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By James Browning | Real Estate Pro in Westminster, CO
  • BPO (Broker Price Opinion) & REO (Real Estate Owned) Simplified: How to work With Asset Managers!

    Posted Under: Market Conditions in Denver County, Agent2Agent in Denver County, Investment Properties in Denver County  |  July 31, 2013 11:07 AM  |  390 views  |  No comments

     

    BPO (Broker Price Opinion) & REO (Real Estate Owned) Simplified: How to work With Asset Managers!

    By:  James A. Browning MRE, CDEI, CEC, CIPS, REOCertified® SFR, BPOR, SSC

    BPO Simplified: Topics and Timeframes Used by Banks/Lenders/Outsourcers

    ·    Policies, Procedures, Best Practices and Tools Used by a BPO (Broker Price Opinion) Broker

    ·    Terminology, Guidelines, Tasks, and Timelines used by the Banks/Lenders in the BPO process

    ·    How to Increase Your Income!

    ·    Marketing Opportunities for REO Listings

    REO Simplified: Topics covered Include:

    The foundation of the REO (Real Estate Owned) process is the knowledge and understanding of the procedures, guidelines, timeframes, and expectations the Banks/Lenders/Outsourcers demand from the REO Broker in today’s current market conditions.

    ·    The Banks/Lender/Outsourcers primary goal is to manage and liquidate the properties/assets efficiently and cost effectively in order to achieve the highest recovery rate in the shortest period of time.

    ·    Learn the 3-M’s, Marketing, Maintaining, and Managing a REO Property.

    ·    Working though the REO process through the eyes of a REO Broker.

    ·    Understanding risk management.

    Become REOCertified and Register Below!

    Click on the link below for details about each course, and to find out if you can receive continuing education credits in your state?

     
     
    After the completion of the Certification Test, you will receive the BPO and REO Companies "CONTACT LIST" to register with!
  • Browning Real Estate School Presents: 3 Years of Vacancy on a REO Property, Become REOCertified!

    Posted Under: Market Conditions in Denver County, Home Buying in Denver County, Agent2Agent in Denver County  |  July 8, 2013 12:23 PM  |  373 views  |  No comments

     Code violations, 3 years of Vacancy, REO property?

    Linda received a REO assignment from the Bank; she researched the property on the County records to searching the county records Linda discovered the sale took place 3 years ago. As a seasoned REO broker she expected the property to be vacant (as the bank has indicated) and property condition to be poor to fair. In a period of three years of weather related issues and the fact that no one has been maintaining or preserving the asset, she expected the worst.

    She drove to the property which was located a 10 minute drive from her office; upon arriving at the single family residential property she could not see the house at street level. The weeds and landscaping was growing for the entire summer, it literally looked like a jungle in the middle of the city! The weeds and grasses were 6 to 9 feet tall, and the sidewalk to the front of the building was not passable, not even visible!

    Linda made her way to the back of the house slowly through the maze of weeds and tall grasses and noticed the items that were left in the yard, two old barbeques, damaged swing set, huge pile of lumber/firewood, two 6 x 8 damaged sheds and various other old appliances.

    Linda tried to open the rear door of the house and to no avail, the door was locked tight. Next, she tried to access the sliding glass door, that was locked as well and even had a stick that was lodged in the slider guide to secure the sliding glass door. Linda said to herself, no access from the back, she managed to go around to the front of the house and slowly burrowed her way through the weeds and somehow managed to arrive at the front door.

    She looked at the front door and saw numerous postings attached to the door, many of the postings looked weather beaten and old. She started looking though the paper work and soon realized that the majority of the postings were the code violations from the County. Some of the violations were posted two years ago and one posting was as recent as last week.

    Linda was astonished by the number and duration of the code violations. She gathered the postings and made her way back to her vehicle though the path of weeds she made during her journey to the front door.

    She returned to her office to contact the AM to let her know the condition of the exterior of the property including the code violations.
    Linda because of her professionalism immediately contacted the Counties Code Enforcement Department to inform them that the Bank has assigned the REO asset to her and she would be on top of the violations. She asked the Code Enforcement Officer for an extension of time to communicate with the bank and work out a plan of attack to manage the properties issues. The Officer granted a small period of time to resolve the code violations because Linda took the time to contact them about the property and work with the County.

