Realtor Coaching & Training: harris real estate university
ExcellentREO is selecting their Asset listing agents…we have been hearing from Harris Real Estate University students for the last 2 days thanking us for helping them to become ExcellentREO Listing Agents.
Congratulations to all of you
If you were not selected…or would like to become a REO Listing Agent do this now:
1) Enroll Now with Harris Real Estate University to earn your RSD (REO Specialist Designation) <—–Enroll NOW, List REOs.
2) Listen to the exclusive HREU Interview we did with the President of ExcellenREO. <——–Listen NOW, Free Cary Sternberg Interview replay.
Congratulations HRC Agent! You are receiving this notice because you have been selected to partner with Excellen REO based on your efforts with Titanium Solutions and experience with REO properties. In order to assist you in making your decision, we have outlined a few major topics below and included an attached “Broker REO Assignment Guidelines” document which details our expectations during the life cycle of each asset. This information should answer many of your questions and help you make a decision to join Excellen REO or not. You will receive a second email shortly with a personal link to update us on your decision and to submit questions and comments. We hope you decide to join Excellen REO as a listing agent but due to the nature of our business, we cannot guarantee you will receive any listings.
RES.Net
RES.Net has been selected as Excellen REO’s primary platform. In order to receive REO assignments (when they become available) from Excellen, you must be signed up with RES.Net. There is a $250.00 a year fee for basic RES.Net membership which is all that we require. The upgraded AMP membership is preferred but is not required. An AMP approved agent will receive priority over an approved Basic Agent. RES.Net offers a 5-Star certification training program and all agents are strongly encouraged to complete. Signing up with RES.Net does NOT Guarantee any assignments from Excellen. However, being signed up with RES.Net means that you are at least qualified to receive assignments from us as well as other servicers and outsourcers that use RES.Net.
Education
In addition to your RES.Net membership and training, you will be required to complete two online real estate training courses at Default Resource, www.defaultschool.com : REO Best Practices and Advanced Evaluations. These courses are $249.00 each and must be completed with a minimum score of 80 within 30 days of receiving your first assignment. After completion, you will receive the RDCPro designation which will satisfy our requirements, and you will be added to Default School’s database of graduates for all of their clients to access on a daily basis.
Agent Compensation
A 6% commission will be paid on closed sales or a $2,000.00 minimum fee. If there is a co-broke situation, the 6 % commission will be split equally. Listings agents will in turn pay Excellen REO a case management fee equal to 1% of the sales price or $350.00 if the minimum fee is earned.
Marketing Strategies for Assets
Agents sign a 90-day listing agreement with Excellen REO. If property is not under contract within 90 days, the agent submits a 30-day quick-sale price. If this suggested price is more than 20% deviation from the original list price, a third-party reconciliation will be completed to determine the new quick-sale list price. Agents will sign a 2nd listing agreement for 30 Days at the new quick-sale price. At the same time, Excellen will notify our auction company that this asset may become theirs to sell if it is not under contract within 30 days. If the agent is unable to negotiate a sale for the asset by the 120-day mark, the listing with Excellen REO will terminate. Agents will not be paid a commission for assets sold at auction unless they have been engaged by the auction company to assist them, and any commission paid will be between the agent and the auction company.
Property Preservation Companies
Excellen REO has contracted with two national property preservation firms to manage repairs and maintenance of our assets. They will activate utilities, perform a list of initial services to bring the asset to marketable condition, and perform recurring services throughout the listing agreement to make sure the asset is maintained. The listing agent will rarely have any out-of-pocket expenses for the asset other than the usual marketing and listings costs. Please note that some clients may not permit us to use national preservation companies and will ask that the agent take on those tasks normally performed by the PP companies. In those cases the agent will be responsible for paying the contractors and billing the client or Excellen REO depending upon the assignment. If you are unable or unwilling to make that commitment, please advise the asset manager and the property will be re-assigned.
