reo: Beware of Hidden Fees
- 07/14/08 10:59 AM
I know its been a while since I last blogged. I have been swamped with bank owned properties (REOs) and bringing sales to fruition. Over the last few weeks I have found that there are certain fees that buyers may not be aware of when purchasing REO properties compared to short and fair market sales. The first is an overinflated escrow fee. The escrow fee for a home that is $200,000 is generally around 250-300 dollars, but if it is an REO than the fee increases to $850.00 minimum just for being with an REO. The next is region specific. If … (3 comments)
reo: Have we hit the Bottom?
- 05/06/08 02:48 AM
In my part of the country, many professionals are speculating that we are a year or so off on hitting the bottom. Every time it seems that things are starting to get better, another wave of foreclosures hit the market extending the inventory from 11 months to 15 or more. In Stockton, national figures assume that 1 in 30 homes are bank owned. That is just under 4 times the national average. There were almost 1000 homes put up for auction last month in Modesto, alone. With almost every home being listed in some state of foreclosure or being a short … (8 comments)
reo: Where do you find clients?
- 03/19/08 03:34 AM
When I first entered the Real Estate Industry I had no guidance or clues what to do to obtain or keep clients. I got a few through paying a monthly fee on RealtyTrac, but had only 1 sale within the first year. That is when my wife discovered Active Rain and I have been more busy than I could ever imagine. Most of it has been due to page ranking, which has steadily improved through the months. I also have been doing traditional marketing, such as door hangers and leaving cards everywhere. Anytime I meet someone on the street I hand … (16 comments)
reo: Are you being innovative?
- 03/13/08 04:57 AM
With a possible recession looming over the horizon and dismal sales in many parts of the country, some Realtors are thriving. How can this be? What are they doing that is different than other Realtors who are leaving the business? The answer is simple, they are being innovative! They are doing various things that other Realtors are not. Some are finding niche markets, such as REO's, BPO's, or specializing in short sales. While others are getting back to the basics and focusing on Search Engine Optimization. The best thing for you to do is very dependant upon your market. The key thing … (6 comments)
reo: Catch a Tour Bus; See some Listings!!
- 03/05/08 01:49 AM
I just read an article in the Sacramento Bee where investors are taking tour buses to view foreclosure to foreclosure listings. Has anyone else heard about this. I know of Realtors going in caravans to see actual listings that are on the market and giving feedback, but bus loads of investors looking to buy REO or foreclosure properties is just amazing to me. Don't get me wrong, I want to see these properties sold and not to be vacant, and maybe this is the best approach to having properties sold. I just think it is super sad that there are so … (4 comments)
reo: Buyers: Now is a great time to buy in Modesto or elsewhere!!!!
- 03/04/08 03:53 AM
Right now buyers are out there looking for bargains in this market. Many buyers are hesitant and are waiting for the bottom to occur. Speaking from experience most people ending up missing the bottom and either catch it right before or right after it has occurred. In my area of Modesto, I have seen a huge increase in sales in just recent days. Usually this time of year is dead up until March or April, but there is a lot of people out there that are looking for the great deals that are in this market. The current inventory, according to the … (0 comments)
reo: Introduction REO group
- 02/16/08 03:57 AM
I just wanted to introduce myself to the REO group. I have been working with REO's for a while now, with most of my work providing BPO's for various companies. I feel that I will be a good contributor to this group and will respect the code that has been established. I work in Modesto, CA, and stick primarily to Stanislaus County. I look forward to associating with everyone here and look forward to being part of this group. … (9 comments)
reo: The delay with REO's
- 11/19/07 07:27 AM
I ran into an unusual situation about a month ago, with an REO property. In my area there have been a lot of scams, with people ripping off mortgage companies and couples buying homes. After spending about an hour of research, I found that it was indeed a legitimate property and the realtor was confirmed to be the listing agent. Which relieved my clients. However, they are frustrated as to the delay with the investor getting back to them on the property. I know companies are swamped, but if you are the selling agent, do the other agent a favor and don't … (5 comments)
I know its been a while since I last blogged. I have been swamped with bank owned properties (REOs) and bringing sales to fruition. Over the last few weeks I have found that there are certain fees that buyers may not be aware of when purchasing REO properties compared to short and fair market sales. 
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