Kristin Nakama's Blog

Fresh Perspective. Fresh Look.

Kristin Nakama (PEMCO Ltd.) — Tue, 31 May 2011 16:38:59 -0700

Bringing in M&M III for 2011, HUD has implemented new policies, new incentives, and new management structure. With all that change in any business capacity comes confusion. PEMCO is determined to ease agents' bewilderment and with their newest PEMCO event, "Fresh Look on HUD", this can be done in a fun and dynamic way. Not only will they dispel common myths and misconceptions, but agents will be given detailed information on marketing HUD Properties from a selling agent's perspective. In addition, this very low cost event includes games, giveaways, food, and prizes! It's not your typical HUD training, nor is it your typical event. It's an interactive way to truly grasp what it is to sell HUD! Special guest Ralph Jackson, HUD Director of REO, will also be in attendance. This is an event you won't want to miss and early bird prices and hotel discounts are available through July 1st, so don't waste time! Visit www.pemcoevents.com for more information and to register.

Details:

July 28th

8 am - 5 pm

The Blake Hotel

555 South McDowell St.

Charlotte, NC 28204

Registration: www.freshlooknc.eventbrite.com

What else has HUD been up to in North Carolina?

The U.S. Department of Housing and Urban Development has been working hard in North Carolina to clean up the housing crisis! Over the last couple months alone, they have been able to get the ball rolling on some interesting neighborhood revitalization projects.

- Just short of $200,000 in grants were awarded in order to provide job training and education to individuals participating in HUD's Housing Choice Voucher Program. Participants are given training on marketable skills through programs created by public housing agencies working with welfare agencies, schools, and other local partners in order to increase their employment opportunities and ultimately help these individuals lay the ground work for self-sufficiency. During the family's program term, the head of household signs a contract that ties them to an agreement that the head of household will obtain a job and part of that income is deposited into an interest bearing escrow account. After the 5 year program term, the participant is no longer able to receive welfare assistance and will also receive that escrow money for any purpose.

- $800,000 were awarded to Elizabeth City State University for neighborhood revitalization, housing, and economic development; part of an over $2 million project aimed at historically black colleges and universities. In this program, HUD designated colleges are given money to go towards the stabilization of the community and aid for low to moderate income families purchasing a home through down payment and closing cost assistance.

- Asheville, NC was awarded a "Doorknocker Award" for their participation in HUD's HOME Investment Partnership Program with their Pathways to Permanent Housing with their tenant-based rental assistance program. This prestigious award was awarded to state agencies and local communities for their outstanding work in providing affordable housing.

- Close to $6 million was given to 25 North Carolina homeless programs in order to provide housing as well as support services to homeless individuals and families. This is part of their larger project, HUD's Continuum of Care, which assists homeless individuals with transitional and permanent housing, as well as supportive services.

Fundamentals of Homeownership

Kristin Nakama (PEMCO Ltd.) — Wed, 25 May 2011 17:44:48 -0700

With HUD's inception of their Neighborhood Stabilization Program in 2008, HUD began it's effort to stabilize and preserve neighborhoods as well as mitigate recovery across the nation by providing state funds to HUD defined agencies. Over the course of the last 3 years, these agencies have put this money to gooduse in the form of government purchases of foreclosed homes in order to provide affordable housing or government funded down payment assistance.

As of January 30, 2011, the State of Indiana received $84 million dollars in NSP funds, for this purpose. For a buyer to qualify to take advantage of grant programs and housing assistance programs, they must attend an 8 hour course in homebuyer education facilitated by a HUD Housing Counseling Agency. In this course, the buyer receives fundamental education in the home buying process to aid the in the success of their purchase. Traditional practice requires a buyer to spend 8 hours in a classroom setting. PEMCO's approach allows for a more interactive experience as the participants spend time touring HUD properties in the selected area while being given this truly valuable information.

