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Has anyone had an REO assigned by NRT-Experts and later put on a Non profit List

Posted by Susan Usallan on September 16, 2011 at 4:14am

Hi Everyone,  I was assigned an REO in May and have been doing a weekly inspection for 5 months.  It's a gated community, you know the drill "follow a car in and avoid getting hit by the bar".  The foreclosure was finalized and recorded, it's been 3 week now.  I was asked to put electric account in my name and all of a sudden I get an e-mail saying the property is being put on hold for listing and placed on a Discount or Non Profit list.  Today I get a questionaire from closing agent of -Community outreach Services. When I question the asset manager to please explain the process and what it will mean to me, I get no e-mail response.  Meanwhile I'm expected to continue doing inspections, paying for electric bill with no listing agreement.

 

Has anyone out there had an REO property put on a Non-profit list ?  Please let me know what's in it for the Broker/Realtor.

 

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Comments

  • Joseph Spinelli September 30, 2011 at 8:27pm

    Hello,

     

    I have had many NRT listings.  Two have gone to donation/non profit.  Once I received 500.00 and once i received 1000.  You get a minimum of 500.00 becasue you still have to do your weekly inspections and keep the utils on.  Its normal for this to happen.  Hopefully it doesnt happen too often.

  • Susan Usallan September 25, 2011 at 1:39pm
      That answers my question. Thank you Eric.
  • Eric Nguyen September 25, 2011 at 8:29am
    When a property is put on NPR, the local non-profit organizations have the first shot at purchasing the property at the list price. It's part of the neighborhood-stabilizing program. After the questionaire is submitted, the seller will reserve the first 8-10 days to give the non-profit groups time to submit their offer or to decline. In case they move forward, you don't have to do market the property and still get your commission after the deal is closed. If the non-profit groups decline, then after the reserved period, the property will be cleared for you to list on the MLS. I hope that answer your concern.
  • James Mathieu September 22, 2011 at 3:29am
    what is the contact information for NRT-Experts
  • Susan Usallan September 22, 2011 at 2:09am
    Thank you, Rafael for your response.  I've asked my asset manager twice but haven't gotten a response.
  • Rafael R. Requena September 21, 2011 at 5:32pm
    Yes, twice. It's because many banks are allowing non-profits to look at the assets first and provide Neighborhood Stabilization Programs.You will get $500 at close of escrow is what I've heard for doing the occupancy checks.
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