Houston, Texas - REO and Foreclosure Field Services - Preservation and Protection

Zillow Mortgage Marketplace Charging for Contact: "bout time!

Matthew Kelly (REO Field Services of Texas) — Fri, 23 Oct 2009 07:41:36 -0500

The other day I received an email from the Zillow Mortgage Marketplace that they were going to begin charging for contact from borrowers that have submitted loan inquiries. My initial thought was "Man, are they going to catch some heat for this!" Not because they were finally doing what any prudent business person would do being attempting to monetize an apparently successful idea, but because the thousands of Mortgage Brokers and Loan Officers were going to feel like Zillow had just stolen their lunch money.

Just for a bit of context, when I was in the mortgage industry, I set my company up as one of the first lenders on the marketplace. I have personally met Drew Myers and David Gibbons. I have spoken to Mary Miller who manages the marketplace, and followed Spencer Rascoff via his blog and twitter. These are good folks who have taken an enormous amount of risk to deliver cutting edge products. For example how many millions of dollars have they poured into Zestimates so that you can get a ball park guess at the value of of a home, and to what extent has this been replicated in the marketplace? How much time and money has this saved Loan Officers for which they have never given Zillow a dime. Anyway, I digress.

So eighteen months ago the leads (a.ka. contacts) were free, in the near future they will be charging for them. Since this announcement many mortgage professionals that have TAKEN leads from Zillow began some very child-like name calling as well as ridiculous statements and completely irrelevant comparisons. Mortgage Brokers and Bankers have been so beat up over the past year, I guess now it's their turn to kick sand in someone elses face. Unfortunately it's Zillow.

Here is the primary issue, in my mind, regarding what a Loan Officer should asking about Zillows proposed strategy. How many leads will I receive, and what will it cost?

The only answer I can find to this question was posted by my former boss Owen Raun with RMC Vanguard on his blog. On his blog he states "Of the 7 actual customer contacts I received we closed 2." According to Owens calculation, that's a close rate of 28.6%

So let's do a little math. If seven "contacts" cost an average of $50 each that's a total spend of $350. If you close two loans, that's a cost per closed loan of $175.00.

Here's a bit more math using the Mortgage Bankers Association average profit calculation from September 2009 press release. If you close two loans and your net profit is $1,088 each your total net profit is $2,176. The ROI Calculation in (2176-350)/350=5.22. Any ROI north of 4:1 in my book is a decent risk. If you read the entire MBA Press Release, you will understand that $1,088 is their net profit calculation.

The next phase of Zillow's plan will actually be the most interesting to watch, that being who hangs around to play along. For the Lenders that play along and get it, my expectation is that they will be well rewarded.

May 5, 2009 Harris County Trustee Auction - Foreclosures keeping pace!

Matthew Kelly (REO Field Services of Texas) — Mon, 20 Apr 2009 07:13:41 -0500

Doesn't look like the pace of foreclosures in Harris County is slowing down. There are 15 days left until the auction (6 days left to file notices). Numbers are from realdata.net

Harris County Trustee Sale Report
May 5, 2009 Auction

Date Posted	Records
4/2/2009	116
4/3/2009	29
4/13/2009	106
4/14/2009	113
4/15/2009	651
TOTAL	1015

Property Class	Records
APARTMENT	2
COMMERCIAL	7
INDUSTRIAL	1
PARTIAL DETAIL	97
RESIDENTIAL	907
TOTAL	1014

I just referred someone to an Activerain Agent I don't know!

Matthew Kelly (REO Field Services of Texas) — Wed, 25 Mar 2009 15:51:09 -0500

One of my Real Estate Agents contacts in California through a linkedin group said she had a client with a high end property here in Texas to sell and needed a referral to an Agent to list the property.

One of the Agents I referred her to I know from my old life in the technology business. They don't have an active rain profile.

The other does have an active rain profile, posts regularly, and has over 200,000 points. Tells me that she is probably tech savvy, personable, and capable. Don't know for sure as all I've ever done is read her blog and troll her AR profile.

Maybe I'm an anamoly, but it's certainly interesting the exposure an Agent can get with a little social media presense.

Anyone else think I might be slightly crazy for making a referral to an Agent solely based on a review of their Active Rain profile?

