agent - Blog - REO Pro Network

REO – Asset Managers – Networking Successfully (Part II)

Posted by Roxanne Tidmore on February 28, 2010 at 11:18am

The previous post discussed how a REO Transaction Coordinator can help REO agents apply to asset companies and help agents connect to asset managers.

After this article, a lot of agents contacted me thinking that I had instant access to a network of Asset Managers. And that I could just instantly connect the agent to the AM and they would receive assets.

So I want to clarify what I am able to help the agent with. As written before in the previous post, I offer the service of signing up the agent with many asset companies. That involves uploading or faxing the necessary paperwork to the company. Since it is advantageous to apply to about 50 – 100 asset companies, some agents prefer to outsource this task. That is where I come in. This does not guarantee that you will receive BPOs or REO Listings. That of course is based on the need of the company and the criteria they have for accepting more REO agents.

I also help the agent connect with asset managers. As written previously asset managers are busy and they do appreciate building successful networking relationships. They do not appreciate being continually contacted for BPOs or REO Listings. So I do help agents develop a social networking program that helps them connect successfully with asset managers. This is a way to build a good networking relationship with asset managers. And in this business, it does help to have a solid network of asset managers. I have been able to successfully connect some agents with asset managers which resulted in the agent receiving REO work.

So in summary:

I help the agent apply to the asset companies
I also help the agent develop a social networking program. This program is designed to connect and build an asset manager network for the REO agent.

My next topic will cover things you can do to make the asset manager’s job easier – which in turn will grant you more listings!

To your business success!

Roxanne Tidmore

Agent says No Thank You to REOPro Lead.

Posted by Jesus (Jesse) Gonzalez on February 22, 2010 at 3:17pm

No joke, I was actually told, “no thank you” by a Agent who I offered a lead to.

So, here is what happened.

As many of you know, I have been looking for some agents to work some leads we got in from our investor.

These leads are as hot as they come. Basically a buyer / seller searching online comes across the investor website and ask to be referred to a local agent who will provide them a FREE CMA on a home they want to buy or sell. REOPro then turns around, and distributes the lead, manages the lead and helps it get to closing. We don’t get paid otherwise.

Well, we had no one in RealtyPilot (the REOPro platform) that worked this zip code so I searched the REOPro.NING sit. I found an agent, called him up, offered him the lead and he actually said that he was tired of paying for things he would never use and declined to take the lead.

Just so you know, the lead wrote in the comments section of her application for assistance, “I want to list and sell my home”

Now, here is what chaps my cheeks. To get the lead, all he will be out is the $30.00 a month from RealtyPilot…that’s it. In fact, once he is done working the lead, he can cancel his subscription, it’s not like RealtyPilot has long term contract but, he was so oblivious to who I was, to who REOPro was, to who RealtyPilot was, to the nature of the REOPro / RealtyPilot alliance, he complete lost a great opportunity.

Now, here I am, with a lead….a seller, which is as hot as they come and no one from my network to work the lead. Now I have to go to REORedbook, search through the database and hopefully get myself a agent for a handout!

Honestly, I should have known better to call this guy. He had zero blogs, zero forums, zero comments and his profile didn’t even have his website, phone number or contact information.

Why is it, I have to go and find agents when I have leads to give out? Don’t tell me it’s because you have to pay for the technology platform. If its that much of a cost for you, cancel when you don’t want to use it. This way, you’re only out the $30.00 a month when you actually have a lead to work however, understand…….I am not going to go out looking for you each time I have a lead, I provide those people in RealtyPilot the first opportunity.

Back to basics REO agent strategy - Make a daily "To Do" list.

Posted by Denise Stovall on February 21, 2010 at 5:47am

As a REO agent there are multiple tasks to manage. Through the evolution of methods and systems the written daily "To Do" list is a classic never fail task manager that works. Gather your tasks and intergrate them into a written "To Do" list to be monitored and completed every day.

How it works:

1. Invest in paper and ink. You can use a note pad and pencil or a printout from synced up calendar database.

2. Make a list of current tasks and view the prior day's incomplete task.

3. Assign a catagory of importance and a timeframe to complete.

4. Schedule out your day referring to your calendar and tasks.

Through out your day you can monitor, complete a task by checking it off your To Do list and keep yourself accountable for every minute.

A well organized REO agent that masters their daily tasks by using a To Do list will be prepared for growth and opportunity. A basic concept some what lost in modern technology..you can recycle your paper list or store it for future reference.

Realty Pilot Partnership Results in First REO for REOPro Agent.

Posted by Jesus (Jesse) Gonzalez on December 2, 2009 at 7:26am

Ok, first off….I am not going to share this agents information with you. If he wants to speak up…he can. In other words, don’t ask….lol. I just got an email from Christian Broadwell with Realty Pilot alerting me to the fact that one of our members got a BPO and in return the REO. Now, so that we are clear, this isn’t a “REOPro” assignment so much it was a bank who has been using the Realty Pilot for some time and noticed their coverage is growing…ie, REOPro members and happened to release a BPO to that Zip Code where this member snatched it up, completed it and in return that bank asked him if he wanted the REO. My point is, Realty Pilot is working for our members and yes, it wasn’t a “REOPro” assignment however, the way the system is set up, you as a member could get any assignment for any of the partner banks that Realty Pilot is already working with. Yes, REOPro will be assigning BPOs, REOs and Short Sales soon but, in the meantime, you could potentially get assignments from other cooperating servicers, asset management companies and lender who have their own Asset Management divisions. Don’t forget, on December 16, Realty Pilot will be launching their “Activity Counter” so you as agents can also see where assignments are and how much business is going out per zip code. This is a revolutionary concept in this industry and really puts more power in the decisions making process back into the agents hand. Good luck guys and if you’re not signed up yet, I highly, strongly encourage you to do so. I fully expect REOPro ourselves will be sending out business soon. I know soon is such an ambiguous term but, that is all I can say now without spilling too many beans. Just know, I am completely confident this is going to happen and it’s just a matter of hammering down technology, which Realty Pilot is working very hard at doing.

