Posts Tagged ‘REO tips’
Who's Been Sleeping in MY REO? - Spooky!
No matter how "cute" a little house is or how "safe" a neighborhood may appear to be-NEVER assume that ANY REO is secure from vandals and squatters. Come with me as I walk you through one of my properties that we had recently secured and I'll show you how to spot the tell tale signs that someone has been coming and going......we'll start in the dark and dingy basement where NO REO agent wants to go! Funny story about dark basement: Recently a buddy of mine and fellow REO agent was taking pictures in a dark basement WITHOUT his flashlight. He was walking room to room and just snapping pics, relying on the flash to guide him along. Man did he get a surprise! After sticking his camera in a totally black room and snapping a quick shot, he looked at the preview screen and saw....a FACE! Haha! I don't think he's EVER moved so fast to get out of a house! Moral of the story: NEVER be too careful and ALWAYS bring your flashlight! He would have been at a HUGE disadvantage had that squatter decided to act violently.
A Real POS! Even if an REO "Stinks" You Still Need to Fix These Things...
OK, sometimes you get an REO that you really don't even want to bother with. But it's part of the foreclosure game-you take the good, bad, ugly and the POS! A bank will certainly appreciate your ability to help them manage and dispose of their worst problem properties....especially those that no one else wants. It's important that you remember that EVERY REO deserves equal treatment-regardless of how much you may despise the house (hey look-none of us our psychics. Sometimes it's the most run down house that sells the quickest. NEVER "curb qualify" a property). So let's take a look at this beauty of a listing and I'll show you some of the things that MUST be repaired no matter how rotten a property is.
When is the PERFECT Time to Inspect your REOs?-Think RAIN!
If you REALLY want to be the guy who stands out as THE broker to use in the minds of your clients then GO THE EXTRA MILE! Rarely do I see agents getting off their butts and doing proper checks on their properties at the times they need to. For me, a rainstorm presents the PERFECT opportunity to see just how solid your homes are. Watch this video and I'll show you the kind of things you will discover if you're smart about the times that you inspect...things that you would NOT find at less opportune times. Take note of the signs of previous water issues that I point out. This is how I know exactly WHICH houses I should be visiting after a good old fashioned downpour. Your AMs will LOVE you for identifying these issues BEFORE they come up as "deal killers" later!
