Well, as I said some months ago, if you haven’t gotten on the Titanium band wagon…well you may be missing out and now, that can’t be more truer than ever.
In a recent effort to make all their HRC (Housing Retention Consultant / Realtors) FDCPA (Fair Debt Collections Practice Act) compliant it was announced that Titanium is working on bringing on new banks and in conjunction, opening a REO center.
So, what does this mean to HRC’s?
Well, REO’s are soon to be flowing. For those of us that have worked with Titanium in the past and have developed a good relationship with them, I suspect we will reap the benefits of our hard work.
Once again, I can’t endorse this company enough. They have always represented themselves honestly and sincerely. So far, when they say they are going to do something, it has come true.
Not to mention, the customer service they offer is great and the people all seem to be on the same page.
If you are not with Titanium inc yet. I suggest you get on board ASAP! For more information on Titanium, call me or shoot me an email and I will hook you up or, just go to their website www.Titaniuminc.com and follow the instructions provided. By the way, don’t forget to let them know you are with REOPro, and if you want, you can drop my name…..lol (not that it will get you anywhere…..ROFLMAO)
Read more…
On a resume that is? I am now working on my second REO listing, but of course, want to increase my business with a more consistent flow of work/REO listings. What should a resume look like, specifically related to REOs? Any advise or a template would greatly be appreciated.Thanks!Kim
Read more…
I have been working with real estate investors for 5+ years. In the begining of my career my buyers were buying REO's, rehabing and renting them out. When I represent a buyer purchasing an REO property, I also arrange for the dye test and occupancy inspections that are required to get lien letters released for closing. I then get re-imbursed by the buyer at closing. I also offer to oversee the rehab process if the client needs this, (for a fee of course). I meet contractors, get bids in place and let my buyer make the final decision's. I've found with most new investors, the more you can point them in a direction to help them make educated decisions, the better they become with building their portfolio. I've developed many long term relationships with my investors and have been referred to others because of my attention to their bottom line. This may seem unusual to some that I am this involved, but it really does make for good relationships with your clients.
Read more…
I have noticed that most REO/Bank closings for Floridaare using title companies in South Florida and charge double or triple the customary charges.I am looking for a list of REO closing departments that we can contact to infrom them of our prices and services.Any advice or direction would be appreciatedBarry MillerThe Closing Agent, Inc.Barry@theclosingagent.com
Read more…
Posted by Dunia Partow on November 21, 2008 at 12:18pm
Thought I would share this info: Fannie Mae and Freddie Mac announced yesterday that they are suspending all foreclosures on mortgages that the two companies own.Both companies have ordered their national networks of mortgage servicers and foreclosure attorneys to halt all foreclosure sales and evictions involving occupied single-family properties. Freddie Mac is also including 2-4 unit occupancies as part of the suspension. The foreclosure moratoriums will take effect November 26 and go through January 9, 2009.
Read more…
Posted by Rick Fine on November 17, 2008 at 6:37pm
Well now, isn't that an attention-grabbing headline!I've been doing this for just under two years and woo-hoo, it is definitely the most interesting and financially rewarding experience I have ever had.I say financially rewarding from the context of commission volume, not hours vs dollars.If I used the hourly model, I think I could do better handing shopping carts to people at WalMart or punching buttons on a cash register with pictures of fast food on it...As the weather deteriorates, (In California that means temps plummeting into the low 60's), I have found more and more of my properties becoming the preferred shelter for the denizens of our streets.Now, as much as I can sympathize with their plight, their using the properties I am assigned by my clients can be problematic.I need to keep the property secure, clean and safe enough for prospective buyers and their agents to enter.I don't know about any of you out there, but the municipalities where I work got really upset when I used pepper spray like Febrese so I'm hoping I can glean from the experts of REOPRO alternatives that are:1. Preferably less-than-lethal2. Non-lawsuit friendly3. Do not involve electric shock, (Don't taze me bro!)4. And of course, CARBON NEUTRAL!(The last one is optional)Seriously speaking, I notice that as Thanksgiving and Christmas approaches more and more of the property assignments still have the occupants in them. How do you deal with throwing little Timmy with the wooden leg and his family out into the snow during the season of giving?For me, it leaves an unpleasant aftertaste that is unavoidable while I am still able to breathe.Does anyone have some advise on how to de-personalize the process during the holidays?Maybe if I looked upon the occupants as only occupants, that would help.I await your wise replies.
