Heard this morning from a very reliable source that REO assignments are going to double for the 2nd quarter (Apr/May) of the year. Also, we should be seeing even more investment, foreign and domestic, in tangible assets such as real estate due to the oversupply of money and lack of confidence in financial markets. Would not be surprised if we see a shortage of inventory towards the end of the year. Especially since the latest policy of rental leases in lieu of foreclosure, recent short sale appeal and more foreign and local real estate investment due to oversupply of money.
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Here is a post from one of my AR collegues I thought it was worth sharing:Has Fannie Mae pulled their head out of their... sand box?What if I told you Fannie Mae is offering special financing if you buy one of their bank owned homes? Would you believe me? Well you should because it is true!Why does this benefit you? Well frankly... the terms of their offered financing is pretty darn sweet!The benefits of their HomePath program include:Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)You may qualify even if your credit is less than perfectAvailable to both owner occupiers and investorsDown payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employerNo mortgage insuranceNo appraisal feesFREE home warranty is included with the purchase.I recently wrote a blog about another local Sacramento Agency that is offering a similar incentive if you buy one of their bank owned homes. Read the blog now >>BUT the catch is they only have 2 or so homes available in the Sacramento Area to purchase.Here is the best part about this program... There are over 250 homes available in the Sacramento area right now that qualify for this program!Here are some other homes available in the Sacramento Area:Elk Grove... 46 homes available!Citrus Heights... 21 homes availableRancho Cordova... 16 homes available!Fair Oaks... 4 homes availableCarnichael... 14 homes available!and so on...Here is some more specific information about their guidelines:97% (3% down) for owner occupied financing with NO MORTGAGE INSURANCE!Why is this such a big deal?A typical FHA loan with an equivalent down payment (3.5% down) would require 1.75% of the loan amount to be paid upfront for a mortgage insurance premium. Then on top of your monthly payment (PITI), you would be charged .55% (of the loan amount) every year for ongoing mortgage insurance.Let me break this down so I don't throw too much loan lingo your way.. Here is an example mortgage insurance fees for an FHA loan of $200,000...$200,000 x 1.75 = $3500 You would be charged this amount at closing or you could roll this into a loan on a traditional FHA loan program for the upfront mortgage insurance premium.$200,000 x .55 / 12 months = $91.67 This means $91.67 would be added to your payment every month for mortgage insurance.With this special financing offered by Fannie Mae you could put .5% LESS down than a FHA loan and you do no pay ANY MORTGAGE INSURANCE! This really is a sweet deal!Do you feel like a little more sugar today? Wait until you see what they will do for an investor!90% (10% down) for non owner occupied properties with NO MORTGAGE INSURANCE!If you are looking for an investment home in Sacramento, you know that you will get a better return on your investment if you have less money in the deal. Right now with typical financing (actually offered by Fannie Mae for non-Fannie Mae owned homes), you should expect to put down at least 25%.Wow! So for example if you purchased a home for $150,000 (not owned by Fannie Mae), you would need to put down $37,500 plus closing costs. If you buy a home owned by Fannie Mae, you only have to put $15,000 plus closing costs. If that does not help you"sharpen your pencil" I am not sure what will! This is a really big deal!They even offer a renovation program that allows you to finance light renovations upfront and add it to the loan amount. So if you find a Sacramento Fannie Mae owned home that maybe has some vandalism issues (which many do), you can probably get a discount for the home and finance in the repairs that are needed to bring it back to livable condition!It is so nice to be able to report some good news to folks. It really has been a drag having to shovel through the bad news to try and find something good to report as far as guideline changes go!Here is a link to search for homes in your area >>We can offer this special loan program... so just give us a call and we can discuss this opportunity further!Happy Hunting!This blog by:Team NewingtonSacramento Mortgage Planners(916) 687-6868www.SuperiorLoanTeam.comRead more…
Last night, Jennifer Kraus with my local news, NewsChannel5 did a story on a company called dont4close.com. As a part of the NC5 Investigates report Mrs. Kraus chronicled a very depressing story about a family who is loosing their home due to mortgage arrearages and were taken advantage of by a less than scrupulous man who guaranteed he could save their home from foreclosure.
As a Certified Home Retention Consultant with Titanium, when I saw the story come up, I was entranced and attempted to understand every detail.
Ultimately, the family was facing foreclosure and contacted dont4close.com to help them save their home. Allegedly Charles Jones behind dont4close.com offered the homeowners, the Reynolds, a deal they couldn’t refuse. He offered to pay their mortgage for 1 year and after that time, the Reynolds could start paying him back.