Don't Bash the REO Agent - It's the market

Posted by Namneet Dhaliwal on November 30, 2009 at 8:30pm

It is all about the market, we will have fewer of frustrated buyers and buyer’s agents if there were 10 properties for each buyer not one property for 10 buyer’s. In that situation, REO agents will bend backwards to get all the paperwork on one or two offers they get, asset managers will accept buyer’s demands even on AS IS property. When fewer buyers out there one can get away with closing cost and other items but not in current market in 4th Quarter of 2009, when slightly lower priced or at the market priced properties are getting 10-20 offers.Price is but it is not the only determining factor. I have asset managers declined the higher priced offers for a better-financed offer. Also had the agents get upset why their offer was not accepted. Some even get more upset when they saw the property closed at lower than their offer price. They do not know the details what happened during the transaction, why it closed at the lower price, may be appraisal, may be some other issues with the property, may be first offer fell out then next available best one, who can close quickly was picked, instead of putting property back on the market.I am not saying that there are not agents out there who play the system. To buy property for my own self I had to write 5 different offers, offered the full price and over and got beaten up by other offers many times before I could get one accepted. It all matters, financing, FICO score, what buyer have in the bank and under whose name. If the proof of buyer's funds is not under buyer's name, then forget about it. I have seen those transactions fall out because of the donor issues. Being an REO agent, I screen all the offers and drawbacks of the offer, are written into my notes to the asset manager. I even call the lender to make sure it is legitimate pre approval. I had noticed fake pre-approval letters, written under the name of big banks.I had agents who will not listen what is being said, I had agents call and ask bunch of questions and will politely ask, if they read the private remarks in the MLS. Sadly, one answer that I still remember was “what private remarks, oh! you mean at the bottom, let me read those”.I have set up an offer submission system through www.eBrokerHouse.com so everyone gets a confirmation of the submission. Not only that, if their offer is deficient I could communicate with the agent as their contact information is right there and I don’t have to look on page 8 try to read fax of a fax or search my email to locate it. I have agents call me and ask that they do not know how to upload the file, that they do not have a scanner. In REO world, the whole transaction is done by scanning and uploading the documents. Who would want to deal with that agent for next 45 days? Does that go in the remarks, yes it does.Not all agents are alike, there are some very savvy buyer’s agents and I wish everyone to be that way. However, there is so much bash about REO agents, that one have to be on the other side to see what REO Agents go through, especially the ones who deal with their transactions first hand. At the end, in grand scheme of things, it is about: would it close and would it close on time?http://www.namneet.com REO Specialist Orange County CA

Can't We All Just Get Along???

Posted by Robin Whitt on November 24, 2009 at 3:40pm

From the Blogs and Forums I read and the Agents I talk to, it seems most Realtors consider themselves either a Listing Agent or Buyer's Agent. Of course that isn't any different than it has been in decades of Real Estate Markets. BUT today's Agents seem to narrow their category down even further to a REO Buyer's Agent or a REO Listing Agent. That is the Market. There are hardly any Vanilla Sales out there to be had, so we are REO Agents.If you sit down with a group of "REO Buyer's Agents" you will hear a plethora of gripes about "REO Listing Agents"; they are selling everything 'in-house', they are purposely trying to drive up the offers, they make the requirements for submitting an offer 'too hard', they NEVER answer their phones....And the list goes on and on.On the other hand you have an entire set of complaints from the "REO Listing Agents" about the "REO Buyer's Agents"; these dumb Agents can't follow directions, how dare they call me on the phone as busy as I am....You know you've heard these things...you may have even said them! LOLPersonally, I guess I can see each side as my Partner and I have tried to stay diversified. I spend the majority of my time focusing on REO's, my Partner is a great Networker and works with Investors, we have a wonderful Buyer's Agent, a terriffic short sale negotiator and of course our Transaction Coordinator who none of us could live without.Maybe I'm just being sappy with the holiday this week, but we should all be thankful for eachother. If there were no Buyer's Agents, the Listing Agents wouldn't have multiple offers on all their properties. If there were no Listing Agents, I guess the Buyer's Agents would be looking for a new career.So as you give thanks on Thursday, remember to be thankful for that REO Buyer's Agent who just can't seem to get an escrow check made out in the right Title Company's name, be thankful for that REO Listing Agent who you aren't quite sure exists because no one has ever actually talked to him on the phone or seen him in person. Without them, we'd all be working some boring job.Happy Thanksgiving!

I have an REO Listing, Now What?