Read more…
Being an REO agent you learn that there are a lot of out of pocket expenses that you must front for the bank- utilities, repairs, inspections, cfk, HOAs and even some liens. At any given time you could be out of pocket thousands of dollars. If you are a high volume REO agent, it is best to hire someone to focus on organizing the bills, inputting them correctly into each companies system and getting the reimbursements back from the bank. This could save you thousands of dollars and time that you could spend selling the property!When hiring a bookkeeper, you can post a job via craigslist, an accounting temp agency or even a referral from your CPA. The latter two choices are preferred ways of choosing a candidate. Look at other ads from employers to get ideas for a good WANT ad and be as detailed as you can to eliminate unrelated resumes. You can check going rates for bookkeepers with craigslist, the temp agency and your bookkeeper. Remember, bookkeepers don't have to work full time. Many are more than willing to work 2-3 days or even a couple hours a week.What do you look for in the resume? Look for experience for at least 2 years in the field. Also, make sure the candidate is familiar with your accounting system. If you don't have one in place, an experienced candidate can recommend an accounting system- excel and quickbooks are more popular programs. The candidate you choose will be able to set them up for you. Definitely check their references by calling their previous employers through your own resources. The phone numbers they provide for their references are more than likely friends who will them give great references. Because the hired will have access to your bank accounts, it is also recommended that you do a background check on the person.Once you have them in place, make sure you have some checks and balances to ensure there is no leakage of funds. Sign all the checks yourself, don't give them access to direct funds or passwords for access, have another person or yourself do deposits, deposit all checks separately so that you can itemize each one's deposit receipt with each bill it is related to, and lastly review your accounting reports frequently. I cannot emphasize that you must have some knowledge of your accounting system. You never know when you need to change bookkeepers, handle the books yourself, change passwords in an instant or just know the passwords when they are absent.Here's to truly making a commission on the REOs and not a net of all your expenses you paid!!
Read more…
BPO Training.docThought the group might find this helpful. Attached is a message I recieved from IAS. The same has been said from a few different suppliers that I'm currently working with. Anyway, more importantly for those doing BPO's you might find the attachment training doc helpful. With that being said I plan on being busy for the rest of this month so you may not hear from me for a while but please feel free to shoot me an email.Good afternoon,Attached above is a copy of new requirements that all of our clients will need to have on the bpo's from here on out. The clients have returned to IAS with some feedback on how they would like the bpo's to be done in the future. There are some things on there that we already do, and there are some new things that we will need to be focusing on in the future.Page 3 and 4 are especially important to focus on when looking at the comparables. A major problem we are having with the bpo's is that the market data is not being justified. When comps provided cannot be provided within guidelines (which is in many cases), we have to make sure that we are explaining to the client exactly why. The client needs statements of facts, not opinions. On pages 3 and 4 are the new guidelines as to what needs to be in your bpo if there are more than 2 comps outside of the neighborhood. Also, when we refer to a "subdivision" or "inside the box", we are looking at the map. That is the very first thing we look at when reviewing a bpo. Any streets that are highlighted darker than the others, surrounding the subject is what we call "inside the box". For all properties that are located in suburban or urban areas, comps need to be inside the box. If you cannot find comps inside the box or within other required parameters, the procedures are listed on pages 3 and 4.I am sending this to all of my agents who I work with on a consistent basis because I want to make sure we are all on the same page. I want to give you the information the client is giving us in hopes to prevent the bpo's from being sent back and to save time on both my side and yours. If there are any questions what so ever regarding any information on the attachment above, please feel free to call me or email me. I am here for any questions you may have! This month, we are expecting more volume than we have ever done in a month before (it will probably hit mid month), and I want to get all these issues squared away before we are all swamped with other things!!
