Michael Dutra

Looking for a great deal on a foreclosed home? Don't have a realtor yet? Call me... I am a direct lender out of Rhode Island. Check out these links below for lists and lists of homes for sale in your area. Bank Links cut and paste or click on links. These are major banks in the country that have foreclosed homes extremely comprehensive list. Fannie Mae- properties http://www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSearch.jsp Freddie MAC-properties http://www.homesteps.com/hm01_1featuresearch.htm Ocwen Financial-properties http://www.ocwen.com/reo/residential/res_reofindbystate.cfm USA Marshalls http://www.usmarshals.gov/assets/index.html Bank of America- properties http://bankofamerica.reo.com/ Nationwide reo brokers http://www.nreob.com/public/Default.aspx USDA Properties for Sale- http://www.resales.usda.gov/sfhdirect/SFHPropMain.cfm M & T Bank - http://services.mandtbank.com/personal/bank_owned_prop.cfm Integrated assets http://www.iasreo.com/homesforsale.aspx Washington Mutual http://www.wamuproperties.com/ GMAC Foreclosures http://www.gmacmortgage.com/reo/search/ Countrywide Bank - http://www.countrywide.com/Purchase/f_reo.asp Wells Fargo- http://www.premierereo.com/reo/ Wells Fargo Commercial ORE https://www.wellsfargo.com/com/cgi/properties National City Mortgage Properties http://www.ncmcreo.com/ US HOUSEHOLD BANK http://www.us.hsbc.com/1/2/3/personal/home-loans/properties Coldwell Banker Properties http://www.reoexperts.net/ REOSource- http://www.reosource.com/ FDIC PROPERTIES http://www4.fdic.gov/DRRORE/ GRP Financial services- http://www.grpcapital.com/properties/index.php Suntrust Properties http://suntrust.res.net/ REO Nationwide - http://www.reonationwide.com/prop_list.asp OMNI NAT. bank http://redevelopmentlending.com/property.php Keystone Asset Management- http://www.keystonebest.com/search_for_home/search_for_home.asp New South Federal Savings Bank- http://www.newsouthfederal.com/reo/listingsearch.php Crye-Leike Realtors- http://www.crye-leike.com/main/regionselect.php?sfb=16 CitiMortgage - http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do indymac properties http://apps.indymacbank.com/Individuals/Realestate/Search.asp rose and land bank http://www.roselandco.com/map.jsp 53rd bank https://www.53.com/wps/portal/personal Taylor bean http://www.taylorbeanhomes.com/ American Home Mortgage http://www.ahmhomes.com/ http://mortgage.chase.com/pages/other/co_properties_landing.jsp chase http://www.bbt.com/applications/specialassets/search.asp?p=1 bb&t https://www.compassbank.com/appforms/properties/index.jsp compass bank Lamco http://www.lendersreo.com/listings.aspx Lenders asset Management http://www.nbarizona.com/BusinessBanking/CommercialRealEstate/BankOwnedProp.htm Nation bank of arizona Regions financial http://realestate.regions.com/servlet/Ore/ForeclosedPropertySearch.jsp Unity Bank New Jersey properties http://www.unitybank.com/propsales.asp http://www.bealbank.com/Content.aspx?ID=13 Beal Bank commercial property Fidelity National Foreclosure Real Estate http://www.fnams.com/ Virtual Bank http://www.virtualbank.com/REO/REOList.aspx Franklin savings Small list of properties around Cincinnatti, OH http://www.franklinsavings.com/reo/default.asp Isabella Bank Foreclosed properties around Harrison, Michigan http://www.isabellabank.com/bank-owned-properties.aspx Sun First Bank Cedar City and St. George, Utah http://www.sunfirstbank.com/bankOwnedProperty/ First Federal Bank South Carolina - They also list mobile homes http://www.firstfederal.com/other/repo.asp 1st National Bank of Scotia - They operate in the north http://www.firstscotia.com/repossessions/cflist.html First Federal Bank of California (FFBC) - http://www.firstfedca.com/Page_3_195.cfm downey savings properties california, arizona homes for downey savings info. http://www.downeysavings.com/bank-owned-properties http://www.capmark.com/CAPMARK/mainpage.aspx?id=180&ts1_TSMenuTargetID=180&t s1_TSMenuTargetType=1&ts1_TSMenuID=0 capmark bank commercial foreclosures all states http://www.hlbsales.com/index.htm -home loan bank -STATES- MN,GA., IL,KT,WI, NY, MI, SC,TX, NJ,IN,RI,CT, http://www.zionsbank.com/foreclosed_properties.jsp?leftNav=specialty_fore&to pNav=sbanking zION BANK First National Bank of Alaska http://www.fnbalaska.com/363.cfm American Wholesale Properties http://americanreosales.com/- Indy REO http://indyreo.com/- Indianapolis, IN - REO Listings COMMERCIAL BANKS TO LOCATE REOS CityFeet http://www.cityfeet.com/ - National commercial real estate listings & news network Commercial Investment Multiple Listing Service - CIMLS http://www.cimls.com/ - National online Commercial real estate listing service - Free Registration * Commercial IQ http://www.commercialiq.com - Online commercial real estate search, drawing commercial property listings from local brokerages and associations nationwide * LandNet https://www.land.net> - Land and commercial property listing service * LoopNet http://www.loopnet.com> - Largest online directory of commercial properties online. Free to browse - pay for all listings.

