Posts Tagged ‘Reo Property’
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!
Training Agents Who SELL Your REO Properties....Most Don't "Get" It.
So yesterday I failed...Well, actually my staff failed but that means that ultimately I was responsible. Whew....got the self blame out of the way. Is it supposed to feel good to take responsibility or is it just the right thing to do? Who knows and WHO CARES! 
Anyway, I get an email from my office manager telling me to call a particular selling broker, who was upset about how the negotiations were going on one of my listings. He really could not believe that his buyer's offer was flat out "rejected" without a seller counter right in the middle of negotiations (very short negotiations I might add...his buyer was WAY low on price). Anyway, long and short of it was that did not "believe" that banks would just stop negotiating in mid-stream and force a buyer to either walk or counter their own counter. The guy actually believed that the bank was using his offer to shop other offers. He REALLY just didn't "get it"! So how do you (and how do I NORMALLY) prevent this?
A Needle in a Haystack! PERFECT House in Challenging Area and Tips on How to Get it Ready to Sell Fast!
WOW do I LOVE coming across little gems like this one. I always say "don't curb qualify properties". Just because you see a bad zip code listed on the new assignment DO NOT assume that you got a bad house. The house in this video turned out to be the PERFECT little REO property. When I see these, I get so anxious to get them ready for sale because I know they're money in the bank. This one even had fresh paint and it looked like the lawn was cut that day, which led me to believe that it had to be occupied. Well, I'll show you a few of the ways I discover that it's probably ok to go inside AND exactly the steps I'll take to get this baby right up on the market! mmmmmmm.....4-sides brick,fresh paint,fenced yard,new kitchen....just makes my mouth water!
Can you REALLY Tell if Your New REO Property is Vacant?
One thing I've learned in selling REOs is that occupants can really act strange. They REALLY make it hard for you to know if they are still living in the house or if they are just using it as a storage bin! There are a few little tricks you learn as a broker than can tip you off as to what's REALLY going on with a property. You can do things like check the electric meter for service, put tape across an entry door and never forget: TALK TO THE NEIGHBORS! With a little know-how you can learn to uncover what's really going on. Watch this video and see what I mean. This one is a battle between a disgruntled neighbor who's sick of the eyesore next door (who actually Re-KEYED the property) and the these sneaky occupants who actually BREAK IN to their own house over and over again! Yeeessshhhhh......always something new in the REO biz!