    The AM contacted Linda and instructed her to get two estimates of the work from Vendors to perform the services needed to bring the property back within the Counties Code Enforcement guidelines and regulations.

    Linda contacted two of her lawn maintenance vendors to to go to the property to inspect the condition of the weeds, landscape, trash, and items that have been left behind. She was requested that both vendors provide her with their bids within a 24 hour period.

    One Vendor had an estimate of $2,890 and the second vendor estimate came in slight lower at $2,765.

    Linda submitted both estimates to the AM for her review, and patiently waited for the Banks decision to move forward with the cleanup of the property.

    The Bank decided to move forward with the lower estimate and gave Linda the thumbs up to contact the Vendor to proceed with the maintenance and removal of the unwanted items on the property within 72 hours

    Linda had the approval and the timeframe needed to contact the Code Enforcement Officer to inform him that the property will be in compliance with the counties regulations and guidelines within 72 hours.

    The Officer and Department were satisfied with the future condition of the property and were grateful to Linda and the Bank for their efforts to correct the problems associated with this REO Property.

    The prior two years of code violations were mutually worked out between the county and the bank because Linda was proactive with the issues regarding the property and the counties Code Enforcement Department.

    The County would rather have property maintained and looking better than being difficult about the past code violations.

    The improved maintenance of the property enhanced the neighborhood instead of being a negative visual effect of the area.

    The moral of the story is being proactive as REO Broker will improve the reputation as a Real Estate Professional!

    The Asset Manager, Bank and Code Enforcement Officer will work with Linda as she has demonstrated she is very good as what she does. If a similar property comes up in the future regarding any Code Enforcement issues within the boundaries of this particular county, do you thinks the officer will work with Linda on a professional level?

    Become REOCertified® @ www.BrowningRealEstateSchool.com and click Online Classes

  • Become REO Certified® Online through the REO Institute

    Posted Under: Market Conditions in Denver County, Home Selling in Denver County, Agent2Agent in Denver County  |  June 4, 2013 1:29 PM  |  275 views  |  No comments
    Become REO Certified® Online through the REO Institute at the
    Discounted Package Rate of $189!

    The online certification courses are offered exclusively through the REO Institute. The REO Certification consists of the following three courses. You must complete all three courses to receive the REO Certification. We recommend you take the courses in the order listed below.

    1. BPO Simplified
    2. REO Simplified
    3. REO Certification Exam Course

    The two courses, “BPO Simplified” and “REO Simplified,” are approved for continuing education credit in some states. If the courses are approved for CE credit in your state, you will receive the CE credit after completing each of the first two courses, but not for the Certification Exam.

    Click on the link below for details about each course, and to find out if you can receive continuing education credits in your state
     
     

    The REO Certification consists of the following three courses. You must complete all three courses to receive the REO Certification. We recommend you take the courses in the order listed below.

     

    The two courses, “BPO Simplified” and “REO Simplified,” are approved for continuing education credit in some states. If the courses are approved for CE credit in your state, you will receive the CE credit after completing each of the first two courses, but not for the Certification Exam.

     

     

    1. BPO Simplified

    The foundation of the REO (Real Estate Owned) business is the BPO process (Broker Price Opinion). In this course you will learn who requires BPOs, why, and when. You will learn how to perfect the BPO process, which will help you to build a repeat BPO business.

     

     

    2. REO Simplified

    When a bank takes ownership of a property through foreclosure, the property is listed as an asset on the bank’s balance sheet as “Real Estate Owned,” referred to simply as an “REO.”

    The mystery of what REO brokers do is covered step by step, so by the end of the course you leave with a clear understanding of how to work in the REO arena.  You will also learn to identify and avoid the mistakes, pitfalls, and obstacles that agents and brokers have encountered when listing and selling REO properties.

     

     

    3. Certification Exam

    This certification exam will allow you to demonstrate your working knowledge of the concepts, skills, and procedures contained in these two prerequisite courses: BPO Simplified and REO Simplified. After successfully completing this exam course, you will have earned the REO Certified® designation from the REO Institute. You will receive a Completion Certificate by email from the REO Institute, along with instructions to access online materials, including a manual, BPO checklist, and sample BPOs. You will also be able to download an REO Certified® logo to use on your marketing materials. You may use this designation to help you assure REO outsourcers, banks, and lenders that you understand how to market, manage, and maintain REO properties, and have a comprehensive education on how to complete BPOs according to industry standard practices.
     
