So you want to get into REO's?

After Months and Months of reports and showings in one of our distressed property REO listings, we are finally going to closing! Here's the breakdown:

$5,500 to the Auction company (mailed out two signs to the agent for open houses & activated a webpage for the auction)

$1,100 to the asset company (persistently asked the agent for reports and BPO's to be done on time)

$715 to the agent (months and months of work involving contacting the original owners on multiple occasions to convince them to leave amicably, months and months of property condition reports, bpo reports, marketing reports, occupancy reports and health and safety reports. Months and months of scheduling showings, meeting with buyers, taking and submitting offers, waiting on responses and managing buyer/seller expectations. Held multiple open houses taking up both Saturdays and Sundays. This included performing the open houses for the auction company. Let's not forget taking on the costs of rekeying, cleaning, utility bills.)

What a great paying job we have!

(P.s. To top it all off, we brought in an offer that was $20,000 higher than the final auction bid amount right before the auction took place.... denied. Why would they pay the agent for both sides when they can pay the auction site instead.)

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  • Seems to be the current trend. I've been getting orders for drive by BPOs (for $35 so I don't accept) with big red letters in the instructions stating photos must contain no date stamps because the property is going to an online auction. So for the princely sum of $35 I not only am helping you set the price but providing the photos for the online auction.

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