How To List REO Homes
www.squidoo.com/howtolistreohomes.com www.squidoo.com/short-sale-niche
Monday, May 25, 2009
Friday, May 22, 2009
How To List REO Homes from pre list to closing: How To List REO Homes from pre list to closing: How To List REO Homes from pre list to closing: Purchase Contract
How To List REO Homes from pre list to closing: How To List REO Homes from pre list to closing: How To List REO Homes from pre list to closing: Purchase Contract
www.squidoo.com/howtolistreohomes.com www.squidoo.com/short-sale-niche
www.squidoo.com/howtolistreohomes.com www.squidoo.com/short-sale-niche
It Is Not Too Late To Get Into The REO Business
www.squidoo.com/howtolistreohomes.com www.squidoo.com/short-sale-niche
Here is an email I got this morning
Have you signed up for the NVSI list yet? We are in the process of updating our list of Real Estate agents which we market to Asset and Valuation managers. We hope to increase representation in certain zipcodes, and found your email as someone that is either currently doing BPOs (Broker Price Opinions) or is wanting to, as well as listing REO properties in your area. With new REO's supposed to be hitting the market starting soon, now is the time!
If you are interested, and with your permission, we would like to add your information to this list. There is no cost to be included. You can be added immediately to the list by filling out just a few pieces of information.
Here is an email I got this morning
Have you signed up for the NVSI list yet? We are in the process of updating our list of Real Estate agents which we market to Asset and Valuation managers. We hope to increase representation in certain zipcodes, and found your email as someone that is either currently doing BPOs (Broker Price Opinions) or is wanting to, as well as listing REO properties in your area. With new REO's supposed to be hitting the market starting soon, now is the time!
If you are interested, and with your permission, we would like to add your information to this list. There is no cost to be included. You can be added immediately to the list by filling out just a few pieces of information.
Thursday, May 21, 2009
How To List REO Homes from pre list to closing: How To List REO Homes from pre list to closing: Purchase Contract
How To List REO Homes from pre list to closing: How To List REO Homes from pre list to closing: Purchase Contract
www.squidoo.com/howtolistreohomes.com www.squidoo.com/short-sale-niche
www.squidoo.com/howtolistreohomes.com www.squidoo.com/short-sale-niche
How To List REO Homes
www.squidoo.com/howtolistreohomes.com www.squidoo.com/short-sale-niche http://hubpages.com/hub/How-To-List-REO-Homes
I am seeing a lot of questions from agents that want to get into the niche market of lender owned or REO properties. Is it too late? Do all these companies already have their agents on board? Did you know that every year they do an evaluation on the agents in their database? What are you waiting for? I think too many agents out there are giving bad advise about signing up with asset management companies.
Is it all about doom and gloom? Haven't we had enough of that? I have been getting calls from companies lately that have been updating their agent database and want to know if I am still in the business. Agents you need to take advantage of this. The asset management companies grade their agents.
Do you want to make this you niche? Become a certified REO specialist and start making some good money while this market is hot. For less than $100.00 you can get signed up with some of the best companies out there. Ones that give out listings. You'll start with doing BPO's but that is part of it. That BPO money will pay back the cost of the program. .Click Here!
Wednesday, March 11, 2009
Short Sale And REO Niche
Do you offer your clients a free foreclosure list like you hear on the radio or get emails about? Are you aware of how many people pay for this list? I have a friend who knows that I am a foreclosure agent that almost paid to get these emails, how crazy is that?
How is your business doing these days selling foreclosures and short sale properties? Are you thinking about getting a part time job yet, or have you already started looking? One of the agents in my office who has been very productive over the years has enrolled in nursing school. Another is starting a part time job at the end of this month. I know it is hard to make a good living in the real estate business right now. I am not quite sure why more agents haven’t gotten certified in foreclosures and short sales. When I started in the REO business I looked at it to make my business steady. I was so tired of feast or famine. It has enabled me to have the steady pay check that I needed. Especially being a single Mom of three children. I just got 2 more REO properties emailed to me in the past 3 days. And expect more by the end of the week. The one I received today I will be going to tomorrow. It is a deed in lieu. Both of the last properties I got are from MD Webb and associates. For someone to do a Deed in lieu instead of foreclosure is better for the previous owner because it shows that are willing to work with bank. And the bank does not have as much in attorney costs but the previous owner may have been better off doing a short sale. And it is not as big of a credit hit for the seller. Have you had properties that you just couldn’t sell because the seller owes more than what the market will bring? If you are in a declining market like most of us are do you know how to get the bank to do a short sale? Are you letting your clients down because you are at a loss?
Don’t you think it is time to learn how to professionally do a short sale?
I have been with Coldwell Banker for 19 years now and my company still does not see the significance of educating their agents in this business. With all the free continuing education they offer and seminars they are still focusing on getting more commission and not discounting our services. They are just merging more and more offices and trying to charge more fees. I have come to the realization that they are just old school waiting for the market to come back. Well guess what agents and brokers the reality is one in every 59 homes in Ohio is in foreclosure. That is a very scary number. If you don’t believe me look it up.
