It was a meeting of several firsts!

• Our FIRST meeting in Pasadena
• Our FIRST sell-out meeting with over 100 attendees
• Our FIRST meeting with TWO stellar speakers who kept the audience riveted - and why not, when they talked about REOs and short sales.

Here's a brief recap of what went on at the Q3 Southern California Chapter of CRS meeting and a few tidbits from the talks. For the folks that couldn't make it, you REALLY missed some great information - it is these kinds of speakers at our membership meetings that really show the value of being a Southern California CRS Chapter member! Perhaps I'm biased...but I don't think so

PHOTOS from the meeting will follow in a separate post.

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1.  2009 Secretary Jeff Dowler announced the election results and ratification of the 2010 Executive Board – President – Marlene Bridges; President-Elect – Jeff Dowler; Treasurer – Debbie Browne; Secretary – Diane Dee Lee

2.  Deborah Kniss provided a brief summary of SoCal CRS activities and accomplishments thus far in 2009 including social media webinars, REO classes (which have sold out), our 2-day CRS classes and more.

3.  Deborah introduced our sponsors, each of whom spoke briefly–  Old Republic Home Protection, Hallmark and Coast Cities Escrow, and Bank of America.

4.  Ryan Zimmerman – announced at the CRS of the Quarter for Member Spotlight

5.   We also held the Silent Auction and Raffle for a bunch of cool prizes to support Habitat for Humanity (I'll let you know how much we raised).

We ALL learned a ton of information about REOs from Bank of America VP of the REO Division, Ivan Choi.

NODs are at their highest level, but REOs are about at their lowest. These levels are expected to rise to prior levels in the next 9 - 12 months. We are not at the bottom yet. Mr. Choi discussed how the bank makes some decisons about assignment of REO listings, qualifications, and the automated system they and other banks are using, and fielded questions from the audience, a number of whom expressed their frustrations at dealing with REOs from the buyer side.

Sherman Smith, of Sherman Smith and Associates in Tustin, Orange County, shared his 50 strategies on handling short sale listings.

Ya shoulda been there - several folks I heard commented they learned more from Sherman in his talk than in other longer and much more expensive short sale classes. Here are just a few things we learned - this will get you thinking about the short sales classes we are working on with Sherman to host.

1.  DON'T FEDEX (or overnight) your offer(s). FAX them, then follow-up in 3-4 days to check and see that they got everything.

2. Once you have the systems and paperwork in place handling short sales listings is much easier, smoother, and you will have far more success in getting them closed

3. DON'T send information to the bank in pieces - send a complete package of what they require including all supporting documentation. And include a Table of Contents so it is clear what you are sending and what page of the package it's on.

4. Make sure you find out what other things folks are late on besides their mortgage payments (in all likelihood there WILL be other things like utilities or property taxes), and what other liens there might be (personal, such as a loan from a friend). Not all liens will show up in the Preliminary Title Report, which you should order right away.

5. VERIFY the loan numbers. This is especially important in these days when so many banks have been acquired by other banks. The original loan number likely will have changed.

All in all this was one heckuva value for $35 for Chapter Members (and did I mention a delicious lunch in a beautiful setting?). Stay tuned for more photo highlights of the meeting.

If you are interested in attending the August 7 meeting of the Southern California Chapter of CRS in Pasadena, TIME IS RUNNING OUT.

Not only is the date approaching FAST but we are almost at maximum capacity. We had over 75 registered the other day and the room only holds 100. That means there will likely be NO WALK-INS ALLOWED.

Get your registration in so you do not miss this terrific opportunity to hear from IVAN CHOI, REO Manager for Bank of America, and SHERMAN SMITH, who will educate us on his strategies for effective listing and selling of short sales. This is sure to be information we can all use!

REGISTER NOW - Go to our website home page and download the registration form adn fax to the office.

The Southern California Chapter of CRS® & Silver Lining Workshops Present

REO 101 & REO 102 for the 21st Century

REO 101 – The Basics:
Date: Friday, October 3, 2008 9a.m.- 4 p.m.
Cost $99 for this CRS® Sponsored Event (normally $149)
• Overview of the REO Marketplace
• BPO Business Module for Immediate Cash Flow & Future Listing Opportunities
• Proper BPO Preparation
• Hands-on BPO Training Session
• The BPO/REO Resume
• Registering for BPO Business & More

REO 102 – You Get An REO Listing… Now What?
Date: Friday, October 24, 2008 9 a.m. – 4 p.m.
Cost $99 for this CRS® Sponsored Event (normally $149)
• How to Effectively Manage REO Listings
• Cash For Keys – a Win/Win Scenario
• Asset Preservation
• Property Tracking/Property Management Systems
• Marketing to Investors: Cash is King!
• The Who, What, When, & Where to Register for New REO Business & More

WHERE: CITRUS VALLEY ASSOCIATION OF REALTORS®
655 w. Arrow Highway, San Dimas, CA 91773
ADVANCE RESERVATIONS REQUIRED
RESERVATION HOTLINE (661) 972-9642
VISA, MASTERCARD, AMERICAN EXPRESS, DISCOVER & DEBIT CARDS ACCEPTED

Possibly the BEST educational opporunity to come your way since the CRS Designation!!

Given the market, with its glut of short sales, pre-foreclosures, foreclosures and bank owned properties,wouldn't it be nice to have a really good handle on how to manage these transactions effectively?

To be the expert?

This is your opportunity in Southern California to become that expert.

And you DON'T have to be a CRS.

Here's the deal:

• Earn a Certified Distressed Property Expert certification CDPE) at the FIRST class here in the California market
• Regular price is $599 for 2-day class but with 40 folks we can attend for $399
• Two days of classes to be held in ONTARIO (details about actual location to follow)
• 170-page field manual

And much more.

Stop by the article written by our Chapter President-Elect, Marlene Bridges, to learn more and indicate your interest. Read the terrific feedback from former students whose real estate careers have taken off with their new-found expertise in handling distress sales.

Visit the CDPE website now for more information about this important certification. As the market continues to evolve this may be your more important educational experience outside of the CRS.