Well, to make a long story short, allegedly Charles Jones sold the Reynolds home to a third party, a woman named Gladiz Romano. After some investigative work by Mrs. Kraus she found Mrs. Romano who admitted she bought the house but has never made a single payment for the home or ever even visited the home.
In closing, NewsChannel5 offered up some “tips” on how to prevent other homeowners from being in this situation. One of the tips they offered was,
“If you face foreclosure, stay away from businesses that guarantee to stop the foreclosure process, require you to sign over your property deed or pressure you to sign papers you don't understand.”
Web link for full story….
http://www.newschannel5.com/Global/story.asp?S=9815589&nav=menu374_2_2
As a HRC, Realtor and concerned citizen, I totally agree with the statement but, what bothered me was, the story left it there…..they didn’t go further. They didn’t explain that sometimes banks will send out representatives to homeowners residences because homeowners loose communication with their mortgage servicers and they (the servicers) don’t have any other choice.
I am sure this oversight was simply due to a lack of knowledge that a legitimate process does exist to preserve homeownership or at the very least avoid foreclosure so, I wrote an opinion editorial to Mrs. Kraus and hopefully will be able to address my concerns with the story but, either way, it’s important that those of us who work hard, legitimately, morally, ethically do what we can to create positive news worthy stories and get the message out, we are here to help!
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Posted by Daniel Ripper on February 6, 2009 at 1:42pm
In the last couple of weeks, I've had a number of choice listings enter the market at what I figured was a good market price based on my evaluation. Within hours of some of these listings, I had multiple offers, competing buyers, higest and best, etc.. Some of these offers went above asking by as high as 25%!1st scenario: The sellers didn't take the strongest offer with the bottom line (yes they were well qualified with an 80% downpayment) They took the second best which was all-cash but 25K less!2nd scenario: Countered the best well rounded offer, but in the counter was an offer amount reduction! Good for the buyer and their agent.I had to confirm with the AM making sure that the reduction wasn't a typo before moving forward. Apparently the reason why banks are doing this is many buyers overbid and then when it comes time for loan approval, can't make value/work the price down for whatever reasons. Thoughts on this? Is it healthy for our market to keep things lower, even if somebody is willing to pay a higher premium?
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In most cases the Fears Of Shrinking Industries, Your 401k and Real estate Investments go hand in hand. With the current state of job securities, massive lay offs and the fear of what to do next is most thought about and one of our biggest worries today. I recently read an article about a husband and father of two who had worked in his industry for well over 20 years, and was suddenly laid off and his 401k was reduced to nothing. He was facing his biggest fears of his life, what was he going to do, his family was depending on him. His wife a stay at home mom was forced to look for work and after 5 months she did find a part-time job in the retail industry for holiday shopping. The husband on the other case sought processional job counseling and after submitting application upon application he was actually spinning his wheels and going no where fast. He sought training in a new industry and this was the key. To this day he is getting back on track, he made an investment with the savings he had into real estate and he and his family are very happy that he did.We never think about our 401k's until it is too late. Many of us never thought to open it or have any idea about what we would do with it. Of course retirement has it's benefits, unfortunately in today's hard and trying economy most of us will not have the opportunity to retire from our industries. With shrinking industries we must take the first step to secure our futures. It is time to open your 401k pull out your money and put it to work for you unless you want to continue to work for your 401k. Don't wait until it you open your pay envelope to see the infamous 'PINK SLIP'I would like to introduce you to a few ideas i came across a few weeks ago. REO agents ace also become real estate Investors. The downloads I am including will introduce you to and fortify your beliefs and realistically show you how you can benefit from these free downloads and course materials. Within this link you will find many useful resources that you could incorporate in your current industry or pass on to someone you know with an interests in real estate.Free Web Bonus PackFree e-Book: How To Create Multiple Streams of Income Buying Homes in Nice Areas with Nothing Down!https://mfg.infusionsoft.com/go/FreeWebBonusPack/cdnsi/Ultimate Investors Boot CampLearn Multiple Ways to Buy Homes with Little or No Money at the Ultimate Investors Boot Camphttps://mfg.infusionsoft.com/go/UIB/cdnsi/Read more…
We have recently seen our REO inventory not moving as fast as it did last year. We speculate it's due to buyers who are worried about the economic turbulence. However, foreign investment in US distressed markets is on the rise. We have recently been approached by an Asian and European investment groups who are already making distressed acquisitions. They are giving us the opportunity to earn their business and be their exclusive representatives for their US acquisitions. We expect more foreign investors will be rushing to the US distressed markets. If you are not tapping that market you might consider doing so. Below you will find the marketing presentation along with the investment broker profiles we prepared for the investment groups. You are welcome to use some of our ideas.Distressed Property Investments Presentation.pdfInvestment Broker Profiles.pdfBTWWe are looking to establish a business relationship with brokers/agents from all US markets who have REO listings to offer our investors. Please reach out to me if you are interested.
