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