A few interesting numbers:
La Jolla +16.6% ($2,125,000)
Beverly Hills +11.1%
Greenwich, Conn -15.0
Palo Alto -14.4
Santa Monica -11.6 ($1,460.912)
San Francisco -.9
Boston -10.5
Newport Beach -14.9 (Average price $1,315.505)
Palos Verdes -.4.4
San Mateo -20.2
The Agent Center Blog
Top US Housing Price Change From 2008
Support - The Agent Center - Saturday, September 26, 2009
The Top 5 Loan Modification Mistakes Made by Homeowners
Support - The Agent Center - Thursday, September 24, 2009
The Top 5 Loan Modification Mistakes Made by Homeowners
If you are facing foreclosure and want to keep your home, a loan modification may be your only chance. During this stressful time, completing the process quickly and accurately is absolutely essential, since you only have one shot at getting it right. Unfortunately, some homeowners make mistakes that either bring the process to a standstill or result in non-approval. So, as you make your way through the process, keep in mind the five most common mistakes homeowners make, as well as how they can be avoided.
1. Refusing to admit that they need help -- Borrowers who are falling behind on their mortgage payments with nothing in the foreseeable future--such as a new job or increase in salary--that could help them catch up should contact their lender as soon as possible to begin the loan modification process. Getting the help of a reasonably priced assisted loan modification program, such as the one found at The Homeowner Center to help guide you through the process is also a must at this point!
2. A badly written hardship letter -- The hardship letter is a signed statement detailing exactly what circumstances have made it difficult for you to make your payments, the reasons why you are requesting assistance, and what you are planning to do to resolve your situation. Failing to clearly address each of these issues in your letter can cause your modification to be denied before the process ever really begins, so make sure that you do so! An assisted loan modification program that provides samples and guidance in writing an effective hardship letter will help tremendously.
3. Failing to follow directions -- It is absolutely essential that you follow the directions for submitting your loan modification package to the letter. That means submitting everything your lender asks for, making sure each document is properly signed and dated, etc. Failing to follow directions can stall the process or cause your modification to be denied. Again, an assisted loan modification program is critical, as it will guide you through the process, as well as provide tips, reminders and checklists to help you make sure you’ve completed your package thoroughly and accurately.
4. Being untruthful -- Always start with the truth. There are ways to provide the facts and be truthful without giving your information in a way that could cause the lender to over scrutinize your case or allow them to think there is no need to offer the lowest payment possible. Never submit false documentation or lie to the lender. This is considered fraud; it is illegal and punishable by law.
5. Failing to remain diligent throughout the process -- You need to be persistent and constantly follow up on your file with your lender. Always be polite and courteous, never impatient. The goal is a resolution; it is important to remember that you need help from you lender, not vice-versa.
Again, using an assisted loan modification program will help you avoid these common mistakes, ensure that your loan modification is approved, and help you keep your most important possession--your home.
Christina Inman, the CEO of TheAgentCenter.com
If you are facing foreclosure and want to keep your home, a loan modification may be your only chance. During this stressful time, completing the process quickly and accurately is absolutely essential, since you only have one shot at getting it right. Unfortunately, some homeowners make mistakes that either bring the process to a standstill or result in non-approval. So, as you make your way through the process, keep in mind the five most common mistakes homeowners make, as well as how they can be avoided.
1. Refusing to admit that they need help -- Borrowers who are falling behind on their mortgage payments with nothing in the foreseeable future--such as a new job or increase in salary--that could help them catch up should contact their lender as soon as possible to begin the loan modification process. Getting the help of a reasonably priced assisted loan modification program, such as the one found at The Homeowner Center to help guide you through the process is also a must at this point!
2. A badly written hardship letter -- The hardship letter is a signed statement detailing exactly what circumstances have made it difficult for you to make your payments, the reasons why you are requesting assistance, and what you are planning to do to resolve your situation. Failing to clearly address each of these issues in your letter can cause your modification to be denied before the process ever really begins, so make sure that you do so! An assisted loan modification program that provides samples and guidance in writing an effective hardship letter will help tremendously.
3. Failing to follow directions -- It is absolutely essential that you follow the directions for submitting your loan modification package to the letter. That means submitting everything your lender asks for, making sure each document is properly signed and dated, etc. Failing to follow directions can stall the process or cause your modification to be denied. Again, an assisted loan modification program is critical, as it will guide you through the process, as well as provide tips, reminders and checklists to help you make sure you’ve completed your package thoroughly and accurately.
