Short Sale and Foreclosure Real Estate Agent

Top 5 Myths of Bank Owned Properties (REO's) The bank is very motivated to sell these properties.  Usually they are not that motivated, typically leaving the properties on the marked for several months at a high listing price. Bank owned properties are cheaper than regular properties.  The bank o...

What is a complete short sale package?? When I speak with the people working in the short sale departments, the most common problem with the packages they receive from agents is an incomplete package.  What makes a complete package? 1.  The financials from the borrower including tax return, W2 or...

I am working with a short sale negotiator on a purchase transaction and they are charging a 25% referral fee for the entire commission.  It doesn't seem right to me.  Isn't the short sale negotiator working for the seller only?  Wow, experience does have it's price. On the positive side, the nego...

Multiple Offers on Bank Owned and Foreclosures It seems like the people who were on the sidelines are now coming out and buying. A recent foreclosure was listed at $230K a little below market value and received 18 offers within a week. The accepted price, however, was $290K. This goes to show how...

What a great help this tax credit will be for buyers who are having difficulty affording their first home.  With all the headlines about the so called credit crisis, it is nice to see that there are incentives being put in place for first time homebuyers. The Housing Stimulus Bill is offering a $...

THE BUYERS MARKET IS HERE, LETS OPEN ESCROW!!! The buyers market is finally here!!!  According to the March 2008 “Housing Market Indicators” published by the Federal Home Loan Mortgage Corp, the inventory of unsold homes in California was 11.6 months, almost a full year.  This is a 52.6% increase...

Short Sales or Pre Foreclosure Sales A pre foreclosure is when the lender agrees to accept something less than the full amount of the payoff to avert foreclosure. Most lenders have discovered that it is cheaper to have a short sale or other activity rather than letting the property come back as ...

1. Probably the most obvious and also the most important is always pay on time.  Keep in mind that once you are more than 30 days late on a credit account, there will be a derogatory on the credit report. 2. Have a variety of credit types extended to you.  For example, credit cards, car loan, stu...

1. Always have the seller contact the asset manager to discuss a short payoff of their loan. 2. Most lenders require a signed listing agreement before they will speak with an agent. 3. Most lenders have specific requirements and may fax them to you upon request. 4. Be aware that there will be tim...

Below are some websites that agents can register with do start getting BPO requests.  Lets make this a place to share companies that do BPO's.www.calreo.com  Cal REO--Asset Manager www.lendersreo.com  Lender Asset Management Company--Asset Managerwww.clearcapital.com   Clear Capital--Valuation Se...