I was talking to a RE/MAX manger today and they are having a seminar about foreclosures for their agents to become certified in foreclosures. I have done some research for agents and brokers to find out what programs are available at a pretty inexpensive price to get this education. For less than $100.00 an agent can become certified in the foreclosure business and short sale business.
All I can say is your missing out if you don’t make this part of your business or make it your niche. Part time jobs that pay $8.00 an hour suck.
Here’s another story: An agent called me last Friday from another company that knows that I am experienced in the REO Foreclosure world. Her dilemma was this, she had sold her nephew a lender owned property and was actually at the closing when the FHA loan would not fund because the termite inspection did not come back clear. The inspector found termite tunnels in the basement but no current infestation. He could not give a clear report because he could not see that the property had previously been treated. Now we are in the winter months here in Ohio and it is February termites are dormant. She was afraid the property would not close because it is lender owned and being sold AS IS. So her question is can she herself treat the termites herself with a home depot termite kit? I listened to all of her concerns and finally said why would you do that? First off it’s not your buyer’s termites it’s the seller’s termites. I said you need to write an addendum to have the seller treat the termites. You are at the closing the buyer is approved for the loan and the lender will not fund because the property has termites. You basically have the seller by the you know what. She then felt comfortable enough to call the listing agent. The listing agent said just write an addendum I am sure the bank will pay for the treatment. Of course the bank paid for the termite treatment and the property closed on Monday.
That was just another example of why agents need to have an education in foreclosures not just if you want to list them but what if you sell one?
How is your business doing these days selling foreclosures and short sale properties? Are you thinking about getting a part time job yet, or have you already started looking? One of the agents in my office who has been very productive over the years has enrolled in nursing school. Another is starting a part time job at the end of this month. I know it is hard to make a good living in the real estate business right now. I am not quite sure why more agents haven’t gotten certified in foreclosures and short sales. When I started in the REO business I looked at it to make my business steady. I was so tired of feast or famine. It has enabled me to have the steady pay check that I needed. Especially being a single Mom of three children. I just got 2 more REO properties emailed to me in the past 3 days. And expect more by the end of the week. The one I received today I will be going to tomorrow. It is a deed in lieu. Both of the last properties I got are from MD Webb and associates. For someone to do a Deed in lieu instead of foreclosure is better for the previous owner because it shows that are willing to work with bank. And the bank does not have as much in attorney costs but the previous owner may have been better off doing a short sale. And it is not as big of a credit hit for the seller. Have you had properties that you just couldn’t sell because the seller owes more than what the market will bring? If you are in a declining market like most of us are do you know how to get the bank to do a short sale? Are you letting your clients down because you are at a loss?
Don’t you think it is time to learn how to professionally do a short sale?
I have been with Coldwell Banker for 19 years now and my company still does not see the significance of educating their agents in this business. With all the free continuing education they offer and seminars they are still focusing on getting more commission and not discounting our services. They are just merging more and more offices and trying to charge more fees. I have come to the realization that they are just old school waiting for the market to come back. Well guess what agents and brokers the reality is one in every 59 homes in Ohio is in foreclosure. That is a very scary number. If you don’t believe me look it up.
I was talking to a RE/MAX manger today and they are having a seminar about foreclosures for their agents to become certified in foreclosures. I have done some research for agents and brokers to find out what programs are available at a pretty inexpensive price to get this education. For less than $100.00 an agent can become certified in the foreclosure business and short sale business.
All I can say is your missing out if you don’t make this part of your business or make it your niche. Part time jobs that pay $8.00 an hour suck.
Here’s another story: An agent called me last Friday from another company that knows that I am experienced in the REO Foreclosure world. Her dilemma was this, she had sold her nephew a lender owned property and was actually at the closing when the FHA loan would not fund because the termite inspection did not come back clear. The inspector found termite tunnels in the basement but no current infestation. He could not give a clear report because he could not see that the property had previously been treated. Now we are in the winter months here in Ohio and it is February termites are dormant. She was afraid the property would not close because it is lender owned and being sold AS IS. So her question is can she herself treat the termites herself with a home depot termite kit? I listened to all of her concerns and finally said why would you do that? First off it’s not your buyer’s termites it’s the seller’s termites. I said you need to write an addendum to have the seller treat the termites. You are at the closing the buyer is approved for the loan and the lender will not fund because the property has termites. You basically have the seller by the you know what. She then felt comfortable enough to call the listing agent. The listing agent said just write an addendum I am sure the bank will pay for the treatment. Of course the bank paid for the termite treatment and the property closed on Monday.
That was just another example of why agents need to have an education in foreclosures not just if you want to list them but what if you sell one?
