are coming together to benefit the Foreclosure Angel Foundation. For more information go to www.clubtsunami.netBe A Piece Of The Solution!
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Western States Crowned "Riskiest" for Mortgage Fraud

Posted by Carlos H. Silva Sr. on August 28, 2009 at 4:54am
Mortgage fraud risk over the last year seems to have migrated westward, with Nevada and California dominating the 10 riskiest metropolitan statistical areas (MSAs), according to a new study released by Interthinx this week.One of the study’s most telling findings – the states with the highest overall levels of mortgage fraud risk correspond to the states with the highest levels of foreclosure activity.Here’s how the numbers stack up. Nevada – which claimed the highest state foreclosure rate in the latest RealtyTrac report – also has the highest mortgage fraud risk, with an Interthinx Fraud Index value of 245.California, which contains eight of the 10 riskiest MSAs, has the next highest Interthinx Fraud Index value of 176. Guess where it ranked on RealtyTrac’s foreclosure report – No. 2.As a reference point, Interthinx says the fraud index value for the whole United States is 130. Nationally, fraud risk in the second quarter declined 4 percent from the first quarter, but is up 7 percent over last year, due to the nature of mortgage fraud to flourish and capitalize on deteriorated economic conditions, Interthinx explained.Mortgage fraud in the second quarter shifted to schemes that target distressed borrowers and the glut of bank-owned properties, Interthinx said.“Federally funded economic stimulus and stabilization programs that target foreclosure prevention are also contributing to the current shift to schemes involving defaulted and foreclosed properties,” the company’s analysts said in their report.The Property Valuation Fraud Index jumped 56 percent from the same period in 2008, reflecting fraudulent activity involving short sales, REO inventories, and refinancings. Valuation fraud is currently the most common type of fraud perpetrated against the industry.The Occupancy Fraud Index, which is typically tied to schemes involving speculative investments, declined 25 percent. The decline was caused by the generally depressed market for residential investment and rental properties, Interthinx said.So what makes Nevada and California such breeding grounds for fraudulent activity? Interthinx says fraud risk, particularly valuation fraud, occurs in any market with acute pricing volatility, whether home prices are rising or falling.Even more foreboding for these two, the company says fraud risk is actually a leading indicator of foreclosure risk, which suggests that the nation’s hottest fraud spots today are likely to be the leading foreclosure MSAs within two years.Interthinx analysts expect fraud indices will continue to rise over the next three years as a large number of adjustable-rate mortgage (ARM) loans – especially option ARMs with negative amortization – reset between now and the first quarter of 2012.BY: CARRIE BAY
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Money Saving Hotel Deal for the Five Star Conference

Posted by Kyle Whissel on August 25, 2009 at 6:00pm
Being that these conferences get extremely expenses when you add up the airfare, shuttle/rental car, hotel, classes, conference, meals, booze, ... I spent a little time looking for deals and I found a sweet deal on a hotel that is less than .5 mi from the Ft Worth Convention Center.I booked my flight via Expedia for $79/night at the Park Central Hotel. The published rate is $89/night. Use the coupon code "10AUG" to save $10/night.Four nights hotel at Park Central Hotel with all taxes and fees = $371.56.Four nights hotel at the Sheraton Hotel they recommend with all taxes and fees = $913.00.Total Savings = $541.44P.S. You're welcome to thank me by buying me a 'drink' when we get out there ;)
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Soon Buyers Will Want To Consider Wiring Funds To Escrow In NV

Posted by Carlos H. Silva Sr. on August 25, 2009 at 4:09pm
Another good article from a colleague:Effective October 1, 2009, the State of Nevada has enacted a "Good Funds" law.The law states that for escrow to close the buyer's closing funds must clear the bank.The buyer brings in a cashier's check for down payment and closing costs. The check must be deposited with the title/escrow company's bank prior to record/close.If this cashier's check is drawn from a local bank, this clearance can take up to two business days and therefore could delay closing and recording.If the buyer brings in an out-of-state cashier's check, the title/escrow company could have to wait up to 10 business days to verify the check has cleared.Talk to your favorite escrow officer for more information on how their company plans to addressing this new law.Based on this new law, you may want to consider coaching your buyers, especially those from out-of-state, to avoid the use of cashier's checks and to wire their closing funds to escrow.If you have any questions please don't hesitate to contact me.Best regards,Aaron M. GordonPhone: 1.702.283.2333eFax: 1.866.905.7922www.aarongordon.net
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Got My First REO!

Posted by Joshua Jarvis on August 23, 2009 at 7:19am
I got my first REO listing unceremoniously Saturday from an e-mail inquiring about my Commission. I'm glad I looked at the e-mail address (had REO in it). After replying, I quickly got paperwork forward to me and will be taking care of it tomorrow morning.It's just a small piece of land, but I'm hoping it opens other doors!
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Why I like Lookie Lou's!

Posted by Linda Landry on August 22, 2009 at 1:14pm
There are many reasons why I like and respect Lookie Lou's. If you've ever sat at an open house for two hours or more without traffic you will understand my first reason. With all the preparation given to arrange and set up an open house it is disheartening if no one stops in. I for one do not want to eat all my own cookies! Nor do I want my sellers to think nary a soul was interested in their charming, darling, cozy home.Au Contraire! I am there for a reason and that reason is YOU! Neighbors, curious George's, inquiring minds come one come all. I want to tell you about this home and show you it's features. Yes! That is my primary reason for having an open house. I also want to meet new people. I cannot be successful in real estate by talking to only a handful of people I know. I want to broaden my horizons and reach out to whomever is interested in discussing my passion for real estate. Consider me to be an artist in an art gallery. I will gladly discuss my work as well as engage in any discussion regarding art as it is my passion!Additionally, Lookie Lou's ask questions. Therefore we can engage in a conversation which typically evolves around, you guessed it, my passion and reason for being there.....real estate. This is a golden opportunity to 'feel the pulse' of someone who is interested but wary of the current market status. It is also an opportunity to dispel myths or mythical thinking. More importantly, it is a time to make a connection with someone new by discussing their concerns and providing access to information that may make them less concerned. It is also a time to delve into whom they may know who needs to sell or purchase a home. It is a time for me to introduce myself and my service to someone in the community who may not otherwise have met me nor I them. Think of it as a way of branding as my name needs to be in your thoughts when you or someone you know needs the services I provide.Yes, I am there holding this home open as it is on the market for sale. Certainly, it is my goal to sell it for my client. I will work hard to market it this way and any other way to fulfill their need and my responsibility to them. Additionally, I also want to meet you, whomever you are. Simply put......we need to connect. You may need some information I have and you may ask me for information I don't have but need to research. You may need my services someday or you may provide a service I need. You may know someone who needs my services or you just may know someone who wants the home I am holding open. Welcome to my open house Lookie Lou! Have a cookie and punch and let's chit chat while I show you this beautiful home for sale. We may not live next door to one another but we can certainly act like neighbors!Linda Landry, REALTOR ® Exit Realty 1st Choice Tucson, Arizona
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USRES BPO to Listing Ratio

Posted by Michael Babbitt on August 22, 2009 at 6:36am
We have been doing BPO's for USRES for a while and when we first started they had a 10:1 ratio. Meaning if you did 10 BPO's you would be assigned a listing. Then in May they said because of a lack of inventory they were changing it to 15:1. Now we are seeming to be up to 30-40 BPO's per listing and Vendor Management hasn't really responded to any inquiries. I was wondering if anyone else is experiencing the same situation with them.Thank you,Michaelmichaelbabbitt@kw.com
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