Read more…
I am a full time real estate agent in Pittsburgh PA and work with several real estate investors, both in Pittsburgh and in from other areas. Pittsburgh is a great place to invest in real estate because you can get properties at .50 - .60 cents on the dollar. I want to find out where to start the process of tracking down dircet contact information for asset managers who need their properties off the books. Any help would be greatly appreciated.Donna M. Pellegrino
Read more…
So you want to be an REO agent do you? Unless your just slammed with business and don't need or want anymore, why would you not answer your telephone. Two days ago I spoke with an AM that had 6 properties needing to be assigned all of which were outside of my coverage area exept for one. So being the sharing person that I am, I called & called & called. 3 listings went to my Southern CA friends/agents with Code 3. 1 to an Agent in Beverly Hills , 1 to myself and the Other to a MEGA REO broker in Bakersfield. This REO broker pretty much assured me he will be retiring after this boom, of which is his 3rd and he's doing MAJOR volume. HE DIDN'T KNOW MY NUMBER FROM NEXT BUT CERTAINLY ANSWERED HIS PHONE AT 10AM IN T THE MORNING WHEN I CALLED. So why is it that a Broker Doing Mega business can answer his phone, and some of us wanting to get into the business don't answer or at least return a telephone call. I'm sure we all have caller Id & show missed calls on our cell phones. We'll I'm looking for a network of a few good agents in CA that I can count on to answer there telephones next time I am blessed with the opportunity to pass on a REO listing.I have been informed from my contacts that CA is gonna get slammed in the next 6-9 months and I'm sure these opportunites will be more common. So Answer your telephones, I know most of my AM's call me before they assign a listing to give me a heads up. I haven't missed a call from one yet, so I don't know what happens when they don't get you on the phone. I would like to think that after you prove yourself they will just assign it; however sometimes a conversation is worthy. Lots of times there in other States Like PA and don't know Sacramento is 4-5 hours away from Bakersfield.Here's my tip for the month: I spoke with the REO coordinator for Citi & have been informed they will be adding new agents in or near the 1st quarter of 2009. So you may want to get your packets in if you haven't already done so. (So why would they be adding more agents around this time, well the stars are linning up, just another source confirming the volume and outlook ahead.)
Read more…
Working with over 20 properties a month, doing cash for keys is sometimes a challenge getting a hold of the occupant. We've found the following process has helped us in managing our CFK offers.Upon getting a property, we first check MLS to see if there is an occupant's number is disclosed. We try calling the number on there immediately. If we reach a person, we give them our information and let them know there is a possibility for some help in moving costs. Usually they need to get back to us upon talking to a spouse, looking for an alternate location or talk to an attorney. We obtain any alternate phone numbers or occupants information at that time.If there is no number on the MLS, we next call PGE to find out if the utilities are on. PGE will give out the information without question. If it is on, it may mean the occupants are there but not positively. If it is off, it is more than likely they are gone but not 100%. We have had occupants stealing electricity from the neighboring home- AND growing marijuana in the house too!After checking the PGE, we will go to the property the same day usually within the couple hours of getting the listing and knock on the door. We look for signs of occupancy by knocking on the door first and if no answer check the mailboxes overflow, see if there are newspapers piled up, peek through the windows in the front, and look at the gas meter to see if there is any activity. Neighbors are always the best and nosiest so it's always a good way to ask them if they've seen anyone in or out of the house. If you feel it is safe, we go to the backyard, because many times the occupant does not pull the shades of their sliding glass door.If it's vacant great! If it's occupied, we have form letters that we leave at the door with our contact information. We also give our info to the neighbors to contact us if they notice the occupant is there and we can go at that time or the same time the next evening. We tend to try checking the property at diffent times of the day and week so that we may bump into them.The importance of doing CFKs? Many asset managers have a rating system for the number of CFKs completed so it's to your benefit to follow up with checking on occupancy and helps you get the property on the market more quickly!