4. Being untruthful -- Always start with the truth. There are ways to provide the facts and be truthful without giving your information in a way that could cause the lender to over scrutinize your case or allow them to think there is no need to offer the lowest payment possible. Never submit false documentation or lie to the lender. This is considered fraud; it is illegal and punishable by law.
5. Failing to remain diligent throughout the process -- You need to be persistent and constantly follow up on your file with your lender. Always be polite and courteous, never impatient. The goal is a resolution; it is important to remember that you need help from you lender, not vice-versa.
Again, using an assisted loan modification program will help you avoid these common mistakes, ensure that your loan modification is approved, and help you keep your most important possession--your home.
Christina Inman, the CEO of TheAgentCenter.com
$8K Tax Credit for First Time Buyers Ending on November 30th!
Support - The Agent Center - Wednesday, September 23, 2009
$8K Tax Credit for First Time Buyers Ending on November 30th!
Just a quick note to let you know that the $8,000 tax credit that is being offered by the government to First Time Home Buyers (have not owned a principal residence within the past 3 years) is soon to expire. A "Tax Credit' is literally just like CASH, not to be confused with a tax deduction, which just reduces the amount of tax you pay.
There is talk that this program may be extended past the November 30th deadline but, it's just talk and there is no guarantee that it will be extended.
The Agent Center Support Team
Just a quick note to let you know that the $8,000 tax credit that is being offered by the government to First Time Home Buyers (have not owned a principal residence within the past 3 years) is soon to expire. A "Tax Credit' is literally just like CASH, not to be confused with a tax deduction, which just reduces the amount of tax you pay.
There is talk that this program may be extended past the November 30th deadline but, it's just talk and there is no guarantee that it will be extended.
The Agent Center Support Team
Unemployed Homeowners May Get Assistance
Support - The Agent Center - Monday, September 21, 2009
Source: USA Today, Stephanie Armour (09/18/09)
The Obama administration has opened a dialogue with major lenders, economists, and government officials over the possibility of extending a financial lifeline to home owners who no longer can afford their mortgages because of job losses.
Possible strategies range from encouraging loan servicers to allow unemployed borrowers to skip some payments to providing grants or loans to temporarily cover mortgage obligations for home owners who become unemployed.
The talks have drawn praise from some real estate groups and other interests, who say that without aid to this subset of homeowners, the housing recovery could lose momentum.
Regulators consider ban on upfront fees for loan modification help
Support - The Agent Center - Friday, September 18, 2009
Regulators consider ban on upfront fees for loan modification help
The move by the FTC comes as federal and state officials plan to expand a crackdown on mortgage-related scams to other schemes that prey on debt-ridden consumers.
By Jim Puzzanghera LA Times
2009-09-18
Reporting from Washington - Federal regulators, taking aim at a common tactic used in mortgage frauds, will look at a nationwide ban on companies' charging upfront fees for helping homeowners modify loans to avoid foreclosures.
The move comes as federal and state officials plan to expand a crackdown on mortgage-related scams to other schemes that prey on debt-ridden consumers desperate to stay financially afloat during the recession.
"Working together, we can send a clear and straightforward message: If you perpetrate mortgage fraud . . . we will find you and we will charge you and we will put you in jail," U.S. Atty. Gen. Eric H. Holder Jr. said Thursday as top federal officials met with attorneys general from 12 states to coordinate those efforts.
Federal officials have been working with state attorneys general nationwide since April to ferret out fraudulent mortgage modification offers. In July, for example, California Atty. Gen. Jerry Brown filed suit against 21 people and 14 companies allegedly linked to loan modification and foreclosure-prevention scams, part of a nationwide sweep known as Operation Loan Lies.
At the end of July, the FBI had more than 2,600 pending mortgage fraud cases under investigation, many in conjunction with state officials after the creation of the multi-agency effort in the spring, Holder said. Now, federal officials want to expand that effort to other consumer debt scams, said Treasury Secretary Timothy F. Geithner.
"You need to do it on a coordinated basis because these guys don't respect state borders, don't respect national borders," Geithner said.
After the meeting, Jon Leibowitz, chairman of the Federal Trade Commission, said the agency might impose a nationwide ban later this year on upfront fees for mortgage modifications.
With foreclosures at record levels, the only way many consumers can stay in their homes is by reducing their mortgage payments. As often happens during economic downturns, scammers have tried to cash in on that desperation, this time by asking for large upfront payments for help seeking mortgage modifications.