Friday, February 27, 2009
Short Sales and REO
I'm at the bank making a deposit from an REO property that just closed. The teller asked me how business was which I said it was great. He began to tell me that the bank was having a difficult time getting loans closed because homes where not appraising. I asked if any of those loans whent to short sale. He didn't know what a short sale was.
read more | digg story
read more | digg story
Short Sales and REO
I'm at the bank making a deposit from an REO property that just closed. The teller asked me how business was which I said it was great. He began to tell me that the bank was having a difficult time getting loans closed because homes where not appraising. I asked if any of those loans whent to short sale. He didn't know what a short sale was.
read more | digg story
read more | digg story
Short Sales and REO
I was at the bank making a deposit from an REO property that had just closed. The teller asked me how business was which I said it was great. He began to tell me that the bank was having a difficult time getting loans closed because homes where not appraising. I asked him if any of those loans went to short sale. To my surprise he didn’t even know what a short sale was. Now I’m telling anyone who wants to make money in real estate really needs to get on board and learn how to become a short sale or an REO agent and make it your niche. I’m not trying to sell gloom and doom, but the reality is this is so wide spread that any agent in today’s market that doesn’t know how to deal with this is just going to have to get another job until the market rebounds.
I have a friend in the business that just did a short sale for a client and the day before closing she was telling me about it. I asked her if she had requested from the bank a deficiency forgiveness letter. She was quiet for a minute and then asked me what that meant. When I told her they could back to her client at some point in time and demand that difference she had never heard of it. She called the bank and postponed the closing in order to get the letter. They did honor her request and it’s a good thing she called me. Agents if you are doing short sales and don’t know what your doing your client’s are going to suffer in the long run. Down the road when the bank sees that the former owner is making good money again without the forgiveness letter they can start collection process or wage garnishment.
The problem is our brokers aren’t teaching us to do short sales or REO’s. Some of them are in the dark as most agents. I’ve done some research to try to help agents out there find a good inexpensive course and for only $77.00 you can get all the information you need to become proficient in short sales. Not only is it reasonably priced but it is also the number 1 in Google. The package includes 25 videos on how to do Short Sales successfully. With one sale of course you’ve earned your money back. Not to mention once you do one you’ll find more and become known as a short sale expert. Just check out this site and see what you think. You’ll be surprised at the things most agents don’t know. Just check it out. Click Here!
I have a friend in the business that just did a short sale for a client and the day before closing she was telling me about it. I asked her if she had requested from the bank a deficiency forgiveness letter. She was quiet for a minute and then asked me what that meant. When I told her they could back to her client at some point in time and demand that difference she had never heard of it. She called the bank and postponed the closing in order to get the letter. They did honor her request and it’s a good thing she called me. Agents if you are doing short sales and don’t know what your doing your client’s are going to suffer in the long run. Down the road when the bank sees that the former owner is making good money again without the forgiveness letter they can start collection process or wage garnishment.
The problem is our brokers aren’t teaching us to do short sales or REO’s. Some of them are in the dark as most agents. I’ve done some research to try to help agents out there find a good inexpensive course and for only $77.00 you can get all the information you need to become proficient in short sales. Not only is it reasonably priced but it is also the number 1 in Google. The package includes 25 videos on how to do Short Sales successfully. With one sale of course you’ve earned your money back. Not to mention once you do one you’ll find more and become known as a short sale expert. Just check out this site and see what you think. You’ll be surprised at the things most agents don’t know. Just check it out. Click Here!
Monday, February 23, 2009
Short Sales And Foreclosures Niche
I am shocked at how many agents in today’s market don’t have a clue about foreclosures and short sales.
With the staggering numbers of these properties that make up today’s market every agent needs to be educated in this process. How can you service your buyers and your sellers if you don’t know the process of foreclosure and the process of a short sale? And where are you going to get an education on this? Is your company going to teach you? Or can you rely on an agent in your office that might have some knowledge?
I am a Real Estate agent that has specialized in both these fields and I live in the Cincinnati area and here in one county alone there are 1,902 pre foreclosures. There are 3,557 homes that are already REO. This makes up a significant amount of listings in the MLS. Ohio is #8 in foreclosures. There has been a 64% increase in foreclosures over 2005, again in 2007, and again in 2008. That is approximately 1 out of every 59 homes. That is a staggering number. With the market continuing to decline and more and more homeowners defaulting on their mortgages these numbers are only going to continue to rise. Do you think the stimulus program is going to get us out of this mess?
I was in a class today sponsored by my Company about Foreclosures and Short Sales. The class was made up of about 200 or so agents. The instructor made it quit clear that any one that doesn’t know this aspect of the business needs to learn it and learn it now and make it their niche. Niche is right. There was even an agent in the class that asked what does REO stand for? This is amazing to me that agents in this market are so uneducated. The market has changed and we have never ever seen this kind of crisis in real estate ever. Not even in the 80’s when interest rates sky rocketed. The economy is a mess with job loss, adjustable rates, and sub prime loans being defaulted on. Mortgage companies going bankrupt the list just on and on.
Where is your business going to be in six months from now?
