This is something I put together for a top 4 financial institution to help their REO listing agents have an understanding of what is expected of them:Greetings:Communication is one of the most important things to consider when establishing a mutually beneficial and long lasting business relationship. In the brief time working with you we have noticed some things that can be improved upon and some minor changes needed to have a great system in place. We realize most of you have worked with other AMs and that each AM has a way of doing business. Many of you have invested time, money and resources to be a preferred XYZ REO listing agent. It is only fair that you know what is expected of you and how to make sure you continue to receive XYZ REO assignments. In order for all of us to have a better understanding of what is expected we have taken the time to put together the following procedures and expectations.New AssignmentsOccupancy checks need to be done immediately as that will determine how fast we can start working to get the property on the market, ideally the same day the task is assigned. Listing agent will meet AM at the property within 5 days of verifying it's vacant.Pre-MarketingBPOs, BPO Pictures, bids, re-keys also need to be done as soon as possible; re-keys within 24-48 hours once vacancy is established and the others should not take more than 5 days, ideally within 3 days. Have noticed some of the bids are rather high and you might want to consider shopping around instead of using the same vendors all the time or negotiating with them for better pricing. We have been in this city for over 25, years some in the construction industry, and have a good idea of how much repairs or preservation costs should be. Remember one of our primary objective is to help XYZ net as much as possible. Some of the BPOs we’ve received have different information than the second BPO. For example one BPO said 7/3/2 and the second BPO (on the same property) said 6/3/2. Please make sure to verify the information and complete everything on the BPOs, even if you have to put N/A. There should not be any empty lines or missing check marks on the squares/boxes. BPO pictures need to be clear and must include all sides of the property, even if taken at an angle from the front of the house.ListingsMost of our inventory is selling pretty fast and getting multiple offers. However, marketing and open houses still needs to be part of your strategy when selling XYZ REO, especially in those areas where properties are not moving as fast. If you’ve been in this city for a while we are sure you know what those areas are. When you upload your MLS printout you also need to upload a flyer view. If the property is in good shape it needs to have the maximum pictures allowed. Of course if it’s a fixer-upper or in bad condition than the flyer view might only contain one picture. Have noticed some of MLS directions or property information need to have more detail or provide a better description. As long as a property is on the market we need to receive a weekly report of how many buyers have viewed the property, any positive or negative feedback and recommendations to sell the property. Also, when you upload the printout or any document it needs to be loaded properly, not sideways or upside down (as we are not able to rotate the document) and the documents needs to be legible. Would advise you to preview what you are sending to make sure it’s loaded properly and legible prior to submitting for consideration.OffersWhen the property goes on the market you will hold all offers for ( XX ) hours prior to submitting, unless there isn’t much activity on the property then you will upload single offers immediately. It is your responsibility to go over offers and counters prior to uploading them on RES.NET for us to review. Once again there should not be any blank lines or unchecked squares/boxes, documents need to be properly loaded and legible. When uploading multiple offers load them in order from best and highest on down. You need to email us whenever you upload any offers, counter offers or accepted contracts to make sure we execute as fast as possible. Advise buyer agents of the following closing periods: Cash offers must close in 15 days, Conventional loans must close in 30 days and FHA/VA offers must close in 45 days. When there are multiple offers you may let the agents know we will take in consideration per diem per day if not closed on time, earnest money amount, closing costs requested, inspection period, repairs requested and anything else that will affect the net on the property. Whenever a contract is accepted and multiple offers were received try to keep one as a back up, preferably two. All accepted contracts uploaded must include XYZ Addendum, Lead Based disclosure, Hold Harmless disclosure, Mold Addendum disclosure and must be completely filled out!In EscrowYou need to stay on top of loan process, and title/escrow to ensure everything is done per purchase agreement, especially funding. If there is a problem with the loan or title/escrow that will prevent closing on time you need to bring it to our attention immediately! We don’t want to micromanage and have to contact you to find out why loan docs are not ready or any other problem. If there is a problem we need to find out from you and not from our supervisors!We understand there is going to be glitches due to XYZ's transition to RES.NET and we will work with you. However, we will not teach agents or their staff how to use RES.NET, IClear, other applications or remind you to complete your tasks. We are hoping this will help you have a better understanding of what our expectations are and how to better work with each other. Please feel free to contact me if you have any questions or concerns concerning this matter. Thank you and have a great day!
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What are your views on me getting certified through www.REOAgentUniversity.com. They are the most costly program I have encountered and they guarantee you an account within 6 months. I thank you for your prompt response.
Debra
Before I will offer my insight on your question, let me first ask you, what do you want out of a certification? If you would indulge me, please list out your top 5 requirements you want out of any certification you pay for.
Replies
Thank you for sharing all this information.
Best regards!
Debra
Before I will offer my insight on your question, let me first ask you, what do you want out of a certification? If you would indulge me, please list out your top 5 requirements you want out of any certification you pay for.
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