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".........please note the new Good Funds Law that took effect today! In a nutshell, wiring funds is the fastest way to avoid delays. See below for further details. NEW PROCEDURES FOR NEVADA: 1. Funds must be "deposited" (in the bank), by law, before disbursements are made. If funds are deposited, then disbursements can be made as follows: a. PERSONAL CHECKS, drawn on a Foreign Bank (including Canada), for any purpose including earnest money, will not be accepted, regardless of the closing date. (3 comments)
las vegas reo: Community Bank of Nevada shut down by FDIC - 08/17/09 08:11 AM
Well it's happend. On Friday August 14th 2009 the FDIC officially shut down Community Bank of Nevada. At the time of the forced closing there was no other local bank that would assume Community Bank of Nevada's deposits so they decieded to re-open on the following Monday as Deposit Insurance National Bank of Las Vegas, which will operate for about 30 days, allowing depositors to move their insured deposits to other institutions. The FDIC estimated that there were $4.2 million in uninsured deposits.
This was the bank that I used for both my personal and business accounts, as well as (4 comments)
las vegas reo: Tales of a Las Vegas REO Agent Part 6!!!!! - 03/28/09 02:41 AM
Wow I haven't added to this series since Dec 2008. Well since the last posting of the series there have been some changes. Let's catch up. There was a big slow down in 'new'; property assignments in January and February 2009. Now I have still been picking up properties, but not 'new' REO's. I've been picking up re-assignments from other REO agents here in Las Vegas. I am so thankful for the re-assignments because they have been about 85% of the property assignments that I've picked up in the last 3 months. Last week I picked up 9 properties and 7 were (12 comments)
las vegas reo: Las Vegas Load Modifications Turn into Las Vegas Foreclosures Beware and Be Smart!! - 02/01/09 02:20 AM
I had to write this. In the past week, three of my girlfriend's friends have called me frantically stating that "I just got a 48 hour vacate notice!!!! What do I do???". Turns out that all three people had been working on loan modifications!!! I asked them all, how did you go from doing a loan mod to getting a vacate notice? One told me that she was making payments, but the bank said that they wouldn't talk to anybody about a loan mod unless they were missing payments, so she said "Fine, I'll just stop paying my mortgage to work (1 comments)
las vegas reo: Another great NFSTI (National Foreclosure Sales Training Institute) class!!! - 01/18/09 06:07 PM
I just attended my second REO / BPO training class from NFSTI (National Foreclosure Sales Training Institute) and it was awesome!!!! I picked up even more tips and tricks to pick up more business and to better service my clients. It also got me motivated to get to work even harder to prospect for more business and to better secure my relationships with my current clients. I also found out that Lowell Caro Jr. and myself may have an opportunity to join NFSTI as instructors!!! I'm stoked about the opportunity to travel and teach and share my experiences and knowledge with (2 comments)
las vegas reo: Foreclosures up 81%.....Las Vegas, Nevada leads the Nation!!!!! - 01/18/09 04:38 PM
According to RealtyTrac, foreclosures filings were up 81% year over year nation wide with Las Vegas leading the nation for foreclosure filings. There was 3,157,806 foreclosure filings nationwide last year meaning that 1 in every 54 homes had a foreclosure filing of some sort. Wraping up the top 5 are Arizona, Florida, California and Colorado. Looks like a great time to be selling REO properties in Las Vegas, Nevada!!! Bryan Knight, REO specialist in Las Vegas, Nevada702-845-8435 Follow me at www.twitter.com/KnightREO (0 comments)
las vegas reo: Tales of a Las Vegas REO Agent Part 5!!!!! - 12/28/08 04:01 PM
Since the last post I finally got it with IndyMac Federal Bank. This was after paying the 900 plus dollars for the default school training for them. They hit me to two properties, so we're off and running with them. Not sure what going to happen to them with the whole FDIC deal however so I wouldn't be surprised if that relationship doesn't last long. One of my clients haven't issued out any new listings in the past 3 months. I called them and they haven't been getting any new properties from their clients, so they don't have anything to issue out (3 comments)
Still shocked at the vacancy rate being above 60%. There are so many opportunities to buy some great pieces of real estate in Las Vegas right now. If you aren't buying, you're missing out on the greatest opportunity to invest in real estate that we'll see in the next 50 plus years!!!
