Written by admin on July 11th, 2009. Filed under REO Network, foreclosed, foreclosure, gloucester, hampton, home buyer, homes, james city, mortgage, mortgage crisis, new kent, newport news, norfolk, poquoson, reo, reo agent, reo broker, reo hampton, reo hampton roads, reo listing, reo marketing, reo network agent, reo newport news, reo service, taxes, virginia, williamsburg, york county, yorktown and tagged with downpayment, for sale, foreclosure, homes, market conditions, property, real estate, reo, taxes.
I posted the following on a real estate website in answer to the question: Is buying a home in Williamsburg in the 23185 zipcode a good idea?
Curious if the stats would bear this out, I went to the Williamsburg MLS and pulled some figures.
Here’s the stats for the past three months in the 23185 zipcode from the Williamsburg MLS. Homes are selling for an average of 94% of list price. I don’t think 20-30% is going to be a realistic starting point.
3-24-2009 to 6-24-2009
103 homes, townhomes and condos sold over the last three months in 23185.
Average list to sale price is 94%
Average list to sold (days on market) 144 days
Average price (sold): $334,901
Average cost per sqft (sold): $145.46
Same period in 2007
Average list to sale price is 97%
Average days on market: 82
Average cost per sqft: $159.33
Same period in 2005
Average list to sale price is 99%
Average days on market is 61
Average cost per sqft is $149.04
Some distressed properties, usually foreclosures, can be had for less but they will generally require fixing up and the bank will rarely agree to do any repairs. Foreclosures are all in the Multiple Listing Service as well. The biggest variance on list to sale price is found in the high end market. Right now we are the market in homes under 300K is doing really well.
I heard today that some in Congress are trying to get the mortgage guidelines relaxed a bit. I believe the banks have the money to loan but the Fed credit requirements right now are pretty restrictive. Whether thats right or wrong I’ll leave it to others to decide. The housing market is the engine of the American economy and it needs to get moving again for all of our sakes.
The ‘Days on Market’ at 144 is of concern but from what I’ve seen this year alone, I would say the tightening of the mortgage guidelines has a lot to do with it. Every week we see people who are otherwise well qualified be denied at the last minute by an underwriter who has once again been given new stricter federal guidelines.
EXIT Realty Deierling & Assoc.
Williamsburg, VA
|email| troy@ExitRealtyDA.com
|mobile| (757) 715-4793
|web| www.RealEstateWilliamsburg.com
|web| www.WilliamsburgBroker.com
|REO| www.ReoHamptonVA.com
“REO Done Right”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling
Government incompetence in lending guidelines fuel foreclosure crisis
Written by admin on May 1st, 2009. Filed under REO Network, bpo blog, foreclosed, foreclosure, homes, mortgage, mortgage crisis, reo, reo agent, reo blog, reo broker, reo hampton, reo hampton roads, reo listing, reo marketing, reo network agent, reo newport news, reo service, williamsburg, york county and tagged with alt-a, default, foreclosure, foreclosure crisis, government mortgage, guidelines, option arm, reo, REO Network.========================================================================
No end in sight for housing foreclosure crisis
Link above goes to an interesting article on “The Hill”. The Alt-A and Option ARM mortgage defaults are starting to happen
Troy Deierling, REO Network Agent
now. Predictions are that this will be bigger than the sub-prime fiasco we are just now emerging from.
One thing that is apparent, this new wave of REO property will be on higher end homes. It’s not fair but maybe this will get the government to finally do something substantive about the mortgage problem. I can tell you from experience that the bailout money going to the banks is not flowing out again in any meaningful way for buyers.
The Feds have done the usual over reaction as well and tightened down lending guidelines so hard that it is VERY difficult to get buyers qualified. Ask any mortgage officer or Realtor. Deals are falling apart all the time due to overzealous underwriting guidelines.
So, to sum up…. We have banks being given money by the government, the government issuing lender guidelines that make it difficult to lend the money and a housing market that continues to sink with growing foreclosures.
If buyers can’t get mortgages, this mortgage meltdown will not be over anytime soon.
Regards,
Troy Deierling, RDCPro, ABRM, Realtor
REO – BPO Division
EXIT Realty Deierling & Assoc.
Williamsburg, VA
|email| troy@ExitRealtyDA.com
|mobile| (757) 715-4793
|web| www.REOHamptonVA.com
|web| www.RealEstateWilliamsburg.com
|web| www.WilliamsburgBroker.com
“When did entering a REO listing in the MLS become ‘marketing’?”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling
RDCPro Designation Complete
Written by admin on April 27th, 2009. Filed under 757, 804, REO Network, area code, bpo, bpo agent, bpo broker, foreclosed, foreclosure, hampton, newport news, norfolk, poquoson, reo, reo broker, reo hampton, reo newport news, williamsburg, york county and tagged with Add new tag, asset management, bpo hampton, default, eustis, foreclosure, hampton, langley afb, monroe, newport new, reo, reo network agent, va, virginia, york county, yorktown.
