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I use to get REO's from Land America, IAS, Servicelink, USRES, LAMCO. It seems now everyone wants you to pay a membership fee in hope of receiving REO listings. For several years, I've paid from $200-$500 in fees and have not received one REO. But, I continue to see REO's all around Colorado. I know IAS and Land America are out of business. I feel, I'm being hassled when I'm required to pay a fee in hope of getting an REO. I have an excellent track record. I've even run adds in DS News to no avail. I use to manage all preservation task (trash out, rekey, clean, lawn cut, cash for keys, winterization, board/secure, etcetera), for all my clients with REO properties in Colorado. Every REO, I received went under contract within days of the listing and closed accordingly. I specialize in getting the highest possible market value for REO properties. Ninety percent of my business was REO and now, I don't receive any REO properties. I went from receiving 20-25 properties per year to nothing.What am I doing wrong? Most of my old asset manager contacts are gone and/or the company closed. Who has some good advice??????
I'm in the Miami area but I will appreciate if you can send me the lis also.
Thank you, Claudio
It is hard to say what is the right approach. REO requires alot of overhead from staffing to paying all those utlities. If by some grace of god you were able to get into Fannie direct you are golden, but for those that gotta bump and grind well it sucks. From REO went to Preservation now jumping back into the REO and regular sales. It is a tough market out there and very demanding. All we got to go by are promises of something to come and it is just so crazy because I see how much inventory is out there. The new thing I have seen is judicial sales are going to auction companies because the banks have done all these bpo's and know what the properties is worth that if they get the right price at the judicial sale we won't even see that inventory to come out. Prepare your self for a resurgence in the market see alot more rehabbers/flippers coming out of the woodwork. Market is improving in chicagoland suburbs because we have high demand and low supply, which is soo funny since there are so many vacant homes out there.
I received an REO assignment at end of January, bank owned by US Bank and they still haven't sent me the price. After my initial BPO, they had an appraisal done nearly two months later and the bank is having issues with the appraisal and I still don't have the listing although having paid deposits, utilities and such. I had a buyer in hand but since it took so long, he's gone and I'm back to square one and the asset company takes 30% of the commission. Hoping it's coming soon, but can't do anything to speed it up, I don't think. Sound like some of you have had the same experience.
Typical. Sometimes the BPO and appraiser are too far apart, redemption has not expired, title problems etc. Some of the REOs seem to take forever to get to the market.
You are preaching to the choir. I get so sick of it, this winter I was paying as much as $5000 a month for utilities although I had a few good months, propane was outrageous. I have a few clients that are really slow to pay. I am out nearly $1000 on one property for utilities and it has not even been listed yet. You have to take the good with the bad.
Thanks guys for your replies. I'm trying to be patient and don't have that much invested in utilities because I just couldn't afford it. Propane got so expensive, I let mine run out at my home and using the newer Kerosene heater. We don't have to buy 100 gallons in that and it's a great heat source.Let's hope 2014 will be better for all of us.
My name is Herman and not Hernab. Can anyone get the spelling of my name correct. I'm not sure how this happened. Does anyone know how to get it corrected? Is management of this site out to lunch? Herman
I think they're more than out to lunch, lol. I've been trying somehow to get those companies who still have stars on their reviews to be removed, especially IAS and others who have stiffed so many agents and they're still on there. Oh well, we need to do our own investigating on google or wherever.
Not a thing.
REOs are down across the county do to the mortgage industry restructuring in 2013. Thanks to Dodd-Frank regulations.
More should be coming up starting Q2 this year. All of a sudden I am getting more and more requests for pre REO inspections and BPOs
Hang in there
I agree with that, although the market is slower, I am much busier this time of year than when I was last year. Already I am double in terms of closings and cash flow than I was last year.
What's wrong with you agents. REO is gone. go hustle for standard sale and you will recover all your money. Market is tough, and all hustlers will survive. No hand outs and no buying business. Spend same amount of money in marketing yourself and farming and you will end up with more business you can handle and make decent living without paying any referral fees and begging for business. I left REO WAGAN long time ago.