Posted by Beth Ross on October 1, 2009 at 12:17pm

Having done a number of REO listings over the years, it is still a relatively new field for many of us. I am not an expert, I learn something new every day. Please keep in mind this is meant to be humorous!1 - Got an email today from my asset manager letting me know that I was selected to market and list their property. First though I have 24 hours to obtain an occupancy verification, gain interior access to get pictures, find out the HOA company information and any past due amounts, gain access to all the county records to do a quick search to see if any liens on the property, do a BPO on following that particular companies requirements, find out if there are any utilities on or other pertinent information that I need to pass on to my client. Oh, I best find out what the fees are for getting it switched over into my name along with the deposit required so I can make sure I have enough in my bank account to accept this listing and service it properly for by having all the utilities in my name and which I pay for (of course I get reimbursed as long as I turn in my bills and proof of payment in a timely manner and agree to wait for the payment - most of the companies I have chosen to work with pay very promptly - those that don't go on to find out agents).2 - Whew, got that all done, wait a minute, what are all these other tasks now? They weren't there a minute ago?? Oh, now I have to do a personal property evaluation form and they want pictures of each item (good thing I thought ahead and took pictures while I was doing the interior BPO pictures.) And what's this? Because I marked that the property was occupied, I have to now offer Cash For Keys? What are all these forms? I have another 24 hours to get this done? No problem, I will go back to the house, knock on the door and since I know the family is out I will leave the letter and my card in a envelope taped to their front door (don't forget the picture of that) and if they do answer, I will explain what I am offering and give them the number to the Loss Mitigation department if I have received that. I will set up a time within 2 weeks to a month to allow the occupant to find a new place to live and then I will meet him and get the keys if the property is left in clean condition.3 - Now that the home is vacant (trashed out if it was not an occupied property when I took it over), rekeyed the lock, made sure I had the right combination for the private contractor lock box and have placed a proper MLS lock box on the property, now I can notify my Asset Manager we are ready to rock and roll. Oops, I haven't gotten the listing agreement with the amount they are allowing me to market it at, so I have to remove the sign from the yard cause I can only put it up when I have a signed listing agreement. BUT I can keep the sign in the yard that says the home is in the process of pre-marketing and in case of emergency to contact me at a specific number. I don't accept any offers at this time, but I do keep a running tally of the names that call so that I can call them after I have gotten the listing in the MLS.• Are you wondering why I placed the MLS lock box on the house if there is a private lockbox? Well, I am blessed to have an association whose lockboxes keep track of who entered the property so I don't have to keep a running log of whose has called in to get the lock box code, my log is printed out weekly and placed in the file so when I do my monthly marketing report on that property I can give my AM the correct number of showings and in the meantime I've been able to call back for feedback to since the buyer's agents sometimes forget to call and give that. It's a team effort and I don't mind as I would expect it if I forgot to call and give feed back.4 - Well, now we have the listing agreement all taken care of and I am ready to MARKET AND SELL! First, I am going to go back to the property, make sure all the utilities are on, light bulbs are not burnt out, place a fragrance pot in a couple of rooms, set the air conditioning at about 80 in Summer at 65 in Winter so that when the home is shown, clients are not uncomfortable, I want them to think they are truly home so it will sell better. I am also going to place brochures on the counter, information about special financing and contacts for them to be able to call to see if they can help with the loan. I also leave my agency disclosure brochure, my cards, and if there is an HOA then I try to leave copies of at least the rules and regulations and contact information in case the client and other agent want to gather more information. I also want to make sure the yard looks good and if not I get the landscaper to mow it,5 - OK, the house is set up. I can go back to the office, or home since it is probably about 8 PM and put in MLS and call the people that have been calling about it since the in case of emergency sign went up.6 – Been a month, had 5 offers and they've all been turned down. When will people realize that the pricing is normally set within a realistic range and these 40% and 50% offers are not going to cut it, but I present all offers! I got a task from my asset manager that my Monthly Marketing Report (similar to a BPO) is due in 2 days. Oh I forgot to take pictures yesterday when I was over for my weekly checkup on the property, now I have to go get updated pictures and get them sent in with the new solds and listings that have happened in the last 30 days. Maybe they will lower the price, maybe they won't. My job is to get them the best price possible for the property, not price it at a give away amount! It takes a little maneuvering sometimes to get that right price. But they have lowered the price a little now, and so I go in and redo the MLS, redo the brochures, upload the new MLS to my asset manager, replenish the brochures at the property and call the people that have shown it to alert them to price drop.7 - Just got word after month two and another MMR (Monthly Marketing Report) that the price is down again. Wow, my phone is ringing off the hook from that ad I put in the paper. This price is really a great price and seems to be attracting a lot of attention. Listen to my efax tell me I have three faxes waiting, TERRIFIC, multiple offers on this property. But 2 of the agents didn't call to let me know they were submitting offers.8 - I start filling out the forms for the new offers, oh no, those two agents that didn't call me and just faxed over the offers did not include their contact information, no letter of preapproval on one, no proof of funds on the other, and I have no way to easily find their phone numbers. So I put everything off to the side, go into my MLS system to the agent roster and hope that the name that is scribbled on the last page where they signed it is legible and now I start calling the numbers to verify their contact information. I hope that since it is after hours, they have updated their cell number in the agent roster so I can contact them tonight and get this submitted. Great, it's 11 PM and I've got all these offers submitted in the system and I am closing up shop!9 - 1 PM the next day, I get an email from my AM, notify all parties involved we are in a multiple offer situation and to submit their highest and best offers by 5 PM the next day. Back on the phone, contact all agents and make the notifications and wait for the new paperwork. In the meantime made a notation in the MLS so that other agents will know what is going on and that they have to submit their highest and best by 5 PM the next day.10 - New offers are in - 1 at the same price and two updated ones and look there, three more new ones. And who said there were no multiple offers anymore. Way to go to all you agents out there with buyers!! Ok, all offers are submitted again, now I am off to bed and hey it's only 11:30 PM.11 - Start the next day off, excited cause I know that one of those offers is going to be accepted. Wow, locked up the office tonight and no emails, calls or information from my Asset Manager.12 - Day two - still no word13 - Day Three - I've gotten calls from agents wanting to know if I have heard anything yet. No, nothing yet,14 - Day Four - Yeah, an email! Offers 1,2,3,5 and 6 are rejected. Offer 4 is accepted with the counter proposal paperwork and all addendum's attached. I notify all the rejected agents that their offers have been rejected, I call agent with offer 4 and let them know that I am forwarding the paperwork for review and signatures and I have 24 hours to get it back to my asset manager. Mind you, offer was an all cash offer, but had a couple of contingencies on it and offer 4 was the same price, all cash but no contingencies. The bank accepted the easiest one with a quicker close date as the only counter proposal. Mind you offer 2 was higher than all of them, but was a conventional loan with 10% down.15 - Day Five = Got a call back from the agent with offer 4, his buyer has decided that he is not willing to meet the contingency with the new closing date and has chosen not to sign anything. He had given his highest and best offer! Back to the drawing board. To cut a long story short, we were able to get Offer 5 resurrected and put on the agenda to close. Got everything to lawyers, agents, etc. set up closing date in 2 weeks. I am all smiles!!16 - Day before closing, I get a call from the sellers attorney that the deed had not been recorded yet and we are not able to get the closing done in time because the deed is still in transit and it will be a few more days. Ok, no problem!! I call the buyer's agent and alert them and suggest we get an extension signed for 10 - 15 days or earlier, make sure the buyer's attorney has been notified and wait this out.17 - My asset manager calls me, they never call me they only email me this is scary, and ask if I can help the process along by going to the courthouse and seeing if there is anything I can do to walk the deed through for signatures. Ok, sure I will be happy to. I've learned, don't upset the people at the Recorder's office and don't upset the people at the Master In Equity office. I do my due diligence, find that the deed is actually at the recorder's office, they are recording it as I stand there, I go back to the office, call my asset manager and I am a hero!!16 - Ok, closing is just a couple of days late, but that's ok. Now I have to get all the lock boxes off the property, remove all the information from inside, pick up my sign and call and have all the utilities removed out of my name. I then have to get the utilities to send me an expedited bill as I only have 10 days after closing to get ALL bills submitted for payment.17 - Closing is done!!! Check is in my hand!!! Whew, that was good!18 - 30 days have gone by, I still haven't received my check for my utility payments, collection call made.19 - Oh look, three new listings just came across the email - and I wanted to be an REO agent WHY???The above is purely HUMOROUS only! I love what I do and it is an exciting business. I meet great people and have wonderful experiences to share. Please though, if you are thinking of becoming an REO agent, do your due diligence and research. Understand that your asset manager and banks have guidelines they must follow and you have guidelines you must follow. It is your responsibility that you are legal and ethical in everything that you do. If you are a member of a local, state and National Association of REALTORS you have a Code of Ethics that you must follow and you need to make sure that you keep yourself AND your asset manager out of trouble. Your biggest job outside of marketing and selling that property is to make your asset manager's job easier so they can get the other 200 files on their desk completed a little faster, and they will remember you and the extra efforts you did to help get the property sold AND closed.Remember, when the closing is done, send your thank you cards to everyone and include that Asset Manager also. They may have missed their bonus because of the delayed closing and they may need a little smile to cheer them up to help remember you on the next go round of properties in your area.Under Promise, over supply and as always - Have A Better Than Great Day!!