Keeping you updated on the market! For the week of November 16, 2009 MARKET RECAP A popular journalism cliché states, “If it bleeds, it leads.” The gist being that bad news sells, so no wonder that many in the business media lead with an NAR report stating home prices fell in the third quarter from year-ago levels in 80% of U.S. metropolitan areas, while the national median price for single-family homes fell 11.2% to $177,900. We cannot argue the numbers; they are true. The financial crisis of 2008 hit full bloom in the third quarter of 2008, and its fallout ravaged the housing market over the subsequent six months. However, we all knew that, so is it really news? If we dig a little deeper, we find that average home prices actually rose 2.2% during the third quarter. Moreover, if we dig deeper still, we find that several of the poster-child markets improved substantially: Median home prices in Miami-Fort Lauderdale, Fla. , a market that epitomized the market collapse, improved 4.6% over the quarter to $217,000, while Phoenix-Mesa-Scottsdale saw prices rise 8.8% to $142,700. Legitimate concerns weigh on the housing market, to be sure. Few outweigh foreclosures. RealtyTrac estimates as many as 3.4 million households will receive a foreclosure notice this year, a 48% increase over last year. Moreover, RealtyTrac sees only marginal improvement in 2011. We do not want to understate the foreclosure problem (if the employment situation does not improve soon, foreclosures could indeed rise), but it is worth noting that foreclosures dipped 3% in October from September even as unemployment rose. On a more positive note, we are encouraged by the turning of homebuilder fortunes. Atlanta-based Beazer Homes returned to profitability in its fiscal-year fourth quarter, earning $35.3 million. Even more encouraging, the country's largest luxury homebuilder, Toll Brothers, reported that its contracts increased 42% in units and 62% in dollar amount in its fiscal-year fourth quarter compared to the same quarter in 2008. The dramatic turnaround in Toll Brothers' business suggests the recovery isn't confined to the lower end of the housing market, nor is it solely dependent on government stimulation. Given the income required to buy a Toll Brothers home, most of the purchasers were likely ineligible for the government homebuyer’s credit. Still the Time to Borrow and Buy For the past four months, we have been forwarding the argument that housing prices have stabilized. Wells Fargo has provided another arrow for our quiver. To avoid defaults and foreclosures, the banking giant is offering homeowners with Alt-A ARMs the option to offset monthly payment increases with interest-only loans to defer amortization for six to 10 years. It sounds like a risky move. After all, interest-only loans were a contributing factor to the housing meltdown. But many of those loans were originated in a much riskier era – near a market top. That is certainly not the case today, which is why Wells Fargo is betting that home prices have stabilized and that the economy will improve. We think it is a smart move. We also think it is a smart move to refinance or buy today. Rates are very, very good (but they will not be forever, for sundry reasons we have previously stated). What's more, the purse strings aren't nearly as tight as borrowers might think. According to the Federal Reserve, the rate of banks that reported tightening lending standards for prime residential real estate loans was 25% in October, which is well off the peak of 75% reported in July 2008. In other words, 30-year fixed-rate mortgages are readily available at 5% (which for borrowers in the 28% federal income tax bracket works out to 3.6% after tax). Meanwhile, the 5/1 hybrid ARM presents an intriguing option for borrowers planning to move within the next few years. A 3.75% 5/1 works out to a mere 2.7% after tax for someone in the 28% tax bracket. Yes, rates could go lower, but not much lower.

