reo: It Isn't Over Til the Large Thyroid Challenged Non Male Person Sings - 12/17/12 01:36 AM

It Isn't Over Til the Large Thyroid Challenged Non Male Person Sings
Foreclosures starts are down consideribly from the peak in 2008 but experts are expecting 1.2 million new foreclosures and 650,000 loan modifications that will             re-default in 2013.  Source LPS and JP Morgan Chase 12/17/2012
Given the horrible loans in FHA products and pipeline this should come as no surprise.  The numbers then include another 530,000 new mods, 1 million foreclosure sales, and 700,000 short sales. 
By the end of 2013 we should see the shadow inventory decline by 380,000 leaving us still with about 4 million properties. So much … (2 comments)

reo: Equator Agents Initated 1.17 Million Short Sales? - 12/29/11 03:05 AM
Equator Agents Initated 1.17 Million Short Sales?
On DSN this morning Equator reported that agents initiated 1.7 million short sales through their platform over the last 24 months. 
Here's my question....How many resulted in a successful sale?  I am sure their sofware can identify why a file was closed in the system, ie: sold, or closed without resolution.  
They went on to say that 150 Billion dollars of assets (short sales and REO's combined) were processed over the last 8 Years.  Ok now I am confused.  8 Years ago we was 2003-2004 in my world and I sure do not remember many short sales or … (0 comments)

reo: GSE's Don't Use GPS, Mapquest, or Maps For That Matter - 10/04/11 12:17 PM
It appears as though technology has escaped our Government Service Enterprise vendors at Fannie Mae, Freddie Mac, and HUD.  Why are they still by passing qualified Brokers & Agents that would do a far superior job servicing their REO's in favor of Brokers and Agents from over an hour from the property?  Yet their spokesman and women tell us all at 5 Star, REO Insider, AREAA/NAHREP,  REOMAC, etc  conferences that they do not allow listing agents to be more than 10 miles from the property and promise to add more qualified agents to their selection process only to have us fill out countless applications … (1 comments)

reo: Is The Government Stealing Our Equity? - 09/17/11 02:21 AM
Recent reports put the shadow inventory of foreclosures at near 6 Million units.  Of those the Governments Service Enterprises Fannie Mae, Freddie Mac, HUD, and alike own approximately 48% of those foreclosures. 
What I have seen in the past 30 days is alarming.  Those houses are flooding on to the market at between 20-30% below the last sold comparable in the same neighborhood.  They are not trashed beat up fixers.  On the contrary if they are in poor condition these agencies are hiring contractors to put in new appliances, carpet, paint, and do many other repairs to meet minimum FHA … (2 comments)

reo: The Foreclosure Market is Over...NOT! - 04/04/11 05:34 AM
If you read any the headlines this morning after the current administration announced it's intentions to run for another term you would think this headline was correct.  The fact of the matter is that there were less than 4500 Successful HAFA transactions completed in February nationwide. Woopie, oh no wait a minute. When your consider that 870,000 loans are seriously delinquent and another 445,000 are in some stage of foreclosure then 4500 seems a bit low, don't you agree?
There was a slight decline in defaults filed.  Not necessarily because all those folks are paying their payments once again but because the lenders are … (3 comments)

reo: Fannie Mae has over 160,000 REO's - 03/19/11 10:36 AM
Fannie Mae has over 160,000backlog of REO Inventory
"Fannie Mae repossessed more than 262,000 single-family homes nationally last year, and as of Dec. 31, its inventory of single-family REOs was almost 163,000". Source RIS Media 3-19=11
Many agents ask me if there is really a shadow inventory of REO properties being held back. If Fannie Mae has over 160,000 how many do you think Freddie, Ginnie, and HUD have?  Now add all those in the lenders and investors inventory and we are looking at 3-5 more years no matter if defaults fall off to zero, which is not going to happen … (3 comments)