"People are paying upfront and then have no real guarantee that the modification service will actually modify the loan," said Pedro Morillas, consumer advocate for the California Public Interest Research Group, which supports a fee ban.
"There are just a lot of bad actors out there, and it's going to take at the very least a statewide effort [to stop them]. And nationally, an effort like this would be great," he said.
Such fees, which can be as much as $4,000, have been used by con artists to rip off consumers, yet they aren't completely banned in most states. In California, for example, some services are allowed to charge them, though the city of Los Angeles has banned upfront fees and two bills awaiting Gov. Arnold Schwarzenegger's signature would prohibit them in different ways.
Leibowitz said his agency would "closely examine whether to ban upfront fees for mortgage modification services" and also would consider rules aimed at stopping false advertising by those companies.
He expects the commission to propose rules on both issues by the end of the year.
"If they're asking for advance fees . . . it's a red flag. And the service is bogus," Leibowitz said.
Highly publicized federal mortgage modification initiatives, such as the Obama administration's Making Home Affordable program, have helped raise the profile of such services.
But the federal programs don't require any upfront fees, said Housing and Urban Development Secretary Shaun Donovan.
According to the California Department of Real Estate, "foreclosure consultants" or those holding real estate licenses cannot charge an advance fee if a notice of default has been filed against a house, the first stage of foreclosure. But if there is no notice of default, a real estate broker can charge an advance fee, as long as the customer signs a state-approved agreement for the services.
In April, the Los Angeles City Council made it illegal to charge upfront fees on mortgage modifications in the city.
The state Legislature has passed two bills that also would prohibit upfront fees. One would prevent a company from collecting a fee unless all the contracted services have been performed. The other bill is tougher, preventing any fee collection until the homeowner obtains a mortgage modification.
Schwarzenegger spokesman Mike Naple said the governor had not taken a position on the bills, which have not formally reached his desk. He has until Oct. 11 to decide.
Banning upfront fees would help prevent mortgage modification scams by allowing authorities to shut down fraudulent companies quickly, said North Carolina Atty. Gen. Roy Cooper.
"Oftentimes they will pretend to do something -- they will send a letter to the lender. They will [say], 'Hey, send us your information and we'll look over your loan.' They're not really doing anything, but they're acting like they're doing something, so it's more difficult for us to prove that they're ripping somebody off," he said.
"But when you have this law . . . preventing the upfront fee, then we can immediately go into court and get an injunction and shut them down," he said.
The move by the FTC comes as federal and state officials plan to expand a crackdown on mortgage-related scams to other schemes that prey on debt-ridden consumers.
By Jim Puzzanghera LA Times
2009-09-18
Reporting from Washington - Federal regulators, taking aim at a common tactic used in mortgage frauds, will look at a nationwide ban on companies' charging upfront fees for helping homeowners modify loans to avoid foreclosures.
The move comes as federal and state officials plan to expand a crackdown on mortgage-related scams to other schemes that prey on debt-ridden consumers desperate to stay financially afloat during the recession.
"Working together, we can send a clear and straightforward message: If you perpetrate mortgage fraud . . . we will find you and we will charge you and we will put you in jail," U.S. Atty. Gen. Eric H. Holder Jr. said Thursday as top federal officials met with attorneys general from 12 states to coordinate those efforts.
Federal officials have been working with state attorneys general nationwide since April to ferret out fraudulent mortgage modification offers. In July, for example, California Atty. Gen. Jerry Brown filed suit against 21 people and 14 companies allegedly linked to loan modification and foreclosure-prevention scams, part of a nationwide sweep known as Operation Loan Lies.
At the end of July, the FBI had more than 2,600 pending mortgage fraud cases under investigation, many in conjunction with state officials after the creation of the multi-agency effort in the spring, Holder said. Now, federal officials want to expand that effort to other consumer debt scams, said Treasury Secretary Timothy F. Geithner.
"You need to do it on a coordinated basis because these guys don't respect state borders, don't respect national borders," Geithner said.
After the meeting, Jon Leibowitz, chairman of the Federal Trade Commission, said the agency might impose a nationwide ban later this year on upfront fees for mortgage modifications.
With foreclosures at record levels, the only way many consumers can stay in their homes is by reducing their mortgage payments. As often happens during economic downturns, scammers have tried to cash in on that desperation, this time by asking for large upfront payments for help seeking mortgage modifications.