Thirteen days until the Harris County Trustee Auction

Matthew Kelly (REO Field Services of Texas) — Wed, 25 Mar 2009 09:15:00 -0500

And it looks like the foreclosure filings aren't slowing down much. Here are the most recent foreclosure numbers for Harris County as published on realdata.net

Harris County Trustee Sale Report
April 7, 2009 Auction

Date Posted	Records
2/25/2009	109
2/26/2009	73
3/18/2009	1961
TOTAL	2143

Property Class	Records
APARTMENT	11
COMMERCIAL	29
FARM	1
INDUSTRIAL	1
PARTIAL DETAIL	161
RESIDENTIAL	1940
TOTAL	2143

Cut Mr. Liddy with AIG some slack!

Matthew Kelly (REO Field Services of Texas) — Thu, 19 Mar 2009 09:08:50 -0500

Given the complexity of the problem Mr. Liddy is tasked with resolving, I feel like all other things being equal he is doing a good job. He's kept the company out of Bankruptcy, avoided massive lay off's and a further meltdown.

Evidently Wall Street feels that he's doing a good job as well. After his testimony yesterday the stock was up 42%. In pre-market trading this morning it is up another 1/2, or 38%.

Here is what I feel like Congress and the media doesn't understand or has otherwise chosen to overlook for the benefit of sensational media bites.

AIG has 116,000 employees. Congress seems to want him to gut the company down to a skeleton crew. While this would be a great PR move, many of these people are mission critical to the daily operation and long term success of AIG.

Congress does not seem to understand the complexity of "winding down" AIG FP. What they seem to appear to want Mr. Libby to do is gut the operation thereby leaving 1.6 trillion dollars worth of derivative securities to unwind and manage themselves. Ha!

Barney Frank wants the names of everyone that received a bonus? For what purpose? Is he going to personally go after everyone on the list and tell them to repay the bonus money? Is he or the Committee going to sue these people? I appreciate Mr. Liddys concern for his employees welfare, his concern alone on this issue tells me he's a stand up guy.

Since we're on the bonus band wagon, I agree that to some people the bonus they received was excessive. To others they probably weren't. What I don't think is coming to light are the bonus's to the troops. What about the customer service person that got a bonus, the Executive Assistant that got a bonus, or the Actuary that got a bonus? Of the $165 million, how much of that went to non "C" level Exec's?

Congress seems to want Mr. Liddy to do what "looks good" as opposed to making smart business decisions.

The other thing that Congress seems to want to over look is the correct amount of "tax payer money" that has been injected into AIG. My understanding is that they have loans from the Fed in the amount of $78 billion. Isn't the Federal Reserve a Bank essentially? If they are lending their money, at what point do we as taxpayers get to say that a loan they made is our money?

The other thing that I think is completely outrageous is that Congress is making such an issue out of the fact they weren't informed in advance, ahead of the other shareholders, of the impending bonus. While I agree that making public the bonus on Saturday afternoon is a BAD PR move, I don't see how Congress in entitled to receive notice of substantial Corporate events than normal share holders.

My suggestion to AIG would be, should they want Congress to be more involved in the process is to add one of their members to the Board of Directors and burden them with keeping Congress involved. Making the Fed the messenger to all other Government Agencies I don't see as being their job. They're the bank right?

The Fed/Treasury have purchased $100 million in derivative securities at 30-40 cents on the dollar. Thereby making the "Par value" of these securities $300-$400 billion. That could be quite a windfall for the US government should they pay off not to mention the interest earned on the securities.

Give Mr. Liddy some time and credit for walking into what he probably knew in advance was going to be a hornets nest. The man probably doesn't need the drama or aggravation of this mess not to mention the personal threats that have been made to him and his family. Give him some credit for avoiding a complete implosion of this company. And last but not least, give him some credit for having a sincere concern for the people that run AIG on a daily basis.

Anyone else think he deserves some credit?

Am I zigging or zagging? Or does it even really matter?

Matthew Kelly (REO Field Services of Texas) — Sun, 15 Mar 2009 08:39:57 -0500

When I started REO Field Services, the focus was on providing services such as re-keying locks, debris removal, and lawn maintenance to Real Estate Agents that specialize in listing foreclosed properties. I also "thought" that large Field Service Companies might contract business through us but it appears that the assignment of work from these companies is more of an inside game than I initially imagined. The bulk of our work is still referred by Real Estate Agents but we are also beginning to be approached more frequently by investors needing services for their properties.

