Primary focus is working with investors who are buying distressed commercial real esate assets and residential properties to build real estate portfolios.
Heard from a very reliable source that REO assignments have been decreasing and will continue to decrease for a top 4 financial institution. Their inventory has been steadily decreasing for months! Due to HAMP, other programs and compliance issues there is a backlog of homes waiting to be foreclosed. Furthermore, most banks have good systems in place which have enabled them to write off a tremendous amount of assets. Add to that the holiday season when most banks have an unwritten moratorium and that pretty much ruins any hopes of increased assignments in the near future. The good news is that they're expecting assignments to increase in the first quarter of 2010.
Recently I posted a blog Sales Of Existing Homes And REO Hurt By Poor Appraisals!!! to ActiveRain, LinkedIn, REOPro and Facebook. Quite frankly I was surprised by the number of real estate agents, loan officers and even appraisers who commented on the challenges they've been having with the new appraisal process. The real estage agents were not pleased with the values given to them by the appraisers, the loan officers had issues with the constraints the sellers are putting on them and the poor appraisers are taking heat from all sides for giving too low or too high values!
Here is a link someone provided from bloomberg article regarding the home valuation code of conduct (HVCC) that went into effect on May 1st. The HVCC will have a negative impact on price declines.
Last but not least here is a link to sign a petition to do away with the new appraisal system that does not work!
Quite often I am asked which companies to register for BPOs and potential REO listings. Am also asked for other REO information such as how to prepare a resume, how to address an email to an REO Marketer or Asset Manager. In my search and networking for knowledge a resource has been presented to me that not only has the list of BPO companies but also more valuable REO information as well. The resource will provide the following information:
Free Bonus #1: Over 400 REO/BPO companies to register with for FREE.
We give you over 400 great companies that you can register with immediately to start getting assignments. This is info that most agents wish they knew.
Free Bonus #2: Email Templates
Attention grabbing email templates to use when you contact Asset Managers.
Free Bonus #3: Sample Resume
A proven sample resume to send to Asset Managers if they request one.
Free Bonus #4: REO Agent 411 BPO Tutorial.
In this tutorial you will learn how to earn a substantial income doing Broker Price Opinions. This tutorial covers how to register with companies and what is required, how to pull good comps, BPO picture taking tricks, keeping your business organized, getting paid, and much more! This tutorial also includes a sample BPO and sample comp criteria from a major lender.
Free Bonus #5: REO Agent 411 Listing Procedure Manual.
On this manual you will learn step by step the process used by top REO agents to list REO properties. This manual will take the confusion out of the listing process and shows you exactly what the correct steps are in handling an REO listing.
Free Bonus #6: 14 Essential REO Agent Forms.
We provide you with 14 forms that REO agents need to run a successful REO business.
Once you provide your contact information, click on the links at the end of each Free Bonus and use the ones you like. I am in no way affiliated with this entitiy but have looked at their free resources and found them to be very useful.
Here is the link to the resource: http://www.reointelligence.com/Free_Bonuses.html
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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