Top 10 REO Contact Tips for Agents from a top Asset Manager

Posted by Regina P. Brown on April 25, 2009 at 9:09am

Yesterday I attended an awesome REO seminar from www.NFSTI.com, National Foreclosure Sales Training Institute in Santa Monica, California. The featured speakers were 2 top REO listing agents and we had some surprise guest speakers. One was a top Asset Manager (can't mention any names, sorry). Another guest speaker was Thomas Moore from eBrokerHouse and he demonstrated their software live!Following is a photo of top REO listing agent Pam Eikelberry from Northern Nevada, giving instruction:

Here's the top 10 REO listing tips from our Super guest, the "secret" AM:1. Asset Managers don't like surprises - they need to know any potential problems before they explode.2. Never say "that's not my job" or you'll soon be OUT of a job.3. You may have to prepare REO buyer's agents by educating them about the addendums.4. AS-IS means that the bank will NOT be making any repairs. Duh!5. If buyers default, they should NOT expect a return of their earnest money deposit.6. Never turn down any work, BPO or otherwise, whether it's paid or not.7. Banks won't pay for home warranties. The buyer or agent(s) will need to pay for it.8. Be available any time an AM calls you -- days, nights, weekends, holidays9. Be honest and up front; don't play games.10. When sending a request to an AM, just ask a yes/no question or give a choice of actions. Extended narrative is not needed.Hope these tips will help you with your REO business! Lots more tips available from their 2-day seminar, see if there's an upcoming seminar near you: www.NFSTI.comRegina P. BrownBroker, Realtor®, e-ProAuthor of eBook "Stop Foreclosure Fast: Solutions to Save your House"Author of forthcoming book, "Virtual Office Guide for Business Professionals: Work & Profit from Home"Text copyright © 2009 R.P. Brown, All Rights Reserved

Why does 1 agent get all the listings?