The Indiana Neighborhood Housing Partnership provides the services described and is participating the PEMCO Indiana Bus Tour on June 25, 2011 as the facilitating partner for the education credit. INHP proudly offers two particular buyer incentive programs.

1. NHP Buyer Incentive program - allows the qualified buyer to receive an additional $4,000 for exterior enhancements to the property. This is a no interest deferred payment loan that is forgiven within the first 5 years of ownership of the property.

2. HERO Next Door - allows law enforcement officers and firefighters purchasing NSP properties a lower interest rate loan, $2,000 for appliances, lawn mowers, and other essential purchases to a new homeowner, no origination fee, down payment assistance and more!

With our emphasis on education, PEMCO is now looking forward in changing the real estate market and putting more informed homebuyers into HUD properties. Agents providing their buyer with the fundamentals of homeownership while giving them the opportunity to receive government funding, affordable housing, or a low interest rate loan are sure to make an impression on not only their client, but also their community.

Event Details:

Where: Indianapolis, IN - Glendale Homeownership Center - 2605 E. 62nd St., Suite 2001

When: June 25th - 7:30 am - 5:00 pm

Cost: $25 (includes lunch)

For more information: www.pemcobustour.com

For registration: http://indianabustour.eventbrite.com/

HUD Sales Incentives are Making a COMEBACK!

Kristin Nakama (PEMCO Ltd.) — Tue, 05 Apr 2011 15:17:03 -0700

Whether you are a selling agent or a Local Listing Broker, your wallet will like the return of the HUD Sales Incentives that took affect April 1st. The new three tiered structure is sales price based, giving you the opportunity to make anywhere between $500 to $1,000 in addition to the standard commission you receive as a selling agent!

**Helpful Tips**

- You must complete the Broker Incentive Notification found on PEMCO's website

- The preliminary bid must be submitted on or after April 1, 2011

- A loan commitment letter from a lending institution must be received with the signed Sales Contract if the purchase is to be mortgaged. If paying cash, a certification letter must be received from a financial institution stating sufficient funds are available to complete the purchase.

- The words "Broker Bonus" must be written or typed at the top of the signed Sales Contract

- This is only effective in Georgia, Florida, Illinois and Indiana

- For GA and FL properties, the purchase must close the sale within 30 calendar days of contract acceptance

- For Illinois and Indiana properties, the purchaser must close the sale within 40 calendar days of contract execution

Getting to the closing table... FASTER!

Kristin Nakama (PEMCO Ltd.) — Tue, 05 Apr 2011 14:50:51 -0700

PEMCO is conscientious of the ever changing world of HUD, and while some things such as commission splits can be, well, lackluster, one must also consider the beauty of M&M III. HUD has made a major renovation to their management plan along with a minor readjustment to the contract/bidding process, but luckily this has also created a movement to streamline the processes.

In March, PEMCO launched their auto-fill form to decrease haphazard errors made on the HUD 9548 Sales Contract. Now, HUD has approved amendments to the sales contract! If you have taken all of the appropriate steps needed to turn in your contract but the buyer needs to change their method of financing, this is now possible with a simple addendum to the contract rather than completing a whole new sales contract. In addition, changes to the buyer's name in order to match the financing papers or to make changes in the buyer's address to match the deed to HUD or loan documents is also available. It's important to remember that the original form must be sent into PEMCO to be implemented and each must have the case number associated to the property. The auto-fill form, addendums, and the entire contact package are all available on PEMCO's website under the forms tab.

Video marketing, being the new way to market real estate, has taken it's effect on the way PEMCO communicates with the public. Take note of the tutorials featured on their PEMCO You Tube Channel. They will guide you through the contract writing process easily and effectively.

To support their video marketing strategy, the real estate industry heavily relies on social media such as Active Rain, Facebook, Twitter, etc. This was even more so proven in the recent RE Tech South event held the last week of March. Technology junkies gather 'round to gain more information on the technology/internet based tools available for agents to help not only market their properties, but themselves. PEMCO utilizes the sweeping effect that can be produced from a simple Facebook post or Tweet by giving you information faster than you can say 203K!

