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.
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Friday, January 23, 2009
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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