Hello All, I've been a REALTOR since 1999 and I knew the market was coming to a very difficult time in the beginning of 2006. I wasreferred to a listing and this homeowner did not know what to do. Well Itook my first SHORT SALE in 2006. Did I know what it was?, No I didnot--so I Inquired and asked everyone who that I knew were in thisbusiness for a much longer time than me. All I heard was - Don't do it!They are difficult. So I listed this first short sale in February of2006. Agents Did not know what it meant when I disclosed on the MLS.Agents would call me and ask what this meant. Well it took me 9 monthsto get it approved and another 45 days to close the deal. It seemedthat I along with the bank were on a new way of doing business. I was aprevious Loan Documentation Representative at a Commercial bank and Iknew that Modifications back in the 90's were something we dealt withand I knew they were possible.
Well then I started to hear the bankers say we need to do a BPO? What is a BPO? Well I learned the Short Sale lingo very quickly. Of coursewanting to get in the Foreclosure side and since I had no InsideConnections I started to sign up for the BPO companies. I did not knowwhat I was doing and where this was going to lead me. I later found outthat the BPO companies were not the companies to work for because theyare a "mill" company. What?
Okay so I did research, and spoke to other agents and of course I had all these companies wanting to make money by selling BPO lists andShort Sale Information. Don't get me wrong I did buy a BPO list and andShort Sale package and a REO list, did it help? Somewhat... I signedup for the Mill companies.
I did not pay any attention to the blogs and the negative stuff on the internet about short sales and BPOs. So I did them, I did not careif it would get me anywhere. I reasoned and I said to myself...since Iam doing BPO's then this should help me in my Listing presentations and Ishould be able to transfer this same way of doing BPO's in to my CMApresentations and list a home at a Fair Market Value and I should haveno problem with selling a home.
Well its been about four years later and finally I hit jackpot. I received a call from a buyer, so I thought. I was very busy this daywith having to complete BPOs that were due this day. I set aside all mystress, and concerns and started to talk to this buyer. He wasinquiring on a Short Sale I had, and asked if I had many offers and ifthey were above listed price. I knew that this was not a buyer, I knewthis person probably had a home in the area and was trying to figure outhow much to list his home for. So I did the REALTOR switch. I turnedit around and asked if he had a home in the area and did my sellerspresentation on the phone. The Buyer...Seller then said. I am actuallyan Asset Manager, and we have a home in the area that we are going tobe taking back. Immediately all the BPO information that I had storedfor all these years came to live. I started doing a BPO mini spokenapplication with this Asset Manager. I then asked if he wanted me to doa BPO for this asset. Well I did a CMA and I specifically asked thisAsset Manager if I could follow up on this Asset and Email once amonth. I made a point to tell him I would not bother him. So I did aspromised, I would email once a month or every One and a half month. Igot that listing! Yes! I was a banker so I know how difficult it is torespond to all the voice messages, and to all the unnecessary emails.So I kept my subject line very easy and the body of the email very shortand professional, and of course with my tag line.
I am know working with this Asset Manager and with several Asset Managers from this same Company. I am in Finally! Yes, the good olefashion way.
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