All Forum Posts by: Richard J.

Technically, if the Agent is a Member of a MLS, he cannot solicit a property that is not yet listed without a Seller signed waiver (not to list the prop in the MLS).

Having been an REO Broker doing all of the bank's grunt work. We post the property to notice the world what is happening, esp so we will get calls if their are issues with the property. The banks make us do BPOs and then price however they darn well please. The banks are between a rock and a hard spot and the asset managers are the piggy in the middle.

Calling the bank direct is not going to get you anywhere, it is just going to tie them up so they cannot do their job of getting toxic assets off the books.

The home will be listed when it is ready and not a moment before. The best thing to do is to do your homework. The banks want pre-approval... so go to your bank and have a current financial evaluation done up... Pre-Approval is better than Pre-Qual (which a PreQual is a joke, not worth the paper it is written on), the Pre-Approval if done correctly will have run your credit and confirmed funds and employment, this will put you in a good position as a Potential Buyer. Then check values in the immediate neighborhood, only go back 90 days.

If you want to hold any kind of position, send the potential listing agent a letter of intent, do not include any pricing, do include your PreApproval letter. This letter will be your written documentation of interest in case the Listing Agent wants to play dirty pool and do some unethical sneaking around. Phone calls can be denied and usu. are.

Good Luck! -- Dawn

Maybe I am too conservative, but maybe distance makes the heart grow fonder, but when it comes to RE transactions the further the piece is from your touch, the harder it will be to look out for your own best interest.

One problem that I notice in this business is the confusion between what an APPRAISAL is and what a BPO or CMA is. Banks get dirt cheap property reviews (BPOs) and sometimes laymen refer to these as APPRAISALS, they absolutely are not. CMAs are market analysis done for potential sellers, Realtors usu. do these for free.

Appraisal is done by a licensed appraiser, there are websites where you can check out their license. Not all appraisers are created the same, as in any other profession, some are honest, some can be bought. The current RE crash is due in part to dishonest appraisers, here in CA, they were flipping too and guess what??? it paid for them to inflate values, hence the crooks are barely hanging on now... what is nice about RE is that everything is stored for future reference and sooner or later all of the crooks will have to pay for their dirty deeds... you can run, but you cannot hide... forever!!!
Punishment is one year from discovery, so when the law decides to open the books and "discover" who did what , where and when, they will be held accountable. That said...

BPOs are Broker Price Opinions, bank usu pay an average of $50.00 for a Broker to do a simple price evaluation. Since the agent/broker is not a licensed appraiser, they are not held to the high standards or quality of product that an appraiser is held to. BPOs can really be skewed to satisfy the client.

CMAs: Comparative Market Analysis are done by Realtors/Agents/Brokers for the typical residential Seller and are similar to BPOs, but are usu. done for free in hopes of securing a listing agreement and then a sales commission, these too are informal and only the honest agents tell the truth to the Sellers, because the dishonest ones lie through the numbers to price the prop high so as to get the listing because blind Sellers have no idea that a Listing Agent will take an Over Priced Listing (TURKEY), just to get their phone to ring and sell the potential Buyer a home that is Priced at Market Value. Go figure! The games people play!

In the current market, it is not unusual to have major pricing variations on a street by street basis, which really makes it difficult for investors, esp trusting investors, or long distance investors. The best thing is to get a licensed Realtor (not all agents are realtors, it costs about $300+ a year to be a Realtor above normal agent expenses, but you are held up to standards/ethics), so find an honest one, promise them listings and do what you promise and let them do your BPOs, CMAs. Make them stay in the neighborhood for comps and only go back 90 days max, right now if you go more than 90 days out in a soft market, you are asking for trouble.

Good Luck! -- Dawn

I may be mistaken, but I believe that your ad post is a violation of the forum. I believe you are suppose to go to specific areas of product to solicit. This is a great site because we members follow the rules, otherwise it would be one big irritating advertisement. Thanks! -- Dawn

We experienced the fickleness of a Hard Money Lender. A doctor in LA was funding the loan on one of our listings. Buyer had 40% down. The investor decides he wants to pull the plug at the last minute because we, the Sellers/Property Owners were "Investors", go figure... was he jealous that we were making money too?!, so anyway, the Selling Agent wasn't very experienced and he is ready to throw in the towel without considering creative options. I was irritated so I said, We will loan the buyer the funds on the same terms as the doctor/turned lender. I went to Doc Magic online drew up the loan documents in a matter of 4 hours (the learning curve)(cost $35), and then guess what... the Doctor/Lender had a change of heart because he realized he wasn't gonna' screw up our deal!!!! Some people! --Dawn

i recently purchased Lane Guide, a list of banks. i located them on foreclosureRadar dot com, that is good info for auctions. check tax, and liens, set your preferred net. margin by area. the lane guide is good for contact avenues, follow the FDIC number. -- Dawn

I recently purchased Lane Guide -- Dawn

...and not all investors are greedy, we welcome all, as there is enough pie for all of us... -- Dawn

I agree with David. Accountability. It is what it is. The players are changing. The winners will be the breed that succeed, not by preying on the weak, but those of us that build up the strong. United we stand, an old saying that has virtues of its own. Unite and build on the golden rule(s). Stealing is wrong, whether it is via a mortgage that you damxn well you could not afford as you hedged your bet against the sorry sack lender and his commissioned loan officer as you purchased your boat, hummer, etc., back to basics means, buy what you need and when you buy a home, let it be just that... a home. If you earn 7 bucks an hour at mc donalds, and a hungry loan officer says you can buy a home for 45 bucks an hour, just because you can flip it for 100 bucks an hour, doesn't mean you should do it, unless of course he has a gun to your head. Not saying that you are a theif because you did, and now you have a BMW that you did not work for and now you paid off all of your credit cards, because you did not make your house payment, and no housing expense at all, and you feel justified because, maybe you are just a HS graduated and Obama and Acorn will find a way for you to avoid tax and take advantage of Americans that actually work 60-80 hrs a week and never ripped off the system and...

anything is possible these days. I am all for shortsales, contact the owner and make a reasonable offer via a licensed real estate agent and take it from there. From the tax payer's standpoint, shortsales are best and I therefore promote and believe it shortsales, it is at least an attempt by the homeowner to come clean. I mean if the stockmarket were operated like the real estate market it would be a complete joke, but then again, I guess that it is. -- Dawn

Greetings Teresa, sounds like you can be giving some of us a few tips with a couple investments already under your belt. Are you licensed (agent/realtor) work with hubby or ? We are considering leaving California and TX and Tenn are couple spots we have in mind. When you get a chance, a few bullets on pros and cons on TX, we were thinking Austin. Thx -- Dawn