Posted by Jesus (Jesse) Gonzalez on March 29, 2009 at 11:26am

Many factors go into answering this question and the truth is, I don’t have the time to explain each one so, let me give you my top 3. 1. REO Experience = REO Listings; I know for many of you, this fact is frustrating but, it’s a fact none the less. Why is this the case, you may ask? It boils down to what “Experience” really represents. In other words, if you have REO Experience then you have a direct knowledge through direct exposure to REO and, therefore you have the “know how” or “procedural knowledge” it takes to get the job done. Keep in mind that the rule isn’t REO Training = REO Listings, it is REO Experience = REO Listings. 2. A Proven Track Record of Sales: It may be hard to believe, because your calls never get returned by that power house REO listing agent but, a REO Agent with a large number of listings has a proven track record of sales. This proven track record establishes confidence on behalf of the lender providing the listings and as long as the sales are occurring with little to no problems, that agent will continue to be given the opportunity to do so. 3. The Asset Managers are Graded as Well: Just like a REO Agent has a performance evaluation, so do the Asset Managers. If an Asset Manager is performing poorly because they have a poor Realtor in the field, it’s the Asset Manager who is held liable and risking their job. The banks consider the Asset Managers ability to choose high quality, high performing Realtors as a part of their job and if they can’t do that, they don’t keep that job for long. This is why points 1 and 2 are critical and most Asset Managers will not budge off them. I hope this has given you a different prospective, if you have questions, comments or concerns I would be happy to help out.

My top 8 New REO Agent Blogs

Posted by Jesus (Jesse) Gonzalez on March 15, 2009 at 4:01am

I get asked a lot about what advice I can give a new REO agent. Many times those conversations revolve around how I can help them get into the business. When this comes up I always stop and ask myself, “Do you think they read your blogs?” and typically the answer is no, they just simply asked me before even trying to get to know who or what I am all about. Well, that brings me to my top 8 blogs for new REO Agents (See Below). If you are a new REO agent and looking to get in this business, instead of just asking straight out, “can you help me get a REO listing”, which…by the way…is a bit presumptive and rude, first read my top 8 Beginner REO Agent blogs below. Once you have read over them and, you still have a question, I would be more than happy to help you. Chances are however, after reading over them, you may find the caliber of your questions will change from a “help me” style question to a “how to” style question and those I am much more comfortable with. 1. http://reopro.ning.com/profiles/blogs/apprenticeship-experience-and 2. http://reopro.ning.com/profiles/blogs/bpos-reos-myth 3. http://reopro.ning.com/profiles/blogs/dont-take-my-word-for-it 4. http://reopro.ning.com/profiles/blogs/importance-of-blogging 5. http://reopro.ning.com/profiles/blogs/2122473:BlogPost:5621 6. http://reopro.ning.com/profiles/blogs/2122473:BlogPost:2345 7. http://reopro.ning.com/profiles/blogs/2122473:BlogPost:1111 8. http://reopro.ning.com/profiles/blogs/2122473:BlogPost:821

Northern CA Buyer's Agent Wanted!!! ( Lodi & Stockton)

Posted by Jonathan on February 22, 2009 at 6:00pm

I'm currently looking for a movtivated buyer's agent that can work a growing terriroty in Stockton & Lodi. If you know of anyone looking to get there feet wet in the REO business representing buyers, assisting with MSR and Prop Mgmt, send them my way.Sincerely,Jonathan BurgessReal Estate BrokerNFSTI./REO-BPO CertifiedYou can send an email to: offer@code3realty.comProspects with relationships within the public safety professions are highly desirable!!!

“I don’t believe you have multiple offers”, said the Selling Agent.

Posted by Jesus (Jesse) Gonzalez on January 11, 2009 at 11:17am

Nothing irks my soul more than the Realtor who questions my integrity. Yes, it can be argued that our industry is faced with many challenges, of which, personal integrity could be considered at the top however, I am not the one. My integrity and reputation precedes me and of this I am much aware. I pride fully admit I have never been good at humility but, we each have our drawbacks. As I was saying, I am not the one. I got out of my way to ensure everything is on the up and up, not because I am bound by some generic code of ethics or some legal statue but because, that is how I was raised. (cliché I know) So, when I sent out multiple offer notices to all the Selling Agents on a recent property, I was a bit miffed by the oblivious yet gallant response by one Realtor that went something like, “I don’t believe you have multiple offers.” Well, in this situation I could have responded many different ways however, reverting back to those wonderful lessons I learned as a child, of which my mothers favorite came to mind, “If you don’t have anything nice to say, don’t say anything at all”. With that in mind, I simply stayed quiet………..(Long Pause) and, then the Selling Agent said, “are you there?” My reply was yes, I am here, I have been here listening to you. I guess he was shocked that I was listening but, I am sure that is the by-product of most likely never being listened to because he obviously never has anything worth while to say but, that is another story for another time. I proceeded to end the conversation by saying, “did you have any other questions I can help with?” I was hoping he would say no and hang up but, I wasn’t that lucky. None the less, the conversation did come to an end, almost just as dramatic as it started. I repeated myself 5 times….I know, 5 times seems a lot but, for some people, that is just the start. For 5 times I said, “I am providing you the opportunity to instruct your client that multiple offers are on the table and they should submit in their final and best offer.” Eventually, the Selling Agent hung up and, I moved on to my next call. I don’t know how this is going to end but, I assure you, as always, I will be a gentleman and scholar……until he pisses me off.

ANSWER YOUR TELEPHONE!!

