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Carolyn Nelson's Blog (11)

Six Items You Will Need to Submit a Successful REO Reimbursement

Before you submit a reo reimbursement to the reo bank or asset management company, there are five items you need to double check.

1. Vendor Correct Contact Information. The vendor contact information must be correct at all times. Make sure you have accurate information such as the full and correct vendor name, complete address, phone number, and business license number.

2. W-9 Forms - A completed and accurate W-9 form is very important. It doesn't matter if you are paying the…


Added by Carolyn Nelson on August 28, 2011 at 9:30am — No Comments

Setting up your REO Properties as Projects in QuickBooks

I've been using QuickBooks since its inception back in the 80s. In fact, as I was reorganizing my library of software programs and toys, I sorta drifted back to the beginning of my program collection such as my old versions of SuperCalc 4 and 5, MS Office DOS Version (1988 and 89 Copy), QuickBooks 1988 - 2006, Quicken Invoice DOS and Windows (initial Copies), and more. Ok, back to the topic.

I prefer the method below because it allows me to accurately track each property expense, I…


Added by Carolyn Nelson on August 28, 2011 at 6:55am — No Comments

Organizing Your REO Expenses

REO banks require the agent to turn on the utilities, pay the bill, and submit for reimbursement. It is very important that you keep track of each bill and submit in a timely manner to ensure that you are reimbursed by the banks. During the rush of completing your daily tasks, don't ignore the utility bills by adding it to your already filled and probably overflowing inbox. Separate your utilities and other bills by using hanging trays. Hanging trays can be added to the side of the file…


Added by Carolyn Nelson on August 27, 2011 at 9:43am — No Comments

10 Reasons Why Your REO Grade Could Be Low.

Brokers and agents often wonder why they receive such a low rating with REO Banks and Asset Management Companies. Instead of looking at their past output and current REO Process from assignment to closing. All asset managers want to feel like they are #1 and the only  client on your list. If your rating has fallen and you have not received any new or very limited properties from the REO bank and Asset Management Company, the following is a list of possible reasons why per several of the AMs I… Continue

Added by Carolyn Nelson on August 27, 2011 at 9:29am — No Comments

Should the REO Bank Sign and Approve the MLS Sheet?

Should the REO Bank Sign and Approve the MLS Sheet? Yes, why not?

After you receive a listing and have added it to the MLS (Active or Non-active status), send a copy to the Asset Manager for him/her to review and sign. Make sure you highlight the broker and agent remark section, commission, etc. Once the Asset Manager signs the active/non-active MLS sheet, activate the listing and return the signed copy along with the listing agreement in one secured… Continue

Added by Carolyn Nelson on October 13, 2009 at 1:30pm — 2 Comments

Get It In Writing!

Get it in Writing!

How many "Denied Payment" does it take to get it right!

When working with REO properties, you need to be very cautious when it involves being paid. Do not take for granted that the Asset Manager or representative will remember your conversation or have made a note in their little black book. The sad fact is that most, if not all, handle hundreds of properties and answer questions and emails regarding those properties on a daily basis. At this point, you… Continue

Added by Carolyn Nelson on October 7, 2009 at 8:30am — 1 Comment

Managing your Reimbursements Part 3 – Working with your vendors

Any Broker and Agent that have worked in the REO for a considerable amount of time understand the importance of working with your vendors. Those brokers understand that vendors are more than service providers. Your vendors are a part of your team, the well-oiled team.

When working with vendors and before you hire a vendor, consider a few useful advice.

1. What is the vendor's track record? How much experience do you require and how much experience does the vendor have in… Continue

Added by Carolyn Nelson on July 30, 2009 at 9:42am — 2 Comments

REO Properties are not Burdens so Don't Skimp on the Marketing!

Are you a REO agent providing minimal information about each bank owned listing? The bank expects you to market each listing as much as possible so the best possible offer is received. You should never look at an REO property as a burden and/or think little effort is required. Remember, each successful sale contributes to the next listing you receive from the REO Company/Bank.

Here are a few tips when listing the REO:

• Take the time to take incredible picture of the… Continue

Added by Carolyn Nelson on June 12, 2009 at 2:30am — 5 Comments

Creating a simple process to manage your REO properties and your process

Do you have a plan that will help you manage your properties? How organized are your files and if the bank calls you regarding an invoice submitted three months ago or inquires about the details of a property, are you prepared? I help several agents remotely organize their files and provide different resolution based on their setup.

Here are a few tips that will help keep you organized. It may not pertain to everyone and depends on the current process being used.

• Get rid… Continue

Added by Carolyn Nelson on June 11, 2009 at 3:03am — 7 Comments

Before you Sign-up for BPOs and REOs

Deciding to work with a BPO and/or REO company should be a two-way interviewing process. Brokers and agents eagerly try to get into the business by randomly completing the online or hard copy application process then several weeks or months after completing a BPO, act like a disgruntle employee by complaining to others because he/she/they did not get paid. Well, how much research did you do?

You should never leave your business and services to chance and hope. Neither will pay your… Continue

Added by Carolyn Nelson on June 10, 2009 at 3:00pm — 7 Comments

Managing REO Reimbursements

Reimbursement management is very important when working with REOs. It builds a relationship with the REO bank and a committed relationship with your vendors. Too often, brokers and agents will put the invoices in a pile or box and pray for the reimbursement fairy to come along and make it disappear through automatic submission.

HELLO! That is not how it works!

Working with REOs is a very serious job and should not be taken lightly. Each REO bank has its own policy. You… Continue

Added by Carolyn Nelson on June 10, 2009 at 8:00am — 3 Comments

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