Read more…
My fellow agents, Time has come for us to recognize the battle that has been waged on us. Battle, we didn’t ask for, Battle, we did nothing to deserve, yet it is here and the battle we must fight not only for us and our future but also for our clients.REOPROs that have been around for a while know what I speak of. A Few months ago, I started to see some articles from auctioneers in reo magazines (DSNEWS), active advertisements by more and more companies, blog posts, and active memberships on most platforms used by lenders to hire agents to sell assets. Today, I hear from my AM friend with major bank, telling me that direct approach like never before to the entire REO division of most major banks is under way. You wouldn't believe how many companies are jumping on this bandwagon. This ghost has come out of its dark corners and if we don’t prepare ourselves for it. I dare not say the words what I fear.In my experience and with some feed back from some AMs, auctions have very little effect. If these companies advertise thousands of listings they only sell hundreds that day and many are at the fire sale prices. At that time the bank gives in and accepts a price that was well below the reserve price. What’s' worse is that this listing was with an agent before. It was cancelled only 30 days after it was listed. Oh by the way, the agent in this case got this listing after nasty eviction, got the property in marketable condition with shelling out his own money, waiting to be reimbursed. This type of process hurts.I am deeply troubled to hear these auction companies bash brokers and say auctions are the way of the future. I am confident after what they charge (10%), and prices they sell asset for, they even come close to what we can get for the asset if proper marketing time would be given. I am anxious to hear from everybody reading this blog if auctioneers net more than we do. If we do then why more and more listings are being taken away from agents and some sold at the auctions at the fire sale prices. This is crazy.We the Professional REO Agents do more each and everyday from occupancy check to evictions to weekly reports to maintenance to negotiate sale for less than any entity on this earth. We protect that asset as it was ours. I now make a point to tell this to all my AM contacts. I believe it’s in their interest to know that we do more for less and get them the best deal possible.
Read more…
I have not blogged before and would like to start. I can't emphasize enough to treat your fellow colleagues with respect when it comes to informing them what is happening. I had a REO listing and received an offer. I immediately turned it in. I called the agent to inform him that I did submit it and was waiting for an answer. He appreciated that I took the time to let him know that I did submit it. There were a few glitches along the way, but I made sure I informed the agent every step of the way. He was so pleased with my contact and letting me know the particulars that after we finally closed he wrote me the nicest thank you with high complimentary comments. I treat others like I would like to be treated. I think it is awful to wait and not to let the others involved know where you are with it, what the hold up could be etc. This is how I always work, but for some agents this is hard, and they do not call you back and you are wasting time tracking them down to find out if it has been accepted. The buyers get angry and want to pull from the offer if they are taking to long to get a response. You should be working together it helps to get it closed and close smoothly. I hope this tip helps others.Donna
Read more…
Because so many people don’t blog, let me share reason with you as to why you should blog.
1. Exposure: Blogging gets you great exposure. In fact, a regular blog that provides great information will not only get you exposure but, sometimes it can get you notoriety. In other words, it allows readers to get a sense of who you are and how you work. Think of it as a one sided interview for your readers and therefore, use it to your advantage to toot your own horn and, show off your skills, knowledge and experience.
2. Collaboration: Blogging allows a writer to collaborate ideas with others who may have more insight on the topic than the writer. In short, it’s a great way to get answers or obtain knowledge. At the very least it allows for writers and readers to toss around ideas and workout solutions.
3. Become an Expert: Depending on just how you use your blog, it can be a great way to showcase your expertise in a particular area or field. Continued writing shows dedication to your craft or business and allows others to see you as an expert.
4. Relationship Building: It’s a great way to build relationships. People can come on, read your blog, ask questions and open the door to relationship building. It has been a great way for me to maintain my customer relationships and as well bring on new customers who have been refereed to my blog.
