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 —
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 —
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 —
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 —
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 —
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 —
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 —
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 —
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 —
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 —
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, SantaCruzHomeBroker.com - 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 —
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 —
So I got assigned a pre-listing where I needed to verify occupany within 24 hrs. I arrive at the property and peeking into the windows I see no furniture, no personal belongings (couches were already outside) and I even asked the neighbors if anybody lived in the property. All indications that the property was left vacant. I slap my lockbox and order my rekey and confirm with the AM system that we're a go with the status. I make it a habit to leave the occupancy letter just incase. Low and… Continue
Added by Daniel Ripper on June 4, 2008 at 6:21pm —
How important is it that you belong to a REO organization or have a REO Designation (which have started popping up the last 2 years)? Is there a clear cut answer? I have talked to many people over the years about this. I have attended the Five Star Conference the last 3 years and I have been a member of the NRBA (National REO Broker's Association) for probably 7 to 9 years (not sure). The question you have to ask yourself, is what or how do they benefit you. I have found that the number one… Continue
Added by Steve Elmore on June 4, 2008 at 3:44pm —
Buyers need to jump off the fence now if they're going to snag the best deal!
Yesterday I received a call from an Agent who wanted to show one of my REO Listings. He hadn't shown it yet...he wanted to be sure it was still fully available. According to this Agent, almost every Bank-owned listing that he has called on to set appointments already has contracts.
Come to think of it, the last 2 REO Listings I sold each had multiple… Continue
Added by Dee Dawson on June 4, 2008 at 2:36pm —
Here's a question for all the realtors out there: Have you had a deal lately that went to a loan officer, and the deal falls into a black hole, and 45-60 days later you're still trying to figure out what happened?
It's all too common in this market. Three years ago, the industry had what I call "Pulse Loans"...in other words, if you had a pulse, you were approved. And this secondary-market environment led to a dumbing-down of the lending industry. You didn't have to know much to get… Continue
Added by Brooks C. Rawlin, Branch Manger, Indymac Bank on June 4, 2008 at 2:27pm —
Here is a directory of that might help
I know its a long site address, but that is how I found it. Copy and past it into your address bar and it should work.
Added by Leigh Golson on June 4, 2008 at 2:19pm —
www.NRBA.com or National REO Brokers’ Association of America is a new site to me. I just came across it from a fellow REO Broker who gave NRBA some high marks. I have to be honest, when first viewing the website, it didn’t instill any confidence at all. It appeared to me as if they were some awkward knock off of Shop at Home.com. All those little boxes, solid white background, red writing, I swear I thought I was about to buy a gold electro plated magnetized wrist joint amplifier for 3 easy… Continue
Added by Jesus (Jesse) Gonzalez on June 2, 2008 at 8:30am —
Did you know you are graded on everything you do with an AM? You are graded on the quality of your BPO, the time it took you to turn it in, the pictures (following specific instruction) and if it is complete.
Your REO listing is graded on all of your tasks and by each AM you come in contact with. So basically you are under a microscope the minute your profile is even viewed. Crazy huh?? I am always wondering what my grade is and I try to beat around the bush to find out what it is… Continue
Added by Stacie Cunningham on June 1, 2008 at 10:27pm —
I recently was asked why do I blog and isn't time consuming?? It took me bit to come up with the answer but it went something like this:
Importance of blogging.........Blogging help raise your google/yahoo ranking for free. Good blogs with tags and links and widgets that are linked deep into your website help create a web crawl. Once the web crawl locates the content it has to go back out thru every page of your site. I am working on that right now. Also it is… Continue
Added by Stacie Cunningham on June 1, 2008 at 9:38pm —