Cindy Billman, CDPE's Blog (4)

I decided to pull some statistics out of curiosity. NRBA is probably one of the most prestigious and most recognized of all realtor organizations and they have a designation called CREO (Certified REO) that, I believe, cost members about $300 to take the course and get their CREO designation. Currently, NRBA has 1,039 agents throughout the country and guess what? Out of 1,039 agents only 63 have their CREO designation! Wow, by my calculations that is about 6% of their members! I do not mean to b… Continue

OK - another pet peeve I have to air! I just completed 2 BPO's, the first one was listed and in the MLS but there were NO, ZERO, ZILCH photos for this property in the MLS system, nor were there room sizes or any additional info. This REO has been on the market since 11/16/08 and has gone from $129,900 to $115,900, what a disservice to this bank! Stats confirm that 65% of buyers find their homes on the internet with the majority on Realtor.com. Our MLS automatically inputs listings on Realtor.com… Continue

First, let me say that I love this website and it has been a great place to share information with other realtors around the country. Second, I know most of you are probably sick and tired of the greed that has been running rampant for several years in this industry. I believe in everyone making as much money as possible but I draw the line when the information is being sold that can be obtained for free. So here is my advise and warning. DO NOT PAY for a list of REO companies, asset management… Continue

John Occhi did a fabulous job of describing how to do BPO's (John, did I train you?) I want to elaborate on the Driveby BPO. The Driveby BPO is the MOST critical BPO you will ever do. Most drivebys are pre-foreclosure values. This means the banks need to determine the FMV (Fair Market Value) in order to determine how much to bid for the property at the foreclosure sale. I.E., the bank has a property in default with a principal balance of $180,000 (at one time banks would bid as high as the PB bu… Continue