foreclosure: Increased BPO Business Leads to Reduced Client Fees (Interview with Ralph Sells) - 11/06/07 04:01 AM
Increased BPO Business Leads to Reduced Client Fees By Daniel M Waterman UniversalNews.TV 
On Tuesday October 30, 2007 real estate agents and brokers around the nation received an email from a property valuation company announcing “reduced fees due to reduced volume” which upon first glance seemed to be counterintuitive.  Almost every major city in the nation is seeing the effect of the foreclosure epidemic in their area with increased business in the form of evictions, property clean up, and reports called Broker Price Opinions to help investors and banks gain an understanding of a property’s value based on the current market.
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foreclosure: 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)

foreclosure: 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? 
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foreclosure: 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)

foreclosure: Basic Boot Camp: Beginning an REO Business - Organization - 06/21/07 04:34 AM
To begin with, REO is not as complicated as you may think. It is best to start with some working capital prior to beginning for costs you may incur prior to profitting.  And yes, there are some requirements that will demand attention to detail, but there is nothing involved that you don't already know or that can't be learned. What makes this any different than starting up any other business?  It has to do with the industry itself.  The 'character' of the business, if you will.
The REO industry has a 'character' unlike any other aspect of real estate.  There is quite … (0 comments)

foreclosure: Do I Need a License to Practice REO Real Estate? - 06/21/07 03:34 AM
Recently I received a phone call from a friend who happens to be an Asset Manager.  The call started off by suggesting a new topic to be shared with our clients.  "I have a good one for ya.  tell your clients that before getting an REO listing, make sure they have a real estate license.  It really helps the whole process become a lot easier", he said.  My first reaction was, "As much as I'm surprised, I'm not."
You see, I've been in this business for a few years now and have seen more off-the-wall, amazing, baffling phenomena occur than all my … (0 comments)

foreclosure: 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 
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