bank: FORECLOSURES ARE DROPPING!
- 07/12/07 06:45 PM
After 30 months of steadily-increasing foreclosure numbers, we finally dipped as a nation. Is this reason to celebrate? Hardly. You see there still resides a number somewhere between $600M and $1B dollars worth of loans that are anticipating a rate increase when the adjustable rate mortgages on these loans do what's called "reset". A reset is when that appealing low interest rate sky-rockets to double, maybe triple the rate based on the current market interest rate. Albeit the interest rates are still low, historically-speaking, however, try telling that to someone who has maxed out the house they bought and are looking … (3 comments)
bank: Where's The News?
- 07/12/07 06:10 PM
Does anybody know where to get the best source for REO news?
I have a short list that I read, let me know if you have anything more than this: www.DSNews.com www.CNN.com (real estate section of business) www.RealtyTrac.com www.RealtyTimes.com www.Inman.com www.RISMedia.com
Of these, only 1 specifically deals with foreclosures. Anything I am missing? … (4 comments)
bank: Breaking Down a Broker Price Opion (BPO): Step 1
- 07/09/07 12:34 PM
Over the next few weeks I'm going to break down the standard Broker Price Opinion (BPO) form section-by-section. First of all, I'm going to be using the Chase Bank Standard BPO form. It can be found at www.REOexperts.net in the form library under "Chase BPO Form". It's about 6 pages (letter) long and is broken down into the following sections: Property ID Property Description/Condition Comparales Marketability of Subject Neighborhood Data Homeowner's Assoctiation Information Values (based on 90-120 DOM) Broker Recommended Repairs Addendum Photo Addendum Attachments (separate pages that Chase and other banks request in conjunction with the BPO)
First, I'm going to cover the Property ID, Property Description, and some preliminary research that … (4 comments)
bank: Who Establishes the Standards within the REO Industry?
- 06/18/07 11:42 AM
Just curious as to what real estate professionals are thinking within the industry. Who sets the bar for the REO industry? The 3 obvious sources to begin the conversation with are:
1.) REO Specialists (real estate agents who focus on foreclosure). 2.) Asset Management Companies (the outsourced agencies who handle the foreclosure assets for banks). 3.) Banks … (5 comments)
After 30 months of steadily-increasing foreclosure numbers, we finally dipped as a nation. Is this reason to celebrate? Hardly. You see there still resides a number somewhere between $600M and $1B dollars worth of loans that are anticipating a rate increase when the adjustable rate mortgages on these loans do what's called "reset". ;)
;)