RDCPro - REO Default Certified Professional
Well, it’s done. The second course of the RDCPro at defaultschool.com is done. ‘Advanced Evaluations’ was a bit more of a bear to get through. I am now officially an RDCPro Certified REO Professional.
Some agents are questioning the need or accuracy of a certification. Now, more than anytime, the Asset Managers need to know that the people doing the BPO’s and REO listings are actually qualified to handle the work. The industry is flooded with agents with little or no experience and no qualified supervision.
The REO network agents have been running business a bit loose. It’s time to implement certification and designations so that the CLIENT will have a Broker/Agent that will meet at least a minimum of standards.
I’ll report back if this actually leads to more business or not.
Regards,
Troy Deierling, RDCPro, ABRM, Realtor
REO – BPO Division
EXIT Realty Deierling & Assoc.
Williamsburg, VA
|email| troy@ExitRealtyDA.com
|mobile| (757) 715-4793
|web| www.REOHamptonVA.com
|web| www.RealEstateWilliamsburg.com
|web| www.WilliamsburgBroker.com
“When did entering a REO listing in the MLS become ‘marketing’?”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling
RDCPro Designation and the REO Network Agent
Written by admin on April 21st, 2009. Filed under 757, 804, REO Network, Uncategorized, bpo agent, bpo broker, foreclosed, foreclosure, gloucester, hampton, homes, james city, new kent, newport news, norfolk, poquoson, reo, reo agent, reo broker, reo hampton, reo hampton roads, reo newport news, reo service, williamsburg, york county, yorktown and tagged with bpo, broker, broker price opinion, foreclosure, hampton, newport news, properties, property, reo, REO Network, va, virginia, york county, yorktown.==================================================================================
Written by: Troy Deierling, REO Division, EXIT Realty Deierling Assoc. (757) 715-4793 troy@exitrealtyda.com
www.REOHamptonVA.com www.RealEstateWilliamsburg.com www.VirginiaTeam.com
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REO Business: Is it right for you?
REO is the buzzword amongst Realtors of late, at least the ones still standing! I’m aware of a great number of agents trying to break into the business. Unfortunately, it is a specialized skill that can not be acquired by simply signing up for BPO’s. The fastest and perhaps the best way to learn the REO business is to apprentice for a strong REO Broker. No Asset Manager has the time to teach the business to Agents. They are swamped and need our professional help right now. We learned quite a bit by joining the NRBA back in 2001. They are not taking members now so you’ll need to find alternatives.
Agents also need to understand what they are getting into. This is not the place to wear an Armani suit and roll around in a Mercedes. For me, it’s Levi’s and a 7 year old Durango. Keep it low key when you’re out there taking pictures. If you have a low “gross out” threshold, you are not going to like this industry. It’s not glamorous, it takes a lot of hard work and discipline. You have to be organized. Miss an Asset Manager deadline and you may not see any business from that client again and they do network with each other.
REO Certifications:
Susan and I have been involved with Real Estate Owned (REO) since 2001. The market took a downward turn after the horrific events of 9/11 so we branched out of our successful plain vanilla residential practice and into REO.
With the upturn in foreclosures and the economic downturn, I felt it was time to sharpen up my skills for this segment of the Real Estate Market. REO’s present their own unique challenges and rewards. I and our other REO Division members attended a 6 hour REO Basics Course presented by EXIT Realty’s Jeff Lobb, live, interactive and online. I was actually doing two BPOs during the breaks so it was a good day for it. It’s great to get a refresher and catch up on new trends in the REO foreclosure marketplace.
I also looked into some of the REO and BPO designations available. Make no mistake, plenty of bad (expensive) training is out there but the RDCPro and the 5 Star courses seem to be well reviewed and accepted within the industry. I started the RDCPro Designation (REO Default Certified Professional) at www.defaultschool.com. The first course is “REO Best Practices” and is a comprehensive training module on REO listing management. Cash for keys, winterization, building a contractor team and much, much more. Most importantly, doing what you must to be on time with all work. Valuations are touched upon but the second course “Advanced Evaluations” is an intensive training on proper real estate valuations (typically referred to as BPO’s or Broker Price Opinions). I’m about 3/4 of the way through the second course. What I’ve gained most from the course are some of the finer points that I either did not know or had overlooked in the past. I’m very glad I’m taking it.
