I cut and pasted an email I received today from LRES. Has anyone heard of this new modified REO program?
IMPORTANT INFORMATION – IMMEDIATE ACTION REQUIRED
A Client has asked for a New Product
Please provide a response by 9:00 AM PST on Tuesday, April 12, 2011 if you are interested in this opportunity for the fees disclosed or provide the fee for which you would be willing to provide service.
Dear Valued Vendor:
LRES is pleased to announce we are participating in a new product that is expected to generate orders in your area. Our client will be purchasing homes in bulk and is requesting the following services:
Interior BPO with Sign & Securing services:
- Provide a full interior BPO
- Place 2 signs on the home with a specific 800 number
- Secure the home with a combination lock
- A combination lock with a hasp locking mechanism is to be placed on the door (Agent to provide the combination to LRES). Any old locks are to be removed. Window boarding, and lawn mowing is to be done as necessary as a reimbursable expense.
- Signature on HUD-1 upon sale
- Upon a Land Contract being executed by our client and the new buyers, the agent who completed the BPO with Sign & Securing services will sign the HUD-1 on our client’s behalf. POA will be provided.
- List & Sell Property (optional) *
- If an Agent desires to market and show the home, they may do so under a Modified REO process. If an agent brings a buyer that has cash or qualifies for their own third party financing, our client will pay the Agent 5% of the sales price of the home. If a buying Agent is involved, the 5% would be split between agents. Agents will be provided a specific contact with our client for the case where they are involved in a sale.
A majority of the homes will be sold to low income applicants who do not qualify for traditional financing. All such homes will be sold on private Land Contracts (Contracts for Deeds) and will be financed by our client. Under this scenario, the agent (besides providing the above listed services) will not be required to do any additional work, with the exception of signing the HUD-1 doc upon sale. Applicants will call in to a provided (800) number and will be qualified by our client’s staff.
- Interior BPO w/Sign & Secure - $75.00 plus actual costs for securing & signs
- HUD-1 Signing - $50.00
- Modified REO (List & Sell Property) - 5% commission (split with buying agent)
Remember to update your vendor profile to be eligible for this new product.