Are you going to be working with buyers and showing them 20 to 30 homes before they buy? If you have a buyer that will even qualify for a mortgage in this market. And what if they buy a short sale or a foreclosure property? Will you know what paper work to submit to the selling agent? What if you are the listing agent of a short sale? Will you be able to represent your seller with the full knowledge of what to present to the bank? The biggest and number one mistake agents make is that they do not know how to negotiate with the seller’s lender. Suppose they owe $100,000.00 and you get an offer for $80,000.00 What about the deficiency of the mortgage? That is the second biggest mistake agents make. Did you know if you don’t request that they forgive the deficiency the bank can come back to the seller and demand payment? They can at some point in time garnish their wages. So how do you get the bank to forgive the deficiency of the mortgage? And what paper work do you need to send in with an offer? Will they even talk to you in the first place? There is paper work you have to send to them before they will even talk to you. If you don’t send the right documentation in it will sit on someone’s desk and cause a major delay. Can you tell your seller of a short sale how long this will stay on his credit report? Is a short sale better than a foreclosure? What about Deed in lieu? Can you stop a sheriff’s sale date with a short sale? How will a bankruptcy affect the sale?
What if you where lucky enough to get the listing of a lender owned property?
Do you know how long the confirmation of sale is? What if the bank buys it back and the seller redeems the property? Suppose the property goes to sheriff’s sale and the previous owner doesn’t leave. Once the writ of possession is in place how long does the occupant have to vacate? How is the eviction process handled? Who do you get to re key the property? How are you going to handle disposing of personal property? Who is responsible for utilities? What if there are unpaid utilities on the property because the former owner left with unpaid utility bills? Who pays them? Can they become a lien on the property? Do you know how to handle the process of marketing, inspections, BPO’s and offers? What responsibility do you have with listing the REO?
When doing your BPO
It needs to done in a very precise way because it will affect the pricing of the property. Banks today do not want to hang on to these properties they are looking for a price to get them sold within 90 days. Pricing is important for as is properties.
Buyers and repairs after offers…
Please inform buyers that asking for repairs on items that are visible during normal inspections will be rejected and they should figure that in their offer. Sellers do not want to do repairs these are as is. The clients are becoming much pickier on this.
If this seems overwhelming
It will be with out the proper knowledge. These are all questions that you need to be able to answer when working in these specialized fields. Even if you just work with buyers you’re going to end up showing some of these properties. You need to be able to explain how this has affected the market.
WHAT’S IN IT FOR REAL ESTATE BROKERS?
Knowledge of pre-foreclosure investing can greatly expand a real estate broker’s earning potential. In today’s markets, it is critical to understand properties in foreclosure.
The benefit of becoming well versed in foreclosure is being one of the few who are able to understand such transactions. Most real estate brokers do not want to work with or do not understand such listings. Because of this, it is easier to directly obtain listings or obtain listings referred by other real estate brokers. Many successful careers have been made out of this misunderstood market segment.
The main goal in the real estate business is to have clients for life.
Not past clients that may hold it against you for not knowing all the ins and outs of your business. When someone is in trouble they are looking to their realtor for advice and knowledge. The obvious is we want all of our clients to use us again. Not to be past clients we want clients for life.Click Here!
Just $77.00 for a complete online course of 25 step-by-step, sequential videos and an ebook with every form and document that you would need to complete a successful Short Sale.
Learn all the tips, secrets and strategies of executing a Short Sale the right way. If you can take and follow simple and direct instruction you WILL be successful in your Short Sales and your income will rise along with your closing ratio and standing among other Realtors in your community. Here is some of what you will learn in this online video course:
With the staggering numbers of these properties that make up today’s market every agent needs to be educated in this process. How can you service your buyers and your sellers if you don’t know the process of foreclosure and the process of a short sale? And where are you going to get an education on this? Is your company going to teach you? Or can you rely on an agent in your office that might have some knowledge?
I am a Real Estate agent that has specialized in both these fields and I live in the Cincinnati area and here in one county alone there are 1,902 pre foreclosures. There are 3,557 homes that are already REO. This makes up a significant amount of listings in the MLS. Ohio is #8 in foreclosures. There has been a 64% increase in foreclosures over 2005, again in 2007, and again in 2008. That is approximately 1 out of every 59 homes. That is a staggering number. With the market continuing to decline and more and more homeowners defaulting on their mortgages these numbers are only going to continue to rise. Do you think the stimulus program is going to get us out of this mess?
I was in a class today sponsored by my Company about Foreclosures and Short Sales. The class was made up of about 200 or so agents. The instructor made it quit clear that any one that doesn’t know this aspect of the business needs to learn it and learn it now and make it their niche. Niche is right. There was even an agent in the class that asked what does REO stand for? This is amazing to me that agents in this market are so uneducated. The market has changed and we have never ever seen this kind of crisis in real estate ever. Not even in the 80’s when interest rates sky rocketed. The economy is a mess with job loss, adjustable rates, and sub prime loans being defaulted on. Mortgage companies going bankrupt the list just on and on.
Where is your business going to be in six months from now?