I’ll report back if this has helped in getting more REO assignments and BPO’s.
Troy Deierling, Realtor
REO – BPO Division
EXIT Realty Deierling & Assoc.
Williamsburg, VA
|email| troy@ExitRealtyDA.com
|mobile| (757) 715-4793
|web| www.REOHamptonVA.com
|web| www.RealEstateWilliamsburg.com
|web| www.WilliamsburgBroker.com
“When did entering a REO listing in the MLS become ‘marketing’?”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling
Service Areas by ZIP Code:
23001, 23003, 23011, 23017, 23018, 23030, 23050, 23061, 23062, 23072, 23081, 23089, 23090, 23107, 23124, 23127, 23131, 23140, 23154, 23155, 23156, 23168, 23178, 23181, 23183, 23184, 23185, 23186, 23187, 23188, 23190, 23191, 23601, 23602, 23603, 23604, 23605, 23606, 23607, 23608, 23609, 23612, 23628, 23630, 23631, 23651, 23653, 23661, 23662, 23663, 23664, 23665, 23666, 23667, 23668, 23669, 23670, 23681, 23690, 23691, 23692, 23693, 23694, 23696,
757 area code
804 area code
Second Mortgage Disaster on Horizon?
Written by admin on April 17th, 2009. Filed under Uncategorized, bpo, bpo agent, foreclosed, foreclosure, mortgage, mortgage crisis, reo agent, reo broker, reo hampton, reo hampton roads and tagged with Asset Manager, bpo, foreclosure, hampton, mortgage crisis, newport news, poquoson, property, reo, va, virginia, williamsburg, yorktown.==========================================================================
CBS 60 minutes show ran a rather frightening segment on another looming mortgage disaster on the horizon. This new wave of foreclosures supposedly will be coming from mortgage companies and banks abusing a Alt-A mortgage program and a program called an ‘option arm’. I don’t recall hearing about either of these programs so perhaps they weren’t available or popular in our area. I’m skeptical of this report but thought it was worth taking a look at.
Here’s the video.
Troy Deierling, Realtor
REO – BPO Division
EXIT Realty Deierling & Assoc.
Williamsburg, VA
|email| troy@ExitRealtyDA.com
|mobile| (757) 715-4793
|web| www.REOHamptonVA.com
|web| www.RealEstateWilliamsburg.com
|web| www.WilliamsburgBroker.com
“When did entering a REO listing in the MLS become ‘marketing’?”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling
Foreclosure and REO outlook in SE Virginia
Written by admin on April 16th, 2009. Filed under 757, 804, Uncategorized, area code, bpo, bpo agent, bpo broker, foreclosed, foreclosure, gloucester, hampton, homes, james city, new kent, newport news, norfolk, poquoson, reo, reo agent, reo broker, reo hampton, reo hampton roads, reo newport news, reo service, williamsburg, york county, yorktown and tagged with 757, 804, Add new tag, agent, bpo, broker, foreclosed, foreclosure, hampton, homes, house, investor, listing, management, newport news, norfolk, properties, property, reo, smithfield, suffolk, va, virginia, york county, yorktown.———————————————————————————————————————————
At this time, we seem to be approaching another wave of foreclosures with the lifting of the foreclosure moratorium. Williamsburg hasn’t seen a large number of foreclosures yet. We are seeing a fair number of REO listings in Hampton, Norfolk and Newport News.
Investors do appear to be coming back into the market. This should clean up appropriately priced properties and homes quicker than we’ve seen in the past year. If a REO home is not priced right, it will sit.
Be sure to give us a call if you have assets you need to sell. We will give you a fair market valuation oriented to your sales timeframe.
Primary Service Area: Hampton VA, Newport News VA, Yorktown VA, York County VA, Williamsburg VA, Gloucester VA, Gloucester County VA, New Kent County VA, Charles City County VA, Hopewell VA, Lanexa VA, Toano VA, Norge VA, Poquoson VA.
Secondary Service Area: Norfolk VA, Virginia Beach VA, Portsmouth VA., Suffolk VA, Surry VA, Mathews VA, Chesapeake VA.
REO and BPO SERVICE AREAS
Service Area by City:
Barhamsville Virginia, Charles City Virginia, Charles City County Virginia, Gloucester Virginia, Gloucester County Virginia, Hampton Virginia, Lanexa Virginia . Mathews Virginia, New Kent County Virginia, Newport News Virginia, Norfolk Virginia , Poquoson Virginia, Providence Forge Virginia, Surry Virginia, West Point Virginia, Williamsburg Virginia, York County Virginia, Yorktown Virginia
