Posts Tagged ‘Reos’
So... "What's the Deal with So Many Multiple Offers on Investment Properties Right Now?"
This was an actual question posed to me by a local real estate broker this morning. Since I've heard it a lot lately, I thought I'd go ahead and address it quickly for everyone. Here's the deal in a nutshell...
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!
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.
SPEAK UP to Your AMs when You are Right!
Something REALLY cool happened with one of my clients this week that I thought I'd quickly share with you. Frankly, it started out as a serious "problem". I have sold REOs for this firm for just about a year now and it's always been, well let's just say, "difficult". I don't mean that it's been hard to sell their properties, but rather, it's been very hard to get "in sync" with this client's expectations. It always seemed that each AM had entirely different "rules" and "procedures" for handling properties than the next AM did-even properties from the SAME SUB-CLIENT.
