Posts Tagged ‘Selling bank owned homes’
Sure Signs that Banks are Getting Ready to Unleash an REO Tsunami...
Well folks, there's a few telltale signs that the REO climate is about to change.....yep, the clouds are thickening, the skies are grey and the wind is whirling around like a funnel cloud ready to whip out debris across the countryside! The REO storm appears to be right upon us. So hold on to your hats!
Ok, here's what I, and a few of my most trusted colleagues, both brokers and other REO industry "insiders" have been observing:
Want to Sell REO properties? Here's 1 Quick & Easy Way to Cut in Line...
If you haven't already taken advantage of "Uncensored REO Secrets" then invest in your copy today. It's the simplest and easiest way to discover how to jump into the business of selling bank-owned homes. As a result of the most common questions that I get from coaching members and other aspiring REO brokers that I frequently meet, I put this quick little "blueprint" together, that outlines the most critical steps that you'll need to take, and the most deadly pitfalls that you MUST avoid, in order to start getting assignments from banks and asset management companies.
How to KEEP Getting REO Listings...What Asset Managers want to see.
Good morning all. Just a very quick post to remind everyone that you will NOT get away with slacking on utility connections. I realize that this may seem to be a post with a very obvious meaning but I have to tell you that this is probably one of the biggest hangups that AMs have to deal with. I would roughly guesstimate that at least HALF...yeah HALF of the REO properties that I visit DO NOT have utilities activated. I also know with absolute certainty that almost ALL Master Listing Agreements contain a special section regarding broker responsibilities, specifically, ACTIVATING UTILITIES. I was reminded of this sore subject by an email received from a client today,
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.
