BPO or “Broker Price Opinion” is the back bone of the REO (Real Estate Owned) industry. This is the tool that banks, lenders, investors and perhaps most importantly the asset managers use to determine the value of a property once they have taken it back at auction and again after it has been on the market for 90 or more days. For this article I will refer to all of these individuals / entities as “Asset Managers”, if that is OK.
A BPO is typically tasked to two or more agents to… Continue
Added by John Occhi on May 31, 2008 at 7:17pm —
As most of you know I don't get out much and I love to blog about REO stuff and the crazy situations I get into but..... I want to take a minute to introduce my friend and fellow blogger John Occhi. He is also a REO master like myself but when he writes.... I read. Every blog he has written (www.hemetrealestateblog.com) is useful. He is a wise teacher and I am a young grasshopper! I get asked daily who, what, when, where, and why and I do have these answers but...... John has better ones. My… Continue
Added by Stacie Cunningham on May 31, 2008 at 5:15pm —
Not every Agent has experience with REO transactions, so there are a few items the Buyer's Agent should know at the onset of the transaction. Passing along this information In Advance
will help alleviate tension and will also help the Buyers Agent look good to their client. So here's my list:
1. The Property is Sold AS-IS
. If the Buyer will be asking for repairs, please ask for a "not to exceed" dollar figure for any repairs at the time the contract/offer is presented.… Continue
Added by Dee Dawson on May 30, 2008 at 2:14pm —
Ok, first and foremost, let me start by explicitly stating that the following commentary is my opinion and my opinion only! It isn’t to be considered legal advice as to which I am not an attorney. I am a Realtor, specifically a RDCPro (REO Default Certified Professional) which I obtained through www.realestateeducate.com, a accepted and recognized provider of REO Education by such companies as Wells Fargo, Fannie Mae and Freddie Mac.
Now with the disclosure out of the way, let’s talk… Continue
Added by Jesus (Jesse) Gonzalez on May 30, 2008 at 12:14pm —
I see a lot of advertisement for the "REO Power Lister" e-book. Has anyone purchased this book? If so was it worth the purchase? Any other suggestions on tangible resources that would be good for referencing?
Added by Kim Lineberger on May 29, 2008 at 10:39pm —
As you may guess, the number 1 question I get asked is, how can I start listing REO’s? Well, if it was as simple as a “one line” answer, then everybody would be doing it however, it isn’t that simple. In this blog, I will try to break it down for you.
First of all, get an education. If you have no experience what so ever, you need to at least get an education. Many different companies out there offer many different “certification / designations” however, be careful because you don’t… Continue
Added by Jesus (Jesse) Gonzalez on May 28, 2008 at 8:04pm —
Wanna see gas price change??
Fill out the petition that is going across American to get our Congress to do the right thing to help the people of America out.
As gas prices continue to increase, Congress continues to blame others while ignoring practical steps to stop the pain Americans are feeling at the pump. To reduce our dependence on foreign oil, we need real solutions to our energy challenges.
We, therefore, the undersigned citizens of the United States,… Continue
Added by Stacie Cunningham on May 27, 2008 at 4:44pm —
I get asked this question daily. 8 years ago I asked the same question to a well known agent in my office who did high volume and was the father of a girl I played soccer in High school with. He knew who I was but I think he looked at me as an inferior and blew me off. His answer was " It's really hard unless you have a contact person already so don't spin your wheels cause you don't have enough experience." I walked away from him with my tail between my legs and I went to the internet. NADA!!!… Continue
Added by Stacie Cunningham on May 27, 2008 at 1:28pm —
has immediate needs for listing services in Florida, Georgia, Illinois, Kentucky, Michigan, Missouri and Pennsylvania as well as Jasper County, TX. Licensed brokers interested in being considered by First Preston
to provide listing services should click here for registration information.
So if you are an REO agent in these cities then why are you still reading this blog?? Get going and… Continue
Added by Stacie Cunningham on May 27, 2008 at 1:02pm —
Anyone have any checklists that they are willing to share for managing your reo's?
Added by Marguerite Crespillo on May 25, 2008 at 11:39pm —
I have a long list of REO AM's I am signed up with and I want to trade my info for your REO AM's. If you have 1 or 100 so do I and am willing to share. Let's trade!!~Stac
Added by Stacie Cunningham on May 24, 2008 at 10:29pm —
Not to long ago, I got a RCDPro (REO Certified Default Professional) Designation from a place that advertises clients such as Wells Fargo and Fannie Mae. I can't say the certification has done much in the way of providing me new business however, it has furthered my ever expanding horizons of the REO industry. I personally feel the designation is worth it due to nothing more than proof of my commitment to my specialty and continuing desire to stay ahead by furthering my education.
Added by Jesus (Jesse) Gonzalez on May 24, 2008 at 8:55pm —