Are you going to be working with buyers and showing them 20 to 30 homes before they buy? If you have a buyer that will even qualify for a mortgage in this market. And what if they buy a short sale or a foreclosure property? Will you know what paper work to submit to the selling agent? What if you are the listing agent of a short sale? Will you be able to represent your seller with the full knowledge of what to present to the bank? The biggest and number one mistake agents make is that they do not know how to negotiate with the seller’s lender. Suppose they owe $100,000.00 and you get an offer for $80,000.00 What about the deficiency of the mortgage? That is the second biggest mistake agents make. Did you know if you don’t request that they forgive the deficiency the bank can come back to the seller and demand payment? They can at some point in time garnish their wages. So how do you get the bank to forgive the deficiency of the mortgage? And what paper work do you need to send in with an offer? Will they even talk to you in the first place? There is paper work you have to send to them before they will even talk to you. If you don’t send the right documentation in it will sit on someone’s desk and cause a major delay. Can you tell your seller of a short sale how long this will stay on his credit report? Is a short sale better than a foreclosure? What about Deed in lieu? Can you stop a sheriff’s sale date with a short sale? How will a bankruptcy affect the sale?
What if you where lucky enough to get the listing of a lender owned property?
Do you know how long the confirmation of sale is? What if the bank buys it back and the seller redeems the property? Suppose the property goes to sheriff’s sale and the previous owner doesn’t leave. Once the writ of possession is in place how long does the occupant have to vacate? How is the eviction process handled? Who do you get to re key the property? How are you going to handle disposing of personal property? Who is responsible for utilities? What if there are unpaid utilities on the property because the former owner left with unpaid utility bills? Who pays them? Can they become a lien on the property? Do you know how to handle the process of marketing, inspections, BPO’s and offers? What responsibility do you have with listing the REO?
When doing your BPO
It needs to done in a very precise way because it will affect the pricing of the property. Banks today do not want to hang on to these properties they are looking for a price to get them sold within 90 days. Pricing is important for as is properties.
Buyers and repairs after offers…
Please inform buyers that asking for repairs on items that are visible during normal inspections will be rejected and they should figure that in their offer. Sellers do not want to do repairs these are as is. The clients are becoming much pickier on this.
If this seems overwhelming
It will be with out the proper knowledge. These are all questions that you need to be able to answer when working in these specialized fields. Even if you just work with buyers you’re going to end up showing some of these properties. You need to be able to explain how this has affected the market.
WHAT’S IN IT FOR REAL ESTATE BROKERS?
Knowledge of pre-foreclosure investing can greatly expand a real estate broker’s earning potential. In today’s markets, it is critical to understand properties in foreclosure.
The benefit of becoming well versed in foreclosure is being one of the few who are able to understand such transactions. Most real estate brokers do not want to work with or do not understand such listings. Because of this, it is easier to directly obtain listings or obtain listings referred by other real estate brokers. Many successful careers have been made out of this misunderstood market segment.
The main goal in the real estate business is to have clients for life.
Not past clients that may hold it against you for not knowing all the ins and outs of your business. When someone is in trouble they are looking to their realtor for advice and knowledge. The obvious is we want all of our clients to use us again. Not to be past clients we want clients for life.Click Here!
Just $77.00 for a complete online course of 25 step-by-step, sequential videos and an ebook with every form and document that you would need to complete a successful Short Sale.
Learn all the tips, secrets and strategies of executing a Short Sale the right way. If you can take and follow simple and direct instruction you WILL be successful in your Short Sales and your income will rise along with your closing ratio and standing among other Realtors in your community. Here is some of what you will learn in this online video course:
Friday, February 13, 2009
Sewer Backup in lender owned property
My day starts out with a phone call from a neighbor that lives in a condo next to my REO listing.
There is a problem she says “the main sewer line has back up in the building.” The building consists of 4 attached town homes all units have full basements and 2 car attached garages. Mine is under contract and scheduled to close in 2 days. List price had been reduced down from $129,000.00 to $84,900.00 it’s been on the market for over 6 months and we’ve had two buyers walk away from their contract. So that’s the background.
Now back to the situation at hand. Neighbor calls and says there has been a bad sewer backup and offers to go inside my listing to check it out to see if there is any damage. I no sooner hang up the phone when the management company calls to let me know of the situation. Obviously this is serious. And I am thinking oh great we are closing in 2 days. Or are we? So I immediately call my contractor who is just getting ready to walk out the door for another job. I have a good relationship with him so he puts the other job on hold and goes over to the condo to find the unbelievable mess of this sewage backup. He calls me back as he is walking down the basement steps and see that the basement has 4 ½ inches of raw sewage floating everywhere. The stench was awful. How on earth did this happen? The property is vacant the water is off because it has been winterized. My contractor is just standing there looking at this mess completely beside himself he has no idea where to begin. He is in complete disbelief at what he is looking at and he says to me “I want the job” how on earth would anyone want that job? Yuck double yuck.
So of course my next step was to call the asset management company. My first contact didn’t answer the phone. I didn’t even leave a message I called my second contact person. When she answered I was so glad that I wasn’t going to have to leave a voice mail or send an urgent email. That could have taken hours for a response. I explained the situation and she immediately called the seller which is a bank. Fortunately he also answered the call. He said start the clean up process you sure can’t leave it. So the clean up began. Meanwhile I called the property management company back to get more details. Jim at the management company tells me they have already called Rotor Rooter to clean out the line. They also called Cincinnati Sewer to have them check their lines. I asked him who is going to pay for this damage. Well, he said it is not our responsibility it is up to the individual home owner to contact their insurance company. Well that’s just great most lender owned properties are not insured.