Bryan Knight, REO Specialist in Las Vegas, NV 702-845-8435 Follow me at www.twitter.com/KnightREO (1 comments)
las vegas reo: Bad buyer's agents strike again!!! - 11/10/08 11:37 PM
I'm in the middle of a couple of deals right now that are not going as desired. Lately I can't pay anyone to actually get a deal closed on time! I had two that were due to close today. One is waiting on the sellers deed to be signed which is understandable, but the on the other I've got a case of disappearing buyer's agent and disappearing lender!!! This always happens when something fishy is going on with the buyer side. About a week before closing, the buyer's agent becomes difficult to get hold of, and the lender stops answering the (11 comments)
las vegas reo: Financial prepardness when selling REO / Bank Owned Properties - 11/10/08 11:22 PM
Ok, so you've been working your butt off blowing out those BPO's for month after month after month, long after some of the other agents that started with you have given up and you finally get hit with your first wave of REOs!!!!! Now you get a 24 hour crash course in servicing REO properties!!! Check occupancy, order a re-key, trash-out, sales clean, initial yard services, get the power, water, and gas turned on in your name, track down the HOA and pay back six months of past due HOA dues and then keep it current throughout the listing period, schedule (4 comments)
las vegas reo: Leaverage!!!!!! The only way to expand you business. - 11/06/08 03:53 AM
Well I finally followed the advice of my trusted "mentor" and hired some help to assist me with my BPO photos. I picked up about 40 BPO's yesterday and as I'm driving them today, I think to myself "This is not the highest and best use or most dollar productive use of my time!" I love being out in the field, but as the business is growing and growing, I need to be at the office taking care of things that my asset managers need. Knowing that maintaining that BPO business is important to maintaining and picking up new clients, I didn't (17 comments)
las vegas reo: Looking for 4-6 REO agents from across the country to Network / Mastermind with!!! - 11/01/08 10:07 PM
I'm looking for 4 to 6 other REO agents in different markets to share ideas, mastermind, and help each other to grow their business buy sharing contact and helping each other "get in" with clients that they are not currently in with. There will be no competition due to all agents being from different marketplaces. You need to actually be doing REO's and have clients / contacts to contribute to the group. It's a give and take situation, not just a "take", so have something to contribute. If you've been working with a client and don't know how to get another broker (7 comments)
las vegas reo: Offer writing tips for REO / Bank Owned Properties!!!! - 11/01/08 09:40 PM
Through all of the networking and masterminding that I've participated in, one thing always comes to light as a problem that REO listing agents run into..........poorly written offers from buyer's agents!!! I've been working on an offer on property for over two weeks now and my assistant or myself has had to go back to the buyer's agent over 10 different times in two weeks to have them fix errors in their buyer's offer. Everything from missing check boxes that were pertinent to the transaction to leaving blanks in the contract to having two buyers on the contract and having only (18 comments)
las vegas reo: Tales of a Las Vegas REO Agent Part 4!!!!!! - 11/01/08 08:34 PM
Well since the last post, there have been some great things going on. First I wasn't able to make it to either of the big REO conferences (5 Star & REOMAC), and I was really bummed about that. However During the time that 5 star was going on, I picked up two new clients!!!! Guess how I got them both................yeah that's right.......BPO's!!!! One called me and gave me a re-assign on a property that I had did the BPO on over six months ago. I'm the third REO agent on the property. Not only did I get the reassign, but the (3 comments)
las vegas reo: Frustrated with agents looking to list REO properties but don't want to pay thier dues!!!! - 10/23/08 02:10 AM
I just had the conversation with one of my REO buddies today about people looking to get into the REO listing side, but not being willing to pay dues!! To date, I have done THOUSANDS......I repeat THOUSANDS of BPO's in the last year. No I don't have a BPO team or someone else doing them for me, I've done THOUSANDS MYSELF. That means driving all over town to take photos, pulling the comps, doing the research and commenting thoroughly prior to submitting. EVERY REO CLIENT THAT I'VE GOTTEN HAS BEEN FROM DOING BPO's! I haven't been to any conferences, had any (49 comments)
las vegas reo: Listing Sides for REO may see reduced comissions in the future!! - 10/23/08 01:42 AM
During a recent mastermind a top REO agent in the country stated that he wouldn't be surprised if one day in the not to distant future we will be selling REO properties for only 1%!!!! That with the possible consolidation and government involvement with many financial institutions that the possible for a system similar to HUD's current system of charging a flat fee to listing agents and offering up to 5% co-ops for buyer's agents may become more prevalent. We discussed that the way to stay ahead of the curve is to have a strong buyer side out there selling both (10 comments)
las vegas reo: The Days of the Old Grumpy REO Guy is coming to an end!!!! - 10/23/08 01:31 AM
During a recent REO mastermind (yes a group of REO agents in the same market CAN sit down and share information with each other!) one of the top REO agents in town stated that "The days of the old grumpy, bad attitude REO guy is coming to an end." That the REO market is evolving and fresher, younger, client oriented agents are going to prosper. That the monopolies of agents that have hundreds of REO listings are fading away (and he has over 500 currently). He told stories of the old days of brokers sabotaging other agents listings and doing all sorts (7 comments)
las vegas reo: Woah!! Wells Fargo aka PAS made huge agent cuts yesterday!!!! Was it you??? - 10/18/08 02:28 AM
Wow, yesterday Premier Asset Services (Wells Fargo) cut a large number of agents in the Greater Las Vegas area. Some good friends of mine got clipped. One of my buddies had about 30 properties with them which represented about half his inventory and he got cut! I spoke with my Well Fargo lender yesterday and he stated that back when Wells signed on with default school and opened up their site to new agents that they were overwhelmed with agents taking the training and getting approved. However just because they had paid their money, took the course, passed the test, and (17 comments)
las vegas reo: Tales of a Las Vegas REO agent Part 3!!!! - 08/31/08 05:57 PM
Ok, new update to the Las Vegas REO tale. Since part 2 we've closed the two that were in escrow and have 3 more in escrow. I've picked up another big client that's I've been looking to work with for awhile now (Servicing 3 REO clients now)!! It's been a huge learning curve, but now I've got a handle on whole thing. I've formed a corporation and I've hired a full time assistant to help with the administrative portion of the business. The administrative side is HUGE in REO and any one person that has any kind of significant numbers of (10 comments)
On August 11, Indymac is introducing a mandatory formal education initiative as part of the application process and existing network REO brokers and agents.
This initiative includes a curriculum of multiple training courses. The first course is REO Best Practices. This course provides an in-depth overview of how to manage an REO property. The second course is Advanced Evaluations. Advanced Evaluations provides substantial video training that will increase (25 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.