REO / BPO Real Estate Services - SE Virginia » reo service

admin — Sat, 11 Jul 2009 20:46:59 +0000

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?

Written 6/24/2009: Williamsburg VA:

I feel that lending practices were far to easy before the economic problems. Overcorrection and making it difficult to get a mortgage isn’t the answer. Sales fall apart and sellers and buyers both are unhappy. People can’t move to the new job or they do and let the house go into foreclosure. It has a very far reaching effect on people & the economy. In Williamsburg, we have been somewhat insulated from the worst of the economic crisis. Having a strong military and government job sector certainly hasn’t hurt us. The shipyard is still going strong and the College of William & Mary continues to be a large local employer.

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.

In the last month or so we’ve had multiple offers on a few homes under 225K, which I haven’t seen that in awhile. The $8000 down payment from the government may be helping. First time home buyers are not generally buying the 500K homes. The under 300K segment increase would make sense.

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.

Post from: REO / BPO Real Estate Services - SE Virginia

Government incompetence in lending guidelines fuel foreclosure crisis

admin — Fri, 01 May 2009 23:52:47 +0000

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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,

“When did entering a REO listing in the MLS become ‘marketing’?”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling

Post from: REO / BPO Real Estate Services - SE Virginia

Government incompetence in lending guidelines fuel foreclosure crisis

RDCPro Designation and the REO Network Agent

admin — Wed, 22 Apr 2009 03:59:13 +0000

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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.

“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

Post from: REO / BPO Real Estate Services - SE Virginia

RDCPro Designation and the REO Network Agent

Foreclosure and REO outlook in SE Virginia

admin — Fri, 17 Apr 2009 04:52:32 +0000

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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

Post from: REO / BPO Real Estate Services - SE Virginia

Foreclosure and REO outlook in SE Virginia

New REO Website – SE Virginia

admin — Wed, 15 Apr 2009 23:03:22 +0000

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THE NEW LOOK OF REO IN SOUTH EAST VIRGINIA

In the interests of assisting Asset Managers, REO Manager and Loss Mitigation Departments, we have completely revamped our website. The

REO Division team members of EXIT Realty Deierling & Associates

whole team is online with it along with pertinent information on working with our REO Division.

We are experienced REO professionals and are able to handle a high volume of REO listings, foreclosures and BPO’s.

If you have any questions for the EXIT Realty Deierling & Associates REO team, please don’t hesitate to call us.

Troy Deierling, Realtor, ABRM
REO Division
EXIT Realty Deierling & Associates
Williamsburg, VA
(757) 715-4793
troy@ExitRealtyDA.com

“REO’s, BPO’s and associated work done professionally and on time”

Secondary Service Area: Norfolk VA, Virginia Beach VA, Portsmouth VA., Suffolk VA, Surry VA, Mathews VA, Chesapeake VA.

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Post from: REO / BPO Real Estate Services - SE Virginia

New REO Website – SE Virginia