The neighbor two doors down had a finished basement which was their family room. They called in a restoration company. The other neighbors also had to call restoration companies. Charges are over $3,000.00 per unit just to clean up the mess. And the management company does want to take any responsibility?
My contractor calls a friend of his who also has a restoration company to help him with the clean up. Charlie comes right over and they begin the clean up. They worked all day and well into the evening hours shoveling out human feces. They also had to remove insulation and some drywall that had gotten saturated with sewage. They carried out 40 contractor garbage bags out of there. They now had a good start on getting things back to normal.
Day 2 begins and now I have the bill to present to my asset manager. It is a little under $3,000.00 in the beginning no one knew how extensive this was going to be. Of course I immediately emailed it to my asset manager and make the call to discuss the situation. Remember the management company is not taking any responsibility for this and the seller does not have insurance so they of course are hoping that the management company is going to participate in the cost of clean up. Here my contractor has already cleaned up the mess, seller said clean it up and I having a hard time to get his bill approved.
So I start making some more calls. First call the management company again. No answer. So I call Cincinnati sewer department. I am told they went out and checked their line and it was clear. They are not responsible it is the management company. When the building was built it was built with only one tap into the main sewage line, so all the units are connected. In my opinion how stupid was that? Builder cutting costs is what that is all about. Now I’m back to the management company. How can they not be responsible for this? Jim tells me they are getting a bid to correct the problem from the plumber. And their insurance company may possibly pay the claims. He gives me their contact information which I of course relay back to my asset manager.
My asset manager thanks me for all my extra work and tells me she appreciates my extra effort because most REO agents don’t go the extra mile.
The contractor is still hard at work with day 2 of now the second wash down which is micro be gone and Clorox to kill any kind of living organism and believe me nothing could have possibly lived in that basement once he cleaned it with that stuff. I went over to take photos for the seller and arrived just as he had finished cleaning down the basement and after walking in I had to turn around and walk back out. My throat felt like it was on fire and not to mention how bad my eyes where burning. I needed a mask just to go into the basement to take some pictures. Once I had the mask on, and the doors and windows where open I got my pictures and left. That was enough for me as I am driving away I wondered how on earth could the contractor stand to be in there breathing all those chemicals?
So I get back to my home office to email these photos back to my asset manager. Oh did I mention she left the office early today for vacation? Wonderful, things are already a total mess. Not to mention I haven’t been able to get a hold of the selling agent to let his buyer know what happened. Tried to call him, sent him emails, left voice mail messages. And guess what I still haven’t heard from him and it’s now 12:40 A.M. I have no idea if we will close in the morning at 10:00
Once I sent the photos I did get a call from the asset manager handling business for Stephanie. I thought she was supposed to have been filed in on the details but of course she wasn’t. I had to relay everything once more to her and also let her know I have been completely unsuccessful getting a hold of the selling agent.
The contractor will still be working in the condo tomorrow. The dry out process for this job will be at least 3 days. They figured there had been about 1,000 gallons of water in the basement of course that includes sewer water and clean up water.
I want to add one more thing the buyer had a whole house inspection and the seller has already made repairs to the property. Of course something like this could not been picked up on by anyone.
If you have REO stories or would like to ask questions about REO properties I would like to invite you to join my group at www.squidoo.com/group-foreclosureproperty
Here are the after clean up photos.
There is a problem she says “the main sewer line has back up in the building.” The building consists of 4 attached town homes all units have full basements and 2 car attached garages. Mine is under contract and scheduled to close in 2 days. List price had been reduced down from $129,000.00 to $84,900.00 it’s been on the market for over 6 months and we’ve had two buyers walk away from their contract. So that’s the background.
Now back to the situation at hand. Neighbor calls and says there has been a bad sewer backup and offers to go inside my listing to check it out to see if there is any damage. I no sooner hang up the phone when the management company calls to let me know of the situation. Obviously this is serious. And I am thinking oh great we are closing in 2 days. Or are we? So I immediately call my contractor who is just getting ready to walk out the door for another job. I have a good relationship with him so he puts the other job on hold and goes over to the condo to find the unbelievable mess of this sewage backup. He calls me back as he is walking down the basement steps and see that the basement has 4 ½ inches of raw sewage floating everywhere. The stench was awful. How on earth did this happen? The property is vacant the water is off because it has been winterized. My contractor is just standing there looking at this mess completely beside himself he has no idea where to begin. He is in complete disbelief at what he is looking at and he says to me “I want the job” how on earth would anyone want that job? Yuck double yuck.
