Posts Tagged ‘Job’
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!
Performing an REO Eviction
Performing and eviction on one of your REO properties may seem like a daunting task but it's really quite easy. As the broker, your role is primarily to coordinate the arrival of a crew of guys to assist in carrying the furniture and any other belongings to the curb and to assure that things such as the re-key and securing of the property take place. Once the crew is finished with their job, you simply photograph the property, install the sign and lockbox and you're on your way. Watch this video to see how simple the process really is.
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!
