I could probably wake up tomorrow and this would change :), so don't quote me on this, but i think the one thing i can mention in this area is this: When you're trying to do a loan mod, don't be blinded with the money coming in (i.e. don't get greedy), you might get a good deal on the front end, go celebrate for a couple of months, until you wake up and realize that this deal did not match the home owner's situation and he/she is in default again.I always try to make the homeowner put a price they are comfortable with and i try my best to knock-off 10-20% of that monthly PMT to show goodwill and show that i'm trying to keep their homes by allowing them to make their payments on time. 

You will find resources here from blogs to pod casts and forums.

I've learned so much through BP, from networking, pod cast, and meeting investors from all over the U.S that specialize in a lot of different areas in REI. 

Residential REO volume has gone down significantly because of the ROBO fiasco and doing workout loan mods in pre-foreclosure and short sales.There is a difference between a commercial OREO broker and a residential REO one.Residential many REO asset companies have just a few assets trickling in for the amount of agents that have applied.So these companies charge computer platform and system fees and mandatory training sessions and bilk the agents out of what little cash they have.The net 45 days is also not true in many cases.They are supposed to pay in 45 days but many times delay payment for 2 months or longer.This makes the banks or asset companies float interest free loans using and abusing the reo brokers/agents.Then too add insult to injury they take a 1 percent fee off the top with only a 2 percent payout afterwords.Sometimes the bank will start the listing price high even though the listing brokers opinion doesn't agree with them.Then they re-assign to another agent and take a mark down and you are still chasing the bank to pay you the costs incurred with the listing.What you don't have on the reo listing side is CONTROL.Some of the big REO companies HAVE TO sell hundreds of properties a year with volume or they actually LOSE MONEY.For this reason many of my friends have gone to the pre-foreclosure side which is what I work on the commercial side more.Since I work with the borrower the bank has to deal with me to close a transaction versus trying to get into a "good ole boy" network where a company might have a 50 year relationship with a bank already.You can't focus on what you can't control but just take advantage of the opportunities that present themselves and capitalize on them.

They seem to stem from loan mods and with CW originations.If the seller started a loan modification, then the the loss mitigators handling short sales will not be able to access the ATR or the SS package.

Mods can start being delivered in when the site work is finished, assembled in a couple days and ready for occupancy in less then a month depending on he size of the project.

Much of this was actually covered in the pod casts so there were not too many secrets.

Listen to the pod casts on Michael Quarles website.  

I am also fairly new and am a Pensacola native, I've learned so much just from listening to the pod casts starting from the beginning and reading the books they recommend along the way. 

Also the pod casts.We're glad you've joined us!