reo: Be Careful When Showing Vacant Property!!!! - 07/03/08 12:00 PM
 All of us at times get lax when it comes to our personal safety when we go about our busy days and those of us in the Real Estate Business are no different than anyone else and at times we take things for granted as after all it's just another day but we can never ignore to do the things necessary to insure our safety.
 Today an agent in my office went to show a vacant property that is bank owned (REO) and her first mistake was not letting anyone know where she was going and the second mistake was she ignored the signs in … (58 comments)

reo: Agents Comments Section On MLS: Sometimes It's Important. - 06/19/08 04:23 AM
 Most Multiple Listing Services (MLS) we all use across the country has a section only visible to Realtors for the listing agent to make comments about the property and in some instances you will see terms to present offers. With all the Real Estate Owned (REO) properties on the market at this time many agents and buyers are becoming frustrated with the Banks and the REO agents when trying to get offers accepted and many accusations have been made that things are not being done in a fair and ethical manner but some of the frustration can be overcome by simply reading … (12 comments)

reo: Got Crack? It Does Affect Value. - 06/08/08 09:07 AM
 Three weeks ago I was assigned a foreclosed property in the La Cresta area of Murrieta Ca. by the bank that now owns it and the first thing a bank always asks is the property occupied and if not do a BPO  ( Broker Price Opinion) and then a price will be set according to estimated value. No problem right? Wrong.
 When working with a bank owned property (REO) the agent is the eyes for the bank and I am always honest with my evaluations and very thorough in the documentation of my opinion of value and this property was no different than the … (17 comments)

reo: The Electronic Age: Does Anyone Remember How To Use The Phone? - 05/24/08 11:34 AM
 Friday I called a friend of mine, Mike, to let him know I had an offer on one of his bank owned (REO) properties in Murrieta Ca. and also ask if he wanted to meet for lunch and I would present the offer. Voicemail
 So I call his office and tell his secretary who I am and ask if she would get Mike on the phone as I couldn't reach him on his cell phone. She informs me Mike is busy and that I should Text message Mike on his cell phone. Hmmmm, Mike's people running interference for Mr Bigshot by telling … (27 comments)

reo: Cutting Costs: How Cheap Is Too Cheap? - 05/18/08 09:55 AM
 With home sales in most areas of the country declining many companies and Real Estate Agents are cutting costs to make ends meet and keeping an eye on the bottom line is imperative to the survival of any business but where do we draw the line on cutting expenses?
 Saturday I arrived at my office as usual at 7:30 and since it was the first time in quite a while I didn't have any clients coming in to look at homes it was the perfect time to catch up on paperwork and that was exactly what I was doing when the … (23 comments)

reo: Murrieta, Temecula, Menifee California Home Sales Increase!!!! - 05/18/08 08:24 AM
 The numbers are in and home sales in the Valley for the month of April 2008 increased 73% from April of 2007 and for the first time since the housing market took a downward swing the house sales were higher than sales in the same period for 2006 at the peak of home sales.
 Escalating home sales have some analysts predicting we have hit the bottom on declining values and with a leveling out on prices we my see an upturn in appreciation by the end of the year. Other analysts say with the number of homes on the market we might see … (2 comments)

reo: Fannie Mae: Market To The Consumer As They Are The Market!!!! - 05/09/08 01:31 PM
 Fannie Mae has recently sent out a directive to the Real Estate Brokers that list and sell the foreclosed properties in California currently held in Fannie Mae's portfolio informing us they are now raising the commission they will pay to Brokers who are representing buyers of their properties a full 1% of current levels.
 It appears that Fannie Mae is anticipating taking in a large number of foreclosures in the near future and they want to sell as many properties in their current inventory as quickly as possible and apparently they have chosen to market to the agents with higher commissions but … (11 comments)

reo: Buyers Get The Help They Need!!!! - 04/30/08 01:30 PM
 Seems everyone is talking Real Estate nowadays with the prices of homes falling and the large numbers of bank owned properties (REO) on the market but all is not gloom and doom as some are making it out to be as many people want to take advantage of the lower prices and favorable interest rates but they lack the money for a down payment or closing costs. There is help available to those who qualify in the form of down payments and money for closing costs and the buyer does not pay it back!!! It's a GIFT!!!
 Down payment assistance programs help … (10 comments)

reo: Please Excuse Me For Selling Your House But YOU Put It On The Market - 04/20/08 10:37 AM
 For the past 8 weeks I have been working with a couple who had a very specific type of home they wanted to purchase in Murrieta, California that would include such things as a pool, views of the valley, 3 car garage and RV parking if possible with low taxes. Tall order but not impossible and over the course of our relationship they made offers on 3 bank owned properties (REOs) but were outbid every-time.
 Two weeks ago a property came onto the market through the Multiple Listing Service (MLS) at 10;05 AM and at 10:20 I called the seller to … (7 comments)

reo: Bargain Hunters Are Taking Advantage Of The Market - 04/19/08 11:44 AM
 Southwest Riverside County, which includes Murrieta, Temecula, Menifee and surrounding communities, has been flooded with bargain hunters taking advantage of the lower prices on foreclosed properties held by banks, (REOs) and the low interest available to them in greater numbers than ever before.
 Escrows closed on 522 homes in March and that is the largest number since August 2006 according to the local multiple listing service covering the region. The numbers rose by double digits compared with 2007 levels for January, February and March.
 Dataquick Information Systems reported that 56% of the homes sold in Riverside County Ca. were foreclosed properties held … (4 comments)

reo: Fishing In The Real Estate Market - 03/20/08 04:41 AM
 It is not a secret that home prices in Murrieta Ca. are down as we are no different than other parts of the country and this has created a mindset with many consumers that houses are selling for pennies on the dollar,especially if the property is bank owned (REO), and they want to go "fishing" for a deal. There really are some great deals on homes right now but they are not free and yesterday I had the privilege to hand over the keys to a beautiful home to a client, Ryan, who now understands the real estate market.
 Ryan looked at five … (8 comments)

reo: City Says to Banks: Mow The Lawn - 03/07/08 02:55 AM
 Due to the rise in foreclosure rates across the country and the problem of neglect with some of these properties the city of Murrieta Ca. on Tuesday March 4th adopted an ordinance that will require lenders holding these real estate owned (REO) properties to keep up with the maintenance or they will be fined.
 The ordinance requires lenders to maintain security and landscaping on the homes which they have taken possession. Lenders will be fined $100 per day for failing to register the property or failing to post that the property is bank owned; $250 for allowing lawns to die or … (3 comments)

reo: Foreclosed In Murrieta ~ But My Clients Will Sleep Well Tonight - 02/29/08 04:23 PM
 After a long day that began at 5:30am I finally arrived at home tired but happy that we closed a purchase on a foreclosed property in Murrieta Ca. for my buyer client who had the misfortune of being in a rental property in Menifee Ca. that went into foreclosure and as in most instances went back to the bank.
 Needless to say this was a shock to my clients when they found out they were going to need to move and it was understandable to me when we met that they were anxious and scared so we began the process to find them a … (4 comments)