reo: California Foreclosure Update - 02/26/11 04:06 PM
California Foreclosure Update
Recent articles are once again alarming in the REO world.  California had a huge jump in Foreclosures once again after the lifting of annual holiday moratoriums combined with Robo Signing & Mers obsticles. Here are a few reasons you need to get some REO training if you want to survice in 2011 and beyond selling RE in CA:
THIS JUST IN. 4 FED PROGRAMS TO BITE THE DUST
On the chopping block are the Home Affordable Modification Program (HAMP), HUD's Neighborhood Stabilization Program, the Federal Housing Administration (FHA) Short Refi Program, and the Emergency Homeowner Relief Fund passed … (3 comments)

reo: Is Your MLS For Sale? How About Your Soul? - 02/20/11 06:57 AM
IS YOUR MLS FOR SALE? How About Your Soul?
I recently received this notification from a vendor who will remain nameless to protect me from being sued:
Dear Real Estate Agent/Broker:
(Un-named Vendor) is now offering a new product, please read the descriptions below and update your fees:
"Subject Data Report: Focuses entirely on the subject property and asks for 10+ exterior subject photos, Subject MLS with photo gallery and completion of a brief questionnaire about the subject and subject market area. If interior access is obtained, 20+ interior photos should be provided of all rooms, damages, needed repairs and … (5 comments)

reo: Bank of America Back in Foreclosure Mode - 12/10/10 02:14 PM
Bank of America Back in Foreclosure Mode
While Fannie Mae and Freddie Mac take the holidays off the second largest lender servicing over 500 investors along with their own REO portfolio who pulled out all the stops to stall the foreclosure procedure are now back in the game. No surprises here. Mystery solved in AZ, CA, NV, OR where they ceased foreclosures in non-judicial states during the so called MERS/Robosigning controversy. Why? There is still so much dual shadow inventory they can hardly keep up. It also makes the numbers look better to wall street and main street both when there appears to be a drop … (3 comments)

reo: BPO vs Appraisal- Vote NOW! - 11/30/10 04:06 AM
I just got off a Linkedin Blog discussion where an Appraiser who is also REALTOR chided us for doing BPO's.  Really?  Should we stop doing CMA's too?  Thanks to HVCC many appraisers come from over an hour away and do not even have access to much of the local data yet they charge 10X what we are paid for a BPO. Sure it is much more work but is it really more accurate in this situation?  Often times the Appraiser never steps foot into any of the homes he or she has used on their appraisal but the local REALTOR who has access to … (4 comments)

reo: REO Training in LA County - 09/05/10 02:26 AM
REO Training in LA County
Flier for upcoming Foreclosure Agent training at the Burbank Association of REALTORS

… (2 comments)

reo: Follow Up on REO Master Listing Agreements & More - 08/08/10 05:26 AM
In an earlier post on REO's I heard many replies about the condition of REO's during the listing period. The master agreement between the listing firm and the lender/seller almost always calls for utilities on in the brokers name for inspections through the close of escrow except for HUD properties which are the responsibility of the buyer. The new era of Asset Managers not working for the Government, Fannie, Freddie, UDSA, HUD etc, have been given directives from the lenders to audit the listings.  What is interesting is that these Government owned or backed listings are usually in the worst condition of … (0 comments)

reo: REO's SELL FOR 20% UNDER WHO's MARKET? - 08/07/10 11:54 AM
Just read on Sean's Blog on Foreclosureradar.com last night that revealed a study was done that concluded that foreclosures sell for 20% less than market value.  I have a few issues with this study as follows:
1. Isn't market value what a buyer will pay for the median home in a market?  If the market is 30% foreclosures than that is a substantial portion of the market.
2. This study was done by non REALTORS who never set foot inside these properties and just like our friends at Zillow, Redfin, and Trullia they are comparing apples to oranges.  The study is based on geographic areas … (28 comments)

reo: How to Make $295,000 and more Scaming REALTORS - 07/26/10 01:09 PM
So today I received a call today from another past student who attended our Silver Lining Workshops intense two day live REO training course who was solicited by yet another "pay to play" so called third party REO Asset Management middle man company.  DO NOT PAY THESE GUYS!  This one wanted $295.00 for a one year subscription. They charge you anywhere from $100 to $700 to join a network that will do absolutely nothing but take your money.  Here is the best way to flush them out by asking some very important questions as follows:
1. How many REO properties did you … (4 comments)