Frequently Asked Questions
o How many assets can an agent be assigned to at any given time?
§ 20, unless special circumstances exist
o Where will my property assignments be located?
§ Assets may be assigned to agents whose service address (home or office) is within 15 miles of the asset.
o When can I expect to start receiving listings from Excellen?
§ We are expecting our first portfolio in the near future. How many assignments you might receive from Excellen depends upon who we service for and where their assets are located.
§ If there is more than one approved agent in a market area, the assignments will be made on a rotating basis. When it appears that any agent(s) might exceed the 20 asset limit, we will recruit additional agents that meet our qualifications
o Can I work with an REO Team to manage my listings or do I have to personally perform all of the services?
§ Yes, you can work as a team but as the listing agent, we expect you to be completely up to speed on every asset and able to answer any questions that may arise from our asset managers on a moment’s notice. We have listed the property with you and not your team, so it is critical that you are our expert on the property.
Other Requirements
o Agents must have a digital camera with the ability to upload photographs
o Agent must have scanning and email capabilities
o Agent must have office or cell phone with detail message capability, preferably text and email
Please respond within the next 48 hours to let us know if you wish to partner with Excellen REO. If you decide to decline, we can assure you that it will not affect your relationship with Titanium Solutions and future HRC assignments.
Thank You
If you weren’t selected…read this:
Dear HRC – Last month when we put out our initial survey for HRC’s to indicate an interest in becoming an REO agent for Excellen REO we received over 5,000 responses. After the initial survey was closed we received another 1,000 or so inquires.
Our Vendor Relations Department headed by Ashley Ackerman has been working diligently to review each application. From the initial inquires of over 6,000 agents we have narrowed down the field to approximately 1,100 agents who have or will be receiving email communication regarding their selection TODAY! Congratulations to all those selected. Please follow the directions on the email to complete the process and welcome aboard.
If you did not receive an email today from Mr. Ackerman it means that you were not included in the first round selection process. It does not mean that you did anything wrong or that you do not have a chance to become an REO agent for Excellen. It just means not today. We have a number of areas throughout the country and you can imagine which ones they are, where we have dozens of HRC’s who are both qualified and interested in becoming an REO agent for Excellen. We have initially limited selection to 5-7 brokers maximum per market. Once we start taking in assets and assigning them out, if we find that we need additional agents in any areas we will immediately go back to our list and notify the next in line.
Selections were based on the following criteria in their order of importance. Length of time as an HRC. Number of assignments as an HRC. Recent past REO listing experience. Present REO listing and sales experience. Current REO listing inventory. RESNET AMP member. RESNET basic member. Default School certification. REO Association affiliation.
If you are a loyal HRC but were not selected in the initial round, please understand that you could be called into action by Excellen at any time and we look forward to having enough business to give everyone interested a chance to work with us.
I am sorry that Ashley and I cannot talk with each of you but the numbers are just too great. Please do not call or email to find out if you are on the initial list and if not, why not. As soon as we have additional openings we will be in touch.
We thank you for your service to Titanium Solutions and you interest in working with Excellen REO. We will be in touch.
Thank You
Cary B Sternberg
President, Excellen REO
Popularity: 3% [?]
Bloomberg News Video on the just released Case/ Shiller House Price Index:
His opinions:
* 2010 will see the housing bottom.
* May of 2009 was the actual bottom for housing.
* On balance sales are up!
* Wild card in his opinion….Lenders Shadow Inventory!
Agents, know this…its NOT TOO LATE for you to become a REO Listing Agent. Earn your RSD (REO Specialist Designation). Watch the FREE Agent REO Secrets video and grab your FREE How to list REOs book.
Popularity: 1% [?]
The S&P Case Shiller Home Price index was just released. Here are the talking points:
* Home Prices RISE for the 7th straight month in a row!
* Government intervention IS a huge factor. Agents, remember….this ‘intervention’ end this spring AND don’t expect for the buyer credit to be extended.