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Posted by MIRELA MONTE on February 4, 2009 at 2:15pm
Asking price: $167,432 on a Bank Owned property in an oceanfront building where similar listings are still priced at over $200K. My investor client asked me to put in a bid for $125,000. The bank approved it. SOLD!Asking price on a short sale: $190,000 in an Oceanfront building where similar condos are still listed for up to $300,000. My investor bid $154,000 for it. The bank finally accepted $168,000. We closed last week.I just received a request to bid on a short sale home currently priced at $549,900, the least expensive home ever sold in that neighborhood. The lead came from Active Rain. The investor wants to bid $260,000. Will I write it up? You bet! Why? Because the bank might actually take it!Here are some deals you could bid on: Luxury condo on Waterway. Asking price $299,900.Waterway community custom home, 4BR/3BA. Originally priced at $799K. The bank now owns it and listed it with me for $489K.Just check out our website for current REO deals at: http://www.myrtlebeachhomes.us/Homes or www.BankOwnedInMyrtleBeach.comGo ahead: insult the Seller! I will be glad to do it for you!Mirela Monte, Your Myrtle Beach REO Source
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Posted by MIRELA MONTE on February 4, 2009 at 2:07pm
Here are some current "Deals"... Oceanfront condos practically given away for a fraction of the price they used to sell for. All of these are "distressed property transactions", either Short Sales (Pre-Foreclosure), or Bank Owned (After Foreclosure).Ocean Villas: 2BR/1.5BA now priced at $139,900.2005 sold comp: $232,000!!!The Palace: 2BR/2BA now priced at $139,900.Same units sold in 2005 for $279,900!!!Beach Colony: 2BR/2BA now priced at $179,900.Same units sold in 2005 for $430,000!!!Prince Resort: 2BR/2BA now priced at $210,000.Same units sold in 2007 for $570,000!!!Paradise Resort: 2BR/2BA now priced at $210,029.Same units sold in 2006 for $379,900!!!Myrtle Beach Oceanfront Slaughter Fest. Get yours today! Are all these great deals? Some are, some are not! We'll uncover the mystery of the Myrtle Beach Oceanfront Deal later on this week. Stay tuned!Myrtle Beach Oceanfront by Mirela Monte Join Me on the Optimist Group!
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Posted by MIRELA MONTE on February 4, 2009 at 2:04pm
In 2005 I told all my Investors to stop buying Oceanfront. I've always been able to see patterns in numbers. I didn't like what I saw, so I blew the whistle. I moved my investors on to other products like single family homes in the path of growth. We did well. The Clients who listened and sold, fared quite nicely. The ones who didn't, now wish they had...I am now blowing another whistle: the BUY whistle. With prices at an all time low and inventory still ample, now is the time to start delving in. There are lots of things to consider and a careful analysis is mandatory. If you perform your due diligence and work with a top notch Oceanfront Buyer's Agent, you should do extremely well.God does not create any more Beach... Today we just had another 260 foreclosure properties being auctioned off at the Courthouse. Those properties will soon be available as Bank Owned super deals... The interest rates are still at an all time low... The gloom and doom is depressing most consumers and clipping the wings off the novice Investors... To make money you always move against the grain...I just pulled numbers on Oceanfront Condos in North Myrtle Beach. What I found made my hair stand up: 24% of the North Myrtle Beach Oceanfront condos are now "Pending Sale". 24%!!! Twenty-Four Percent!!! Compare that with the typical 2.5% activity per month and you start seeing what I'm seeing: 10 times the activity almost overnight! That's BIG! That's REALLY BIG!!!You heard it here first!(Why are you still here? Get on the phone with your Mortgage Broker!)Mirela Monte, Your Myrtle Beach Oceanfront Guru Proud Optimist!
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I have a dilemma. Ones professional ethics require that you wait to pound a sign until the day you list in MLS. But what if the boss, the seller, tells you they want the signs in immediately upon verified vacancy and possession by the seller. What if your boss is a bank? What if it is required in the contract that they send you?