Posted by Jonathan on November 6, 2008 at 9:28pm

So you want to be an REO agent do you? Unless your just slammed with business and don't need or want anymore, why would you not answer your telephone. Two days ago I spoke with an AM that had 6 properties needing to be assigned all of which were outside of my coverage area exept for one. So being the sharing person that I am, I called & called & called. 3 listings went to my Southern CA friends/agents with Code 3. 1 to an Agent in Beverly Hills , 1 to myself and the Other to a MEGA REO broker in Bakersfield. This REO broker pretty much assured me he will be retiring after this boom, of which is his 3rd and he's doing MAJOR volume. HE DIDN'T KNOW MY NUMBER FROM NEXT BUT CERTAINLY ANSWERED HIS PHONE AT 10AM IN T THE MORNING WHEN I CALLED. So why is it that a Broker Doing Mega business can answer his phone, and some of us wanting to get into the business don't answer or at least return a telephone call. I'm sure we all have caller Id & show missed calls on our cell phones. We'll I'm looking for a network of a few good agents in CA that I can count on to answer there telephones next time I am blessed with the opportunity to pass on a REO listing.I have been informed from my contacts that CA is gonna get slammed in the next 6-9 months and I'm sure these opportunites will be more common. So Answer your telephones, I know most of my AM's call me before they assign a listing to give me a heads up. I haven't missed a call from one yet, so I don't know what happens when they don't get you on the phone. I would like to think that after you prove yourself they will just assign it; however sometimes a conversation is worthy. Lots of times there in other States Like PA and don't know Sacramento is 4-5 hours away from Bakersfield.Here's my tip for the month: I spoke with the REO coordinator for Citi & have been informed they will be adding new agents in or near the 1st quarter of 2009. So you may want to get your packets in if you haven't already done so. (So why would they be adding more agents around this time, well the stars are linning up, just another source confirming the volume and outlook ahead.)

I am back from 5 star!!!

Posted by Stacie Cunningham on September 22, 2008 at 3:01pm

As many of you know I was at the five star default convention last week and now I am back with my family and animals! I had 4 things on my 5 star to do list and I am glad I got them done and then some!With that being said I am sure you want to hear about my 5 star default conference adventure!! I arrived late Tuesday night. I was elbowed in the head on my plane ride by the man seated behind me but I know something of that nature would happen. Without fail I am a target everywhere of some kind! (wink! wink!) We stayed at the Hilton Anatole. I was impressed by the size of the hotel my husband was not impressed by them not having a shuttle. that's a whole other blog that I am not going to get into.Wednesday in the Am I went down to get my new badge cause mine was wrong. Everyone there had a color coded badge and the people who were wearing red, black or green where being hunted down like deer during hunting season. It scared me a little cause I was stuck on an a full elevator everyone was blue except the guy net to me. He was black and the minute someone spotted him he was attacked. I got off asap and didn't even look back.I ran into some Internet friends by the main info area! Nesli is from San Diego. We have talked several times and exchanged REO info back and forth. I called her looking for her and she was behind me. She was looking for my dark hair and didn't recognize me. No worries I got that all week. She is a great person and I am glad to have met her! There were sooooo many people it was hard to find anyone. I guess it doesn't help that I need a new eye glass prescription and couldn't tell who anyone was till I got close.I did have 1 class that was on my to do list and that was the reo trans class. I needed it to get certified. I have used the system before so most of the information was not new. I did however get to chit chat with the CEO. Very nice man and he helped answer a couple questions that I had that were not answered during the class. If he ever needs to buy in the OC I have a great realtor for him!

Wednesday eve were 2 receptions. I went to the first one and ran into a large group of people I chat with on yahoo groups. They are in my inbox everyday and was glad to meet them. They kept me laughing, entertained, and safe.The second reception was very very crowded and I got lost from everyone I knew and was approached by many interesting parties and was about to leave when I again found my friends. I had a great time! I also got some work done at the show. CA was 2 hours ahead so I was still getting questions asked.

Thursday AM was the awards breakfast. My phone died and I forgot my charger. I had no way of calling anyone and about 4000 people were waiting to get into the breakfast. I have night blindness (it was dark in the breakfast room) and I already told you I need a new prescription so I sat down at the nearest empty table I could. It filled up pretty fast so I was not alone for long. I was chit chatting with everyone. The man next to me and I where talking about Denver and Orange County. He then told me he was the CEO of one of the Asset management companies that was on my to do list. Once he told me who he was....all the agents at the table gave him their card. I wasn't about to give him mine and have him remember me that way. We had a great conversation about his company and he asked me my opinion on a couple things. I felt bad for him cause he kept having people ask him for his card while we were talking. He was very polite and told them to wait till he was in the booth at the expo hall. Anywho.....Breakfast was great and the people who got awards were well deserving! I was impressed!

