Yes...#@$ ...Yeas! There is no doubt that I am doing everything possible to get REO listings and it is probably not enough since I am not getting anything despite a lot of time, lot of BPO’s and almost everything existing as certification.In the other hand, I can see REO listings assigned to some very busy agents from the other counties on the North, the Souht or the East (West is the Pacific). Because there are not busy enough with their listings in their own county they have to get listing in some other areas. Now, how is it fair to the client ? Here are a few consequences such as NO photos on MLS, not appropriate lockbox, lack of communication with listing agent. I have a buyer on one of these and still waiting the listing agent call me back since I am trying to contact him since already a day. The property is already 75 DOM.This is not over and I am afraid that I am just starting. I have been called for a BPO about ¼ mile from my office. The property was listed by agent from another county which is about at least one hour drive one way and a toll bridge to be paid. Here is the result: It was 2 inches of water in the unit when I have opened the door. Enough mold on the wall to be able to write MOLD ! Is this the way to preserve asset ? It was obviously a few weeks or more this agent did not entered in the premises…I had a buyer who wanted to see a REO SFR and we drove to see the property… She never wanted to get out the car so it was so much trash and other various items in the driveway and front yard, including the rest of one transmission box with appropriate oil and fluid all over… I am glad some agents are very successful… But does it make sense that this same agent has so many listings, let say at above 600K in his/her county, and asset manager or lender will assign another one at 200K in a different county requiring a long drive… I believe the same service is required and expected, but is this logic and feasible. I am doing an average 20 BPO’s per week. Some will say that it is not very much and I am not using any automatic “transmission”! Actually I spend a lot of time and support my valuation with additional photos and extra documents to have the maximum overview of the subject property available for the client. This is more time, but I am offering a service with low reward (average $ 50) and I am glad to do my due diligence because this is my integrity. Actually the situation is agent has the affirmative obligation as a fiduciary duty of utmost care, integrity, honesty and loyal dealing with our client. I don’t see these requirements fulfilled when a listing is 75 DOM and total lack of communication, not appropriate lock box, no photo on MLS, minimum information on MLS, trashes everywhere and so on. I am not sure lenders, investors and asset managers are not aware of this situation, or if they are, almost sure they don’t realize the consequences. Last one as a dessert ! Another REO listed by a very busy agent from another far away area. Property is sold and at closing came a surprise bill from the city as penalties and fees for building permit issues and violations. This was a significant amount of money and neither the listing agent or asset manager had a clue about it. It would make sense that a local and more available listing agent would have been aware of this concern. Obviously, it was a city resale inspection required while did not have any where the listing agent is located. In the meantime, I am doing BPO’s and I see the subject property listed by someone who does not even know the local concerns since too busy already by other close-by listings. There is certainly room for improvement in the system for the benefit of many: asset manager, lender, investor, other agent and BUYER! After all we are here to sell ! And I am still hoping.Yeas! There is no doubt that I am doing everything possible to get REO listings and it is probably not enough since I am not getting anything despite a lot of time, lot of BPO’s and almost everything existing as certification.In the other hand I can see REO listings assigned to some very busy agents from the other counties on the North, the Sought or the East (West is the Pacific). Because there are not busy enough with their listings in their own county they have to get listing in some other areas. Now, how is it fair to the client ? Here are a few consequences such as NO photos on MLS, not appropriate lockbox, lack of communication with listing agent. I have a buyer on one of these and still waiting the listing agent call me back since I am trying to contact him since already a day. The property is already 75 DOM.This is not over and I am afraid that I am just starting. I have been called for a BPO about ¼ mile from my office. The property was listed by agent from another county which is about at least one hour drive one way and a toll bridge to be paid. Here is the result: It was 2 inches of water in the unit when I have opened the door. Enough mold on the wall to be able to write MOLD ! Is this the way to preserve asset ? It was obviously a few weeks or more this agent did not entered in the premises…I had a buyer who wanted to see a REO SFR and we drove to see the property… She never wanted to get out the car so it was so much trash and other various items in the driveway and front yard, including the rest of one transmission box with appropriate oil and fluid all over… I am glad some agents are very successful… But does it make sense that this same agent has so many listings, let say at above 600K in his/her county, and asset manager will assign another one at 200K in a different county requiring a long drive… I believe the same service is required and expected, but is this logic and feasible. I am doing an average 20 BPO’s per week. Some will say that it is not very much and I am not using any automatic “transmission”! Actually I spend a lot of time and support my valuation with additional photos and documents to have the maximum overview of the subject property for the client. This is more time, but I am offering a service with low reward (average $ 50) and I am glad to do my due diligence because this is my integrity. Actually the situation is agent has the affirmative obligation as a fiduciary duty of utmost care, integrity, honesty and loyal dealing with our client. I don’t see these requirements fulfilled when a listing is 72 DOM and total lack of communication, not appropriate lock box, no photo on MLS, minimum information on MLS, trashes everywhere and so on. I am not sure lenders, investors and asset managers are not aware of this situation, or if they are, almost sure they don’t realize the consequences of this situation. Last one as a dessert ! Another REO listed by a very busy agent from another far away area. Property is sold and at closing came a surprise bill from the city as penalties and fees for building permit issues and violations. This was a significant amount of money and neither the listing agent or asset manager had a clue about it. It would make sense that a local and more available listing agent would have been aware of this concern. Obviously, it was a city resale inspection required while did not have any where the listing agent is located. In the meantime, I am doing BPO’s and I see the subject property listed by someone who does not even know the local concerns since too busy already by other close-by listings. There is certainly room for improvement in the system for the benefit of many: asset manager, lender, investor, other agent and BUYER! After all we are here to sell !
You need to find out if the companies your doing bpo's for has the capability to assign listings. If not, then your just wasting your time, especially at $50 per order, or getting alot of practice (depending how you look at it.)
What might be a good idea is to do some research and find out who the bank/am company is handling that listing. Then you can contact them with mls print outs, pictures, and make them aware of what's going on with those listings. That might just create a small enough door for you to walk through and create an opportunity for yourself. Just be sure not to bash the other agent and to come off professional. It can't hurt to try as you have nothing to lose and everything to gain. Good luck.
Replies
What might be a good idea is to do some research and find out who the bank/am company is handling that listing. Then you can contact them with mls print outs, pictures, and make them aware of what's going on with those listings. That might just create a small enough door for you to walk through and create an opportunity for yourself. Just be sure not to bash the other agent and to come off professional. It can't hurt to try as you have nothing to lose and everything to gain. Good luck.