* Very uncertain what will happen once the government stops buying MBS (Mortgage Backed Securities) and interest rates rise. Higher rates = fewer buyers.
* Added insecurity from the ending of the home buyer tax credit. Dr. Shiller seemed to believe that once the credit expires the market will suffer.
* Home prices are almost at pre-bubble values…2000. So…yeah…if you are going to own your home for a long time…it is indeed..A GREAT TIME TO BUY.
* Double dip in housing can’t be ruled out. Dr. Shiller was concerned that once the interest rates rise, the credit expires there may be a ‘double dip’ in national home values.
* Not optimistic for builders in the short run.
* Housing has no momentum..negative or positive.
* Unemployment rate and consumer confidence
* His bottom line, once the bubble appreciation is completely deflated.
* Long term? Slow…boring…moderate to low (or no) home value appreciation for the long run. Homes are a place to live…NOT and ‘investment’.
Here is a video from CNBC:
Popularity: 1% [?]
We have been hearing from HREU Students for well over a year about this housing trend…Multi-Generational house holds.
In Europe this is normal. Travel to Italy and you will find that most families live together, sharing a home. Will be interesting to see if this is a real estate trend….due to the Great Recession…or if this is a real estate Mega Trend signifying a lasting shift in housing.
From a cultural and real estate perspective, this trend is a good thing for our country. Generally speaking, closer relationships with your family is a beneficial. If we look at this trend from a real estate perspective it makes sense that multi-generational house holds will need more space…more space means larger homes. So, there could be a light at the end of the tunnel for the savagely beaten down McMansion/ Luxury type properties. Maybe the next wave of buyers for these types of homes isn’t the traditional ‘move up buyer’ but, a multi-generational house hold buyer.
Agents, what are you experiencing? Are you working with buyers who are buying for more than just their immediate family?
More generations are living under the same roof and the trend will deepen as U.S. families grappling with near double-digit unemployment share expenses, a study showed Monday.
Demand is escalating for multi-generational housing as buyers scale down during the deepest housing crisis since the Great Depression, according to a survey by Coldwell Banker Real Estate in Parsippany, New Jersey.
Thirty-seven percent of the company’s real estate agents polled in January said that in the past year, buyers were increasingly shopping for homes that fit more than one generation.
Almost 70 percent of the agents said they expect economic conditions will drive still greater demand for this type of housing over the next year.
“More buyers are pooling investments, considering bringing mom and dad into it,” said Diann Patton, a Coldwell Banker real estate consumer specialist based in Grass Valley, California, in an interview with Reuters.
Buyers were primarily driven by financial concerns when deciding to combine generations in a household, the survey found. Health concerns were the second most common reason and strong family bonds a distant third.
Patton said one of her clients sought to bring her mother out of a health care facility. The mother and daughter pooled resources, buying a house with separate entrances with units for each and room for a caregiver.
This shift in homeownership comes as unemployment hovers just under 10 percent and many consumers are being dealt wage cuts. College graduates unable to get jobs are often returning to their parents’ homes.
Merging generations under one roof could foster more demand in the struggling move-up market, with families buying together to get larger homes than the entry-level houses some might otherwise be able to afford. Some current supports for buyers will soon end.
Borrowers eligible for a $6,500 federal tax credit aimed at move-up buyers, as well as the $8,000 first-time buyer credit, need to sign contracts by April 30 and close on loans by the end of June before these programs expire.
Downsizing also comes on the heels of massive overbuying during the housing boom earlier this decade. Many consumers bought more house than they could afford, spurring a tidal wave of late payments and foreclosures.
The government has been compelled to spur lenders to modify mortgage terms for struggling borrowers still occupying their homes. But so far, lenders have been unable to keep pace with the number of mortgages that are failing.
On the plus side, houses are more affordable after prices toppled about 30 percent, on average, from 2006 peaks and with 30-year loan rates holding near record lows under 5 percent.