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Ok, now that I have your attention, let me share some valuable insight into the BPO = REO myth.
Not every BPO gives you the opportunity to get the REO. Truth is, it rarely does. To understand this, you need to understand the BPO process. BPO’s are generally ordered after an offer has been submitted on a REO or Short Sale. That’s right, after the offer so, obviously you have no chance of getting that property as a REO.
So, some argue that the BPOs get your name in front of the Asset Manager….ok, yeah it does but, how many people do you think your are competing with to get the attention of the Asset Manager by using their BPOs? Not the best way to get their attention, if you ask me.
Lastly, BPOs give you invaluable experience that REO Asset Managers require. Now this is actually very true. Most of the time, if you are lucky enough to get an interview with an Asset Manager, one of the first question you’ll get is, how many BPOs do you do? This is because it tells the Asset Manager how active you are in a particular area and therefore, sheds some light on just how much “experience” you have in evaluating Fair Market Value.
Oh, I almost forgot, those pesky little Default Designations / Certifications. So do they offer anything for you….well, mostly not. Unless the Designation / Certification training is offered directly by a lender or the lenders exclusive REO outsourcer. So, that is why on our home page, you will only find an exclusive handful of designations / certification and professional membership organizations that are vouched for by our REOPro Members. So, be very careful when buying that certification / designation because, it may not do a damn thing for ya. So that reminds me, here is a great blog of mine you might want to read over, “REO Designations, what is your opinion on them, are they worth it? And REO Schemes you should watch out for.
So, how do you get that elusive REO? Well, I am going to reference one of the very first blogs I ever did here on REOPro, follow this link to learn more, How to start doing your first REO.
Hope this helps out. Good luck
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I posted this blog back in December on this plus a few other social networks. There were a lot of comments on the Active Rain blog and thought it would be good to share them since there is a lot of new members since. You may follow the link below to view the comments and read all the great tips.REO Broker SkillsRead more…
Alright, so, I sent out that pesky little Survey a couple of weeks ago and, as you know, I have made some changes accordingly.
One of which is the weekly broadcast message briefing you on some of the weeks activities. I just started that last Friday and the response was good. So, I will continue to send it out each Friday. Of course, if you don’t want to get these messages you can control the messages you receive from by clicking the bottom of the message that says, “Control the messages you receive”
Another change was the search by State. Don’t forget, to set this up, you need to go into the Profile section of your settings and type in your state where it says, “enter your state”. Remember to include abbreviations because some people may only search by such. For example I typed in Tennessee, TN, Tenn.
Now, we have had a lot of request for advertising…..granted I was a bit surprised when 2 un-solicited request came in. Once I was aware of the need, I went ahead and put out on the home page that if anyone was interested in advertising to contact me. Well, I was a bit overwhelmed by the response and therefore, am bringing on a friend of mine to get the banner advertisements up and running. I have already seen the prelim ad’s and I am sure you will be impressed. I hope to have those up soon.
Now back to the survey, ok, I heard you, you want REO listings….well, ok, let me pull those out of thin air for ya, just kidding.
On a more serious note, let me explain to you what I am up against when I tell these banks, asset managers and lenders that I have a great pool of REO Professional Agents that would love to do business with them. They say, “how do we know they are really any good?” Well, ok, I get it, they need to know you can sell REO and do it well before they want to deal with you so…..um…..here is my thoughts.
The money I raise from the advertisements will go right back into REOPro and start a “Certification” training program. Now, the best part, I plan on not charging for it. That’s right, a free REO Certification plan that actually will benefits it’s graduates with REO listings and BPO Opportunities.
I know…..ground breaking, right!?!? My plan is to raise the funds from the advertising so, I don’t have to charge Realtors a fee for the Certification. Now, I have heard a lot of concerns from others I have shared this plan with. One argument is that, if I don’t charge for the Certification, then people won’t take it very seriously and, I truly understand that but, my argument is, the training program is going to be so intense, that only really good agents will be able to obtain it. What are your thoughts?
Now, as for this Certification program, it will take a while to get up and running, I suspect 6-9 months but, in the mean time, I am working on getting some banks or at least an anonymous Asset Manager to come on and write a “Dear Abby” article once a week. This was a great suggestion from someone who responded to my recent survey and, I think I may have just the right Asset Manager. Hopefully this will give some invaluable insight as to what they are looking for and how to get more listings.
