Nick Cameron

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What I am trying to tell you is I am an experienced REO agent, I have closed over 40 this year alone. Sellers are more accountable than banks, ask an agent to see the new CAR REO disclosure that tells you banks are exempt from NHD, TDS and everything else that all other sellers have to do in order to sell the property. I would say in your case for the write off and the ability to pay off your home means I would wait as well, but most homeowners would have to pay the higher payment the entire time they lived in the home, not just until they could refinance and move on to the next one. Most are not as savvy as you and as a professional I advise, basing everything they know, on not being able to sell or refinance in 5 years, if you can still afford then purchase, if you can't, don't, that simple. Escrow companies must make money to, but also know that you can negotiate with them as well, just like you can us, don't be afraid to pull your escrow from a title company if you are paying fees, it is your right as a buyer. In REO transactions, the bank always chooses the title company and escrow, so make them pay the fees. On the Time article just giving one side of the story, I'm just glad that someone finally gave that side, I understand the market real well and not everyone should buy now, but most first time buyers should, it would be real hard for them to develop the equity to refinance in 2 years to lower an interest rate if it goes up 1 point, plus, they usually do not have cash to buy the rate down or pay it off, the article was meant for those who can not pay cash.

Nick
(answering as I do BPO's for Banks) - Wed May 14 2008, 16:11

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I'm not doubting your inspector as being fantastic, what I am trying to relate is the are so many hidden things that inspector's can not find, and there is no one to hold accountable after escrow has closed, the addendum's you sign in an REO transaction take away so much, read one really closely and you'll see what I mean. As a cash buyer you still have escrow fees, sorry about a bad experience, that should never happen in this customer service industry. As for a list of certified agents, well it is small, but if you give me a city, I can tell you a few that are certified REOMAC agents, which I feel is the most comprehensive training for REO agents to date. - Wed May 14 2008, 15:20

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Certifications are just a matter of completing classes that are put on by REO companies, or attending REO conferences. I do agree with you that REO's are the best properties to be had, but all property should be a 3 year minimum investment, most REO's you will have no clue at what has been done or will go wrong with them in that time frame. You can not put a price on knowing what modifications owners have made, who lived in the property, neighborhood trends, the kind of stuff you get when an owner has pride in what they are selling. Myself, as an investor, would gladly pay 20k-30k more to know everything that has been done to the property, know that it is not stigmatized, and it was taken care of. For the quickest buck, REO's are the way to go, but speculation purchasing is still a bad idea. On the short sale front, you can rescind an offer, but if you resubmit it could take just as long as the first time for an acceptance. I also recommend you read the Time magazine article outlined below that talks about waiting to purchase. I can almost guarantee that interest rates are going to rise real soon, I mean real soon, and if you are on the fence this article should help you make the jump one way or the other.

Nick - Wed May 14 2008, 13:17

Alright, yes the 2 of us are with Keller Williams, however, I never take the easy way out, short sales, inevitably, take a long time to go through, it is not in the buyers best interest, in a declining market, to make an offer and have to wait months to see if the bank accepts it. I will however show short sales if the clients want to go that route. That being said, I have a buyer's agent that takes people to the properties. Think of a real estate team like a baseball team, one pitcher is not derived to handle every situation, instead you have a starter, middle reliever, and a closer. That is how good teams work in real estate as well, we have specialists in each field. It is better to master one facet then be okay at all. My buyer's agent is not pro foreclosure or pro short sale. They are pro wants and needs analysis of each client, then getting them the best home at the most affordable price.

I ran out of space but I hope this helps, an agent should never steer you, just give you information and let you make an informed decision.

Nick - Tue May 13 2008, 13:43

Wendy,

Most all agents have access to foreclosure list and how REO properties work. I personally feel as an REO, buyers agent as better apt to handle your questions and concerns than listing agents that work 100 to 200 properties at a time. That is something you find with a lot of REO agents is we can not handle showing 15 to 20 homes in an afternoon because we have 30 BPO's and Listing worksheets, weekly status reports, and outstanding CFK's. I would just call a local Keller Williams office and ask to speak to a lead buyer agent for a top team, they should be able to help you out.

Nick - Tue May 13 2008, 11:33

Part of the reason Trulia's sales stats are so high is due to the fact all REO's are sold twice, yet the market continues to drop. That is why I suggest using agents for the best answers, any other questions I can answer for you?

Nick - Fri May 2 2008, 13:08

I see your point, but when a property is foreclosed on the bank buys the deed of trust back at a point that has no bearing on market sale yet the deed is recorded at that price, Trulia and other algorithmic programs can not take this into account, for example at 2400 Hidden Oak in Ceres, the bank bought the deed of trust to foreclose at $297,000 but we sold it on the market at $335,000, but that won't record for another 60 days by the county so the last recorded deed on the 8th is for a much lower number than is accurate, that is the difference between stocks and property is stocks are more black and white, all shares pretty much trade around the same price but a house will sell at three prices, speculation (investor, court sale, distressed) Short sale (long time, lower price much more negotiations) Normal (regular seller with no loss claimed on either side, property is occupied). So the price you see for Freedom Lane is the price US Bank paid to clear title, not the accurate market value of the home, an agent is probably in the process of telling them what they will sell it for.

Does that answer your question?
Nick - Thu May 1 2008, 12:43

Auction prices are not going to pop up on sold data until the buyer has fully paid the bank, and the county recorder's office has recorded the deed. It will update Trulia prices, but that being said, auction homes are not the greatest of comps either. Agents are going to be your best determination of value, email me your house and I will give you 9 comps in the last 3 months of actives solds and pendings, that should help you determine the value of the home best.

Hope this helps,
Nick
NickCameron@kw.com - Thu May 1 2008, 11:18

There are a lot of options, how did you find out? Letter in the mail or did an agent show up? Do you have your original contract when you moved in? I do foreclosures here in Modesto and I may be able to help you find a new place, and let you know your rights and options.

NickCameron@kw.com - Tue Apr 15 2008, 14:23

Hi Amanda,
I work in the area of Riverbank, my suggestion would be to have your Realtor run the comparables for the local neighborhood, especially keeping in mind who built what and what those are going for. In Riverbank you are going to find large price differences between Bright, KB, Morrison and Floresheim. Grant and Oski also have a couple developments there. In addition, how close is it to the Crossroads shopping center and so on.......

If you do not currently have an agent there are ways of obtaining it online, but as a buyer, we (meaning agents) are free. I could run the comparables for you and bring them to your house if you would like and help you make a better informed decision,


Hope this helps,

Nick Cameron
209-896-6775 - Thu Feb 28 2008, 17:29

I am a local agent, if you email me your address I can try and get the comprables for you.

Nick - Sat Feb 23 2008, 11:19