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June 2008 Blog Posts (32)

Floggin' them BPOs

Sorry I haven't posted in a little while, I have been busy. I got another REO or two, but I have been consumed with doing BPOs lately. I view BPOs as kind of a loss leader, but I think they are an excellent way to stay on top of the market and to keep your name in front of the eyeballs of some unknown person or persons who may well one day stoke you out by sending you that fattie REO...

I've also been busy workin' a few buyers. Oy vey, that's a hard way to make a living. Still,… Continue

Added by Seb Frey on June 28, 2008 at 10:48am — No Comments

Short Sale and REO Myths

Common Short Sale and REO Myths.

I am shocked and this misinformation out there that is being passed as reliable. To combat some of these silly and often gullible myths, let me outline some for you today.

1. You can ridiculously low ball banks because they have built in projected losses on their REO’s and Short Sales. In other words, they all have a “sweet spot” selling price and if you know what it is, your offer will be accepted.

a. The first problem I have with… Continue

Added by Jesus (Jesse) Gonzalez on June 27, 2008 at 8:58am — No Comments

Classic REO Improvements

I don't know how it is in your area, but in my area, a lot of the REOs have illegal improvements. I am currently dealing with one that has two red tags, and it is a total friggin' nightmare. But don't get me started.

I was down there a couple of times this week (and it's only Tuesday) with some contractors, trying to figure out what it will take to satisfy the county (they are deliciously vague about this). Anyway, I found a handy diagram showing what the former owners had… Continue

Added by Seb Frey on June 25, 2008 at 12:30am — No Comments

Whats an REOSpeedwagon?

OKAY - I just used that name to draw attention. REO Speedwagon are a 70s band that I grew up with.

I love trendspotting and thought we might enjoy a creative challenge. So here's the drill: Come up with trend names for items and activities surrounding REOs. Below are a few I've used recently...

REOnly... This is used to describe Buyers who are only interested in viewing REO/Bank Owned properties.

REOhMy... An adjective used to describe the… Continue

Added by Dee Dawson on June 24, 2008 at 2:55pm — 2 Comments

Looking to expand my REO Business

Hi All!

I am now in a postion to seriously expand my REO business. If you have any suggestions on websites, AM Companies or people I should, meet greet or become a member of, please let me know. By the way, I am in Tennessee so I would only be interested in companies that do business here in my state.


Added by Jesus (Jesse) Gonzalez on June 22, 2008 at 7:57pm — No Comments

How Do We Really Prepare Our Buyers?

Today was supposed to be the most exciting day for my buyers~the closing of their first home. Well, it did not quite work out that way. Boy, were they disappointed.

A little background....We submitted an offer on an REO property on March17. The offer was accepted by the lender. However, it took the bank almost 30 days to sign and execute the contract. Once escrow opened, we were told by the escrow company that we were not "priority" and we would get escrow instructions within 2… Continue

Added by Kim Lineberger on June 19, 2008 at 11:34pm — 3 Comments

Lazy, good-for-nuthin' REO agents

I got a request to do an interior BPO for a house in my service area. D'oh, another listing that wasn't assigned to me. No worries, I really can't complain, I'm busy enough. So I call up the agent and say hey, I want to get in there, what's the combo box code?

He says, "I don't know. You know, I don't really work in that area, it's a bit far for me, so I'm having a local agent I work with there put the lockbox on and he's working on getting it trashed out."

Ahem. I know… Continue

Added by Seb Frey on June 19, 2008 at 9:26pm — 4 Comments

Tales from a CFK Completion

The days on the calendar swirled by, and before you know it, two months and a week had passed, and it was time to do the actual Cash for Keys - get the keys from the former owners, and give him the keys, and everyone goes on their merry way.

I don't know how it is with everyone else, but here's how my CFK goes. A day or two before, I call up the former owner and arrange a time to do the exchange. I go over the requirements again (that the place be clean, the appliances in place,… Continue

Added by Seb Frey on June 19, 2008 at 9:18pm — 1 Comment

Just back from Vegas

Hi, I just got in from the week spent in Las Vegas. I was there for the CRS Training, which was so-so, and also the "secret" Vegas conference put on by AVM (Asset Valuation and Marketing), CalREO, and Atlantic Pacific REO. I have done some BPOs for AVM (probably a couple of dozen?), and long ago I signed up with CalREO but never heard a peep back out of them.

At the conference, we got to meet the boss of CalREO. I asked him if they did any work in Santa Cruz county, where I am based.… Continue

Added by Seb Frey on June 15, 2008 at 11:52pm — 3 Comments

A Test: Will Staging Help Sell A Vacant REO Property?

I recently listed an REO: a spacious 3 Bedroom/2 Bath condo. This condo was "aesthestically-challenged", with drab colors on the walls, ceilings that were painted shoddily, crown molding installed upside down, some faux-pax rooms, and even some crown molding used as chair rail in the dining room. The Asset Manager agreed to have it freshly painted and professionally cleaned - and then to lure buyers with photos, I decided to stage the property (absorbed into my costs).…


Added by Dee Dawson on June 14, 2008 at 9:48am — 8 Comments

What you don't know is what you don't know

As I often do, I was reading over some of my favorite blogs today and a very interesting question came up. I was a bit shocked by some of the responses and I would like to know how our members would see the situation. I am not going to provide this agents name, state or contact information. Just think of this as a hypothetical situation so, here it goes……..

