Posts Tagged ‘REO’
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!
Haha...I'm BACK!...and You Better "Listen Up"!
Hello again REO Rockstars! As many of you know, I have been a regular road warrior lately, going cross country for weeks at a time to get knee-deep in the trenches with the big shots of the REO world. Accept my apology for the delay in new posts, but trust me, you won't think I owe you anything-nada-when you soak in all of the knowledge that I've gained to share with all of you in the next few months. In case you haven't noticed, things are changing quite a bit in our industry. Banks are telling us of MONSTROUS foreclosure numbers that are looming like giant storm clouds ready to crash down on just about every major city in the country. While many people have been listening to the b.s. being spewed out by the media that "times are getting better", I'm here to tell you that we're merely in the eye of the foreclosure storm-and a TERRIFYING storm it's gonna be.....that is, except for us REO guys!
Great REO Resources
It is extremely critical that you have the right information and good resources for insights into the REO industry. I for one am a big fan of one of Donald Trump's sayings: "Know everything about what you are doing". Two resources truly stand out for me: DS News is the REO industry's resource for industry events and information that's of high interest to every REO broker. Each year they publish their famous "Red Book" that highlights the major financial institution players in the business.
RealtyTrac is the number one provider of accurate real estate and REO statistics. This is THE best place to get data feeds, widgets and foreclosure article RSS feeds to dress up your website and make it "buyer sticky". The Foreclosure Trends subscription is the real "hook" for investors. Get it here.
Again, if you need help setting these tools up simply contact Brent Guest at BHGDigital LLC for custom web design.
Get Found by REO Managers
Hopefully you've purchased RoboForm2GO Pro and are registering with every company on the REO Blackbook registration list .
You also need to set up accounts on these two platforms: Res.net allows you to register up to 100 zip codes per account. So if you are a large broker and cover more than 100 areas you will need to set up multiple accounts (I have 4). Res.net is only about $250/year for each account.
Equator (formerly REOTrans) allows you to list as many zip codes as you like and you pay a per zip code monthly fee. Equator is much more expensive than Res.net but you must be listed on BOTH. Asset managers routinely search these databases for agents located in a certain proximity of their REOs.
In addition to being on their own in house systems, many require that you use Res.net or Equator to process the sale of their properties.
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.
