REO Pro - Real Estate Default Professionals

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When I found out the NAR SFR designation and that the annual membership dues are free if completed before Dec. 31, I signed up and took the all day class last Saturday. The class is the REBAC's short sale and foreclosure class. Most of the agents there were taking the class for CE and I it was a nice surprise for me that I received 6 credits for the class, on top of part of my SFR training. The other half of the SFR training is 3 webminars of 1 hour each.

The class was interested and different from the classes I tood at Five Star or other REO workshops, webminars, etc. This class was gear toward buyer's agents and the needs of a buyer's agent dealing with REO and short sales. At one point it was like a mob forming and ready to take on all the REO agents in Maryland. It was to see the transactions from the other side.

There were several complaints and among them these are the ones that I remember:
1. REO listing agents doesn't return my calls and only wants to be contacted by email.
2. REO agents can't give na answer within 24 hours and buyer's have to wait sometimes weeks.
3. Most REO properties are not in livable condition.
4. REO agents don't clean, paint, repair the properties.
5. Utilities are off.
6. REO agents never call back or talk to buyer's agent, but they only get communication from assistants.
7. Why do their buyers' have to be qualify by bank selling the property.
8. Lack of property pictures on MLS.
9. Why they can't get any REO listings and only a few agents do?
10 Why the bank didn't take the cash offer that was 50% less than the asking price, if it is a cash offer ready to close in 2 weeks?
10. and my favorite," Why is it that the REO agent in my office have 100 listings and he doesn't share with the rest of us?"

I think the problem is that some agents are greedy and they want to swallow more than they can chew, I know some agent's that can't keep on with their listings, offers, etc. and they are doing a poor job to their clients and the buyers, but maybe they are just afraid that if they turn any listings down, they will loose the business. I am not naive I know what kind of business this is.

There is a problem with little knowledge of the REO business by most agents. We need to educate the other agents out there and let them know what we are dealing with so they can also understand our frustrations. For most realtors we are the black sheeps of real estate. Also there were several complains about short sales, but I don't want to go there. I am glad that NAR has taking the step to recognize a designation that deals with our niche. I hope this designation continues to grow and the quality of the content continues to improve. I don't think any agent is ready to go list REO after just completing the requirements for this designation, too much content in too little time and the unique issues of listing REO properties were not addressed. I think the designation should teach realtors more about completing good quality BPO's, what entails to manage and list reo properties, from accepting assignments to evictions, repairs, negotiating the offers, reimbursement, settlement, etc. How to select a good property management company, the eviction rules in every county in the state, etc.

Also I think for an agent to be a good REO agent he/she should have some transactions under the belt as reo buyer's agent and regular listings. Experience is very important and valuable, I hear a broker in my area told a brand new agent to lie in the applications to the banks and tell them that he has more experience in order to get the reo business.

It is also important for agents to learn that there is more than doing bpo's and registering with every bank and asset management company in the world to get listing, we have to continue learning, and developing relationships with asset managers and other agents by attending conferences, dinners. and participating in social networks like REOPRO.

It is good to hear how the other agents feel about us. I apologize to other agents if I ever did something that can be consider rude, or if my clients ever made their clients wait for an answer longer that they were expecting. I have only been listing REO for 2 years and I haven't deal with a buyer in 6 months, but it is easy to forget what it is to be a buyer's agent.

I encourage all agents to take the SFR designation, I knew a lot of the content covered, but I didn't know everything and I learned a lot from the class and my classmates.