As an example, we were recently referred by a local Real Estate Agent to paint the interior of a rental property. Before and after pictures of our work are on my website.

Ken Brand, Sales Manager with Prudential Gary Greene in The Woodlands, Texas wrote on agentgenius.com "Our metaphoric streets are littered with free opportunities for the open eyed, eared and minded." In my case, being open minded has gotten me away from an opportunity that was not going to yield results and focused on something else that will.

The best way to find these opportunities is by getting out and meeting new people. Whether it's through social media, old school networking or "Kissing more babies and making more speeches." Anything any of us can do to create a new conversation begins a new relationship.

So let's create more conversations and find more opportunities together! Step one in that process is to leave a comment below! :)

Desperately need a contact in the WAMU or JP Morgan Chase REO department

Matthew Kelly (REO Field Services of Texas) — Thu, 05 Mar 2009 07:57:44 -0600

I ran into an unusual situation the other day with someone that is the tenant of a foreclosed home here in Houston that desperately needs to contact either the WAMU or JP Morgan Chase REO department. The home was foreclosed on at Tuesdays auction.

We both attended the auction and spoke to the trustee to see if anything could be worked out to avoid the situation but it was to late. The trustee gave us his phone number and asked to call him later so that he could give us a contact int he WAMU REO department but has yet to return our call.

My understanding is that all of the WAMU REO portfolio is being transfered to JP Morgan Chase this week so a contact at either or both REO departments will be a big help.

They would like to purchase the home, but the tenant, his brother who is a Real Estate Agent, nor myself can figure out who to contact to work something out.

I'd really appreciate any help or suggestions anyone can provide. This man is a mechanic, has five kids, and was making his payments to his landlord in a timely fashion but evidently the landlord was making the payments to the bank.

REO Accounting Packages

Matthew Kelly (REO Field Services of Texas) — Thu, 05 Mar 2009 07:44:48 -0600

Does anyone have a recommendation for REO Accounting packages for a Real Estate Agency of mine they might pass along?

Basically what they are looking for is a way to track invoices, accounts recieveable & payable, and other activities specific to each property.

Thanks!

A blonde with courage

Matthew Kelly (REO Field Services of Texas) — Tue, 03 Mar 2009 18:01:42 -0600

***Update!!!!! 3-17-2009...Cheryl started a new job yesterday! Way to go Cheryl, Best of luck to you!!!!!

So what single, red blooded man wouldn't stop and pay attention to an attractive, smartly dressed blonde women standing on a street corner with a sign during rush hour in downtown Houston? I certainly wouldn't, and in fact didn't. As fate would have it, I met a talented and charming women that way who has recently become unemployed.

To Cheryl Wasek, an Executive Assistant laid off in January 2009, the idea to stand on the corner with a sign and look for work as a supplement to using online job boards was driven by her observation of homeless people and thought "I'm going to get a sign and get a job!" Little did she realize that people would stop, inquire, and help her out.

My initial reaction when I saw her standing on the corner was "Wow, that takes a lot of courage!" It did as it was chilly and windy this morning in downtown Houston. The fact that she got up, got dressed, stood on a corner and literally froze to death tells me there is something unique about her drive and determination to be successful.

Through this albeit unconventional approach to finding a job, she has realized that in today's job market it takes more than just sending out random emails via the job boards to get a job. You must truly differentiate yourself from others, be driven, but most importantly not give up.

I had a second opportunity to visit with Cheryl this afternoon and while I can't profess to have known her since kindergarten, I will share that she is a smart, level headed women with an incredible sense of responsibility and transparency. If I was a hiring Manager today I would tell you that she nailed the initial interview.

My twenty years experience in business tells me Cheryl will make any organization look good. She thrives on hard work, being a team player and most of all be a good company steward.

Get the rest of the story and qualifications from her, you'll be glad you did. Her email address is Cheryl.wasek@att.net.

What began as a chance encounter and five minute conversation with a random women has resulted in a pleasant reminder for me. That reminder is that no matter how busy our lives become, we always have time to help someone. For that we all become better versions of ourselves and maybe, make a new friend.