5. Media Relationships: One of the most intriguing reason to blog is the potential for Media Exposure and then the development of a relationship with a local media outlet. In fact, it isn’t uncommon to see some blogs on local media outlets or industry publications
So, all in all, bloggin can be a great way to start a business, maintain a business and propel a business to success so, if you’re not blogging, I have to ask why?
Read more…
Posted by Raul Novales on November 4, 2008 at 5:27pm
This is my first attemp at a blog so I hope this is usefull. I have been approved by a large Asset Management company and the same day my approval was emailed I received 2 BPO assignments. Lenders and Asset Management companies want and need Accuracy and Efficiency. When you receive a new Listing or BPO assignment they give you time lines to complete the work, but if you exceed the timelines you will be rewarded with more business. Remember that you are being graded by them on accuracy, also so be very careful about how you price your properties. Most companies are looking for a varience of 3 to 5% of list to sale price based on your BPO. A little background about me: I listed my first REO in 1985, in 1992 I was hired by FREDDIE MAC and FANNIE MAE. I was involved in hundreds of transactions with both GSE's. I left the business to pursue investing and have only recently returned. This business is very complicated and expensive to handle so for those of you that are interested be prepared and you will succeed.
Read more…
Posted by Danny Mahelka on November 4, 2008 at 12:00pm
Danny MahelkaColdwell Banker9000 Sunset Blvd., Suite 100Los Angeles, CA. 90069DIRECT: 310-887-0220FAX: 310-887-0291CELL: 213-359-4097dmahelka@earthlink.netwww.homesbydanny.comOBJECTIVE:To swiftly and efficiently administer eviction / re-location services for occupants and reclamation processes to secure property on the banks behalf.To aggressively and strategically market said property to ensure a quick, qualified sale in order to minimize bank expense and exposure.Note: My specialized R.E.O department maintains a separate phone number, email and fax than that of the general business.REOTRANS.com – Certified MemberRES.NET - MemberREO EXPERIENCE:Have completed BPO’s for the following• Wells Fargo • EMC Mortgage• Bank of America • Countrywide• Washington Mutual • Saxton Mortgage• Wachovia BankCurrent REO accounts in Office• Wells Fargo • Washington Mutual• Countrywide • EMC Mortgage• AM Trust • Saxton Mortgage• Wachovia BankArea Coverage:90003,90004,90005,90006,90007,90010,90011,90012,90015,90016,90017,90018,90019,9002090024,90025,90026,90027,90028,90029,90031,90034,90035,90036,90037,90038,90039,90044,90068,90043,90045,90046,90047,90048,90049,90056,90062,90064,90066,90067,9006890069,90071,90073,90077,90094,90095,90272,90291,90292,90402,90210,90211,90212, 90401,90402 90403,90404,90230,90232SPECIALTIES:• Cash for Keys• REO team includes 4 real estate licensed professionals• Staff has fluency in the following languages; English, Spanish, Hebrew, Farsi• BPO turnaround time 24-48 hours• Contractor bids within 72 hours• Same day re-keys & lockout team• Fast trash out and repairs• Management of all bids during process, inspection upon completion• Property Management• Daily occupancy checks• Site security when necessary• Coordination with eviction attorney• Coordination with utility companies• Re-location services for occupants• Utilities will be in our corporations name and in a separate bank account• Loss mitigation• Communication with the team via synchronized PDA phones, computers and e faxes• Semi-monthly reports submitted that includes Realtor showings, and expenses• Expertise in construction and design• Expert in Excel, Publisher, WordAwards• 2004 International Presidents Elite (Top 2% CB agents nationwide)• 2005 International Presidents Elite (Top 2% CB agents nationwide)• 2006 International Presidents Elite (Top 2% CB agents nationwide)• 2007 International Presidents Elite (Top 2% CB agents nationwide)• 2008 International Presidents Elite (Top 2% CB agents Nationwide)Employing BrokerageColdwell BankerNovember 1991-presentBroker DRE License # 00616212OFFICE STAFF:Danny Mahelka:Licensed Real Estate Broker, 17 years experience in the sale, purchase and management of residential and commercial properties. Extensive knowledge of REO’s, probates, trust sales, development, and rehabilitation. Duties include research and completion of BPO’s, all negotiating.Scott Anderson:Licensed Real Estate Agent, Completing all weekly/monthly reports, and marketing of properties. Responsible for overseeing maintenance and weekly inspection of all properties.Artesia Fair:Escrow coordinator and closer. Handles billing on utilities and vendors.Jessica LeDuff:Listing Coordinator, input of all listings, coordinating photography and all aspects of marketing and advertising.