Coldwell Banker, a unit of Realogy, based its online survey of multi-generational home trends on responses from 2,360 of its real estate agents.
Popularity: 1% [?]
Interesting housing news…
Good news for commerical…and good news from lowes.
Popularity: 1% [?]
Something a little different for all of you…to tide you over until Monday.
Remember the Movie, Wall Street from 1987? (Can you believe that was over 20 years ago?!)A classic movie with the famous line, ‘Greed is Good”. Perhaps in retrospect far too many young ‘yuppies’ who were just starting their careers on Well Street took those words far too literally…based on the current greed enduced economic crisis our world is currently digging itself out of.
In case you haven’t heard…Oliver Stone is about to release a sequel in April 2010. Regardless, if you are an Oliver Stone fan or not…or a fan of the original Wall Street…you have to admit, this movie is being released at the perfect time.
My favorite line from the original move, “Stop going for the easy buck and start producing something with your life. Create, instead of living off the buying and selling of others.”
Here is the trailer. Give this a watch and let me know what you think….will YOU see this movie?
Popularity: 1% [?]
There is no question that after April 5 2010 Short Sales will dominate the market. Why?
Treasury Departments HAFA Guidelines! Read this post for everything you need to know about HAFA.
From the homeowners perspective a short sale is the best solution to rid themselves of their own ‘toxic assets’. For example, here are a few of the changes that will occurs as a result of the new 2010 HAFA Guidelines:
1) Commissions can’t be greater than 6%.
2) Lenders must respond to all short sale offers within 10 days!
3) Lenders can’t pursue the borrower after the short sale (or DIL) for any deficiency. In other words, even in states where mortgages are all recourse…even if its not a purchase money loan…no deficiency.
4) Homeowners will receive up to $1500 at closing!
What matters now is that you take action and learn now how to easily list and sell short sales. 2010 IS the year of the short sale. Agents who know the new ways to list and sell short sales are the agents in demand. Watch the free HREU CDPD (Certified Distressed Property Designation) video and download the FREE Short Sale book.
Big US banks including Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are turning to a new tactic to clear their books of troubled mortgage loans: short sales, in which homeowners settle their debts by selling their properties for less than the mortgage value.
Short sales are expected to climb sharply this year as home values continue to plunge, leaving many borrowers underwater on their mortgages.
As moratoriums on mortgage payments and temporary loan modifications expire, a record 4.3m homes are entering or are in foreclosure, up from 3.4m in 2009. This creates an inventory overhang that will weigh on the housing market. Short sales are a way to help clear the pipeline.
Mark Zandi, chief economist of Moody’s Economy.com, forecasts short sales and another type of transaction – known as a deed-in-lieu, in which the homeowner turns over the deed to a property in lieu of paying the debts – to total 20 per cent of all lost home sales this year, up from 15 per cent last year.
After spending most of the past year focusing on largely ineffective loan modification plans, BofA, Wells Fargo, JPMorgan and other large banks said they were shifting their attention to short sales.
“If 2009 was the year of the loan modification, 2010 will be the year of the short sale,” said Jim Klinge, a real estate broker in San Diego, California.
Some of the largest mortgage servicers are scrambling to make the most of this shift. Wells Fargo is holding seminars to teach real estate brokers how to conduct short sales. Citigroup created a unit to expedite short sales and recently announced a pilot programme that gives home owners who voluntarily turn in their deed to the bank a minimum of $1,000 in relocation expenses.
BofA has hired staff to handle increased volume. “Short sales are growing faster than foreclosures and that’s a new development,” said Matt Vernon, a BofA executivenamed to a position overseeing short sales.
The moves come as the US government prepares to launch a programme in April that encourages homeowners, lenders and investors to complete short sales by providing up to $3,500 in incentives.
www.ft.com/usview
Popularity: 1% [?]