"People are paying upfront and then have no real guarantee that the modification service will actually modify the loan," said Pedro Morillas, consumer advocate for the California Public Interest Research Group, which supports a fee ban.
"There are just a lot of bad actors out there, and it's going to take at the very least a statewide effort [to stop them]. And nationally, an effort like this would be great," he said.
Such fees, which can be as much as $4,000, have been used by con artists to rip off consumers, yet they aren't completely banned in most states. In California, for example, some services are allowed to charge them, though the city of Los Angeles has banned upfront fees and two bills awaiting Gov. Arnold Schwarzenegger's signature would prohibit them in different ways.
Leibowitz said his agency would "closely examine whether to ban upfront fees for mortgage modification services" and also would consider rules aimed at stopping false advertising by those companies.
He expects the commission to propose rules on both issues by the end of the year.
"If they're asking for advance fees . . . it's a red flag. And the service is bogus," Leibowitz said.
Highly publicized federal mortgage modification initiatives, such as the Obama administration's Making Home Affordable program, have helped raise the profile of such services.
But the federal programs don't require any upfront fees, said Housing and Urban Development Secretary Shaun Donovan.
According to the California Department of Real Estate, "foreclosure consultants" or those holding real estate licenses cannot charge an advance fee if a notice of default has been filed against a house, the first stage of foreclosure. But if there is no notice of default, a real estate broker can charge an advance fee, as long as the customer signs a state-approved agreement for the services.
In April, the Los Angeles City Council made it illegal to charge upfront fees on mortgage modifications in the city.
The state Legislature has passed two bills that also would prohibit upfront fees. One would prevent a company from collecting a fee unless all the contracted services have been performed. The other bill is tougher, preventing any fee collection until the homeowner obtains a mortgage modification.
Schwarzenegger spokesman Mike Naple said the governor had not taken a position on the bills, which have not formally reached his desk. He has until Oct. 11 to decide.
Banning upfront fees would help prevent mortgage modification scams by allowing authorities to shut down fraudulent companies quickly, said North Carolina Atty. Gen. Roy Cooper.
"Oftentimes they will pretend to do something -- they will send a letter to the lender. They will [say], 'Hey, send us your information and we'll look over your loan.' They're not really doing anything, but they're acting like they're doing something, so it's more difficult for us to prove that they're ripping somebody off," he said.
"But when you have this law . . . preventing the upfront fee, then we can immediately go into court and get an injunction and shut them down," he said.
Foreclosure Plan Short of Expectations
Support - The Agent Center - Saturday, September 12, 2009
Foreclosure plan short of expectations
By ALAN ZIBEL OC Register
2009-09-12
WASHINGTON The government set expectations sky-high earlier this year when President Barack Obama launched an effort to help up to 9 million homeowners avoid foreclosure.
Now, reality is setting in. The effort, dubbed Making Home Affordable, appears on pace to make a far smaller impact on the foreclosure crisis than officials had hoped.
Mark Zandi, chief economist with Moody's Economy.com, expects the program to help around 2 million to 3 million borrowers through modified and refinanced loans. “It's just barely enough to quell the crisis and allow us to muddle through,” he said.
Homeowners are upset that they can't get assistance more quickly – or at all – even as lenders insist they are doing their best to handle an unprecedented surge in calls for help.
Meanwhile, foreclosures remain extremely high. More than 358,000 foreclosure-related filings were recorded in August, RealtyTrac Inc. reported Thursday. That number was up 18 percent from a year ago and flat from a month earlier.
Here are some questions and answers about the status of the foreclosure-relief plan.
How many borrowers have been helped by the government programs so far?
As of last month, more than 360,000 borrowers were enrolled in three-month trial loan modifications, out of about 570,000 who received offers. Only about 85,000 homeowners have had their loans refinanced under the Obama plan.
What's the difference between a refinanced loan and a modification?
When you refinance your home loan, you sign a new contract with your lender. A loan modification involves changes to the existing contract such as lowering the interest rate or extending the term from 30 years to 40.
Why has progress on loan modifications been so sluggish?
The program requires big changes for the mortgage industry. Modifying thousands of loans means reworking computer systems and hiring and training thousands of workers to handle calls. Plus, the government has changed and expanded the program several times.
“There's a lot of hard, behind-the-scenes, nitty-gritty work that needs to be done,” said Mike Larson, a real estate analyst with Weiss Research. “It's frustrating to consumers, and I think that's understandable.”
