On June 11, 2008, Wasson's hosted its first Foreclosure Forum. Why? Because Wasson's is the rare vendor that deals with all sectors that deal with foreclosure-public safety, insurance, lenders, real estate agents, real estate attorneys, and city government-and we wanted to improve the lines of communication between all groups.
Due to the popularity of the first Foreclosure Forum, we hosted our second annual forum on May 14, 2009. Again, everyone from all sectors were invited to share information about newer legislation, issues, finding answers, and resolving bottlenecks in the process. The meeting was a success and many attendees exchanged business cards, hoping to keep contact with their newly found allies.
Among the attendees were two key figures who offered to keep these meetings going: Harold Wolgamott of the City of Gonzales, and Kevin Stone of the Monterey County Association of Realtors. They intend to host monthly or quarterly meetings that will handle issues specifically related to foreclosed properties.
In the meantime, I'm kicking off this blog and will be posting it on WordPress, ActiveRain, Facebook and Twitter-hoping it will be useful to the general population of professionals who buy, sell, lend, maintain, service, or monitor foreclosed properties.
In all truth, I don't know where to start. I am NOT a realtor, however, I hope that my information provides you with some value. Knowledge is meant to be shared, and if you think I'm missing key elements, I hope you'll correct me if you see any glaring errors or omissions.
First, if you are a Real Estate Agent/Broker, you want to keep the following circle of people in your lines of communication:
The Buyer
The Seller
The Asset Manager
The Title Insurance Company
The Attorney
The City's Building Department
The Lender/Bank
Why? Because all of these sectors have pieces of the puzzle that need attention, and when you notify them what is happening, they can return the favor by providing you additional nuggets of valuable information on that property.
Now, let's take a look at the circle of people the Buyer/Seller wants to communicate with before the purchase/sale of a foreclosed property:
The Real Estate Agent/Broker
The Real Estate Attorney
The City's Code Enforcement Department
The City's Building Department
The Title Insurance Company
The Lender/Bank
The Insurance Company
To be fair, the City Government needs to communicate with the following sectors:
The Buyer/Seller
The Real Estate Agent/Broker
The Housing Authority
CHISPA
The Code Enforcement Department
The Asset Manager
The Title Insurance Company needs to communicate with:
The Tax Assessor
The Real Estate Agent/Broker
The Asset Closer
The Buyer/Seller
The Lender/Bank needs to communicate with:
The Buyer/Seller
The Real Estate Agent/Broker
The Tax Assessor
The City's Code Enforcement Department
The Insurance Company
The Housing Authority
CHISPA
The Tax Assessor needs to communicate with:
The Lender/Bank
The Title Insurance Company
The City Code Enforcement needs to communicate with:
The Real Estate Agent/Broker
The Lender/Bank
The Buyer/Seller
The Public Safety Departments
Again, these lists are not conclusive. Modify the list if you need to add more people to your communication loop. Ultimately, I hope this list reminds you of the sectors you might be overlooking. Good luck and let me know how it goes. You can email me at jfilzen@wassons.net.
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