Every effort is made to help you, the agent or buyer, find a home and close on it painlessly. Changes are a part of life, but not all changes are bad and in most cases, something good always finds it way to the top!

Closing Properties in M&M III!

Kristin Nakama (PEMCO Ltd.) — Tue, 05 Apr 2011 14:48:56 -0700

Let's Get It To Closing in M&M III!

Kristin Nakama (PEMCO Ltd.) — Tue, 05 Apr 2011 14:41:17 -0700

PEMCO Launches Auto Fill Form for HUD 9548, You Tube Channel, and More!

Kristin Nakama (PEMCO Ltd.) — Thu, 10 Mar 2011 15:28:36 -0800

It's frustrating to complete a sales package and have your contract returned to you with corrections required. However, PEMCO has devised an auto-fill form that will allow the agent to type the required information in an easy to read form format and populate the information into the 9548 Sales Contract. Not only making life easier for the agent, but since the information (especially lines 1,2 and 13 regarding the purchaser's name) will auto populate, the chances of the contract needing to be returned due to errors will dramatically decrease. With the recent changes in M&M III, anything to simplify the selling process will be sure to be a home run for everyone!

Along with this improvement, PEMCO also recently launched their You Tube Channel (www.youtube.com/hudpemco) with their first tutorial titled "Filling Out the 9548 and Most Common Errors". Explanations on the Earnest Money instructions and Net Total, along with an emphasis on all documents being signed in blue ink, will also help the agent to correctly turn in a sales contract. Prior to the launch, PEMCO also released a "teaser" video they like to call, "The Epic Trailer" highlighting their creative talents. With an arsenal of ideas, you can be sure they will continue to release videos to help the agent successfully sell a HUD property.

To even further the agents success in HUD contract submissions, PEMCO provides all needed forms on their website. Yes, every, single one and they are in downloadable format! After experiencing issues with the new HUD software's capability to produce contract-life threatening documents, PEMCO found a way to make them a one stop shop for all HUD Contract Package needs. They are continuing to come up with creative ways to help everyone sell HUD Homes easier and faster. After all, with over 100,000 HUD properties nationwide waiting to be sold, we won't be running out soon.

Bus Tour Offering Education Credit Towards Down Payment Assistance and Low Interest Rate Loans

Kristin Nakama (PEMCO Ltd.) — Tue, 08 Mar 2011 19:27:31 -0800

Limited seats available for FREE!

Register at www.pemcobustour.com

In Florida, there are 1,000+ HUD Properties ready to become someone's new home! As a HUD contracted asset management company, PEMCO is participating in the Florida Association of Realtors' statewide "Welcome Home Week" by holding an educational bus tour to several of our HUD properties throughout Orlando. In our homes and during the rides on our comfy coach buses, out tourists will not only be provided with information on important aspects of the home buying process, they will also receive a homebuyer education certificate to be used to qualify for government down payment assistance and low interest rate loans.

What Kind of Message is HUD Trying to Send Me?

Kristin Nakama (PEMCO Ltd.) — Thu, 30 Dec 2010 12:24:05 -0800

Bid management has changed up it's program in M&M3, and as always, we want to help clear up any of your concerns! The messages sent concerning the status of your bid will be found in your Buyer Center on HUD Home Store. You will no longer get an email notification letting you know where your bid stands against everyone else's. This also means you can no longer see how your bid measured up against everyone else's.

Something else you should know, is that the messages you receive are a little different, and can be misleading without proper knowledge of how the system works. "Under Review" can, but does not necessarily mean we are reviewing your bid. It can also mean that you are being considered for a back up offer in the event the accepted bid falls through. If you see that your bid is "Under Review", you can call your LLB and they will be able to see what step your bid is in. If it is in the accepted bid stage, but you are seeing "Under Review" instead of "Bid Accepted", that means your bid is being considered for a back up offer. That brings us to the simplest message "Bid Accepted", which means you are the winning bidder! Now, "Cancelled Bid" means that your bid was too low OR that your bid is being considered for acceptance. You are probably thinking, "WTH, that makes no sense at all!" The logic behind the bid management system requires us to cancel all considered bids to be able to view all the bids. If you receive a "Cancelled Bid" message, please wait 24 hours and if you are in fact the winning bidder you will receive the "Bid Accepted" message.