Well, anyways, I got to run but, I wanted to give each of you a heads up as to what is coming down the pike. I look forward to each of you being successful and I hope I can be a part of it. Thanks for your continued support and, lets make REOPro a REO Power House!
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Posted by Jason Donn on January 31, 2009 at 2:33pm
Fannie Mae announced Tuesday that it would allow qualified renters of foreclosed properties owned by a government-controlled mortgage company to stay in their homes.Under the National Real Estate Owned (REO) Rental Policy, renters of homes acquired by Fannie Mae will be offered a new monthly lease at market-rate rent or if they desire, financial aid to help them move.The properties must meet state and local building and safety codes.Fannie Mae also said it will hire real estate practitioners or property management companies to manage the properties while the units are for sale.Jason Donn
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We are starting to see more distressed and REO commercial real estate here in Las Vegas and surrounding areas. My colleagues are getting inventory from FDIC, SBA, private entities and financial institutions. In my opinion we are going to be seeing more commercial inventory. Is your market seeing any REO or distressed commercial real estate? If your market is on the REO or Distressed commercial real estate market please join the newly formed Commercial REO group.
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You may have been all caught up in the looming "sitmulus plan" news that you may not have heard of a recent vote that took place in the House Judiciary Committee.
This vote could potentially reduce foreclosure nation wide but, at what cost?
Basically, the bill lets Bankruptcy Judges alter the term of mortgage loans. The vote passed 21-15 and now the measure is headed to the House.
Now, one thing to remember about this bill is that it only applies to mortgages that were entered into before the bill becomes law. This is important becuase opponets of this bill claim this measure would create a rash of bankruptcies and flood the courts, much like the massive bankruptcy law changes of a few years ago.
The thought is that many people would be more comfortable with pleading thier case to a Judge than to deal directly with a Loss Mitigation Officer representing the bank because they feel the Judges will be more sympathetic to thier cause.
Well, of course many lenders oppose the deal because they believe they will be big loosers if these mortgages get in the hands of liberal Judges who like to legislate from the bench. Ultimately this is the one point both the default home owners and lenders agree on and that is, if a Judge is allowed to alter the terms of these loans, most likely they will favor the default homeowners and the banks will end up loosing more than they would have by doing a Short Sale or Foreclosure.
As you can imagine, the lenders are coming out and saying that massive losses incurred from these lawsuits will be passed on to new mortgage seekers and therefore, reduce the number of people able to afford a loan all together.
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Thought I would share this colleagues blog:Some months ago, I had a long conversation with a real estate investor about short sale properties vs. REO properties. He said he didn't think there was much in the way of savings derived from buying homes through short sales anymore. Instead, he said it probably made more sense for him to buy foreclosed homes and wait patiently to buy them through lenders' REO Agents.I thought that was it. I thought he had made up his mind on the subject and was just trying to politely tell me that he would no longer be needing my services, but then he added, "So what do you think about this? Do you think I should start buying my investment properties as REO's?"With me being a Short Sales Specialist, I'm probably a bit biased on the advantages of buying short sale properties vs. REO's, but, in any event, here's what I basically told him.There are both advantages and disadvantages to buying short sale properties. The major disadvantage of buying a short sale property is that there may be undisclosed liens or problems with the title. When you buy a preforeclosed property; you're buying it as is. There is always a risk that the distressed seller may have acquired liens (e.g. unpaid hospital bills or unpaid contractors' bills for home repairs) while they owned the property.Another downside to buying short sales is that they frequently take a long time to get approved and to close. Most short sales take on average 3 to 6 months to close, and if you don't have the patience of a saint, you're probably going to lose interest in buying the property before too long.Waste Basket of MoneyHowever, just like there are risks involved in buying short sale properties there are also benefits. One of the biggest and most important benefits is the fact that short sale properties are usually cheaper to acquire than REOs. If you wait for the property to be foreclosed on and placed on the lender's REO list, then you're going to usually pay more to own the property.The reason for this is the fact that by time the lender legally takes the property back he has already incurred an excessive string of additional fees, e.g. property taxes, HOA dues, hazard insurance premiums, mortgage insurance premiums, lost interest, attorney fees, property maintenance costs, real estate commission, etc.Naturally, the mortgage company plans to recoup these fees, and to help accomplish this goal, the lender subsequently raises the sale price of the REO property. Depending on whether you're buying foreclosed property in a state that practices non-judicial foreclosures or judicial foreclosures, you could unknowingly end up paying an extra $10,000 on up to help reimburse the lender for these expenses.Well, that's my take on the subject. If you disagree, please post your comments. I'm really curious to hear your thoughts on this subject.AUTHOR CREDITS:Tracy Miller "Why It's Cheaper to Buy Short Sales than REOs," from Tracy Miller's Blog: Short Sales & More! (Material Copyrighted 2008. Tracy Miller; All Rights Reserved.) Tracy's blog published at Active Rain Real Estate Network (www.activerain.com/blogs/tracyshortsales). It is permissible to reprint, repost, reblog this material. Please reprint material with the author's information included. It is preferred that reprints of this material are published with this exact same "Author Credits" footer depicted or included at the bottom of any reproductions.