Some lenders acknowledge that it hasn't been easy. Over the past six months, “some customers have been challenged with getting clear, timely communication from us as the guidelines and the requirements for the various programs have continued to change,” Mary Coffin, executive vice president of Wells Fargo's mortgage-servicing business, told House lawmakers at a hearing Wednesday.
Why haven't lenders refinanced more loans?
Initially, the administration's refinancing program was limited to borrowers with loans backed by mortgage finance companies Fannie Mae and Freddie Mac who owe up to 5 percent more than their home's current market value.
That excluded many people in areas like Las Vegas and Southern California, where prices have declined by as much as half. So the government decided to expand it to more borrowers.
Fannie Mae is now accepting borrowers who owe up to 25 percent more than their home's value. Freddie Mac will do so next month. These changes may increase the number of refinanced loans.
Is the Obama administration planning any big changes?
It's not clear. But industry executives say they want to work on a possible extension of the program to unemployed homeowners. One way to do so would be to give those borrowers a temporary break on loan payments while they look for a new job.
Also being discussed is how to help borrowers with “pick-a-payment” or option ARM loans, which gave borrowers the ability to defer some of their interest payments and add them to the principal.
What should I do if I'm having trouble getting help with my mortgage?
If you can't resolve your problems or you think your mortgage servicer is violating your rights, contact a nonprofit housing counselor or seek legal help. Housing counselors will help negotiate a loan modification for free. Be wary of loan modification consultants that offer to renegotiate your mortgage in exchange for an upfront fee.
If you want to know whether you qualify for a loan modification, check out the government's Web site: makinghome affordable.gov. To find a housing counselor, try NeighborWorks America's site at findaforeclosurecounselor.org.
By ALAN ZIBEL OC Register
2009-09-12
WASHINGTON The government set expectations sky-high earlier this year when President Barack Obama launched an effort to help up to 9 million homeowners avoid foreclosure.
Now, reality is setting in. The effort, dubbed Making Home Affordable, appears on pace to make a far smaller impact on the foreclosure crisis than officials had hoped.
Mark Zandi, chief economist with Moody's Economy.com, expects the program to help around 2 million to 3 million borrowers through modified and refinanced loans. “It's just barely enough to quell the crisis and allow us to muddle through,” he said.
Homeowners are upset that they can't get assistance more quickly – or at all – even as lenders insist they are doing their best to handle an unprecedented surge in calls for help.
Meanwhile, foreclosures remain extremely high. More than 358,000 foreclosure-related filings were recorded in August, RealtyTrac Inc. reported Thursday. That number was up 18 percent from a year ago and flat from a month earlier.
Here are some questions and answers about the status of the foreclosure-relief plan.
How many borrowers have been helped by the government programs so far?
As of last month, more than 360,000 borrowers were enrolled in three-month trial loan modifications, out of about 570,000 who received offers. Only about 85,000 homeowners have had their loans refinanced under the Obama plan.
What's the difference between a refinanced loan and a modification?
When you refinance your home loan, you sign a new contract with your lender. A loan modification involves changes to the existing contract such as lowering the interest rate or extending the term from 30 years to 40.
Why has progress on loan modifications been so sluggish?
The program requires big changes for the mortgage industry. Modifying thousands of loans means reworking computer systems and hiring and training thousands of workers to handle calls. Plus, the government has changed and expanded the program several times.
“There's a lot of hard, behind-the-scenes, nitty-gritty work that needs to be done,” said Mike Larson, a real estate analyst with Weiss Research. “It's frustrating to consumers, and I think that's understandable.”
Some lenders acknowledge that it hasn't been easy. Over the past six months, “some customers have been challenged with getting clear, timely communication from us as the guidelines and the requirements for the various programs have continued to change,” Mary Coffin, executive vice president of Wells Fargo's mortgage-servicing business, told House lawmakers at a hearing Wednesday.
Why haven't lenders refinanced more loans?
Initially, the administration's refinancing program was limited to borrowers with loans backed by mortgage finance companies Fannie Mae and Freddie Mac who owe up to 5 percent more than their home's current market value.
That excluded many people in areas like Las Vegas and Southern California, where prices have declined by as much as half. So the government decided to expand it to more borrowers.
Fannie Mae is now accepting borrowers who owe up to 25 percent more than their home's value. Freddie Mac will do so next month. These changes may increase the number of refinanced loans.
Is the Obama administration planning any big changes?
