We got 3 REOs reassigned from another agent.

I watch our Trustee calendar to get an idea of what we can expect. I am seeing days when 40+ are scheduled but only about 1/3 of them actually get auctioned. Most are pulled because they were not properly advertised and a lot are just getting cancelled by the bank.

A quick check and some of these have been in default since 2008.

You can start to see the lump under the rug they have been sweeping these under.

So I posted one of my little love notes on one of my Fannie Maes and the occupant calls me. She tells me she is doing a loan mod (groan - grunt)and that she had just talked to Chase that day and they said it is under review. So I get off the phone and think to myself - huh - I hear this story a lot. Well this morning I call the forclosure attorney and as it turns out - it is on hold in their office. It did go to sheriff sale - It was bought back by Chase - but it is now on hold. Sooooo - I e-mail my AM and he says just keep treating it like you would any other owner occupant property. Two interesting things in this little fairy tale - it was not pulled from sheriff sale - and the AM tells me to keep treating it like anyother assignment I have. Makes me think the loan mods aren't going too well. Also - one prelist I was just assigned was a short sale listing withdrawn from the market in June of 2008. I think that is part of the lump under the rug.

The only Short Sale we were not able to close to date was on one that they did not remove from trustee sale. It sold (back to the bank) and we lost big time due to staff expense.

Over the Edge,
I keep receiving orders from Titanium Solutions to offer owner occupants 'Loan Reinstatements' post auction, pre eviction. They are ordered mostly by Wachovia and Chase. This may be what you are dealing with. It's kinda a lame program and I don't know why it's being offered, I have yet to qualify anyone. Basically, they have to prove that they can qualify for the loan, and it will be reinstated to pre-foreclosure status. My day basicall goes like this:

'Sir, the home has sold back to the bank, however the note has not been recorded, we can possibly reinstate the deed to you, but I have to prequalify you to get you in the program. Can you qualify for a $400,000 mortgage <on a home worth $210,000?>'

'Um, sure I can'

'Okay, I will need to see FULL docs THIS time around and we'll get you pre-qualified for the program.'

'UUUUUUUUhhh.............I'll get back to you'

Wow - I hope you get paid just for having the conversation. Just one more thing we as agents get to do - I think the approach is being used so that they can show compliance with the gov't program. Loan reinstatement presented and owner unable to qualify. Who knows, maybe it will help some people.

Two BB this morning....4 eML just a few minutes ago...and, we're off to the races.........

August is looking good! New REO listing, 1 REO cash closing scheduled, 1 regular listing and 29 bpos already! Keep them coming I'm headed to Vegas on the 19th!!!

Great News Linnea! So happy to hear it.

While in Vegas will you look at any real estate?

waiting and...waiting...no work here

I have NEVER been slow...BUT this week is so far the slowest week in my history!..no sure why...

dead here, has been for weeks.

well we talked about this a few months ago--please see "plan b"--

and as was talked about, we would look again in the summer or fall to see if the bpo market dropped 25-50%...

i personally was attacked, harangued and called names for predicting what is actually happening now--

but that is just the way it is--
that is why I offered solutions and evidence of the predictions..

so again -for those who may not have implemented a 'plan b-
here are a couple of things you can do!
1. expand your coverage area-add zip codes
2. move your 'office address' in a more vibrant area (i picked up 15% more business by moving 9 miles away)-you can get a PO box to do this-this is for FARVV, Clear Cap and others who base orders on your location.
this will generate a few more orders but it is only short term!
by next year-few agents will be able to make the money they have with bpos the last few years--to just maintain a decent income they will be working harder and driving further (even working cheaper)
again --as predicted a few months ago--I personally would suggest you get supplemental income and maybe even have a plan to get out of bpos by next year--if you want to keep the life style you have enjoyed the last few years!
to some i may just be stating the obvious—but for others—it is easier to believe our president is an alien, antichrist communist vampire—
good luck!

buzz...buzz..buzz

SWAT!

LOL!

Oh, me too! Weeks like this I knock doors in my farm.

You know, sometimes I get so tired of bpo's but when its slow like this, I start missing them.