To my students from Monday’s REO class,
Here is the link to the slide showing the Pay Option ARM Reset chart. Click through to the slideshare website. It’s slide number 15.
Here is the amendment to the Distressed Property Law. It passed both branches of the legislature and is on it’s way to Governor Gregoire’s desk for her signature. For a summary, scroll down to the “House Bill Analysis” link.
In answer to the question, “Are BPOs iIllegal?” I found this Reuters news article from January. It seems like the issue is whether doing an BPO constitutes a specific form of relationship. In some states you must have an appraisal license, as I suspected. One of our students, Jimmy Gilletti provided these links as well.
Good evening, Jillayne.
Here is a link to an article about the illegality of broker price opinions in West Virginia and Mississippi.
Here is a link to a discussion board about one particular REO company, FAS, Inc. Their company web site, is included in the Section 4 handout you passed around in class today. Here is the page that discloses their vendor registration fees.Jimmy Gilletti
John L. Scott Real Estate:
Hey thanks, Jimmy! More than a few asked me about when we’ll be able to see the bottom of this market. I’d like to recommend two sites. The first is Calculated Risk, my favorite blog on economics and finance. CR says that we’re not there yet. Here is his post from Tuesday. Here is CR’s analysis from Wednesday. I think you’ll like his graphs. They’re interesting.
Seattle Bubble created series called “Bottom Calling Week” and Tim Ellis analyzed five different ways to predict the bottom of the market. I tend to lean toward the Inventory method. Here is the series.
I surveyed several brokers this week asking the question about forming an LLC strictly for the REO listings. I have finally heard back from all of them and everyone said that the agent’s license would stay under the original brokerage company and that the agent would still be able to work with traditional types of transactions in addition to doing REO listings.
Yesterday, CR posted a story about banks selling REOs in bulk.
Thanks for a great class!