YOU CAN BE A SPECIALIZED REO AGENT!
Do you have what it takes to be a foreclosure listing agent?
Do you know what all is involved in this business? What is the definition of REO in the first place? If you are reading this and just starting out your in the right place. So many articles don’t give you details which I am going to do. reo properties
EXPERIENCE IN THE FIELD
I have been a listing agent for over 12 years. I got my first REO / Bank owned listing from phone duty. The company called in and was just giving the listing to who ever answered the phone. The company was SPS servicing. So I didn’t start out by doing BPO’s. I didn’t have a clue what I was in store for. The first thing the asset manager wanted to know was if the property was occupied or vacant. When I went to the property to check on the occupancy, I found the property to be vacant, standing wide open and full of miscellaneous items. Not only was it full of stuff but it also had mice and mouse droppings everywhere. The next thing they needed to know was the value of the property. Well this property was out in the middle of nowhere it was run down needed repairs and I had to give it a value. This was my first experience of doing a BPO. And of course in the BPO I got to the section of repairs. Fortunately I had been in the business long enough and had listed and sold many other properties that I had some idea of what it would cost to make most repairs the property needed. This part of the BPO is the agents estimate not want a contractor would charge.
SOME INSIGHTS
Now of course the foreclosure company or the REO company wants to have the property trashed out. Who am I going to get to do that? Good question? Who do you use to clean out a property if you’re new to this business? I happened to know someone that needed the extra cash and had a truck. This started a good working relationship for the future. The bank also wanted the utilities turned on. Here is where I found out that my company would not be responsible for turning on utilities or paying the bill. This is also the agent’s responsibility. The bills have to be sent in once a month for reimbursement. Once the property was cleaned out and on the market and we had a buyer that did a whole house inspection we discovered the septic system was shot. REO properties are sold AS IS right? Not always. Some and most banks will pay for some repairs. The bank paid for a new septic system and we where able to close the deal. That was over 12 years ago and from that first listing I wanted to work in the field of reo asset management business because for some reason I liked it. So over the next 12 years I developed relationships with various asset managers for a number of companies. I have done cash of keys, evictions, moved peoples stuff into storage pretty much I have seen it all. I have even had to go to court to have a squatter evicted from a property I had on the market. The market has changed since I got into the foreclosure niche.
HOW SHOCKING IS THIS?
I am shocked at how many agents in today’s market don’t have a clue about banked owned properties.
With the staggering numbers of these properties that make up today’s market every agent needs to educated in this process. How can you service your buyers and your sellers if you don’t know the process of foreclosure and the process of a short sale? And where are you going to get an education on this? Is your company going to teach you? Or can you rely on an agent in your office that might have some knowledge?
AREA STATS
I live in the Cincinnati area and here in one county alone there are 1,902 pre foreclosures. There are 3,557 homes that are already bank owned. With the market continuing to decline and more and more homeowners defaulting on their mortgages the prediction is these numbers are only going to continue to rise.
THE FACT IS
Let’s get right to the point! Homeowners desperatley are in need of the help of well-trained competent real estate agents to help the Country pull out of this financial mess.
YOUR BENEFIT
The benefit of becoming well versed in REO properties is being one of the few who are able to understand such transactions Most real estate brokers do not want to work with or do not understand such listings. Because of this, it is easier to directly obtain listings or obtain listings referred by other real estate brokers. Many successful careers have been made out of this misunderstood market segment.
Imput Keyword
eal estate| real estate agents| lender owned| foreclosure|property|short sale|information|homes
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