Yesterday I attended an awesome REO seminar from www.NFSTI.com, National Foreclosure Sales Training Institute in Santa Monica, California. The featured speakers were 2 top REO listing agents and we had some surprise guest speakers. One was a top Asset Manager (can't mention any names, sorry). Another guest speaker was Thomas Moore from eBrokerHouse and he demonstrated their software live!
Following is a photo of top REO listing agent Pam Eikelberry from Northern Nevada, giving instruction:
Here's the top 10 REO listing tips from our Super guest, the "secret" AM:
1. Asset Managers don't like surprises - they need to know any potential problems before they explode.
2. Never say "that's not my job" or you'll soon be OUT of a job.
3. You may have to prepare REO buyer's agents by educating them about the addendums.
4. AS-IS means that the bank will NOT be making any repairs. Duh!
5. If buyers default, they should NOT expect a return of their earnest money deposit.
6. Never turn down any work, BPO or otherwise, whether it's paid or not.
7. Banks won't pay for home warranties. The buyer or agent(s) will need to pay for it.
8. Be available any time an AM calls you -- days, nights, weekends, holidays
9. Be honest and up front; don't play games.
10. When sending a request to an AM, just ask a yes/no question or give a choice of actions. Extended narrative is not needed.
Hope these tips will help you with your REO business! Lots more tips available from their 2-day seminar, see if there's an upcoming seminar near you: www.NFSTI.com
Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"
Author of forthcoming book, "Virtual Office Guide for Business Professionals: Work & Profit from Home"
Text copyright © 2009 R.P. Brown, All Rights Reserved