reo: Wayback Wednesday… Don’t be Dumb Like a Bank - 08/14/10 10:40 PM
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A couple of years ago I wrote a post about a particular property. It was a foreclosure, and the bank acted stupidly. And I’m not saying that lightly. Had they accepted my client’s offer, they would have sold the property a year earlier and for $40k more … (4 comments)
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reo: Would this solve the 'Foreclosure Crisis'? - 01/10/10 11:10 PM
It is a simple option... isn't onerous, and doesn't involve the government spending billions of our dollars...
Simply make banks responsible
As it stands, in many jurisdictions, banks aren't responsible for maintenance, taxes, HOA fees or any other impacts their foreclosed properties might have on the community. So, if a block … (22 comments)
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reo: Short Sales, Bank Owned Properties and Credit Pulls - 11/19/09 05:55 PM
A few days ago I wrote about how the purchase offering process is having issues… issues that are especially apparent on Bank-Owned Properties (we call them REOs).
Banks are often requiring that ALL offers be accompanied by pre-qualification letters from specific approved lenders (perhaps even from their own loan department). In … (4 comments)
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reo: Deals in Bankrupt Subdivisions? - 09/03/09 11:49 AM
I recently took some buyers out looking at houses in an area with a lot of bankrupt subdivisions. The houses were, in many cases, quite attractive and priced very competitively.
But there are a lot of considerations that buyers need to weigh before buying a home in a subdivision where the … (9 comments)
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reo: Best of both worlds? Brand new foreclosed homes... - 03/18/09 11:35 PM
I just got an email about 5 properties that are brand new and are part of a bank foreclosure sale. One of the most dangerous parts of buying a foreclosed home is that they are often suffering from "deferred maintenance." Since these are brand new, they shouldn't have as many possible … (2 comments)
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reo: So, you want to buy a foreclosure? - 10/02/08 08:13 AM
I was with a buyer last week that wanted to look at a certain foreclosure home that they had seen listed. The price seemed a little high, but they thought there might be room for the bank to wiggle... It had been on the market for about 8 months.
When we … (7 comments)
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reo: Is your bank selling real estate? - 09/16/08 11:36 PM
If you are in the loss mitigation department for one of the investment banks, banks or other institutions that have REO properties for sale, I would like to offer some tips and reminders that may help you get the job done...
While you are sitting there in the office with the … (8 comments)
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reo: Obama's Housing Plan - 08/26/08 06:10 PM
It is pretty easy to start out by saying that I am NOT a fan of Barak Obama for President. As I have watched his candidacy unfold, I have noticed it long on rhetoric and short on reality, forethought and responsibility.
Yesterday, Inman had a story about the Obama Housing Plan. … (23 comments)
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reo: Short Sales, Sport Jackets and other lies... - 08/23/08 10:21 PM
I just had to go get a "sport jacket" this evening... I just want to know:
What sport is a "Sport Jacket" for?
It isn't. I've watched a bunch of Olympics over the last couple of weeks... Aside from the Equestrian events (less of a sport than auto racing...) there were … (9 comments)
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reo: I've heard voices... - 02/23/08 11:06 AM
And they were smart voices.
Wandering around in the Rain, there have been scores of bloggers pointing out that the federal government trying to "fix" the foreclosure crisis. Now, Inman News is saying the same thing. (the link will only be good until it goes behind the curtain)
Most families … (10 comments)
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reo: I am NOT a believer... - 02/03/08 10:28 PM
Now let's see if my comment ever gets published.
During my daily blog run, I came across this little gem.
House price: $3,500. Mortgage: $228,000
The house price is from 1977... Just to be real here, I ran a Constant Dollar Calculator on that $3,500 from 1977. I wasn't buying that … (5 comments)
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reo: Idiot move of the week, Cleveland suing banks - 01/12/08 12:26 PM
Here's your card...
According to the Columbus Dispatch, the city of Cleveland is suing 21 banks that loaned money in their inner city areas, saying:
...subprime lending in inner-city neighborhoods has created a public nuisance that hurt property values and city tax collections.
The story goes on to say:
The lawsuit, … (24 comments)
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reo: Lane's 2008 Prognostications... - 12/29/07 10:11 PM
Earlier I ran across a post on the official A/R blog wondering about our predictions for the next year. Well, I had already been in a prognosticating mood, since I was actually grading some of my predictions from earlier this year.
I also ran across a post by Jim Crawford looking … (9 comments)
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reo: Q is for Quit Claim - 09/07/07 01:08 PM
Let me preface this by stating I am NOT a lawyer, I don't play one on TV, and I don't dispense legal advice. If you need specific legal advice, you need to talk to a lawyer, not a real estate agent.
A Quit Claim Deed is kind of an anomaly in … (9 comments)
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reo: M is for Maintenance - 09/05/07 10:02 PM
Here is a loaded term for a car guy. Maintenance. We do it for our rides, and just about nothing can stand in the way. I've known guys that bordered on religious about changing their own oil. I've seen them pull into a rest area along the interstate, slide under the … (0 comments)
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reo: F is for Foreclosure - 08/31/07 09:20 AM
This entry will have two distinct parts.
Part I
If you are a seller, or thinking about selling because you are in financial trouble, STOP. Examine what you are doing and why. Examine all of your options. Talk to a credit counselor, like CCCS in Atlanta (no experience with them personally, … (0 comments)
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reo: Want to sell your house to an investor? - 08/21/07 11:31 AM
I get the occasional call from people that have a house they wish to sell quickly. Often, the home is in less than optimal condition (sometimes heinous is a word that creeps into my mind). They range from estate sales to pre-foreclosures to rentals that the owner doesn't wish to handle … (3 comments)
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reo: Real Estate Investing 301, Part II - 08/17/07 09:25 AM
Real Estate Investing 301Part II
Link to Part I
Advanced strategies
Strategies for selling hundreds of properties
For most buyers, holding the properties isn’t the option that they are looking for. Turning the properties is the goal. Generally, there are a few different strategies that sellers use to dispose … (0 comments)
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reo: Real Estate Investing 301, Part I - 08/17/07 09:16 AM
Real Estate Investing 301
Advanced strategies
In Real Estate Investing 101, Part I we covered buying a house to resell for a short term profit, while minimizing risk and making it happen fast. We delved further into flipping in Real Estate Investing 201. In Real Estate Investing 101, Part II … (0 comments)
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reo: OK, I said this a month ago!! - 08/08/07 09:13 PM
I just got today's REALTOR Magazine Online Daily Update. This was one of the stories that was featured. It is about how foreclosures are up. They make up 10% of the listings in CA, as opposed to 1.7% last year. But, at the same time, distressed properties aren't listed at much … (0 comments)
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