***Update...here's the story about Cheryl and umemployment in Houston down by KHOU Channel 11 in Houston!!!

Harris County Trustee Sale 3-3-2009

Matthew Kelly (REO Field Services of Texas) — Mon, 02 Mar 2009 07:49:52 -0600

Doesn't look like the number of properties to be auctioned off at tomorrows auction has changed from the last time I checked the numbers on realdata.net

I'll be curious to see what happens tomorrow at the auction given the moratorium on foreclosures until March 6th.

The auction starts shortly after 10:00am outside the Family Courthouse. I would expect that once again there will be media present as well as many of the local investors.

Harris County Trustee Sale Report
March 3, 2009 Auction

Date Posted	Records
1/27/2009	292
1/29/2009	48
2/2/2009	125
2/3/2009	53
2/6/2009	187
2/9/2009	117
2/10/2009	896
2/11/2009	818
TOTAL	2536

Property Class	Records
APARTMENT	13
COMMERCIAL	42
INDUSTRIAL	1
PARTIAL DETAIL	188
RESIDENTIAL	2292
TOTAL	2536

My ActiveRain Stats

Matthew Kelly (REO Field Services of Texas) — Fri, 27 Feb 2009 04:40:39 -0600

Compared to others my traffic on Activerain might not be much.

While I can't completetly quantify this yet, it looks like through the use of activerain and a couple of other social media sites the average days to get an offer has decreased from about 90 to 30. What is more amazing is that five of the seven properties I have posted have offers on them making the active to offer days 10.8.

I'd like to track this for another 90 days before publishing any formal numbers so that I have a big enough sample to be relavant.

If you are a Real Estate Agent in the Houston Area that specializes in listing Foreclosed properties and would like to benefit from some free social media promotion of your listings, let me know.

Just thought I'd share my stats and say thanks to the Active Rain folks for a great community.

02/16/2009	Article about Texas Trustee Sales by Dan Kelley with the Corpus Christ Caller Times	0	201	84
02/12/2009	WOW!!!! March 3, 2009 Harris County Trustee sale even bigger than February!	5	325	168
02/06/2009	Follow up to Harris County Trustee Sale Article by Jennifer Dawson with the Houston Business Journal	0	287	84
02/05/2009	8406 Darlington - Houston, Texas 77028 - Great Investment Property Opportunity	0	269	80
02/05/2009	15315 Mission Oaks, Houston, Texas 77083 - Newer Construction that needs a little TLC	0	262	69
02/05/2009	12226 Windsor Bay, Tomball Texas 77374 Single Family two story never lived in for sale	0	251	57
02/04/2009	Harris County Trustee Sale covered by KHOU Channel 11 and the Houston Business Journal February 3, 2009	0	381	155
02/03/2009	12230 Windsor Bay, Tomball, Texas 77375	0	274	59
02/03/2009	13522 Cypress Heath Ct Cypress, TX 77429 5 Bedroom, 3 bath, 4166 SF!!!	0	283	67
01/28/2009	7602 Lakeshore Point Ln, Richmond, TX - Former Model home with media room	0	25	3
01/28/2009	12702 Timber Dove - Listed by Kim Clay with Starcrest Realty	0	323	52

Article about Texas Trustee Sales by Dan Kelley with the Corpus Christ Caller Times

Matthew Kelly (REO Field Services of Texas) — Mon, 16 Feb 2009 07:32:02 -0600

I visited with Dan Kelly with the Corpus Christi Caller Times last week about Trustee Sales in Texas. He wrote an interesting article about the process, and I got quoted.

http://www.caller.com/news/2009/feb/15/going-once-going-twice-going-to-be-confused-of/

WOW!!!! March 3, 2009 Harris County Trustee sale even bigger than February!

Matthew Kelly (REO Field Services of Texas) — Thu, 12 Feb 2009 03:57:57 -0600

I checked realdata.net I believe Monday and only saw 800 or so properties listed to be auctioned off.

I checked again this morning and....SHAZAM.......look at the number of homes posted on 2/10-2/11.