On a side note, the bid management process is a bit more labor intensive than in the past and has become an all day job. So, please be patient with us as we are reviewing your bids! Also, bids are only considered in the time frame prior to a deadline. That means that bids made after the review begins will only be considered if the bids being reviewed are not accepted. So, if you place a bid on Monday, and the bidding cycle is in Daily, your bids will not be compared to any of the bids placed on Tuesday or Sunday.

Thank you for your interest in HUD Properties and PEMCO Ltd. and good luck in 2011!

The PEMCO Team

The All You Need to Know Approach to Investment Purchases in Indiana

Kristin Nakama (PEMCO Ltd.) — Thu, 16 Dec 2010 18:39:46 -0800

What is a LEI Home? What is the advantage to buying an LEI Home?

LEI is a national reseller of residential real estate focused on targeting properties for investor purchases. LEI Homes are offered for sale via an online bidding process and are available for preview prior to submitting an offer. Each property is sold “as is” but LEI properties offer repair cost estimates, rental analysis and in some cases complete rehab and or rent roll.

Who is PEMCO Realty?

PEMCO Realty is a division of Pacific Engineering Management Company (PEMCO, Ltd). PEMCO Realty is a full service real estate firm specializing in real estate management, investment and development services.

Who can submit an offer on a LEI Home?

All offers will be considered once verified to be a valid offer. PEMCO Realty welcomes all offers for consideration and the buyer can leverage their offer by offering more earnest money or in situations where the deal is cash over financing.

Do I need a real estate agent?

No, PEMCO Realty will allow buyers to represent themselves in our online bidding process. Realtors, however, are also welcomed to represent buyers and can ask for the seller to pay their commissions as a part of the offer submission process.

How do I register to submit an offer?

If you are an agent submitting an offer on behalf of a buyer you must have a valid real estate license and will be asked to provide your license number when submitting your offer. If you are a buyer submitting an offer for yourself you must upload proof of funds or prequalification to purchase with your offer to validate your offer.

How does the offer process work?

All offers will be submitted online via pemcorealty.com. Each property will have a sealed bidding process and offers will be reviewed within 24 hours of receipt. You will be contacted within 24 hours of review with a response of offer accepted, offer reviewed, or a counter offer.

Where can I get a Sales Contract Package and where do I send my contract to?

Purchase and Sales Agreements are available online at pemcorealty.com . All applicable addendums and disclosures will also be posted with each listing. A contract package should be completed with the buyer before submitting the bid to validate the offer. Once you receive email notification of accepted offer you will have 72 hours to submit an original contract executed in blue ink to PEMCO Realty. Send your original contract package to: 1632 S King Street Ste 100 Honolulu HI 96826

How do I get access to show the property?

Please review all provided pictures and disclosures before submitting a bid. Please contact PEMCO Realty with any property specific questions. Upon receiving notification of an accepted offer the buyer will be given 48 hours to preview and inspect the property. During this time if the buyer chooses to cancel their offer there will be no sacrifice of earnest money. The buyer or buyer’s agent is to coordinate with PEMCO Realty to gain access to the property for said preview and inspection.

Can I submit more than one bid for different properties?

Yes, LEI properties are focused on the investment market and a qualified borrower can submit as many offers as they would like. Please be sure to have proof of funds or evidence of qualification for all offers.

How do I verify that my bid was received?

Once you submit a successful bid you will receive a bid confirmation number and an email confirmation. Please save these items for future reference.

When will I know if my bid was accepted?

