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Very Interesting Topic(REO agents risk scrutiny under AG settlement)

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Cynthia: Thanks for the suggestion. I'm seriously considering doing that.

Katy:  where this company is concerned,  don't stop go, don't collect $200.00.  just do it.  that is where I am headed if I don't receive my money by weeks end.   Good Luck to you.  

Accountability should always be there.  I always represent buyers on REO and REO agents make up their own rules!  This is why I really think the REO industry needs to learn customer service.  It is usually the brokers too that are the local market leaders, that control the bulk of REO that tend to do this.  I read that other post about the AG settlement and I think it is time the assests get evenly distributed so we small people can get one and do a much better job.  I currently have a buyer offer with a major broker and its hard to get them to answer the phone.  My buyer even went on the offensive to ask them for offer status and got into an argument with them!

A side story...besides real estate I have another 40 hr a week job.  I just completed a very grueling shortsale with Bank of America as the listing agent.   The seller called my broker to say "what a fantastic job I did".  That was because I was serious about the transaction.  Being "part time" as some would like to think doesnt make me any less professional and I feel makes me even better. If I had REO, the asest manager would only be dealing with ME and not a "staff"!  from start to finish!  ( I posted a similar comment elsewhere as well.)

John, I don't agree that REO agents "make up their own rules" at all. There are many things that are required by asset managers before they will even look at your buyer's offer. And just like underwriters on the lending side, they occasionally ask for something additional.

 

I speak as a current REO broker and a former asset manager. There are many reasons why a slower response may be appropriate. For auditting purposes, the bank I worked for required a minimum of three offers on properties before I could accept an offer under certain circumstances (i.e. considerably lower than list or an offer within a day or so of list). This was so they could demonstrate due diligence in recovering damages through deficency judgements. And since a decision could not be made on the offer, we spent hours and days soliciting offers, all the while managing a work load of 200 properties.

 

I have worked with many very knowledgable and thorough "PT" agents over the years. Being part time does not make you better than a full time agent, though you may be better than SOME full time agents. But making blanket statements like your statement here does show lack of knowledge of the process from the listing side. And who knows how you would handle 150-200 REO properties alone? Or 50 for that matter! My point is, don't be over critical until you FULLY understand the process.

Hey, Len I think also what you can add, is that we are no longer back in  the old *(S&L/RTC) days and that we are indeed much more careful making financial/asset base decisions then  days where it was a Liquidation Frenzy. LoL!! (I:E)

Everything on sale/ asap!!!

 

*Saving and Loan, /Resolution Trust Corporation

Dear Len,

I really wonder how one can effectively manage 50 or more properties at a time. I would tend to think that with all the inspections that need to be performed, bpo's needing completion, auxillary services like landscape and upkeep, there is definite overload here and that if a staff is needed, then accountability gets spread out very thin.

I am glad things will be looked at more closely.  On BPO's , I am always asked to certify that I actually saw the property and performed the report.  Every tranaction is a triumph people will judge you on what you have done.

I had the experience of a REO agent telling me that I need to accept the bank's terms or go elesewhere. What happened to doing what we do...negotiate?

I perhaps never will understand why assest companies want to override the CAR standard forms and put their own language into the pool.

I perhaps never will understand why an offer's phone call not be returned.  One West Bank mandates that all offers get a response in 72 hours!

..and if the property is priced in  accordance with the market and its physical condition, it will generate its own multiple offers.  My shortsale could have sold two or three times over.!

I do however want to thank you for your insight and expertise from your background.

In short if I was working for you as an asset manager, REO would be different and I think you would appreciate it because well...I LOVE REAL ESTATE!

It is about time to get back to basics.  Many agents have never been to properties and make sure the prices are lower than the rest so the home doesn't stay on the market long thus the declining market.  The BPO companies aren't any better because if you give them the price the home should sell for they question the honest agents and then of course the honest agents do not get the listings any longer now that there are so many untrained and unscrupuous agents many of the long time agents have decided to get out of the political decline of this once great nation of homeownership.  I used to be proud of my profession now I am disgraced by what has happened.  And I did at one time handle many REO properties but I refuse to stoop as low as many of the new REO agents I price the homes at MARKET VALUE Good luck and I pray the rest of you can get back to the business of helping homeowners and not pocketing buckets of money no matter the cost.

Reply by Julio A. Shea

I am an REO and BPO broker, and I am all for the close scrutiny.

Maybe this will eliminate those that pay other firms to perform their work for a percentage of the fees and have no idea what the properties look like.

I perform all tasks for the bpos, including taking the pictures, notes at the property, comps and filling out the forms, same for the REOs, I take the pictures, inspect the property, drive by the vicinity to look at the nearby comps,perform the bpo for the subject REO pricing it at Market Value after adjustments, fill out the listing form and upload it to the MLS.

I am also proud that I am NABPOP certified.

 Keep it going folks!! great to read all of the comments and reply’s on this interesting topic

You can bet!! performances,compliant,quality of your work will be looked at more and more as it always should be

Thanks very much for re-posting.  Good, informative read.

Hopefully the unscrupulous REO agents get reprimanded as they give the rest of us a bad name.  

Having said that, the majority of REO agents I know are ethical, hard-working individuals who care about their work and their clients and who take their fiduciary responsibility seriously.    

Thanks for the re post Mike! Great information! Just came back from REO Expo and Wells Fargo did mention this to us all as well and very eye opening!

It is too bad they want to pass the buck.... for one, the BPO price paid is not worth the time and energy it takes to perform. I have provided many BPO's over the years for a mere $40 or $50 for hours of work spent looking for the best comps... not to include any repo homes that are of the same calibar of the subject property that is in similar condition... taking the photos, making sure the address is correct, redoing the work because someone did not like that the comp that would be usual and customary in my market place.... we are talking hours of preparation & delivery time for usual request of over night rush orders.... I take pride in getting the price right and then to hear that there are people out there not even looking at the properties or having others do their work! ARG! What will be interesting to see is if they will have appraisers look at our work and scrutinize our performance. Will we have to go back and redo the work? Provide the comps we used from the MLS? And how far back will they take this???? That is going to really make me angry... BPO's are not worth the time we put into them especially if you do not get the listing. I will not be doing any more until this is all straightened out... Life is too short for this type of harassment in our industry. My clients will be who I serve. Listing and Selling.

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