Do any of you know how to sign up with them, they seem to be getting a lot of REO's lately. Thank you!
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Do any of you know how to sign up with them, they seem to be getting a lot of REO's lately. Thank you!
You need to be a member of REO Pro Network to add comments!
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I agreed with John. I have listed few for them. They sold an occupied property on auction and I got very little commission, but I didn't do much. I am UC with one on normal sale with normal commission. I definitely don't like when they take to auction.
As far as I know, 100% of their listings go through homesearch.com or auction.com. The never are sent to the agent for a listing but you are the agent on the auction site and receive a reduced commission for acting on their behalf.
I have gone there, but it gives me nothing that I can see, can you send me the site you are referring to, thank you!
If you do become a LA for them remember what John and Hugo are telling you here . Very low commissions for the listings and I do mean very, very low. You have to pay utility bills, do weekly property checks, quite a few BPOs on each assignment and hold open houses when required. You also have to answer a dozen calls for buyers who want to see the interior on occupied properties and a lot of angry buyers who don't want to go through the auction process and quite a few from agents who are not happy to see a 400.00 buyer agent commission and a 5% buyer premium charged.
There are a lot of issues that I will not even go into here. Many NS listings also have to be on Res. Net who just increased their fee to the agents to 750.00 per year now.
When you are done with the work and expenses you will be lucky to make 350.00 per listing and it does take months for many of these to be sold this way.
Thank you for the heads up..wondering why they are marketing occupied these days. I would think they would get more money out of them if they did a straight listing with an agent. Anyone have any ideas/thoughts on that?
The costs of foreclosure and possible eviction can be very high. Many times exceeding 10K. Then you have the condition the property is left in after eviction along with a trash out and other expenditures which often occur. These can take months to resolve and again can be very costly. Selling them occupied hands the costs , responsibility and losses for them over to the buyers of these assets.
This is also why so many asset owners love the cash for keys program. Asset owners require the agents to do them at no charge. This saves thousands in legal fees. No eviction is required and small to no legal fees are charged. The occupant agrees to leave by an agreed on date, leaving the property in broom swept condition. The occupants are required to leave all attached fixtures and components in the property. This saves 1000's in trash out costs and insures that the home will not be torn up by the occupants before they leave. The asset owner agrees to give the occupant a check if all terms of the cash for keys agreement are met. This saves months in gaining possession of the asset as well.
Asset owners want to save money any way they can. This new idea of selling them occupied is just another way for them to accomplish that.