You will be notified within 24 hours of your offer being reviewed via email. The email will indicate if your offer was accepted, reviewed or counter offered. In the event your offer is accepted, the email will serve as your official notification and trigger your 72 hours to return your fully executed contract package.

What are types of Offer Status?

You will receive an email within 24 hours of opening the auction notifying you of the results. A response of “offer acknowledged” indicates you are the highest bidder and you need to remit your contract as stated. A response of “offer reviewed” indicates that we have reviewed the results and your offer was either not the selected offer or asking you to submit another offer with a higher net return. Please thoroughly read the instructions provided in the status email and respond accordingly.

What will LEI consider when reviewing a perspective bid?

Each offer will be considered for net highest return to LEI. Closing costs, commissions, earnest money, type of financing will all affect the decision to accept the offer. In the case of multiple offers PEMCO Realty may be approach all perspective buyers and request they submit online their final and best offer.

How long do I have to close? What if I need more time?

Upon execution from the seller the buyer will be given 30 days to close. In the event that the buyer needs to extend their contract they will be charged a fee of $100 (one hundred dollars) per day until the property closing occurs. Applicable extension fees with accompanying extension forms will be sent to the LEI designated closing agent. All fees are non refundable and earnest money can be forfeited along with all applicable fees if the property fails to close.

What is the condition of the properties? Is there a contingency clause for home inspection?

All properties are sold “as is”. The condition of the property will be disclosed in the listing with estimated rehab costs included in condition report. LEI will provide a seller disclosure but makes not warranties or guarantees about the property. The buyer will be given 48 hours to preview the house and get a home inspection. In the event of unfavorable results the buyer will be able to withdraw their accepted offer without earnest money in jeopardy.

What is the earnest money on these properties? Who holds the earnest money?

When submitting your offer you will be asked to offer earnest money. The earnest money minimum will be $500. The amount of earnest money will affect the consideration of the offer.

Who is the Closing Agent for these properties?

Advantis Title Solutions, Inc.
30 East Washington Suite 300
Shelbyville, IN 46176
Office: 317-398-9973
Fax: 317-398-9974

Online Investing Opportunities In Indiana Made Simple

Kristin Nakama (PEMCO Ltd.) — Thu, 16 Dec 2010 18:36:31 -0800

PEMCO Ltd. expands it’s horizon of real estate asset management and offers opportunity in the world of investment. Backed by experience, PEMCO can make your investing dreams come true, or at the very, least simplify the process for you! With several online features, smart buyers and investors can utilize our online bidding process and place bids themselves!

Teaming up with LEI, a national reseller of residential real estate, PEMCO is offering a sneak peek of four properties now! These properties are viewable on a free public access website and will be auctioned off from PEMCO’s online bidding site both found on www.pemcorealty.com. A buyer also does not require an agent to place their bid! They may represent themselves, if they choose, but they are also welcome to utilize an agent. The freedom belongs to the investor! This team hopes to grow their inventory and take the model nationwide to allow investors to take advantage of the current buyers’ market!

If the thought of throwing your money into real estate causes you anxiety, what you may not realize is that in this particular market, investing in rental properties can snowball into a profit gain. How does one get involved? Education is the first step. PEMCO simplifies the complexity of investing for the first time investor with an “all you need to know” approach. The online listing/bidding site offers: the property features, year built, multiple photos, design/style, condition of the home… pretty much any and all desired information about the property, plus the cash flow information! You will already know the potential profit of the purchase before ever placing a bid and in many times, there is already a renter! PEMCO also discloses any agreements and disclosures with each property. We’re not hiding anything!

PEMCO Realty is a division of PEMCO Ltd., who currently holds multiple government contracts including HUD in 26 states/U.S. territories. PEMCO Realty is a full service real estate firm specializing in real estate management, investment, and development services. They have been in the game for quite a while and know what they are doing! The other half of this operation is LEI, a national reseller of residential real estate specializing in investment properties. With the asset management skills of PEMCO teamed with LEI’s investment knowledge, you can be sure to come out on top!