Keeping you updated on the market! For the week of November 9, 2009 We can finally stop talking about the federal homebuyer credit extension and start living it. This go around, the credit has not only been extended, it has been improved. First-time homebuyers – anyone who hasn't owned a home in the past three years – will still get up to $8,000 to apply against their federal tax liability, but buyers who have owned their current homes at least five years will also be eligible for tax credits of up to $6,500. To qualify, buyers must sign a purchase agreement no later than April 30, 2010 and close by June 30. Just as important, if not more so, the extension also raises income ceilings. The new version has the credit phasing out for individuals with incomes above $125,000 and for joint filers with incomes above $225,000. The phase-out increase means the new credit will be applicable to higher-priced homes (though the purchase price can't exceed $800,000); thus, stimulating sales in more expensive categories. The Federal Reserve's stance on interest rates was another home-buying positive. On Wednesday, the Fed stated that it will maintain the federal funds rate – the rate banks lend to each other – near zero for “an extended period” and specified for the first time that policy will stay unchanged as long as inflation expectations are stable and unemployment fails to decline. The fed funds rate is an important benchmark for other lending rates, so the Fed's pronouncement bodes well for borrowers seeking a mortgage loan. Of course, a job trumps tax considerations and lending rates in any borrowing or purchasing decision. Unfortunately, the trend on job creation remains down. The unemployment rate rose again in October, due to employers shedding another 190,000 jobs. The unemployment rate now stands at 10.2%, the highest it has been in 26 years. The news on the employment front is discouraging, to be sure, though recent payroll data reflect some improvement. The rate of job cuts has lessened dramatically when you consider that 741,000 jobs were shed in January alone. It's also worth noting that new claims for unemployment benefits decreased by 20,000 to 512,000 in the week ended October 31, the lowest level since January 3. And if you happen to be the-cup-is-half-full type, you can take additional solace in knowing employment figures are lagging, not leading, indicators. Continued Affordability....At Least for the Time Being Should we backpedal on our expectation for mortgage rates to rise, given the Federal Reserve's desire to keep lending rates low? For the immediate future, yes, though we still doubt they will go much lower. After all, there is a risk to lending, so investors demand a minimum return on their investment, and we think rates are at or close to that minimum return. Longer term (three months out), we remain convinced of the prospect for higher inflation: Gold is trading near $1,100 an ounce, hard commodity prices have surged, oil prices have doubled in the past seven months, and the spread between the 10-year Treasury note and the TIPs (a variable-rate Treasury security) has narrowed. We have to admit, though, that the window for borrowers to act has likely widened, but that doesn't mean potential homebuyers should play the mortgage-rate waiting game. We can't forget the other half of the equation – home prices, which should get a boost from the homebuyer credit extension. Moreover, these credits are chasing a dwindling supply of homes. According to data compiled by Web-based real estate brokerage ZipRealty, listings of single-family homes and condominiums declined an average 2.8% across 27 major metropolitan markets in October. ZipRealty also noted that national inventory has declined month-over-month for 16 straight months to the point where there are now 28% fewer homes for sale than there were in October 2008. In short, the stars remain aligned for refinancers and homebuyers to act today, but we don't expect them to stay aligned far into tomorrow.

Hello again,

I am posting this blog today because of two pieces of valuable information I wanted to pass on to you. Firstly, as you are well aware, the mortgage lending world has consisted of mortgage brokers and mortgage lenders for over three decades. Both formats have served the real estate community with distinction. Unfortunately, dramatic changes throughout the mortgage delivery system have severely handicapped the ability of the mortgage broker to execute in a competitive manner. In January of 2010, the restrictions on broker activities will be extended even further. Simply put, mortgage brokers will not be able to effectively deliver in the home purchase market.

Secondly, as a mortgage professional I saw this coming and made the decision to move from a mortgage broker platform to a lender platform in August when I joined Shamrock Financial Corporation. Shamrock foresaw the competitive limitations of being a mortgage broker years ago and transitioned to lender in 2001. The company has been around since 1989, employs 50+ professionals in our new Rumford location. We have direct, in-house FHA/VA/USDA underwriting, processing and closing.

Let me introduce you to some key players on your team:

· Rod Correia: President. Rod leads Shamrock’s day to day operations. He has the skills and authority to move your clients from contract to closing in days instead of weeks.

· Greg Cambio: VP of Underwriting Operations. Greg is one of New England’s most acclaimed and productive underwriters. His 30+ years of underwriting experience and countless designations make him a key person in getting your clients approved and closed.

· Kristen Shapazian: Team Leader. Kristen pre-underwrites your client’s loans and ensures we all are on the same page with information as it becomes available on specific files. She eliminates surprises.

· Shalimar Albanese: Purchase Coordinator. Shalimar is the driving force behind the coordination and marketing of our cooperative efforts with real estate agents. She makes certain we are at the forefront of capturing potential buyers and sellers here in New England. This helps us grow your business, not just close your next deal.

I’m pumped up about the tools Shamrock gives us both as professionals in this ever changing market. I am confident with the support I have in place that there is no better place to help your clients find their way home.

Shamrock Financial “A better life, through a better mortgage”

Creating a dialogue with clients and sources.

Dialogue is not exactly like real conversation, you have an agenda in a dialogue, but it should sound like real conversation.

Don't try to provide too much information (or ask for too much).

Body language tells you how you are doing in your dialogue. Watch your client or source. It also can say things that are not in your agenda. Watch yourself.

Silence is deafening. Know when to shut up!

Remember attitude in your dialogue with clients and sources. How you are perceived as a person can be just as important as what you say.

Break up dialogue with action. Go do something…

Hands speak as loudly as any words. Be mindful of what your hands are doing. You can emphasize with them, they can warn, they can appeal.

Less is more. Say it in as few words as possible

When voices change pitch, register, or tone it gains attention and draws people in to the importance of what you say next.

Don't use profanity or slang in your dialogue. Unless it works…

Physical contact is one of the strongest kinds of human communication. The first time you meet somebody, it is your handshake, among other things, that reveals so many details about you.

Listen to how your clients and sources talk to each other. Watch and listen for indications from both about each other. You may catch something important for later.

Don't try too hard to vary your lines or phrases when creating your own dialogue.

Eyes are marvelous tools in expressing your thoughts. Looking at someone and smiling while you are in a dialogue can be more important than what you are talking about.

Watch and listen to others constantly, noting both good and bad dialogue.