Harris County Trustee Sale Report
March 3, 2009 Auction

Date Posted	Records
1/27/2009	292
1/29/2009	48
2/2/2009	125
2/3/2009	53
2/6/2009	187
2/9/2009	117
2/10/2009	896
2/11/2009	818
TOTAL	2536

Property Class	Records
APARTMENT	13
COMMERCIAL	42
INDUSTRIAL	1
PARTIAL DETAIL	188
RESIDENTIAL	2292
TOTAL	2536

Follow up to Harris County Trustee Sale Article by Jennifer Dawson with the Houston Business Journal

Matthew Kelly (REO Field Services of Texas) — Fri, 06 Feb 2009 05:44:13 -0600

As promised in my earlier blog, here is the link to the article Jennifer Dawson with the Houston Business Journal wrote about the man I met that was purchasing the home in Kingwood at the Harris County Trustee sale on February 3, 2009.

To quote Mr. Boyd "It was a nerve wracking experience." It all worked out very well for him however. It was a pleasure to have met Mr. Boyd and have the chance to visit with Jennifer.

Mr. Boyd, it was a pleasure to have met you! Jennifer, thanks for the great article!

8406 Darlington - Houston, Texas 77028 - Great Investment Property Opportunity

Matthew Kelly (REO Field Services of Texas) — Thu, 05 Feb 2009 08:30:53 -0600

Kim Clay | Starcrest Realty, LLC | kclay@starcrestrealty.com | 281-543-3377

8406 Darlington, Houston, TX

Handyman Special!!! Large Lot, great trees, excellent investoment
opportunity

2BR/1BA Single Family House

offered at $35,000

Year Built	1950
Sq Footage	1,064
Bedrooms	2
Bathrooms	1 full, 0 partial
Floors	1
Parking	None
Lot Size	7,192 sqft
HOA/Maint	$0 per month

DESCRIPTION

NICE INVESTMENT OR FIRST-TIME HOME. 2 BEDROOMS, 1 BATH, LARGE YARD WITH MATURE TREES. HAS A LOT OF POTENTIAL!

see additional photos below

PROPERTY FEATURES

Hardwood floor	Living room	Dining room
Attic	Yard

ADDITIONAL PHOTOS

Seller contact info:

Kim Clay

Starcrest Realty, LLC

kclay@starcrestrealty.com

281-543-3377

For sale by agent/broker

Equal Opportunity Housing

Posted: Feb 5, 2009, 6:08am PST

15315 Mission Oaks, Houston, Texas 77083 - Newer Construction that needs a little TLC

Matthew Kelly (REO Field Services of Texas) — Thu, 05 Feb 2009 06:48:43 -0600

Kim Clay | Starcrest Realty, LLC | 281-543-3377

15315 Mission Oaks, Houston, TX

15315 Mission Oaks, Houston, Texas 77083 - Nice two story recent construction needs some TLC

4BR/2.5BA Single Family House

offered at $139,800

Year Built	2005
Sq Footage	2,740
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	5,758 sqft
HOA/Maint	$400 per month

DESCRIPTION

NICE 4 BEDROOM HOME THAT IS CLOSE TO EVERYTHING. THIS HOME FEATURES A VERY LARGE AND OPEN KITCHEN WITH SOLID SURFACE COUNTERS, NICE APPLIANCES, LARGE GAMEROOM UPSTAIRS AND A NICE MASTER BEDROOM WITH NICE MASTER BATH. GOOD SIZED BACK YARD, A COZY FRONT PORCH AND SO MUCH MORE. THIS HOME IS SOLD AS-IS AND NEEDS A LITTLE TLC, BUT IS A NICE HOME.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Tile floor	Family room	Living room
Bonus/Rec room	Dining room	Dishwasher
Refrigerator	Stove/Oven	Microwave
Granite countertop	Stainless steel appliances	Attic
Laundry area - inside

COMMUNITY FEATURES

Garage parking

ADDITIONAL PHOTOS

Seller contact info:

Kim Clay

Starcrest Realty, LLC

281-543-3377

For sale by agent/broker

Equal Opportunity Housing

Posted: Feb 5, 2009, 4:27am PST

12226 Windsor Bay, Tomball Texas 77374 Single Family two story never lived in for sale

Matthew Kelly (REO Field Services of Texas) — Thu, 05 Feb 2009 06:12:41 -0600

Kim Clay | Starcrest Realty | 281-543-3377

12226 Windsor Bay CT., Tomball, TX

12226 Windsor Bay Court, Tomball Texas 77375 Single Family two story never lived in for sale

3BR/2BA Single Family House

offered at $117,230

Year Built	2003
Sq Footage	1,946
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	6,994 sqft
HOA/Maint	$415 per month

DESCRIPTION

WOW! NEVER LIVED-IN FORMER MODEL HOME CLOSE TO 249. BEAUTIFUL BUILDER UPGRADES THROUGH OUT. 3 NICE SIZED BEDROOMS, 2 FULL BATHS AND 1 HALF BATH, AN UPSTAIRS GAMEROOM, VERY OPEN KITCHEN WITH PENTY OF CABINETS AND MUCH MORE. A NICE BACK YARD AND A QUIET CUL-DE-SAC LOCATION. THIS HOME IS CLOSE TO EVERYTHING AND IS A MUST SEE.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Walk-in closet	Tile floor	Family room
Living room	Dining room	Dishwasher
Stove/Oven	Microwave	Attic
Laundry area - inside

ADDITIONAL PHOTOS

Seller contact info:

Kim Clay

Starcrest Realty

281-543-3377

For sale by agent/broker

Equal Opportunity Housing

Posted: Feb 5, 2009, 4:07am PST

Harris County Trustee Sale covered by KHOU Channel 11 and the Houston Business Journal February 3, 2009

Matthew Kelly (REO Field Services of Texas) — Wed, 04 Feb 2009 05:06:06 -0600

I went to the Harris County Trustee sale yesterday and wanted to share a couple of notes about what I saw.

Vicente Arenas with Channel Eleven and Jennifer Dawson with the Houston Business Journal were there covering the story for several hours. I was glad to see that they were covering the auction as the foreclosure situation in Harris County doesn't gets nearly enough media attention. From talking to Jennifer I think she got a couple of really good story ideas from her experience that I am anxious to read. I'll make a special trip to Barnes and Noble Friday to see what she wrote.

Anyone that knows me well knows that my opinion of local Reporters and Journalists is low. Vicente and Jennifer however were very well informed, asked good questions, and understood the significance of these events. I appreciate very much that they were there.

Activity on the foreclosure side of the sale seemed to be very slow. My guess is that only 5% of the homes that were auctioned off were bid on. I did meet and spend some time with a gentleman that was buying a home in Kingwood. Ironically he had tried to purchase the home for several months from Wells Fargo as a short sale to eventually give up and purchase the home at the auction.

The people that appeared to be "Professional Investors" seemed apprehensive to purchase anything at the auction. I overheard one gentleman that appeared to be well experienced in purchasing foreclosures on the courthouse steps say that he wasn't going to purchase anything at this auction due to his concern about the number of foreclosures coming on the market.

The next Trustee sale is schedule for Tuesday, March 3rd. (They are held the first Tuesday at of every month at 10:00am at the Family Law Center). According to realdata.net, there are 518 notices already posted. In the next week I would imagine that there will be many more notices posted to meet the 21 day notification requirement.

I'm going to hazard a guess that 2009 will bring north of 20,000 foreclosures to Harris County. 2008 foreclosures were slightly north of 11,000.

12230 Windsor Bay, Tomball, Texas 77375

Matthew Kelly (REO Field Services of Texas) — Tue, 03 Feb 2009 04:40:13 -0600

Kim Clay | Starcrest Realty, LLC | kclay@starcrestrealty.com | 281-543-3377

12230 Windsor Bay Ct., Tomball, TX

12230 Windsor Bay CT, Tomball, Texas - Never lived in two story

3BR/2BA Single Family House

offered at $119,942

Year Built	2003
Sq Footage	2,508
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	2
Parking	Unspecified
Lot Size	14,417 sqft
HOA/Maint	$415 per month