“I just got a contract on a REO I have listed, I learned through the city utility department that the house was fined… Continue

Added by Jesus (Jesse) Gonzalez on June 13, 2008 at 4:09pm — 8 Comments

Looking to build a team

Do you live in Orange County, CA? Are you an active agent but biz is kinda slow? Are you looking to get into the REO biz but can't due to the overwhelming amount of agents also trying to follow suit? Are you looking to subsidize your income so you can weather the storm? Now most important are you a team player?

I am looking to form a team. I work with several asset managers and I am extremely busy. I am having to turn biz away and I decided that I do not want to do that. I am looking… Continue

Added by Stacie Cunningham on June 13, 2008 at 11:03am — 6 Comments

REO Workflow

I would like to hear from some of the members on their opinions of software for their workflow. What kind of management tools are you using for your business and how do you like them? Franklin Covey organizers? Outlook? REOMaestro? AgentOffice?

Added by Daniel Ripper on June 13, 2008 at 2:42am — 3 Comments

What if we created our own REO Designation, would you be willing to help?

Ok, so, I got to thinking, what if we (REOPro) created our own designation? Sounds great and all however, I want it to be the kind of designation that makes a difference. When people say they are a REOPro, I really want it to stand for something. With as much experience as we have on this site, maybe we can do it. Of course, right now, it’s just a pipe dream however, I am no Amy Winehouse, my pipe dreams come true…...occasionally.

So, what ya think, could we do something like that?… Continue

Added by Jesus (Jesse) Gonzalez on June 9, 2008 at 2:01pm — 5 Comments

Combo Lockboxes. A Fales Sense of Security?

Second item on the REO To-Do list: Secure the property. Many Asset Managers have a preferred type of combination lockbox and/or a preferred code for their Bank-owned properties. Some even have preferred Master Locks they want us to use. Almost all I've worked with want some kind of combination lockbox.

But are these lockboxes really secure?

There have been a number of recent occurances in our area where appliances are missing. Who would take… Continue

Added by Dee Dawson on June 7, 2008 at 1:34pm — 1 Comment

REO Party Place

So last night (Friday, mind you), I'm working on my ad for the DSNews REO RedBook (hey, I noticed a couple of big producer REO agents have hads in the current RedBook, I figured what the heck, give it a shot), and I get a phone call. It's the cops. Yay.

It turns out that one of my REOs - the one that's got two red tags on it for illegal improvements, located right across the street from the neighborhood mini mart/beer outlet - the property was the scene of (apparently) a… Continue

Added by Seb Frey on June 7, 2008 at 8:43am — 5 Comments

Top 10 NOD Surnames in Santa Cruz, San Benito, and Monterey

A few weeks ago, we had some guy come to our regular office meeting to do a presentation about something. He trotted out a list of the top 10 surnames of new home buyers in California. One of my colleagues made a wry comment that that list of names probably looks a lot like the list of surnames of the folks who are presently losing their houses to foreclosure.

I am getting ready to go to that "invitation only" REO seminar in Las Vegas next week (I didn't get invited, but I asked if I… Continue

Added by Seb Frey on June 6, 2008 at 10:20am — 2 Comments

New Property Assignment in Salinas

I got a new property assignment today, way out in Salinas. Naturally, I had to rush right out and do an occupancy check. I've never had a property assignment that far out before, it's a good 45 minute drive from my office. Salinas is a town that has been very, very hard hit by foreclosures, and property values have been crushed. This particular house is a single-family attached residence, in a neighborhood that seems nice enough.

The house had been listed for much of the year… Continue

Added by Seb Frey on June 5, 2008 at 11:52pm — 1 Comment

Getting the ball rolling

Hi,I'm Seb Frey - the Real Estate Guy. Catchy, huh? :) I have a couple of blogs that I already maintain - one at my main web site, - the other is on ActiveRain, which I don't really post on too often - mostly, I just put my REO listings on there.

I don't talk too much about the REO side of my business on my own blog on my main site. I kind of want that blog to be a general-purpose real estate blog for buyers and sellers. I do mention REOs and foreclosures and… Continue

Added by Seb Frey on June 5, 2008 at 1:46am — 3 Comments

How I brought my 1st Ugly REO property… then flipped it for a profit

About 5 years ago I was contacted by an AM company to list an REO property. This was during a time when there were not many REO properties on the market in my area. I was unfamiliar with how to market such a property as this was my 1st REO. I was asked to re-key the house and put it in the MLS to sell. I went out to take a look at the house and had no idea of what I was getting myself into. As I opened the front door the stench was so strong, it smelled like something or someone was dead in… Continue

Added by Donna Whitacre on June 4, 2008 at 11:00pm — 2 Comments

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