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MLS Bank Homes Newswire 1/19/09From national correspondent: Ms.Catarina HuntingtonThat is the headline that Realtors can only hope for at this point in time. A more proportioned assignment of REO Listings would have a dramatically positive impact on the Realtor industry. However, as of January 2009, REO Listing Agents continue to own a stranglehold on REO markets while the rest of the industry sinks in despair.An investigation into the facts surrounding the REO listing market is interesting....2 million foreclosures up for grabsNationwide the “private club” of REO Agents currently monopolizes about 1.7 million active REO listings. In 2009, 2.0 million more properties will foreclose and according to a recent report by "Credit Suisse" the US market will be averaging 2 + million foreclosures over each of the next 4 years.Estimates are that 150,000 Realtors nationwide, provided the pertinent education, would be very qualified listing agents of REO properties. There are no specific prerequisites to become an REO Agent. Qualified Realtors simply need to possess a willingness to enter the REO arena and be thoroughly educated on the unique aspects of listing bank owned foreclosures.Hence, there are 150,000 active full time Realtors in the United States with 2 million foreclosures "up for grabs". If divided equally each Realtor would close 13 REO listings per year for the next 4 years.REO Agents Dominate MarketInstead, roughly 5,800 Realtors Nationwide sold 1.6 million REO homes in 2008. That translates into an average of 22 closed listings per REO Agent, PER MONTH. That certainly doesn't sound like a “spread the wealth” philosophy does it?The REO industry's current model appears to provide for a single beneficiary: REO Listing Agents.Unfortunately the industry’s model comes at the expense of the lenders themselves, frustrated buyers and the tens of thousands of agents left out to dry.The vast majority of REO Agents are overwhelmed with inventory and under staffed. Realtors “in the field” showing REO properties tell me that they understand this “all to well”.The systemic problem within the REO Agent "underground" appears to have a multitude of negative consequences which result in longer market times and lower sale prices, say industry sources.Private enterprise is fixed on changing the dynamicIn a brief telephone interview I conducted with Ms. Simona Miu a spokeswoman for ForeclosureU.com a private educational institute established in 2005, Miu stated:“ForeclosureU is committed to changing that course in 2009. Stating that ForeclosureU.com is going “at the establishment head on”, Miu says that ForeclosureU is launching a national advertising campaign in various targeted media outlets promoting the importance of their “Certified Foreclosure Specialist Designation and Training for Realtors”.….“In 2009 our sole focus will be dedicated to educating and arming 25000 Realtors to earn their fair share and rights to the REO pie……Graduates of the “CFS” Training will receive everything required to meet their career goals and seize these emerging markets”.Miu went on to provide some of the ways ForeclosureU intends on accomplishing this challenging feat:“CFS” graduates are provided unprecedented (a) training on listing REO property but it doesn't stop there (b) “CFS” graduates are entered into the National Database of “CFS” agents (c) an aggressive print/electronic and internet marketing campaign (promoting its “CFS” agents) targeting the entire default (REO) industry is being launched (d) In addition a proprietary list of “REO asset managers” and their direct contact information will be made available to all “CFS” graduates.”Miu stated that ForeclosureU is filling the gapping holes left by local, state and national educational platforms that have failed Realtors miserably in providing current educational requirements.ConclusionIf ForeclosureU and companies like them truly step up and provide Realtors the tools they need there is little doubt that, at least in this columnists opinion, Realtors can surely change the course of their careers and maybe even the course of the foreclosure debacle as a whole.On a personal note I am pulling for ForeclosureU and companies like them. Small businesses and product/service innovation is the only viable macro solution to this countries economic downward spiral. Getting our political leaders to understand this is a whole other conundrum.Statistical data and additional content provided thanks to:Real Estate Trac, City Data Co, U.S. Association of Real Estate Agents, Foreclosure University, Zillow BlogMLS BankHomesLas Vegas, NV 89044
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