Expo hall was a zoo!! I walked around and talked to some companies but I waited to come back till it wasn't so crowded. I soon realized that there were a ton of people there to get their foot in the door with REO. Many, many people where cutting in line and pushing and it was not a scene I wanted to be in. I did however get to borrow a iphone charger from a man at REDC. They are an auction company and they had Eric Estrada there taking pictures. I charged my phone and came back down to the expo hall. Less crowded and now I could talk to the people I wanted to without having to worry about someone cutting me off. I was talking to a rep at FirstAM REO and one of my fellow active rain friends recognized who I was. Thanks! It made me smile and the FirstAM guy will probably remember me for that!I was signing up online again w/ FirstAM cause the guy said the software changed. I am with them but he said it couldn't hurt. As I was signing up I had 3 more vendors come talk to me. I even had a auction company want to hire me as a project manager. I am going to stick to REO though...I am kinda good at it. I then moved out of the hall to go find some more Internet friends. As I was waiting I started talking to this man w/ no badge and found out he is w/ another direct lender that I was hoping to talk to. I guess I was at the right place at the right time again!! I soon had to get some work done online and get ready for First Preston Round up.FP was # 3 on my to do list and I was totally impressed by this company. I am so lucky and excited to be a listing agent for them. They are innovative and down to earth. They have a contract in the works with a bank to dramatically change the way short sales are looked at and done. Again, I am so lucky, happy, excited and fortunate to be a part of their local ambassadors.There was a man there that asked 2 really good questions and turns out he is another friend of mine who likes to play in the rain! Jon is a great guy and really nice to be around. He and I got excited about First Preston together!!!Friday was the lender open house and again a crazy mad house! I was so not going in the rooms so I stayed outside and talked to lenders as the passed. I was pretty much over worked at this point and ready to go home. I did have to stay and go to the res.net cert class in the afternoon. I found Jon and his friend Mike and we sat thru the class together. They had a test at the end which was easy if you had used their system before. I was so tired and ready to get out of the hotel since I had been indoors for days i went out to the pool. Another Internet friend of mine from San Diego named Katrina and I chit chatted by the pool. My hubby was pretty tired of hearing about REO and I could tell he was more then ready to go home.I learned a some new things and I met some great contacts. I will defiantly go next year.....as a key note speaker!!! LOL!~Stacie

It's not a myth, You are graded!!

Posted by Stacie Cunningham on June 1, 2008 at 4:27pm

Did you know you are graded on everything you do with an AM? You are graded on the quality of your BPO, the time it took you to turn it in, the pictures (following specific instruction) and if it is complete.Your REO listing is graded on all of your tasks and by each AM you come in contact with. So basically you are under a microscope the minute your profile is even viewed. Crazy huh?? I am always wondering what my grade is and I try to beat around the bush to find out what it is and they NEVER tell me. I am still getting assignments so I guess I am doing something right. Another blogger (JESSE) posted that AM's are looking for a 95% grade or higher to continue sending you REO listings. I thought....Wow an A!! I was always a B student so an A feels pretty good. I guess I should have applied myself a little more. Then I think...naaaahhhh I would probably still be where I am now in RE doing BPO's and getting REO listings. I think those A's would have been nice but THESE A's really mean something!!Point of my blog is don't be a B student. BPO mills probably don't grade but the companies that solicit for REO's should have top priority and you should put in that extra effort. Cause if you don't.....I WILL!!

REOPro – How Can We All Benefit?

Posted by John Occhi on June 1, 2008 at 4:35am

REOPRO is a new site that is focused on REO Agent education. At the time of this writing, there are about 150 members. From a very rough review of the site, my guess is about half of us have little or no REO experience and want to break into the niche du jour while the other half has been doing this long enough to think they know what they are doing. I like to think I fall into the later category.As with any new site, our success depends on one another. I hope that we do not fall into two different camps – those in the know and those wanting to know. We are all here, I assume, to grow and better perfect our trade.MY METHOD - BLOGA method that I have been very successful with in my own personal growth is to teach. When I teach, I am forced to research and know the answers before I share them. Now, I don’t teach in a traditional classroom or even with traditional students. Rather I write.That’s right, I will find a topic of interest to me – typically one that I know enough about to be dangerous – but not an expert. What usually prompts me is I question something that I think I know, but am not sure of. So, I research and I document my research. Other times, I write about my experiences as I go through a certain aspect of my business / life.If you are a seasoned REO Agent, then you have something to share. I know you are busy, but this is an effort that will come back and reward you many times over – if you do it right.If you were to Google my name, you’d find that I have over 400 articles published – most on my primary blog – HemetRealEstateBlog.Com. I do have 4 or 5 other blogs that I write to on occasion, plus I am a guest author on another handful of blogs. When you Google me, make sure you check out Video as a search option and you’ll find that I have nearly 200 videos published as well – all of them from the very early days of video on the internet – March to June 2006. I quit, because I was not satisfied with my editing capabilities and I thought I looked goofy. However, there is not a month that goes by when I still don’t receive a phone call or email asking a specific question about the content of one of my videos.I share this because a public forum like REOPro can give you instant credibility and it helps everyone else who participates.MAKE THE MOST OF REOPRONow, this is a site that is dedicated to REO real estate and not all aspects of real estate. So, I for one truly hope that we will not see a bunch of articles that are off topic – you know what I mean…no one cares bout new home sales, FSBO’s, or any other real estate topic that cannot be tied to REO’s.OK, so if you are new, what can you write about? Well that’s easy…document your journey. Write a diary of what you go through to build your business. When you see something that someone in your market is doing good, let us know…then again if you see something that someone in your agent is doing that gives REO’s a bad name, let us know that too.Being new to the niche will mean you have the most questions. Instead of asking the same questions over and over again in different blogs, why not turn your question into your won blog post and solicit help from readers. I would suggest a format where you ask the question and give your best idea of what the answer is – and ask for clarification and further input.GOOGLE AND SEOBy generating your own blog, you are now generating your own credibility – both here in the REOPro community as well as in your own market. The good news, the more article that are written the more Google and the other search engines will respect this site and give us higher search engines in our own market. I’ll add some article here about blogging and the search engines – but believe me when I say, the more the merrier for everyone.The second step you can take to make REOPro a more productive networking platform is to add comments to others blogs. If you read something that makes sense to you – or maybe it doesn’t….leave a comment for the author. As a blog writer I can tell you that comments on my blog validate me which encourage me to write more. Maybe you missed Stacie Cunninghams blog article about me - well, I've got to tell you it motivated me to start contributing here.Way to network Stacie!Another task you can take on yourself is to invite others to REOPro - remember, the Team spirit - Together Everyone Achieves More!Finally, the way I see it, REOPro is so new that we are on the ground floor. This can get as big and as important in our industry as we make it. Can you imagine the clout the agents who started NRBA or REOMAC have in those organizations today?So, to all of those REO REALTORS and those who want to be, welcome to this site and I hope you will make it your own.John Occhi, REO REALTOR®Century 21 Crest – CrestREOJohn Occhi is a REO REALTOR® thatspecializes in the sale of bankowned homes in the Inland Empireregion of Southern California. Hehas helped many buyers acquiregreat deals on these REO homes.His company, CrestREO, the REODivision of Century 21 Crest – the77th largest C21 in the Nation, hasSold Over $1Billion in REO Sales.