So of course my next step was to call the asset management company. My first contact didn’t answer the phone. I didn’t even leave a message I called my second contact person. When she answered I was so glad that I wasn’t going to have to leave a voice mail or send an urgent email. That could have taken hours for a response. I explained the situation and she immediately called the seller which is a bank. Fortunately he also answered the call. He said start the clean up process you sure can’t leave it. So the clean up began. Meanwhile I called the property management company back to get more details. Jim at the management company tells me they have already called Rotor Rooter to clean out the line. They also called Cincinnati Sewer to have them check their lines. I asked him who is going to pay for this damage. Well, he said it is not our responsibility it is up to the individual home owner to contact their insurance company. Well that’s just great most lender owned properties are not insured.
The neighbor two doors down had a finished basement which was their family room. They called in a restoration company. The other neighbors also had to call restoration companies. Charges are over $3,000.00 per unit just to clean up the mess. And the management company does want to take any responsibility?
My contractor calls a friend of his who also has a restoration company to help him with the clean up. Charlie comes right over and they begin the clean up. They worked all day and well into the evening hours shoveling out human feces. They also had to remove insulation and some drywall that had gotten saturated with sewage. They carried out 40 contractor garbage bags out of there. They now had a good start on getting things back to normal.
Day 2 begins and now I have the bill to present to my asset manager. It is a little under $3,000.00 in the beginning no one knew how extensive this was going to be. Of course I immediately emailed it to my asset manager and make the call to discuss the situation. Remember the management company is not taking any responsibility for this and the seller does not have insurance so they of course are hoping that the management company is going to participate in the cost of clean up. Here my contractor has already cleaned up the mess, seller said clean it up and I having a hard time to get his bill approved.
So I start making some more calls. First call the management company again. No answer. So I call Cincinnati sewer department. I am told they went out and checked their line and it was clear. They are not responsible it is the management company. When the building was built it was built with only one tap into the main sewage line, so all the units are connected. In my opinion how stupid was that? Builder cutting costs is what that is all about. Now I’m back to the management company. How can they not be responsible for this? Jim tells me they are getting a bid to correct the problem from the plumber. And their insurance company may possibly pay the claims. He gives me their contact information which I of course relay back to my asset manager.
My asset manager thanks me for all my extra work and tells me she appreciates my extra effort because most REO agents don’t go the extra mile.
The contractor is still hard at work with day 2 of now the second wash down which is micro be gone and Clorox to kill any kind of living organism and believe me nothing could have possibly lived in that basement once he cleaned it with that stuff. I went over to take photos for the seller and arrived just as he had finished cleaning down the basement and after walking in I had to turn around and walk back out. My throat felt like it was on fire and not to mention how bad my eyes where burning. I needed a mask just to go into the basement to take some pictures. Once I had the mask on, and the doors and windows where open I got my pictures and left. That was enough for me as I am driving away I wondered how on earth could the contractor stand to be in there breathing all those chemicals?
So I get back to my home office to email these photos back to my asset manager. Oh did I mention she left the office early today for vacation? Wonderful, things are already a total mess. Not to mention I haven’t been able to get a hold of the selling agent to let his buyer know what happened. Tried to call him, sent him emails, left voice mail messages. And guess what I still haven’t heard from him and it’s now 12:40 A.M. I have no idea if we will close in the morning at 10:00
Once I sent the photos I did get a call from the asset manager handling business for Stephanie. I thought she was supposed to have been filed in on the details but of course she wasn’t. I had to relay everything once more to her and also let her know I have been completely unsuccessful getting a hold of the selling agent.
The contractor will still be working in the condo tomorrow. The dry out process for this job will be at least 3 days. They figured there had been about 1,000 gallons of water in the basement of course that includes sewer water and clean up water.
I want to add one more thing the buyer had a whole house inspection and the seller has already made repairs to the property. Of course something like this could not been picked up on by anyone.
If you have REO stories or would like to ask questions about REO properties I would like to invite you to join my group at www.squidoo.com/group-foreclosureproperty
Here are the after clean up photos.
Thursday, February 5, 2009
Foreclosure Properties on the rise
www.squidoo.com/howtolistreohomes
As a foreclosure listing agent of reo propeties working for many assest management companies I can tell you this process has not been an easy one. Once you start working with a asset manager you hope to get more business from them. Most of the bank owned companies have numerous agents that they give listings to. So the key to getting a lot of business listing REO properties is to be signed up with lots of lender owned companies. And with the amount of agents that have gotten into this business you will need and want to be certified. Check your area to see just how many foreclosure homes you are missing out on.
As a foreclosure listing agent of reo propeties working for many assest management companies I can tell you this process has not been an easy one. Once you start working with a asset manager you hope to get more business from them. Most of the bank owned companies have numerous agents that they give listings to. So the key to getting a lot of business listing REO properties is to be signed up with lots of lender owned companies. And with the amount of agents that have gotten into this business you will need and want to be certified. Check your area to see just how many foreclosure homes you are missing out on.