It's not clear. But industry executives say they want to work on a possible extension of the program to unemployed homeowners. One way to do so would be to give those borrowers a temporary break on loan payments while they look for a new job.
Also being discussed is how to help borrowers with “pick-a-payment” or option ARM loans, which gave borrowers the ability to defer some of their interest payments and add them to the principal.
What should I do if I'm having trouble getting help with my mortgage?
If you can't resolve your problems or you think your mortgage servicer is violating your rights, contact a nonprofit housing counselor or seek legal help. Housing counselors will help negotiate a loan modification for free. Be wary of loan modification consultants that offer to renegotiate your mortgage in exchange for an upfront fee.
If you want to know whether you qualify for a loan modification, check out the government's Web site: makinghome affordable.gov. To find a housing counselor, try NeighborWorks America's site at findaforeclosurecounselor.org.
Flat Fee MLS - Lost Lead Generator
Support - The Agent Center - Saturday, September 05, 2009
Flat Fee MLS – Lost Lead Generator
My last post about BPO’s and all the hype about winning the opportunity to complete an $80 transaction…got me thinking!
When and why did utilizing Flat Fee MLS listings as an additional lead generator get such a bad rap?
Think about it…you earn $249.00 on up and with most systems being completely automated the work involved should take less than 30 minutes. You also gain direct access to a live one (seller) that most likely will get frustrated and need agent representation…and you’re first in line. Now that’s a lead generator! More Money…Real Sellers…Frontline Positioning.
I know, I know you may get picked on by fellow industry professionals…but why? Why is there an overall feeling that you have “sold out” if you take on a limited service listing or flat fee listing? It’s O.K. to solicit FSBO listing and turn them over, it’s O.K. to hound distressed NOD owners for a listing and it’s surely O.K. to sit on your computer waiting for a BPO order. What’s the difference? Maybe jealousy, jealousy you were willing to break out of the gossip mold.
Besides, I’ve already been sold out by my own MLS system that offers a consumer website with the exact same information on it, taking away a little of my edge. But that’s a whole different blog.
Every state has a different outlook on what constitutes as a “limited service” and whether or not they allow for a Flat Fee MLS Services. Before you enter into this arena make sure you know what the minimum services are required of you.
Limited Service - Flat Fee MLS State Guidelines
Also, it is extremely simple to register for these types of leads. Search for companies like For Sale By Owner, The Homeowner Center, Owners.com and so forth.
I don’t fault homeowners for trying to figure it out on their own…a little gumption is admiring. But I will be there to pick up the pieces, and why not?
Christina Inman
CEO, The Agent Center
My last post about BPO’s and all the hype about winning the opportunity to complete an $80 transaction…got me thinking!
When and why did utilizing Flat Fee MLS listings as an additional lead generator get such a bad rap?
Think about it…you earn $249.00 on up and with most systems being completely automated the work involved should take less than 30 minutes. You also gain direct access to a live one (seller) that most likely will get frustrated and need agent representation…and you’re first in line. Now that’s a lead generator! More Money…Real Sellers…Frontline Positioning.
I know, I know you may get picked on by fellow industry professionals…but why? Why is there an overall feeling that you have “sold out” if you take on a limited service listing or flat fee listing? It’s O.K. to solicit FSBO listing and turn them over, it’s O.K. to hound distressed NOD owners for a listing and it’s surely O.K. to sit on your computer waiting for a BPO order. What’s the difference? Maybe jealousy, jealousy you were willing to break out of the gossip mold.
Besides, I’ve already been sold out by my own MLS system that offers a consumer website with the exact same information on it, taking away a little of my edge. But that’s a whole different blog.
Every state has a different outlook on what constitutes as a “limited service” and whether or not they allow for a Flat Fee MLS Services. Before you enter into this arena make sure you know what the minimum services are required of you.
Limited Service - Flat Fee MLS State Guidelines
Also, it is extremely simple to register for these types of leads. Search for companies like For Sale By Owner, The Homeowner Center, Owners.com and so forth.
I don’t fault homeowners for trying to figure it out on their own…a little gumption is admiring. But I will be there to pick up the pieces, and why not?
Christina Inman
CEO, The Agent Center
Help me out here, I’m so confused…
Support - The Agent Center - Friday, September 04, 2009
Help me out here, I’m so confused…
In a tough market we are all scrambling around to find the answers or an edge to stay afloat. So, it does make sense that agents would venture into unknown areas in hopes of creating supplemental income and maybe even picking up a lead.
