Posts Tagged ‘Asset Manager’
Want to Sell REO properties? Here's 1 Quick & Easy Way to Cut in Line...
If you haven't already taken advantage of "Uncensored REO Secrets" then invest in your copy today. It's the simplest and easiest way to discover how to jump into the business of selling bank-owned homes. As a result of the most common questions that I get from coaching members and other aspiring REO brokers that I frequently meet, I put this quick little "blueprint" together, that outlines the most critical steps that you'll need to take, and the most deadly pitfalls that you MUST avoid, in order to start getting assignments from banks and asset management companies.
Top 3 Ways that Brokers Get REO Listings...and the 1 Deadly Sin You Should NOT Commit!
I frequently discuss different strategies, that REO brokers can use, to get REO listings, on REO Rockstars calls. And because we're dead smack at the onset of home selling season, I thought I'd take just a quick minute, to share 3 of the best ways to get bank owned properties (even though some of you THICK HEADED agents may have been too lazy to sit in on my last one hour FREE REO coaching call 
. So here's the "lazy man's" way to cut in line and get your pipeline of foreclosure listings filled right up.
How to Deal with Corruption in REO
Did I say CORRUPTION?!!! You bet I did!
If you've been selling bank foreclosures as an REO broker for any length of time, you've undoubtedly run into a "proposal" that smelled "fishy", didn't seem right, or just kinda made you go "hhhhmmmmmm".... It seems that around every corner there's a guy or girl trying to make a quick buck from everyone-problem is, it's not always LEGALLY. To be right up front and honest with you, this kind of b.s. gets my blood boiling, to the point where I'd like nothing more than to ram my fist down someone's throat, every time I hear such an offer. Wow...that sounded harsh! haha...actually, I'm not a violent guy, and I would never do such a thing, but I sure want you to have a vivid mental picture about how strongly I feel about running a "clean" business, rather than a sleazy one. Let me give you an actual example of the kind of thing I am talking about here, in case you've yet to come across this sort of impropriety:
A Quick Fix for Drywall Discoloration in REO Properties for Sale
It is quite common to find discoloration caused by water intrusion in abandoned foreclosure listings. Depending on the price and condition of the property, your client may choose to repair and replace or simply find a more cost-effective solution for getting the home free of potential safety hazards and ready for market. In this video, I'll show you how we creatively handled the situation in a property that had some discoloration in the basement. I should mention that I hear myself using the word "mold" in this video. I am incorrectly saying using this term. The drywall had discoloration and I am NOT a mold expert and could not identify it as discoloration of the drywall. Furthermore, you'll notice that I mention that it is less than 100 contiguous feet, which is the standard by which many companies determine whether or not full "remediation" is necessary. In this case, it was not. Take a look at the end result of our "fix". Also be sure to notice that I check to see if the source of the problem is fixed as well. In this case it was not and I had to report it to my REO Asset Manager and my contractor had to return and get it corrected. "Band Aids" don't work. Double check every time! Hey, a repair like this on a bank owned property isn't always a pretty process but it gets the job done safely and properly!
Secrets of BIG REO Brokers
The REO business is really something that amazes me at times. I look around and I wonder "how does this guy (or girl) stay in business" ALL the time. I'm always visiting properties and seeing windows and doors unsecured, obvious vandalism occurring and not being noticed, unattended roof leaks...and on an on. It is very easy to see why Asset Managers get so upset with brokers who don't pay attention to their properties. It seems as if brokers just say "well my clients are out of state so they'll never know if I don't visit my properties every month"....BS!