    Click on the link below for details about each course, and to find out if you can receive continuing education credits in your state?
     

    James A. Browning MRE, CIPS, CDEI, REOCertified®, CEC, BPOR, ShortSaleCertified®, SFR

    NAR, ABR, REBAC, CAR, CREOBA, REO Institute, National Speaker/Educator

    CEO, Founder, REO Institute

    Author, Best Selling: BPO & REO Simplified, "How to Work With Asset Managers"!

    Re1agent@aol.com

    Registration @ www.BrowningRealEstateSchool.com or

    www.REOInstituteColorado.com


  • National "ShortSaleCertified®" Designation is being conducted in Denver, April 2, 2013

    Posted Under: Market Conditions in Denver County, Agent2Agent in Denver County, Investment Properties in Denver County  |  March 20, 2013 10:21 AM  |  199 views  |  No comments

     (ShortSaleCertified® National Designation is being conducted in Denver on 04-02-2013. The REO Institute is back in Denver, after a one year absence.

    Short Sales Simplified is being conducted in Denver and you will receive 7 Continuing Education Hours for the renewal of your R E License. We conducted this one day event in Denver approximately one year ago, and they asked, “When are you coming back?” Join us for this exciting and educational event. Help distressed Homeowners with Short Sale Transactions and add additonal Income to your business!! Presented by REO Institute: Cost $99 per day and "save". This course is $149.00 in California, Florida, Texas and other areas of the nation.

    RSVP @ REOInstituteColorado@gmail.com

    Testimonials @ http://youtu.be/P9waRtut46o

    This course provides a thorough understanding of the complex procedures, guidelines, timeframes, and tasks the Outsourcers, Banks and Lenders demand in today’s Short Sale Market. Through comprehensive training and the knowledge obtained attending this REO Institute course (Short Sales Simplified), ShortSaleCertified®professionals are able to provide solutions to the homeowner on Short Sales Transactions from A to Z.

     

    Date: Tuesday, April 2nd

    Time: 9:00am-5:00pm

    Cost: $99.00

    Location: Homestead Title-DTC Office

    8480 E. Orchard Road

    4th Floor Conference Room

    Greenwood Village, CO 80111

    Information @ BrowningRealEstateSchool.com

    (Next to Del Frisco’s)

    Instructor: James A. Browning MRE, CEC, CIPS, CDEI, REOCertified®, SFR, BPOR, SSC. National Educator, Trainer, Speaker

    If you like our post, please like us, (REO Institute) on Activerain & Facebook. Thanks, James

    James A. Browning MRE, CIPS, CDEI, REOCertified®, CEC, BPOR, ShortSaleCertified®, SFR

    NAR, ABR, REBAC, CAR, CREOBA, REO Institute, National Speaker/Educator

    CEO, Founder, REO Institute

    Author, Best Selling: BPO & REO Simplified, "How to Work With Asset Managers"!

  • Most Read Posts of 2012

    Posted Under: Home Buying in Denver County, Home Selling in Denver County, Agent2Agent in Denver County  |  March 1, 2013 4:08 PM  |  194 views  |  No comments

    Thank you to the Activerain community for the support of my posts. I am stunned that the "BPO & REO Simplified, Book Release", was number one post for Activerain for the "Most Read Posts of 2012".

    I am extremely grateful and extend many thanks to the members of Activerain!!

    Thanks, James

    ShortSaleCertified® REOCertified®

    @ www.BrowningRealEstateSchool,com or www.REOInstituteColorado.com

    See Below!


    Most Read Posts of 2012


    You read 'em, you loved 'em, you +1'd 'em....Ladies and Gentlemen, Yankee lovers or not, young and seasoned - let's countdown the Top 10 Most Read Posts of 2012. These posts were written in 2012 and had the pageviews verified through our Google Analytic research. Not many comments which shows us the consumer traffic is there. They're finding your posts, reading them, lurking.

    Do you include your AR posts in your monthly newsletter? Do you Tweet, +1 and Facebook your posts? How do you market your insightful information out to the masses? As you'll see, one member made the list 3 times with his posts. That's a ton of traffic!

    Rainers, your 2012 Most Read Posts

    #10

    Dana Basiliere - Home Owner Tips by Dana, Keeping Water Out of Your Basement
    Dana hasn't written that many posts on AR but he should! This post here on tips to keep water out of the basement had the 10th most pageviews of any post written in 2012. That kind of exposure is huge and Dana knows his stuff. A tip many homeowners far and wide can benefit from. Don'tcha just love AR....sigh....