reo: TALE OF TWO FORECLOSURES - 01/31/10 01:14 AM
TALE OF TWO FORECLOSURES:
This past week I had two assignments from one of my REO lenders in the same neighborhood.  Both homes had gone through the complete foreclosure process.  When I contacted each of the prior mortgagors they both said that they had attempted a loan modification. Attention Federal Government loan mods are a dismal failure!  Here are their completely different ways of dealing with a bad situation.
OWNER #1:
We tried to do a loan modification but my business has dropped off to nothing and they told us we did not qualify due to lack of income.  The only good thing is that … (0 comments)

reo: 3 BEDROOM 2 BATH REO Lender Owned Foreclosure For Sale In Tehachapi CA - 01/23/10 12:58 PM
3 BEDROOM 2 BATH REO Lender Owned Foreclosure For Sale In Tehachapi
               Diamond in the rough on 1/2 Acre Lot.
JUST LISTED LENDER OWNED FORECLOSURE IS EXCELLENT OPPORTUNITY FOR CASH BUYER TO FLIP OR SPECIAL 203k REHAB FINANCING AVAILABLE FOR OWNER OCCUPANT WITH LOW DOWN AND REHAB BUILT INTO LOAN. 3 BEDROOMS + 2 BATHS, LARGE  OVER SIZED METAL DETACHED GARAGE/STORAGE/SHOP.  ROOM FOR MULTIPLE VEHICLES AND COULD BE NICE HOME BASE FOR RV CRUISER. CURRENTLY ZONED FOR TWO HORSES (VERIFY WITH CITY) ALL FLAT AND USEABLE IN THE TEHACHAPI CITYLIMITS ON QUITE NO THRU STREET WITH COUNTRY FEEL. APPROXIMATELY 1300 Square Feet..... ONLY … (2 comments)

reo: REO AGENTS BEWARE...Buyers are up in arms! - 09/13/09 11:32 AM
If you are one of the big gun REO listing agents that are not returning buyers agents calls, not submitting outside agents offers, not marking your properties pending or at minimum using the MLS to alert cooperating agents that the property has offers accepted subject to ratified contracts, removing keys or not placing them in the lockbox in the first place, or any of the other completely unethical practices we are now seeing out here...BEWARE we have long memories and so do the buyers. We also have boards and associations that have professional standards panels that would love nothing more than to … (7 comments)

reo: The Foreclosure Market Is Over..(NOT), or A Wolf in Sheep's Clothing - 06/19/09 01:43 AM
 I am afraid this is just an old fashioned house of cards and with one good wind it will all blow down.
While I want to be positive and I want the market to recover having cheerleaders from the media, the administration, and our industry mis-quoting the so called real estate recovery makes me very nervous.

Here are some fast facts:


 Of the 150,000 Loan Modifications filed in the newest version of the  admisistations revised Hope for Home"Making Home Affordable" Program only 3560 were successful   * Typical success rate of a government program. There have already been over 1.4 Million … (0 comments)

reo: STOP SLAMMING REO AGENTS/BROKERS - 02/12/09 12:58 AM
I received an email this morning from a very successful and professional REALTOR® today that alarmed me and I wanted to share my response with you all.  They were trying to get a group of REALTORS® together to do some "PR" against REO agents that make what they feel are unreasonable showing and offer perimiters on their listings.  This is what I wrote back:
"The REO agent is taking their directions for listings from their principals.  Yes I agree some overstep but you would need proof that this is not the sellers directive. I do agree that there is no reason … (1 comments)

reo: What's An REO Agent To Do? - 04/29/08 04:44 AM
You worked long and hard to prepare the proper resume and the materials to submit to the 100's of REO Asset Managers out there and then it comes....YOU JUST LANDED AN REO ACCOUNT.  Sounds like easy money doesn't it?  Not so fast my friend.  Some of these folks  are paid a whopping $10.00 an hour and have never spent two minutes in the Real Estate business and are now in control of your destiny.  Here are some of the challenges to working REO portfolios in today's market.
Asset Managers that will not list at your recommended price due to some crazy formula the … (7 comments)