DESCRIPTION

WOW! NEVER LIVED-IN FORMER MODEL HOME CLOSE TO 249. BEAUTIFUL BUILDER UPGRADES THROUGH OUT. 3 NICE SIZED BEDROOMS, 2 FULL BATHS AND AN UPSTAIRS GAMEROOM, VERY OPEN KITCHEN WITH PENTY OF CABINETS AND MUCH MORE. A NICE BACK YARD AND A QUIET CUL-DE-SAC LOCATION. THIS HOME IS CLOSE TO EVERYTHING AND IS A MUST SEE.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	High/Vaulted ceiling
Tile floor	Family room	Living room
Dishwasher	Refrigerator	Stove/Oven
Microwave	Attic	Yard

ADDITIONAL PHOTOS

Seller contact info:

Kim Clay

Starcrest Realty, LLC

kclay@starcrestrealty.com

281-5433377

For sale by agent/broker

Equal Opportunity Housing

Posted: Feb 3, 2009, 2:26am PST

13522 Cypress Heath Ct Cypress, TX 77429 5 Bedroom, 3 bath, 4166 SF!!!

Matthew Kelly (REO Field Services of Texas) — Tue, 03 Feb 2009 04:16:18 -0600

Kim Clay | Starcrest Realty, LLC | kclay@starcrestrealty.com | 281-543-3377

13522 Cypress Heath, Cypress, TX

13522 Cypress Heath Ct Cypress, TX 77429 - 4,000 SF plus two story!

5BR/3.5BA Single Family House

offered at $254,900

Year Built	2006
Sq Footage	4,166
Bedrooms	5
Bathrooms	3 full, 1 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	7,800 sqft
HOA/Maint	$650 per month

DESCRIPTION

WOW! AMAZING 5 BEDROOM, 3.5 BATHROOM NEWER HOME! LARGE OPEN KITCHEN WITH GRANITE COUNTERS, 42IN CABINETS, LARGE AND SPACIOUS MASTER BEDROOM DOWN AND 4 GOOD SIZED BEDROOM UP WITH A LARGE GAMEROOM! THIS HOME IS READY FOR YOU. THE SELLER WILL CONSIDER HELPING WITH CLOSING COSTS. BRING THE OFFERS!

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Tile floor
Family room	Living room	Bonus/Rec room
Dining room	Stove/Oven	Granite countertop
Attic	Laundry area - inside	Yard

ADDITIONAL PHOTOS

Seller contact info:

Kim Clay

Starcrest Realty, LLC

kclay@starcrestrealty.com

281-543-3377

For sale by agent/broker

Equal Opportunity Housing

Posted: Feb 3, 2009, 1:59am PST

12702 Timber Dove - Listed by Kim Clay with Starcrest Realty

Matthew Kelly (REO Field Services of Texas) — Wed, 28 Jan 2009 15:31:58 -0600

Kim Clay| Starcrest Realty LLC| kclay@starcrestreealy.com| 281-543-3377

12702 Timber Dove, Tomball, TX

WOW! Former MODEL home in a beautiful lake community!

4BR/3.5BA Single Family House

offered at $291,875

Year Built	2008
Sq Footage	4,248
Bedrooms	4
Bathrooms	3 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	10,274 sqft
HOA/Maint	$0 per month

DESCRIPTION

A stunning, two story rotunda, greets you at the entry, and this precious home also features a tranquil lake view, 4 nice sized bedrooms, 3 1/2 baths, a huge gameroom plus a seperate media room, large kitchen with 42in maple cabinets, granite counter tops, stainless steel appliances, window treatments, 8ft doors on 1st floor, and a large study with hardwood floors and french doors. A must see gem!

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Tile floor
Family room	Living room	Bonus/Rec room
Office/Den	Dining room	Breakfast nook
Dishwasher	Stove/Oven	Granite countertop
Attic	Laundry area - inside	Yard

COMMUNITY FEATURES

Lake

Playground

ADDITIONAL PHOTOS

Seller contact info:

Matthew Kelly

REO Field Services of Texas

matt@reofieldservices-texas.com

281-384-9590

For sale by agent/broker

Equal Opportunity Housing

Posted: Jan 22, 2009, 2:50am PST

REO Preservation and Protection

Matthew Kelly (REO Field Services of Texas) — Wed, 28 Jan 2009 08:59:58 -0600

We have recently completed two REO Preservation/Clean up projects that I wanted to point out as well as the extra servicesI feel like all Real Estate Agents that are pre-marketing REO's should require of their field service companies.

