The Bank of America conducted a seminar yesterday for its designated REO agents in San Diego. No new game-changers, but plenty of confirmation of what we’ve been experiencing – short sales and loan mods have dominated the space in 2010:
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Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
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Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years. Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community. In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Trustindex verifies that the original source of the review is Google. We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.Trustindex verifies that the original source of the review is Google. The Good The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market. The Great Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them. The Outstanding We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time. The Truly Exceptional Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs. The Recommendation For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...Trustindex verifies that the original source of the review is Google. We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready. Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free. Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.Load more
Unrelated Friday humor, but as baseball winds down and the Pads go wayward…how about this nickname I created for an Anaheim infielder:
Alberto “Housing Market” Callaspo! 🙂
Have a good weekend everyone.
JtR,
My question about the alleged new Fannie/Freddie deadlines to servicers (differing accounts given by BofA versus Wells Fargo) is what about the loans in default that are NOT listed for sale or in a short sale? The ones that are in loan mod limbo for more than 6 months? Are they going to finally start foreclosing instead of postponing the trustee sales after they hit the one year in default mark?
By MI, you mortgage insurers?
Cool video! Nice to at least hear what banks are communicating to agents.
I was a little surprised at the vehemence regarding HOAs and their senoir position. Sounded almost like a warning rather than an explanation of the senior/junior debt holder relationship.
IMO the HOAs don’t owe him $700k. They owe BofA $700k minus their exposure + costs if they want to buy out the junior lien BofA hold on the courthouse steps. Big difference.
Invest in HOAs? Hmmmm.
I’ve been to a couple of these seminars this year, and the speakers all seem to be more committed to entertaining/shocking, than disseminating vital sales data.
They don’t have much to say?
His HOA comment probably reveals more about his level of burnout. The staff, having to deal with the same basic inquries for 2-3 years straight, has to be wearing down.
Sean,
I don’t believe anything I hear, and only half of what I see. 🙂
Threats of ramping up the foreclosure process probably won’t change anything for the borrowers, so Fannie/Freddie and servicers will have to make good on them to be believed.
Yes, MI = private mortgage insurers.
In a move that will expedite some foreclosures, Wells Fargo & Co. has stopped granting extensions for distressed homeowners to complete short sales.
The change last month preceded recent revelations of faulty documenation at least two major mortgage servicers — JPMorgan Chase & Co. and Ally Financial Inc. — that suspended thousands of foreclosure actions to review their processes. Wells said it does not have the same problems as those companies.
The company said it changed its policy on short sales at the behest of investors for whom it services mortgages, including the government-sponsored enterprises.
Early last month, Fannie Mae told its servicers to stop unnecessarily delaying foreclosures. The GSE said it would hold servicers responsible for unexplained delays to foreclosures with fines and on-site reviews of a servicer’s operations.
In a memo emailed to short sale vendors last month and obtained by American Banker, Wells said it will no longer postpone foreclosure sales for those who do not close short sales by the date in their approval letter from the company. Only extension letters dated Sept. 14 or earlier would be honored, Wells said.
Mary Berg, a spokeswoman for Wells, said its new policy on short sales was put in place “over the past couple of months … in response to various investor changes.”
Those investors, she said, “would include the GSEs, HUD and those investing in private-label” mortgage-backed securities.
Wells said it will make an exception to the new policy for loans in its own portfolio, which includes those it acquired with Wachovia Corp. in 2008. For these loans, Berg said, Wells allows for one foreclosure postponement, provided the following conditions are met: a short sale has been approved by Wells, by junior lienholders and by mortgage insurers; the buyer has proof of funds or approved financing; and the short sale can close within 30 days of the scheduled foreclosure sale.
http://www.americanbanker.com/news/wells-nixes-extensions-1026457-1.html
This B of A guy is ragging on HOAs for having an increased sense of self worth and being a significant barrier to a transaction? Give me a break. Sounds to me like the pot calling the kettle black.
And the story he tells sounds made up to me. HOAs know better than to foreclose on a property with no equity. HOAs can’t collect dues from themselves.
Then the fellow acknowledges on how far off their past predictions were, that just says any comments on future expectations are for entertainment purposes only 🙂
Amy was there as well Jim.I wasn’t but I’m not sure he isn’t just fed whatever the higher ups tell him. From watching the “Back to Bene” sales it appears that if BAC is serving the loan for say Bank of New York then it gets assigned the next day but if BAC owns the asset then it may just sit. Met a long time BAC field service guy at a property last week who confirmed they are cutting the grass on 650 empty properties currently…..Why aren’t those assigned to an agent???
Okay. He says the REO inventory is low. Of course, it’s low. If you don’t foreclose, then, surprise, you will have low REO inventory. Am I missing something here?
650 empty properties? Some of those have to be listed, don’t they?
Detached stats in SD County:
ACT, PEND, CONT marked as short sales or REOs:
4,959 of 13,602 total ACT, PEND, CONT listings, or 36%.
1,180 of the 4,959 are marked as REOs, the rest short sales.
He is doing delinquent properties too, right? At least vacant, delinquent properties.
I’m so jaded that 650 doesn’t sound like that many.
Met a long time BAC field service guy at a property last week who confirmed they are cutting the grass on 650 empty properties currently…..Why aren’t those assigned to an agent???
—————
Which might back up a rumor I’ve heard about BofA getting some sort of “authorization” (agreement by the govt to cover some portion of the losses?) to sit on properties for up to five years. According to the rumor, they will not even rent them out; they are going to board them up and maintain them for the duration.
Anyone else hear rumors about this?
HOAs sometimes do foreclose when they have no equity: If they believe they can rent out the unit and recoup more in rental payments than the outstanding debt before the mortgage forecloses. This is actually very common in Florida.
Really don’t know what to believe anymore. I do know we have received assignments from BAC that had been empty for over 6 months so he’s not completely telling the truth. I would assume you are correct Jim in that he is probably doing vacant but not yet foreclosed properties, not all post auction. Then again they may be in no hurry to foreclose on them since “mark to market” has been suspended and they can carry them off the books. No harm to the earnings per share and everybody gets their bonuses….
I think we should get bonused for having to put up with their brain damage. How come we don’t get banker bonuses?
Jim, this is probably worth nothing, but this guy “Jim Willie” who writes a goldbug newsletter claims BofA had to be rescued by the Fed on the weekend of July 24th. I haven’t seen any independent validation of this info anywhere.
http://www.marketoracle.co.uk/Article23074.html
Meanwhile back on planet earth what do you think of the disclosures of fraudulent documents submitted to courts from the Florida foreclosure mills?