Dan and Traci & Consultants’ Blog

REOs are assets that the bank foreclosed and obtained possession of the Note.  The bank is now the owner, and the asset is officially considered an REO.  The bank isn’t a residential management company by all means and wants to get rid of the property and return as much money possible from the previous loss.  Some banks have their own in-house REO department that manage the redemption, eviction and sale process, while others outsource it to a third party… whatever the case may be, they still need a local real estate agent to execute all the tasks involved with a successful legal transaction.  My team has been selling Foreclosures in VA, Foreclosures in MD, and Foreclosures in DC.

So how do you become that REO agent?
1.  DO YOUR RESEARCH
Research banks (there are hundreds of them), locate the ones that produce a high volume of REO sales a year in your area.  Find out if they manage and sell REOS in-house or thru a third party, and which (if any) portal is used.
2.  REGISTER WITH AS MANY LOSS MITIGATION ORGANIZATIONS AS POSSIBLE
In order to be considered as an REO agent, you must be registered in their system as an approved agent.  Compile a list and sign-up, sign-up, sign-up!  When registering you will need to provide them with your resume, E&O Insurance, list of areas you service, copy of your …etc.  Most Asset Companies can be found on-line, but because it’s such a long and tedious process, I use a company that signs me up and they provided me with a full list of companies as well.  If you email me at Dan@greetingsvirginia.com, I will provide you with the contact information of the company that I use to sign my team up.
3. OBTAIN ACCESS TO PORTALS
Most asset managers sell their properties by using a portal that tracks the entire REO process (i.e. Equator, RES, etc).  Signing up for these companies will not guarantee you listings, but will likely be necessary to sell REO, be sure to include a list of portals you have access to in your resume!
4.  BPOS, BPOS, BPOS
Do plenty of BPOs… not only will this expand your experience, but it is also the best way to market yourself!  I was, and still am, doing about 250-300 BPOs a month, signing my name on the bottom of those forms and having them viewed by hundreds of AMs is the best exposure!  Not doing enough BPOs?  Call your provider and ask to increase your cap limit!  Be sure to keep your profile up to date and build a relationship with your account manager so that they can put in a word for you with asset managers they work with.
5.  PARTNER WITH AN EXPERIENCED REO AGENT
I believe that this is the best way to get started because it will give you a taste of the REO process (bpos, occupancy checks, cash for keys, etc…).  In addition to building your credentials, you will find out if you are well suited for the business.

Keep in mind, REO sales is not for every agent.  To be successful, it takes much hard work, great systems, a strong dispositon, and the ability to manage well.

I wish you success!

For a homeowner, a short sale is a way to avoid foreclosure and reduce the damage to their credit. Today, as we see foreclosures climbing while home prices fall; short sales are bound to increase.

A short sale means the seller’s lender is accepting a discounted payoff to release an existing mortgage.  Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.  A lender may consider a short sale if the seller is current but the value has fallen.

Opportunities abound in today’s market. According to Zillow.com there are about 14% of homeowners nationwide that are currently behind in their mortgages, and in many areas it’s much more. 

Short sales take time and can take anywhere between 3-6 months to complete.  A short sale is not always the best option for a buyer; often other properties such as REOs may be a better find for a buyer.

Finding professionals who are experienced handling short sales is crucial to the successful completion of the transaction.  If you would like to know more about Short Sales in Alexandria, Va or Foreclosures in Alexandria, Va, drop me a line; I would love to help.

Dan and Traci Rochon, are Alexandria, Va Short Sale Specialists who assist people seeking alternatives to foreclosure.

Virginia Homeowner Asbestos Prevention and Tips for Going Green

By: Joe Lederman

Regarded as one of the great American traditions, the journey to purchasing a home is an enjoyable time in one’s life. But it is one that will bring many additional responsibilities. Asbestos is a fibrous mineral that was a prominent building application throughout the 20th century.  If your home was built before 1980, there is a chance it may contain asbestos. Heavily used as insulation for piping, roofing and flooring, asbestos was sought out for its flame resistant and highly durable qualities.

In Arlington, VA, many asbestos problems have been associated with siding and tiles. Used heavily in homes and buildings until its ban in the 1970’s, asbestos siding can become a health concern when its shingles are damaged. If they are left un-disturbed, they are not a serious problem. The risk involved with asbestos materials is the chance that they become damaged and its fibers become airborne.

Potential Virginia home owners or those seeking to remodel older homes should be aware homes built prior to 1980 may still contain asbestos. This should not be devastatingly worried because with proper precautions, exposure to asbestos will be easily prevented. Many healthy eco-friendly forms of insulation now exist which make the use of asbestos completely obsolete.

Tax breaks are being offered through The American Recovery and Reinvestment Tax Act of 2009. This package extends energy efficiency tax incentives first enacted in 2005 and even creates some new ones for those who remodel their homes using eco-friendly materials. Insulation replacement can be vital to energy efficiency and is often overlooked by people looking to upgrade their homes.  

Long term exposure to damaged airborne asbestos fibers can lead to the development of a severe lung ailment known as mesothelioma. Medical research has suggested that symptoms of the disease may not appear for 20 to 50 years. One of the hardest diseases to accurately diagnoses, mesothelioma has a latency period that can last 20 to 50 years, making mesothelioma prognosis a difficult task.

The amount of asbestos-related incidents in the last few decades has lead to mesothelioma attorneys advocating victim rights around the U.S. The negligence involved with the asbestos scandal has been one of greed and dishonesty. Manufacturers of asbestos were aware of its toxic qualities, but repressed this information from the public.

If suspected asbestos materials are located in your home, most experts will recommend to leave it alone. Unless sawed, cut or disturbed, asbestos products are probably not going to release its fibers. With a growing amount of education and awareness, there are now many green health alternatives that make the use of asbestos obsolete.

GREEN Alternatives Benefit Home Owners

“Green” home modifications will help save on energy costs and provide tax credits, but some of them may even be better for your health. For example, if you live in a home built before 1970, odds are it was insulated with asbestos. Replacing the asbestos with an alternative insulation material like cotton fiber, lycene foam or cellulose is more energy efficient and reduces the risk of asbestos exposure.  Many locations throughout the United States are swiftly changing their construction practices to suit the environment and the health of human beings.

These eco-friendly options will continue to see their popularity rise as many home owners are seeking ways to not only reduce their carbon footprint, but reduce their energy bills. These asbestos alternatives allow for a healthy, safe home, free of health damaging materials.

Statistics prove that there has been a sharp increases in bank-owned inventories.  This past August, 2008 banks in the United States filed nearly 244,000 foreclosure notices.  A recent search for bank owned properties in Alexandria, Virginia found that there are over 500 available.   Lenders are interested in getting these homes off of their books; remember that banks make money from loaning money - not owning real estate.

Dan and Traci & Consultants with Keller Williams Realty get phone calls almost daily from investors or first time home buyers that are interested in finding a bargain in foreclosures.  They ask us if there are bargains available - without hesitation, our response is, “YES!!”

According to the Northern Virginia Association of Realtors, “the median price of homes sold in Northern Virginia in July was $399,000, which is a decline of 16.88 percent compared with July 2007´s median price of $480,000.”  The reality is, regardless if you are purchasing bank owned or any other property, today is the best opportunity to buy real estate in Northern Virginia in the past 30 years.

Find bank foreclosures at http://www.greetingsvirginia.com/