    #9

    Sharon Tara - A Dated Front Door is Like Gray Hair on Your House
    Wow, one small change for man...wait that isn't right. One small change in your door's color can completely update the home. We all know Sharon and love her staging tips, this time she takes us to the front door and compares old and new side by side. She even lets us know not to be afraid to paint over wood. So go for it!

    #8

    Marte Cliff - Scam Alert, Did you Get this Today Too?
    Scams are everywhere and something we all must be careful of. I appreciate a heads up just as Marte chose to let her AR fam bam know too. Hey folks, sometimes if it sounds too good to be true... Marte's short notice received a ton of traffic so it goes to show consumers too are searching for scam warnings.

    #7

    Jerry Newman - Facebook Fridays, Are You Using Facebook Business Pages
    If you're not using a Facebook Biz page it's about time to get to it! Jerry, being the awesome Ambassador that he is takes us through a few do's and dont's when it comes to it. He also shows us his top 5 candidates of the week. This series of posts are highly ranking but this one for some reason took the cake. Mmmmm...cake.

    #6

    Brian Skaar - Californa Conforming Loan Limits for 2012
    The title is something many, many Californians would type into Google. Brian lets his readers in on the new loan limits, LTVs and Debt Ratios as he is proving himself as the mortgage expert. He chose to disable comments on this post but obviously the consumers are finding it as Google Analytics show.

    #5

    James A Browning - Hoarder House Nightmare! What Would You Do?
    Have you seen the show? I can't watch it but it affects many people around our nation. James tells a story about Ed,the real estate professional. He describes a nightmare situation, including pictures and all. Ever heard of "goat walk?" Yeah, I hadn't either but read James' post and you'll see a story about a team, professionalism and helping people get out from under that mess.

    #4

    James A Browning - REO Listings! Increase Your Income
    Well hello James, here you are again coming in at #4. A catchy title that many would find appealing and click worthy for sure. A short post about a designation class in June of this year brought in the clicks.

    #3

    Janet Jones - 10 Reasons Not to Stage Your Home
    Janet's top 10 post made the most commented on top 10 list of 2012 as well. A great title and twist on why you really should stage your home has brought her much action. The post is aesthetically appealing too. Short numbered paragraphs keep the readers engaged through the end. Besides, you can't stop at #5 or #6, you must keep reading to see the ultimate #1 reason!

    #2

    Jeanna Martinez - Seven Must Do's if You Want to Capture that Lead
    You don't need a net but Jeanna does give 7 insightful ways to capture leads. And who doesn't want to do that? The #2 most read post of 2012 shows her system to getting that lead and asks for your route too. A great post that has most likely helped many, many readers.


    And now the top tamale, the big banana, the #1 most read post of 2012...

    James Browning!!

    BPO REO Simplified

    3rd times a charm isn't it! I had to do my own Google search of BPO REO Simplified and sure enough, James' post hits the front page...no better spot than the 1st page of Google! A simple post about a book helping to learn the basics of such subject. He includes links and pictures which we know Google loves. Congrats James, you have the most read post of 2012 on ActiveRain!!

    Congratulations to all the members who have successfully reeled in the traffic. If you want tips and techniques on getting your blog posts to rank, catch the next Boot Camp class starting January 17th. We'll help take your blogs to the moon!

    If you're interested in visiting our Top 10 Commented on Posts, please check it out.

    Happy New Year Rainers!! 2013 is going to ROCK!!


  • Attn: Colorado Real Estate Professionals: Distressed Property: Understanding how to operate in the new norm

    Posted Under: Market Conditions in Denver County, Home Buying in Denver County, Agent2Agent in Denver County  |  February 2, 2013 10:49 PM  |  132 views  |  No comments

    Distressed Property: Understanding how to operate in the new norm @ DMAR

    Denver Metro Association of REALTORS®

    February 12, 2013, Colorado Foreclosures, 10am-12pm and Short Sales, 1pm-3pm

    Still need to understand how Foreclosures and Short Sales work? These classes are designed to walk you through the process so that you understand all phases of the processes. Learn the five stages of foreclosures and what to expect when working with Short Sales.