What I don’t understand is that we have all jumped into a world of “BPO’S” where racing to your computer to catch an $80 transaction almost seems normal. I think we all got so wrapped up in the BPO phenomenon nobody even remembers why they are doing them? Is it for the 80 dollars? Is it to build a relationship with bulk BPO companies? Help keep “their” lights on with our territory or zip code fees? Why? Honestly can you remember…I can’t? Don’t be shy, I’m not the only one out there.
There is also a lot of hype that you can earn thousands of dollars in a month with very little to no time necessary…if someone is out there catching 25+ BPOs a month – let me know.
$2,000.00 earned divided by $80.00 = 25 BPO’s | 1 hour average per BPO = 25 hours (Not Bad)
Everyone I know averages more like two a month earning them $160 and me; I can’t seem to respond fast enough to catch any at all. Add in the zip code fees, time and gas, I would have to say most agents may be paying money to complete a BPO, I am. Yikes!
So, let’s say you’re ready and willing to work for free or even at a cost in hopes for an REO listing. Does it really work that way? I’m being “sold” that strong BPO presence will earn the right to get listed on a master REO directory, giving an agent a fair chance to pick up a bank owned listing. But all I’m seeing are BULK BPO companies that the lenders have hired to complete just that…BPO’s. As a matter of fact they don’t even dish out listings.
Seriously, am I missing something? Besides lunch money what exactly is all the BPO hype about?
Christina Inman
CEO, The Agent Center
In a tough market we are all scrambling around to find the answers or an edge to stay afloat. So, it does make sense that agents would venture into unknown areas in hopes of creating supplemental income and maybe even picking up a lead.
What I don’t understand is that we have all jumped into a world of “BPO’S” where racing to your computer to catch an $80 transaction almost seems normal. I think we all got so wrapped up in the BPO phenomenon nobody even remembers why they are doing them? Is it for the 80 dollars? Is it to build a relationship with bulk BPO companies? Help keep “their” lights on with our territory or zip code fees? Why? Honestly can you remember…I can’t? Don’t be shy, I’m not the only one out there.
There is also a lot of hype that you can earn thousands of dollars in a month with very little to no time necessary…if someone is out there catching 25+ BPOs a month – let me know.
$2,000.00 earned divided by $80.00 = 25 BPO’s | 1 hour average per BPO = 25 hours (Not Bad)
Everyone I know averages more like two a month earning them $160 and me; I can’t seem to respond fast enough to catch any at all. Add in the zip code fees, time and gas, I would have to say most agents may be paying money to complete a BPO, I am. Yikes!
So, let’s say you’re ready and willing to work for free or even at a cost in hopes for an REO listing. Does it really work that way? I’m being “sold” that strong BPO presence will earn the right to get listed on a master REO directory, giving an agent a fair chance to pick up a bank owned listing. But all I’m seeing are BULK BPO companies that the lenders have hired to complete just that…BPO’s. As a matter of fact they don’t even dish out listings.
Seriously, am I missing something? Besides lunch money what exactly is all the BPO hype about?
Christina Inman
CEO, The Agent Center
Pending Home Sales Rise
Support - The Agent Center - Wednesday, September 02, 2009
Pending home sales rise
Figures released by National Association of Realtors are the highest in two years.
THE ASSOCIATED PRESS 09/02/2009
A gauge of future U.S. home sales rose more than expected in July to the highest level in over two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.
The report showed the housing market is rebounding faster than expected from its historic bust. Low prices and the looming expiration on Nov. 30 of a first-time homebuyers’ tax credit of up to $8,000 have spurred sales. Prices in much of the country have begun to rise from the depths of the slump.
“The overall trend toward stabilization is undeniable at this point,” wrote Mike Larson, real estate analyst at Weiss Research.
The National Association of Realtors said Tuesday that its seasonally adjusted index of sales contracts signed in July for previously occupied homes rose 3.2 percent to 97.6. It was the sixth straight increase, and 12 percent higher the same month last year.
Economists surveyed by Thomson Reuters had expected the index to edge up to only 96.5.
The index of pending home sales indicates how sales completed this month and next will turn out. Typically, there is a one- to two-month lag between a contract and a final deal. But delays in getting mortgages approved and appraisals completed have recently lengthened the time it takes to close a deal in many cases.
Analysts predict sales will drop off when the tax credit expires, or if mortgage rates rise from nearrecord lows. Foreclosures also continue to rise, and banks are forced to sell those properties at deep discounts, pushing prices down.
