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Dee Dawson's Blog (5)

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

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).…



Continue

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

The Spring REO Market Here Is Booming

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.



WOW!

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 — 3 Comments

A Few Items The REO Buyers Agent Should Know

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 — 4 Comments

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