I thought I'd mention these things since the reaction that I have gotten from many different parties regarding the work we did was very positive. The neighbors especially we very pleased that we went the extra mile to make sure the homes had good curb appeal and that there was a process in place to take care of them.

I have seen so many foreclosures in my area that are poorly maintained, especially the yards. I've seen several foreclosure that had grass growing at least six inches high. Evidently it hasn't been cut in a while. Asset Management and Field Service companies provide an allowance for lawn services but from what I have seen, it isn't getting done.

Here are a few of the things that will enhance your ability to sell the home faster and keep the neighbors happy:

Mulching of flower beds: It is my understanding that most field service companies either do not, or charge extra for, mulching. Those that do mulch call it "upgraded landscaping." My opinion is that for $20 of mulch and thirty mintues it controls the weeds better and enhances the curb appeal of the home.

Sweep instead of blowing. Nothing irritates a neighbor more than blowing a bunch of dust and grass clippings into their yard. Sweeping initially provides a much better result than blowing everything. It takes a bit longer, but the result is much better.

Clear fence lines: If a home as been poorly taken care of, chances are there are vines and other debris along the fence that can be easily pick up.

Bag grass clippings: This take a little extra time, but the appearance and health of the yard improves greatly.

Control Weeds: Nothing screams "Foreclosure" more than weeds growing in the crack of sidewalks and driveways. Applying a weed killer only takes a couple of minutes and is easy to accomplish.

Recycle: In Houston to take a truck load of debris to the dumb cost approx. $41.00. Recycling is free and good for the planet. It's amazing the amount to bottles, paper, plastic and cardboard that can be recycled. It takes a fre minutes to sort it all, but is well worth the time and cost savings not to mention the fact that it's that much less debris filling up the landfill.

Donate: Goodwill or the Salvation Army are glad to take slightly used items. This is another effort that takes a bit more time to accomplish, but the benefit to the needy and less trash in the landfills are greater than the effort it takes.

I feel like it is very important in providing services to REO Listing Agents that I be a good neighbor and socially responsible to those around me. If I can put in an extra thirty minutes to hour of work to keep the neighbors and HOA happy, and benefit those needing help I am glad to do it.

Harris County Trustee Sale for Febuary 3, 2009

Matthew Kelly (REO Field Services of Texas) — Wed, 21 Jan 2009 07:43:09 -0600

The Feb. auction is going to be a big one! So far there are 2,373 properties in the auction of which 2138 are single family. Looks like a lot of Asset Managers, Title Companies, Real Estate Agents and many others are about to get very busy! For anyone that is in the REO space, I'm sure you've felt this coming!

https://www.realdata.net/realdata/html/foreclosure.asp

The cheapest and easiest way to refinance your mortgage

Matthew Kelly (REO Field Services of Texas) — Fri, 09 Jan 2009 07:12:54 -0600

I started getting calls from past customers about a month ago wanting to know if refinancing their mortgage is something they should consider. Given that I'm not in the mortgage business any longer and don't have access to rate information, I suggested for anyone that is considering refinancing, they call their existing servicer first to see what kind of deal they could offer them.

In the past few days, I have gotten calls from two customers saying that they refinanced with their existing servicer. In both of these cases, they were not charged an fees other than the cost of a drive by appraisal.

I looked at both of the closing statements and there are no title fees or lender fees. Additionally, it does not appear that they have increased the loan balance to absorb the fees.

Just as a point of reference, Citi Bank refi'd one of the notes, Chase refi'd the other. Both of these customers have been in their current mortgages greater than twelve months.

It appears to me that the banks are becoming very aggressive at retaining the servicing of their portfolio for loans that are current and paid on time.

If you are considering refinancing your mortgage, check with the servicer of your note first, it could save you thousands of dollars in fees that you would otherwise spend if you went through other sources.

Great youtube video on twitter

Matthew Kelly (REO Field Services of Texas) — Thu, 30 Oct 2008 09:52:10 -0500

Thought I'd take a second to post a link about a great video I found on twitter. This video will get you up and running faster than any other article or post I've seen. I'm not kidding here, I've probably spent three hours watching videos on youtube and most of them are boring.

Youtube video on becoming a power user - Tricks and tips.

Follow me on twitter by clicking here