Figures released by National Association of Realtors are the highest in two years.
THE ASSOCIATED PRESS 09/02/2009
A gauge of future U.S. home sales rose more than expected in July to the highest level in over two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.
The report showed the housing market is rebounding faster than expected from its historic bust. Low prices and the looming expiration on Nov. 30 of a first-time homebuyers’ tax credit of up to $8,000 have spurred sales. Prices in much of the country have begun to rise from the depths of the slump.
“The overall trend toward stabilization is undeniable at this point,” wrote Mike Larson, real estate analyst at Weiss Research.
The National Association of Realtors said Tuesday that its seasonally adjusted index of sales contracts signed in July for previously occupied homes rose 3.2 percent to 97.6. It was the sixth straight increase, and 12 percent higher the same month last year.
Economists surveyed by Thomson Reuters had expected the index to edge up to only 96.5.
The index of pending home sales indicates how sales completed this month and next will turn out. Typically, there is a one- to two-month lag between a contract and a final deal. But delays in getting mortgages approved and appraisals completed have recently lengthened the time it takes to close a deal in many cases.
Analysts predict sales will drop off when the tax credit expires, or if mortgage rates rise from nearrecord lows. Foreclosures also continue to rise, and banks are forced to sell those properties at deep discounts, pushing prices down.
Tips for Borrowers Dealing with Loan Servicers
Support - The Agent Center - Monday, August 17, 2009
Tips for Borrowers Dealing with Loan Servicers
By DANIEL WAGNER, AP Business Writer
Wednesday, August 5, 2009
(08-05) 12:02 PDT WASHINGTON, (AP) --
Having trouble paying your mortgage? To find out if you qualify for a loan modification, you'll have to work with a loan servicer — the company that collects your mortgage payments.
But dealing with these companies can be frustrating and confusing, says Diane Thompson, an attorney with the National Consumer Law Center in Boston.
"People have always gotten lost in call waiting," Thompson says. "You'll routinely have people hang up on you, and you'll never reach the same person."
Thompson offers these tips for working with your servicer:
By DANIEL WAGNER, AP Business Writer
Wednesday, August 5, 2009
(08-05) 12:02 PDT WASHINGTON, (AP) --
Having trouble paying your mortgage? To find out if you qualify for a loan modification, you'll have to work with a loan servicer — the company that collects your mortgage payments.
But dealing with these companies can be frustrating and confusing, says Diane Thompson, an attorney with the National Consumer Law Center in Boston.
"People have always gotten lost in call waiting," Thompson says. "You'll routinely have people hang up on you, and you'll never reach the same person."
Thompson offers these tips for working with your servicer:
- Keep careful written records of every contact you have with your servicer, including logs of your phone calls and copies of written correspondence.
- If your servicer makes a promise — to credit a payment or modify your loan, for example — get it in writing. "People should believe nothing that's not in writing," she says. That includes promises that a foreclosure sale will be stopped.
- If you've received notice of a possible foreclosure sale and your servicer later says the sale has been halted, show up at the scheduled time anyway. Many borrowers have had their houses sold without their knowledge.
- Your servicer is required to send you a hard copy of your complete payment history and other information. You just need to request it in writing. If you have a dispute with your servicer or want to understand fees you're being charged, write to the address on your mortgage invoice labeled "qualified written requests" or "RESPA requests." RESPA is the Real Estate Settlement Procedure Act, which governs servicers' responsibilities to homeowners.
- If you're seeking a loan modification, request in writing that your servicer tell you who owns your mortgage loan. Some banks and investors have policies on which loans they'll modify. So having the record will keep your servicer from arguing they can't help you because the investor refuses to modify the loan.
- If you don't understand something, deal with it immediately. Write to your servicer, explaining your concern, and request an explanation. You also can call the servicer to seek a speedy resolution. In any case, put all communication in writing in case you need to refer to it later.
- If your servicer tells you to stop making payments because you've applied for a loan modification, ignore that guidance. Keep making payments for as long as possible. If you can't make full payments, pay as much as you can. Otherwise, your loan will accrue more interest, and it will cost you more in the long run. Many servicers have been accused of going ahead with foreclosure after telling borrowers not to pay.
- If you can't resolve your problems or you think your servicer is violating your rights, contact a nonprofit housing counselor or seek legal help. Housing counselors will help negotiate a loan modification for free. Be wary of services that offer to renegotiate your mortgage in exchange for an upfront fee.
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