just rec'd my first ocwen reo assignment, occupied so will do cash for keys. County shows 2 names on deed, ocwen 1...holding off making an offer until ocwen gives direction..but, I have been looking on the ocwen site for service providers in the area to see if i can use someone for trashout etc. that is already on the system..and cannot find a list...but also cannot find the order for me! Am i on a wrong site from the normal bpo?
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I have completed quite a few for Ocwen. I can give good and bad comments, but my main comment is I always accept them and they always sell! I have only had one go over 90 days, but I had the buyer for that one, so it was worth the wait. You can do a drive by for a look and check records, previous MLS, etc. If it looks like a high maintenance job, say no, if it's not to bad - Take it! If you can turn a million in Ocwen properties per year it could be a nice little bonus.
I have done quite a few deals with OCWEN, if you have any specific questions, ask and I will respond.
Their commission dropped to 1.6% plus $700 property management fee. From my experience so far, they pay the least but if you accept the listing, you have a good chance of getting some spin of business from it ie buyer or another seller.
You need to have some money to pay for repairs upfront or find a conractor that is willing to wait a few weeks to get paid.
Goodluck
Daniel Norwood > Akin FalodunFebruary 16, 2009 at 9:37am
Can you direct me to the website to get on their approved broker list to handle their reo properties, please? I live in West, Tx and there are minimal reo listings here at this time. Thank you.
I've had a bad experience with one of my Ocwen REO listings. Long story, but I'll shorten it up a bit...
First I received the new listing information and did the CFK as the property was Occupied. The previous owner's son called me to make an offer on the home before it was listed, so I met with him and got him to give me an offer (which was right in line with my pre-marketing BPO). We submitted this offer to the pre-marketing associate and began our negotiations. We received only rejections from the negotiator. I final asked for a counter offer after the buyer had raised his offer about 20K with still only rejections. The negotiator came back with a counter that was 35K over the buyer's last offer. I had to explain to the buyer and the negotiator that the property would not appraise for that amount. Well, as you may have guessed, the buyer walked. Then two weeks later my listing contract came back with a listing price 55K less than the negotiator's counter to the buyer. 2 weeks later!! This was crazy, I don't even know if the negotiator was even looking at the right asset. Unfortunately for that buyer, his credit score dropped and now didn't qualify for the type of loan he needed. I did find a few other buyers for the property within that first week and we closed the deal. During this time Ocwen's listing commission dropped down to 1.6%. All the work on their "Broker Managed" listings isn't worth 1.6%. They do give you a $700 management fee, but that doesn't cover the difference in the commission drop.
Also, you will need to find all of your vendors to take care of the property maintenance. You will have to cover the expenses yourself and submit the invoices and paid receipts for all the approved work. Their management platform is not very user friendly, but if you can get to the "orders" page everything for your listing should be there. Just another FYI, you need your AM to create the order for all of your Property Maintenance Invoices. For example, just email him/her and ask to create an order for your Rekey and Winterizing. Then they will have two separate Invoices for the work needed. Just upload your invoice showing it paid and you will receive a payment in about 2 weeks top.
Good luck. I know I would rethink taking another Non-VA "Broker-Managed" listing from Ocwen.
whoaaa..just read up on ocwen on active rain...sounds like they are fine for bpos and cmas, but atrocious for actually listings..any comments here? i am thinking of not taking the assignment, this is not the time to front big cash out...
Replies
Their commission dropped to 1.6% plus $700 property management fee. From my experience so far, they pay the least but if you accept the listing, you have a good chance of getting some spin of business from it ie buyer or another seller.
You need to have some money to pay for repairs upfront or find a conractor that is willing to wait a few weeks to get paid.
Goodluck
First I received the new listing information and did the CFK as the property was Occupied. The previous owner's son called me to make an offer on the home before it was listed, so I met with him and got him to give me an offer (which was right in line with my pre-marketing BPO). We submitted this offer to the pre-marketing associate and began our negotiations. We received only rejections from the negotiator. I final asked for a counter offer after the buyer had raised his offer about 20K with still only rejections. The negotiator came back with a counter that was 35K over the buyer's last offer. I had to explain to the buyer and the negotiator that the property would not appraise for that amount. Well, as you may have guessed, the buyer walked. Then two weeks later my listing contract came back with a listing price 55K less than the negotiator's counter to the buyer. 2 weeks later!! This was crazy, I don't even know if the negotiator was even looking at the right asset. Unfortunately for that buyer, his credit score dropped and now didn't qualify for the type of loan he needed. I did find a few other buyers for the property within that first week and we closed the deal. During this time Ocwen's listing commission dropped down to 1.6%. All the work on their "Broker Managed" listings isn't worth 1.6%. They do give you a $700 management fee, but that doesn't cover the difference in the commission drop.
Also, you will need to find all of your vendors to take care of the property maintenance. You will have to cover the expenses yourself and submit the invoices and paid receipts for all the approved work. Their management platform is not very user friendly, but if you can get to the "orders" page everything for your listing should be there. Just another FYI, you need your AM to create the order for all of your Property Maintenance Invoices. For example, just email him/her and ask to create an order for your Rekey and Winterizing. Then they will have two separate Invoices for the work needed. Just upload your invoice showing it paid and you will receive a payment in about 2 weeks top.
Good luck. I know I would rethink taking another Non-VA "Broker-Managed" listing from Ocwen.