    Taught by James Browning MRE, broker/owner of the Browning Group LLC and author of six (6) courses (REOCertified®, ShortSaleCertified®, Valuation/BOV Retail & Multi-Family Assets) related to the valuation and disposition of both commercial and residential properties. James has made the valuation of distressed assets in today’s market his specialty.

    Each class is available at a very affordable $25 each or take both and save $5! Both classes carry 2 CE credits. Need more information? Call 303.756.0553

    You can register for these classes at:

    Colorado ForeclosureRegistration @ http://www2.realtoractioncenter.com/site/Calendar?id=110121&view=Detail

    Short Sale Registration @ http://www2.realtoractioncenter.com/site/Calendar?id=110101&view=Detail

  • And the prolonged and inconclusive fiscal cliff debate is????

    Posted Under: Market Conditions in Denver County, Financing in Denver County, Agent2Agent in Denver County  |  January 16, 2013 10:41 AM  |  156 views  |  No comments

    Even though less securitized commercial mortgage loan deals moved into special servicing in 2012 analysts are cautiously optimistic for 2013.

    By Amilda Dymi

    JAN 9, 2013

    And the prolonged and inconclusive fiscal cliff debate is one of the factors bound to affect the CMBS market performance this year.

    In the first days of the year as an incomplete fiscal cliff deal was passed by Congress, avoiding a worst case scenario, Barclays analysts wrote in their weekly report, “It leaves the door open for further legislative battles in a few months,” and uncertainty that will result in some spread volatility.

    Consequently, while CMBS spreads tightened sharply during the first days of January, analysts are not certain what the case may be in the following months.

    The CMBS market reacted to the last-minute deal reached by Congress with “sharply tighter” spreads among 2007 vintage AMs, which compressed 20 bps, and AJs, where prices ticked up anywhere from 2-3 points, analysts said. Also in January 2012 vintage BBBs were traded at about 30 bps tighter than last year.

    They warn about further legislative debates in February and March on a number of issues, including the sequestration trigger, the extension of the debt limit and the continuing resolution to fund the government. “Given the absence of spending cuts or entitlement reform in the current deal, we expect these issues to come into more focus in these next rounds of negotiations.”

    Upcoming legislative wars have the potential to cause “bouts of spread volatility around then,” they wrote.

    The most recent Fitch Ratings CMBS market overview shows some persisting improvements in 2012.
    As of yearend 2012 up to $49.3 billion in deals monitored by Fitch Ratings currently are under the scrutiny of a special servicer.

    These loans represent 12.3% of all CMBS deals—marking the second year-over-year improvement in the rate of new transfers into special servicing since 2010.

    Fitch data show in 2012 $16.8 billion transferred into the special servicer status down from $20 billion in 2011 and $26 billion in 2010.

    In 2012 a total of 156 loans of over $20 million transferred from the master servicer to the special servicer, compared to 210 in 2011.

    Fitch’s assessments of the ongoing appointments of replacement special servicers also show “an increase in servicing transfers due to shifting control rights.”

    Going forward, the ratings agency said, these types of servicing transfers are expected to become more popular once “realized losses are incurred” and the actual change of hands occurs.

    In its “CMBS Outlook 2013: It’s All Relative” report, Barclays’ analysts “expect the positive momentum from 2012 to continue to push spreads gradually tighter” this year and remain positive on most higher-quality CMBS bonds.

    But advised caution “on the higher-beta names in the 07 AJ/mezz space,” arguing that such bonds remain exposed to maturity risk over time and are also affected by tenant rollover in office buildings, “which should continue to push large loans into special servicing.” Plus, they expect “trend of higher severities on distressed retail assets” to continue in 2013.

    Credit data show the 60-plus-day delinquency rates of securitized commercial mortgage loans fell by 10 basis points in December, compared to the previous month.

    Also, as more five-year term 2007 vintages continue to mature, related delinquencies continue to decline.

    At the same time the delinquency rate for underperforming 2006 vintages increased 10 bps.
    Overall, however, the percentage of loans in special servicing declined 30 bps and is down 50 bps compared to the past three months.

    Analysts are cautiously optimistic. “The percentage may increase next month, with several large loans, including the $250 million US Bank Tower, having been reported moving into special servicing by Fitch Ratings,” they wrote.

    If you like the posts, please like us on Activerain or Facebook. Thanks, James

    www.REOInstituteColorado.com or www.BrowningRealEstateSchool.com

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