How To List REO Homes from pre list to closing: Purchase Contract
How To List REO Homes from pre list to closing: Purchase Contract
www.squidoo.com/howtolistreohomes.com
www.squidoo.com/howtolistreohomes.com
Friday, January 30, 2009
Friday, January 23, 2009
The REO Property has missing Copper
www.squidoo.com/howtolistreohomes.com
I have had many properties in the Cincinnati area that either have had the copper stolen when the property sat vacant or was broken into after I already had it on the market. I had a foreclosure that had the copper stolen after I listed it. The bank I was working for decided we should replace the copper. Within a week after the repair the copper was stolen again. If you have a vacant property in an area where it is common for vandals to break in and steel the copper I would recommend giving an allowance at closing instead of making the repair. Another trick I have learned is that if you spray the copper with floresent spray paint the theives can't get a dime for it. So chances are they will not take it in the first place. Learn more secrets here.
Click Here!
I have had many properties in the Cincinnati area that either have had the copper stolen when the property sat vacant or was broken into after I already had it on the market. I had a foreclosure that had the copper stolen after I listed it. The bank I was working for decided we should replace the copper. Within a week after the repair the copper was stolen again. If you have a vacant property in an area where it is common for vandals to break in and steel the copper I would recommend giving an allowance at closing instead of making the repair. Another trick I have learned is that if you spray the copper with floresent spray paint the theives can't get a dime for it. So chances are they will not take it in the first place. Learn more secrets here.
Click Here!
Thursday, January 22, 2009
Tuesday, January 20, 2009
FROM PRE LIST TO CLOSING
It all starts with the BPO. You are requested to do a BPO from an Asset Management company for the listing. The first thing you have to do is check occupancy. I always call the local utility company to find out if utilities are on or off. And if off when where they turned off. This also will help determine if the property may or may not have frozen water lines. Let’s say the utilities have been off for over a year, and now you get to the property with your locksmith to re key it for access. You make entry and here is what you see. Okay it’s a mess as we can see holes in the walls dog crap on the floor, the vanity is smashed. Is this the typical foreclosure? Some lender owned homes may be in this condition or they may be in fair, average, or even good condition. This property is just another liability for the bank. . Bank-owned properties are usually sold at below-market prices. We all know bank repo’s have a stigma attached to them. Let’s hope the bank agrees with your BPO price. And how did you come up with the BPO price? Of course you want to make a good impression on your asset manager. Bank-owned properties are usually sold at below-market prices. But when you did your BPO what did you use for comparables and repairs? Hopefully you did your research. If you are wondering what the best Bank owned _REO_lender owned_Asset management companies are to work for the best to work for check out this site. http://www.squidoo.com/howtolistreohomes.com
Now that you have your first foreclosure listing does this make you an official REO agent? There is so much to learn and to know what all is involved in the process of marketing and selling foreclosed homes. Some training would be very helpful at this point. The previous owner destroyed this home, and left the mess for you to market. With the market so saturated with bank owned properties you know no one will buy it. Now you are asking yourself with all the work involved what was I thinking? This is going to sit in your inventory and do nothing but cost you money in utility bills and marketing expenses. And they want you to hire a contractor to clean up the mess. And now you have to pay that contractor up front once the trash out is complete. Why did you get into the Bank owned business in the first place? This is just the begining take a deep breath your about to start making some good money. Go here now to learn more. www.squidoo.com/howtolistreohomes.com
How I got started in the REO Business
I have been an REO agent for over 12 years. I got my first REO / Bank owned listing from phone duty. The asset management company called in and was just giving the listing to who ever answered the phone. The company was SPS servicing. So I didn’t start out by doing BPO’s. I didn’t have a clue what I was in store for. The first thing the asset manager wanted to know was if the property was occupied or vacant. When I went to the property to check on the occupancy, I found the property to be vacant, standing wide open and full of miscellaneous items. Not only was it full of stuff but it also had mice and mouse droppings everywhere. The next thing they needed to know was the value of the property. Well this property was out in the middle of nowhere it was run down needed repairs and I had to give it a value. This was my first experience of doing a BPO. And of course in the BPO I got to the section of repairs. Fortunately I had been in the business long enough and had listed and sold many other properties that I had some idea of what it would cost to make most repairs the property needed. This part of the BPO is the agents estimate not want a contractor would charge. Now the bank of course wants to have the property trashed out. Who am I going to get to do that? Good question? Who do you use to clean out a property if you’re new to this business? I happened to know someone that needed the extra cash and had a truck. This started a good working relationship for the future. The bank also wanted the utilities turned on. Here is where I found out that my company would not be responsible for turning on utilities or paying the bill. This is also the agent’s responsibility. The bills have to be sent in once a month for reimbursement. Once the property was cleaned out and on the market and we had a buyer that did a whole house inspection we discovered the septic system was shot. REO properties are sold AS IS right? Not always. Some and most banks will pay for some repairs. The bank paid for a new septic system and we where able to close the deal. That was over 12 years ago and from that first listing I wanted to get into the lender owned business because for some reason I liked it. So over the next 12 years I developed relationships with various asset managers for a number of companies. I have done cash of keys, evictions, moved peoples stuff into storage pretty much I have seen it all. I have even had to go to court to have a squatter evicted from a property I had on the market. The market has changed so I recommend you buy The REO Secrets. Click Here!
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