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After receiving the counter addendum signed by the buyer you will need to send the following to your asset manager:
POF( proof of funds if cash)
Pre qual letter.
RPA, ( residential purchase agreement)
Copy of the Deposit Check.
Added by Susan on July 18, 2012 at 2:52pm — No Comments
There is a difference between the assignment instructions and the listing agreements.
Here are some tasks once listing agreement has been signed and submitted to your asset manager.
Input in the MLS, of course! ( The lender may want you to add their own wording to the MLS so make sure to read the instructions carefully) Don’t make a mistake on the commission this might end up costing you.
Install Sign, this is a must!
Install Supra Box, you don’t want to…Continue
When completing your CMA for the BPO do not forget to note the number of homes that are REO and Short Sale. Also make sure to note the price ranges in the neighborhood. This way you do not have to go back to do research as the BPO will likely ask you for this information. Also after I have selected the comps I then save the comps photos in the same order I selected comps. I use the following names when saving the comps- A1, A2, A3(A= Active) and S1, S2, S3(S=SOLD). This makes it easy…Continue
Added by Susan on July 18, 2012 at 2:42pm — No Comments
Selecting comps for the broker price opinion may be difficult at times. Why? The property may be non- conforming to the neighborhood- it may be that the property a new construction amongst old construction in the area or it may have been unfinished. Therefore if this is the circumstance you will need to find similar like properties by extending your search criteria possibly outside of the distance boundaries. You will need to note this on your BPO if this is the case. In the event that…Continue
Added by Susan on July 18, 2012 at 2:39pm — No Comments
Sample comments that I use when completing a BPO if you’d like to share please add to the post.
I use something similar to the following when commenting on my properties in the BPO's. Please share any of yours!
Subject is a _____ Bedroom ___ Bathroom with _____ sq ft of living space. Neighborhood comprised of mostly new construction and single family dwellings. The neighborhood reflects good employment stability, upkeep, and repair. There are no adverse…Continue
Added by Susan on July 18, 2012 at 2:30pm — No Comments
Many agents have been asking if attending conferences would be worth the investment. Personally I believe- absolutely!
This is where you go to meet like minded people who are interested in the same line of business. What better place would there be to network. You may just meet the perfect connection. I did!!
Do you have an REO Staff to assist you if so
Follow these words of advice with your staff- to your success!
Asset managers want to work with real people. You have to be easy to work with, make things very simple not complicated. You have to be the one they can trust to get the job done- be their go to agent in your city. Remember asset managers are dealing with many people and files on a daily basis and this can be very stressful. They need agents who will make things simple and will make their working life easy.
Added by Susan on December 21, 2010 at 11:00pm — No Comments
E Broker house is my management system of choice. I looked into the many different web based management systems out there and found E Broker house to be very user friendly and affordable. I was able to learn the system within a very short period and began to implement it in my daily activity of REO. It has worked out great. I wish I knew about E…Continue