Got our third REO this week. Still a better class of property than before. One year from start of foreclosure. Hope it is a start to an increase in REO listings.

Hey Grampa Have you notice a decline in BPO orders lately

got 30 orders (accepted) from 7 different companies. Probably passed on another 15-20 more.

As I have stated before: I have the utmost respect for those who do paid BPOs as a part of their business plan. We do not do so. The only BPOs we do are for REOs or as a second opinion for customers that we do REOs for. (Note: It has been quite some time since we did a second opinion BPO as I think they found that the mills could do it cheaper as we used to get $125.00 for an interior second opinion).

Thus, I am not a good barometer of the BPO side of the arena. I look to others here to stay abreast of BPO activity.

I always love to see an increase in the BPOers business for two reasons. First, I am happy to see the others here who do BPOs being busy and successful. Second, anytime I note a spike in BPOs for the BPOers here we see an increase in REO that follows it.

We did get new REO yesterday. Nice house on sailboat water with a pool.

King: What are iMarcros? Is it a freeware? Can you tailor it for different forms?

Sailboat water?? Pool? I am in the wrong part of the reo world - my new reo is in crackville - no plumbing - took the kitchen sink too - I think it might be priced around the total annual tax bill on your new assignment. Good for you though - its good to know the nice ones are out there. On the positive side - I won't have to do any repair bids or turn on utilities - as is - cash only - will be my recommendation - and no utilities activated due to safety concerns ( I consider squatters figuring out my power is on to be a safety concern - my safety).

OverTheEdge,

We got one recently where our billing person who does weekly checks got propositioned by a prostitute. Please note our billing person is female.

I think I saw a retail drug deal going down the last time I was there. We get them all not just the milk and honey.

60% of our REOs are under $50K which is why I mentioned that it was a good one.

Just an FYI we are seeing a better class foreclosure. I hope it keeps up with a certain amount of sadness for those affected.

Yes, thanks God we are seeing a better class of foreclosures unfortunately most of them occupied as it is hard for previous owner to give up on their luxury property, also I have noticed on 2 of my REO listing with a multiple offers situation and over asking price offers were the Banks counter with offer not subject to lender appraisal both were not cash deal and buyers said Ok and showed proof of funds to cover any shortage, have anyone of you guys seen that in your market?

Oh my! Grampa - how in the world are you gonna keep her doing your property checks? My boyfriend comes with me sometimes - he is like a rabbit when we are in the hood. I just chuckle. He hates that I go to these props - but I am always careful. I have taught him to be very deliberate in his movements - out of the truck - walk around the outside - checking for any signs of forced entry and in we go. He is pretty jumpy - I can not image what he would do if he got propositioned or saw a "retail sale".
I have had several props with over list price offers and the AM always comes back with a phone call that if it does not appraise then the buyer makes up the difference. I have managed to get them to tone that down to - if it doesn't appraise the bank will not reduce the price on the offer - and that has worked. I have not had one that didn't appraise - I always have a very serious conversation with the buyer's agent - letting them know - don't think we will drop the price if this doesn't come in at your offer. The AMs have told me that they have other props where the buyer's agents write the offer way over just to win the bid. Then, when it doesn't appraise ask the bank to drop the price. The AMs are very clear, they will not tolerate this - it will go back on the market. Of course we all know, once an FHA appraisal is done - it sticks to the property for 6 months. I am sure the AMs don't know this - luckily - I have never had to deal with this. Yet.

OverTheEdge. When somthing like that happens I do all of the property checks. Interesting about the appraisal thing we have not run into that yet and hope that we do not.

Keep that Boyfriend close when you are in the hood.

Early on when my wife was doing RE while I was a still an engineer she went to do a BPO in cracktown and when she showed up there was a sheriff sitting outside. At first I thought is was that the sheriff knew she would be there but now what I know about BPO is was just Karma.

Never again will she do a Paid BPO in a crack infested neighborhood. I love her too much to put her into that kind of risk.

I hope this finds you well.

This is funny.

I used to take this guy on my team to inspect properties in questionable neighborhoods. He too was jumpy and would startle me more with his reactions to seeing his own shadow or suddenly seeing his image on a large sliding mirror closet in a bedroom. I take him sometimes nowadays, but I sometimes think I'd be better off taking Scooby Doo.

83 orders this month--taking some cheaper ones just to keep the numbers up..

Mainstreet dropped a huge load but Safegaurd said they lost their main client and have been dead for a couple of months now..

surely a 6 of one 1/2 a dozen of the other scenario...
used to make big off of 2-3 companies and now scratching what I can from 8 or 9....
seems like there should be a better way to make a buck legally--
but so far this month seems better than last which was my worst month since i started...

who knows, maybe after we get all of this crap in the media out of the way, everyone can get back to work and stop with all of the nonsense?
if you look on celebritynetworth.com you can see that some people are making money--would be nice to have a middle class again--but i am feeling less optimistic!
Kind of like BPO’s---you are either doing 200-300 or you are doing 50-60----maybe that is the NEW America!
I just do not know who the heck will buy all of these homes? The Chinese and Russians? That would ironic huh? But at least they still need BPOs…

Joe, I've said this before and I'll say it again. Your posts don't even seem to make any point at all any more. I've read your last post 3 times and have no idea what point you're trying to make.
At least it seems you may be waking up to the fact that the economic recovery was never there(only propped up by an ill-conceived tax credit), especially in the real estate market.
Let the market correct itself, and prices will stabilize.
It will get to an inflection point where homes become so affordable that people will step in and buy up the inventory. The reason for this is that while prices continue to fall, wages as a whole are stable for those who have jobs. Every market will be different. Here in Michigan prices have gotten ridiculously low, but I'm still hesitant to buy because I see that 40% of current mortgage holders here are underwater, which is a strong indicator that prices are not about to stabilize with 13% unemployment.

1. not making any point--just saying what 'new orders' i got this month...
2.economic recovery was there---as noted by the current stabilization of real estate, stop of collapse of auto bank and other institutions and we are not losing 100's of thousands of jobs a month--nobody disputes that.
3. one thing i do know--is that most realtors are like most people of religion--they know squat about what they are talking about!

never the less---i have yet to be wrong and we will see how right i am in march next year!

and as far as homes being affordable? they are down to 2002 levels--they are only NOT affordable if conservatives get to crush min wage and the middle class and we all live like Detroit in $50k houses!
sorry--not interested!
once those who milk the government--put down their tea signs and go to work instead of taking unemployment pay to attack the government---we can move faster!
when Sarah Palin can go from a nobody to a multi millionaire out if hate and the vice president (Biden) is barely middle class after decades of public service--we can see where the fly in the ointment is!
the smeller is the feller--those who hate the government so much--are the ones who are screwing it with their tax free status, welfare, medicaid and tax shelters---so lets just call a spade a spade!