Read more…
Posted by Camila Rifai on November 4, 2008 at 11:35am
Hi All,I just signed up with Titanium Solutions and was wondering if any of you have had any experience with them. I'm an experienced REO agent in my area, however this company appears to be a loss mitigation company, I thank you in advance for your imput.
Read more…
Posted by Pamala Spivey on November 4, 2008 at 6:46am
If you are looking for qualified REO Agents you should search for REO Co-Listing agents they have the experienceA-Z and you don't have to worry about picking a newbie. Our team has been working as a co-listing agent for a yearwe help newbie reo agents who were fortunate enough to get a oppurtunity to sale reo's but do not have a team or areo model/system we exchange our services to be a co-listing agent. www.ReoResourceTeam.comRead more…
Offers on REO’s should be Last, Final and Best!
I get more complaints from prospective buyers about their offers because they didn’t get the opportunity to counter. No matter how up front I can be about the offer process it seems to never get through that most times, banks aren’t going to counter, they are simply going to accepting the best offer and, that may not be yours.
What really hammers my patience is when I get a call from a buyer’s agent that goes something like this…..
Buyers Agent: Hi my name is Joe Super Realtor and I am calling to follow up on an offer we placed on 1313 Money Pitt Lane?
Me: Hi Joe, thanks for the call, give me just a sec to find the file (brief pause) ok, it says here the bank accepted another offer.
Buyers Agent: Um…we didn’t even get countered, shouldn’t we have received a counter?
Me: No Joe, as stated in the MLS, “all offer should be Final and Best” this particular bank isn’t going to counter.
Buyer Agents: Well, I didn’t see that so, how can I submit in my client’s counter?
Me: Joe, that isn’t how this works, the bank has moved on and the bidding process is over.
Buyers Agent: Can you explain this to my client, he is here with me now, I just don’t understand, how much was the other offer?
Me: I am not going to go into details about another person’s offer however, it really doesn’t matter at this time, your client lost the bid by not following the instructions as outlined in the MLS.
Buyers Agent: I don’t understand why the bank wouldn’t look at our offer when it’s more than what they accepted?
Me: Ok, this isn’t going anywhere, was there anything else I can help you with?
Buyers Agent: Can I speak with the bank, do you have a number I can reach them at?
Me: No, I don’t have a number you can reach them at.
Buyers Agent: How do you contact them, they have to have a number right?
Me: Let me be more specific, No, I don’t have a number that is published. I can’t provide you with their contact information.
Buyers Agent: Well, whatever…….this is awful and I can’t believe your bank would do this to my buyer. We are going to find another house and steer clear of these REO’s.
Me: Ok, well thanks for calling and have a great day!
BUYER AGENTS, FOLLOW THE MLS AND EDUCATE YOUR CLIENT. IF YOU DON’T KNOW THE PROCESS OR HAVE QUESTIONS, CALL ME BEFORE YOU PUT IN YOUR OFFER NOT AFTER!
www.JesseGonzalezRealEstate.comRead more…
I just received 2 listings from them, after doing proof reading on the listing agreement. I see that they would like me to give back 1% as a referral fee. Has anyone worked with them ? Any feedback or advice wil help..thanks guys
Read more…
