Real Estate Asset Managers List

I get many questions from agent. The most common is “Why is it so challenging to get into the REO listing business?” The best way I can answer this is by addressing the corporate sellers major concerns. A corporate seller will more often than not, want someone with property management experience. If they don’t have experience in property management, they’ll want a proven track record with the handling of assets. That’s the reason, for those of you who have been in real estate for a while, you see the same agents getting REO listings, as in the previous REO market. They are usually agents that are in contact with the lenders during the markets when there isn’t REO listings.

One thing most over look is that during the good times of real estate, there is still some foreclosure activity. Most forget about foreclosure during “good markets.” They’re to much work, they don’t pay enough, there’s to many demands. This is something they typically hear from agents. That’s precisely the reason they go back to agents that have served their needs. Taking on new agents exposes them to inexperience, miss-management of the asset and liability for anything that may happen in the property while its in the care of the agent. Not to mention they make less money if they have to be taking the listings from one agent to another, when one fails to perform.

The best way to be considered for listing assignments is by proving to your contacts or asset managers that you are serious about the business. You need to learn the language and get educated in that side of the business. Certifications help. It tells them you at least take the time to get some education on the subject. Not just ask for listings because you have a license. Real Estate Asset Managers List

For that reason you see agents that complete BPO’s day and night getting a listing here and there. They have proven they have the work ethic it takes to be an REO agent. I know colleagues who have been tenacious about they’re pursuit of listings and have attained them, through constant contact with asset managers. Via any means possible, face to face, email and phone. It’s not always necessary to do BPO’s till your blue in the face. It’s a good way, just not the only way. Consistently contacting asset managers, if you know where to find their information, will also get you listings.

Finally, as I mentioned above, get educated in the REO side of real estate. It will take dedication to learn. Complete BPO’s and most importantly, be consistent when you contact asset managers. They will blow you off. Expect it, yet understand that at some point in time you will catch them with their guard down and they will let you in, hopefully with a listing. Real Estate Asset Managers List

Eager to know the top cites in America where one can safely invest? Here are the best real estate markets in the entire country according to a recent report from Business 2.0 Magazine. The November 2006 edition of the magazine lists the top ten cities that are ideal to buy a home. These are – Panama City and Vero Beach in Florida, Bridgeport in Connecticut, Lakeland in Florida, McAllen in Texas, San Luis Obispo in California, Wilmington in North Carolina, Manchester in New Hampshire, Fort Collins in Colorado and Atlanta in Georgia. The report cites the appreciation rates of home prices projected over a period of five years.

Florida enjoys the status of having three of the top four cities to invest in. Panama City, which tops the list of best places to buy real estate is expected to have a real estate appreciation of 72% over the next five years. Major real estate development projects such as the building of a new airport and low property prices are expected to boost the economy and the housing market.

Vero Beach, projected to have an appreciation of 64%, comes second for its excellent weather, low property taxes and a lower cost of living. Lakeland, with a 59% projected gain in home prices is a tempting option with homes selling for a fifth less than the national median price.

Buying a home in Bridgeport, CT is a bargain now with median home prices at a very low 0,000 compared to the rest of the Fairfield County. Home prices in McAllen, TX which holds the fifth place, are expected to soar by 57%.

It is estimated that homes in the McAllen, TX area may appreciate 57 percent with an increase in the median home price from ,000 to 9,000.

Homeowners making an investment in San Luis Obispo, California, today, are expected to get a good appreciation (40%) on their homes over the next five years.

The median home price in Wilmington, NC is expected to increase to 7,000 by 2011, up from the current price of 7,000, an increase by 37%.

Manchester, NH, which has twice been rated as the ‘best place to live’ in America by Money Magazine, sits at eighth place with an expected appreciation of 35%.

Fort Collins and Atlanta follow in the ninth and tenth places of top cities for real estate investment in the USA. Fort Collins, one of the most popular cities in America, has been ranked as the ‘No.1 small city’ this year by Money Magazine. Recent price reductions in the housing market makes ‘now’ the best time to buy a home or condo in this city with an estimated property appreciation of 28%. Atlanta is poised for a significant appreciation too with an expected rise of up to 24% in home prices over the next five years.

So, if you are a prospective homebuyer set to take a plunge into any of the top ten real estate markets, it is the right time to enlist the services of a good real estate agent who can guide you through the complicated home buying process.

Bpo Real Estate Short Sale

You have connected with the foreclosing lender and they have asked their conditions be met. You send in all the paperwork, statements, tax returns etc etc You now have to wait for them to go through their process, banks are overwhelmed right now so the normal 7-10 business days is now 30 -60 days. But even after waiting all the extra time the lender says ” the offer is not enough and the short sale is declined”

If you place another offer you have a long process to wait again. So why after all the wait do banks say no? The challenge is back to one of the reasons we are in the housing doom in the first place…Over estimating the value of the property…you would have thought they had learned their lesson with the decline in the market…but obviously not. When the homeowner defaults, the lender sends out a BPO (Brokers Price Opinion) that is usually a real estate agent who goes out and tells the lender what the house is worth. Here are the challenges:

1) Most BPOs are carried out by agent who are not really active in the selling market, if they were active they would not have time to do BPO’s
2) Some do not even work in the area they have been sent to to give their value…
3) These BPO’s can’t possibly give an accurate value if they are not active in the local market place.
4) Pricing the property above what is currently listed for. ( this is a common place, If you can’t sell a house for 250k how are you going to sell it at 5k as suggested by the BPO…)
5) Lenders are usually pretty solid of their value as they have sent a “so-called” expert out to value the property. Bpo Real Estate Short Sale

So why would a BPO over price a property? 1) lack of experience 2) They receive little compensation to give a value…usually between -…. who how accurate must that report be??? 3) Once investigated you will find that most BPO agents have a web site selling REO properties. ( REO is Real Estate Owned by the bank after foreclosure.) So what happens when the property goes to foreclosure sale because no one will by this over priced house? It goes back to the bank in their REO property dept. And guess who gets the honor of listing the property for sale? ….

You guessed it the agent that gave them the over inflated value! what a business opportunity that is. The thing is, that agent will list the house and in 3-6 months when it doesn’t sell they reduce the price to the “Actual Value” and guess what…along comes a buyer and they collect their commissions. Now I am not saying every agent does this, but I have many experiences over the years with this being applied. It is time the lenders woke up from a housing nightmare and listening to people in the know. Bpo Real Estate Short Sale