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Comment by Jose Rivas (DGRA) CDPE, SFR on November 30, 2009 at 10:12pm
of course I remember you Debbie, how is Florida? you can always call me or email me and I will be glad to share info with you. You, Karen and Bob used to help me a lot back in the REMAX days.
Comment by Debbie Garland on November 30, 2009 at 11:16am
Hi Jose,
I am taking this class next week. I appreciate your comments. It's good to see you have advanced your career in Real Estate. Do you remember me? I used to work at Re/Max with you. I hope we can network together sometime.
regards,
Debbie
Comment by Sandra Page on November 23, 2009 at 3:50pm
To take the side of the listing REO agent, many of our properties can't or should not have the utilities on. In our county if the electric has been off over a year the county has to inspect the property and make sure the electric is up to code,etc. If not in order for us to get the electric on we have to have a licensed electrician to make all the repairs required and then the county has to come back out and inspect. Many of the companies I deal with do not want to go with that expence. They price accordingly,(most anyway) and we disclose the problem. Also in some areas having the utilities on invites unwanted unpaying tenants. Also many times we don't have an answer for the buyers agent because we haven't received an answer from our asset managers. The only way we can make more than a dime is by volume,hense most of us have to hire one or several assistants to help with inputing,invoicing,etc. which means we have to pray for more business in order to pay the people that really help us keep our sanity. I really am a very nice person but when an agent calls 15 min. after their last phone call and gets irate because I haven't called them back yet I'm not very nice. You're in the middle of a report,a phone call, your in the middle of invoicing, a phone call. The police call and tell you your house is on fire, oh No!!! Now there's another fire to put out!! on and on. I like my job, don't get me wrong,what I don't like is having to calm a buyers agent down when they don't know what they're talking about. Ok I'll stop ranting and get back to these reports before the next call. :-)
Comment by Jose Rivas (DGRA) CDPE, SFR on November 23, 2009 at 2:50pm
You are 100% right Clay, I will host a CDPE class in Spring and will get all the agents in my office attend the classes and get the CDPE designation.
Comment by Clay Kime, REOM, CDPE, RDCPro on November 20, 2009 at 11:12pm
Comment by Clay Kime, REOM, CREO, CDPE 56 seconds ago Delete Comment Thanks Jose,

You have described the difference completely. Thanks!

I'm glad to see you got the CDPE also. I think, in this market, it should be required of every single agent!

If agents object to this, but haven't taken the CDPE course . . . they won't after the fact. They will be unbelievable greatful. My $0.02!

We all still have much to do.

Clay
Comment by Jose Rivas (DGRA) CDPE, SFR on November 20, 2009 at 7:38am
Clay, I hold both designations SFR and CDPE, actually I took both classes the same week. The SFR just gives a general overview of the short sale process and the REO process, I see that you hold the CDPE designation, so to sumarize it the entire 8 hours of the SFR class and the webminars are equal to the first 4 hours of the CDPE course.
I don't want to sound ellitist, but I hope they beef the SFR course and that agents with that designation would have the knowledge and the tools to be the leaders in the distress property market, like the CCIM designation.
Comment by Clay Kime, REOM, CDPE, RDCPro on November 19, 2009 at 11:19pm
OK, I'm quite curious,

It doesn't sound like this class/course had much - if anything to do with short sales and the moral and ethical responsibility one accepts when listing an equity deficient property for an insolvent homeowner, with nowhere else to live.

That is what I heard was its focus. I never expected NAR to understand and teach REO (certainly not in a few hours or webinars.) Why would they? Better question, how could they, possibly?

REO is shrinking and Short Sales are increasing (for now). The market dynamic is changing. Is SFR at all in tune with our market, or is NAR just playing catch-up to member complaints and revenue opportunities?

Anybody able to compare SFR to CDPE?

It's a serious question. (OK, maybe it's rhetorical)
Comment by Beth Ross on November 16, 2009 at 8:09pm
Good Job!! I am taking the class next week and have one more webinar to sit through. I know I should have done it all in one day, but I procrastinated!!!
I think this is a good course to bring us back to the buyer basics, things that we all tend to forget when we do mainly all listings. Thanks for sharing your input.
Comment by Susan Paige on November 16, 2009 at 6:29pm
I have been contemplating taking the course. I believe there are some pre requisite classes first. I* have to agreee there are many agents where they don't check on their properties and the maintenance isn't happening and utilities are not on. And many of those lisings sitlonger. hmmmmmmmmmm. I only will tke on what I can handle so I won't be one of " those agents".
Comment by Jose Rivas (DGRA) CDPE, SFR on November 16, 2009 at 2:46pm
I think it is, it can make you a better realtor and gives you an opportunity to see the issues that buyer's agents are dealing with and hopefully lead to improve communications, systems, and it is always good for networking.

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