REO Pro John Occhi

Posted by Stacie Cunningham on May 31, 2008 at 11:15am

As most of you know I don't get out much and I love to blog about REO stuff and the crazy situations I get into but..... I want to take a minute to introduce my friend and fellow blogger John Occhi. He is also a REO master like myself but when he writes.... I read. Every blog he has written (www.hemetrealestateblog.com) is useful. He is a wise teacher and I am a young grasshopper! I get asked daily who, what, when, where, and why and I do have these answers but...... John has better ones. My answers and my blogs are ment for me and to entertain myself. If other people find my blogs useful than I am excited but John's blogs are elequent. He is my teacher. So.... If you see a blog by John Occhi them read it and you can Thank Me later!!! :)

A Few Items The REO Buyers Agent Should Know

Posted by Dee Dawson on May 30, 2008 at 8:14am

Not every Agent has experience with REO transactions, so there are a few items the Buyer's Agent should know at the onset of the transaction. Passing along this information In Advance will help alleviate tension and will also help the Buyers Agent look good to their client. So here's my list:1. The Property is Sold AS-IS. If the Buyer will be asking for repairs, please ask for a "not to exceed" dollar figure for any repairs at the time the contract/offer is presented. This may sound like the wrong time to ask - but for the Asset Managers this is the best time, so they know exactly how much they will net from the sale.2. The Property is Sold AS-IS. As such, a Home Inspection Contingency will most likely be turned down BUT a Buyer's Agent should be sure to add a Professional Home Inspection "For Information Only" -- so the Buyers are fully aware of what they are buying (warts and all). And please do not ask for repairs after the Home Inspection unless Item 1 was added to the original contract.3. Inform the Buyers Agent which utilities are on and which are off. If the Buyer's Agent wants utilities on during the Home Inspection -- this will need to be approved by the Asset Manager in advance. Additionally, it takes a few days for the approval plus a few more days to have the utilities turned on (if approved). An Asset Manager may say no and then the Buyers Agent can decide if they want to add utilities in their name for the inspection.4. If Buyers' Agent insists on their own Settlement Company (this is often the case in Virginia), please use someone who is tenacious and who will work with the Seller's Title Company to get this to closing. There are so many REOs right now and so many overworked processors...it's the squeeky-wheel theory.5. Buyer's Agent should complete a walk-through inspection prior to settlement. Sometimes things happen to vacant properties. As a Listing Agent I have a responsibility to check on my REO Listings weekly, however, there are still 6 other days where something could happen (break-ins, leaks, etc). This is the Buyer's opportunity to make sure the property still has everything they asked for (appliances, light fixtures, etc).6. Be sure walk-through is completed and HUD items are sent to Settlement Company several days in advance. The Bank will want to approve the HUD1 and that could take 48 hours once the Settlement Company has the figures. (that's 2 business days NOT 2 days)7. Settlement will most likely be delayed. There, I said it. Be sure the Buyer knows this ahead of time and does not have a moving truck waiting the day of settlement because, chances are, it won't happen on time. That's where the tenacious Settlement Company comes in.That's all I can think of for now.Based on your experience, what else could we add to this list to help our fellow Agents?...

How do I get my foot in the door w/ REO's??

Posted by Stacie Cunningham on May 27, 2008 at 7:28am

I get asked this question daily. 8 years ago I asked the same question to a well known agent in my office who did high volume and was the father of a girl I played soccer in High school with. He knew who I was but I think he looked at me as an inferior and blew me off. His answer was " It's really hard unless you have a contact person already so don't spin your wheels cause you don't have enough experience." I walked away from him with my tail between my legs and I went to the internet. NADA!!! I found nothing. Well I take it back...I found 2 sites. One for HUD and one for Golden Feather. I was determined that just because I was young (at the time I am much more seasoned now ;) )to beat him not only on google but in the REO world.It didn't take me long to get my HUD key but the problem I was facing was an upswing in the market. There weren't very many HUD listings in my area. Golden Feather was good to me. They welcomed me with open arms. I sold a couple properties for them and this is how I was introduced to REO's. I loved it but just like I said before they were on and off the market so fast and so little were pooping up that I only had a small handful.Now, over the past 8 years I think every buyer I showed property to asked to see bank owned homes and they were virtually extinct. Until.......last year. I felt at the beginning of the year last year the market was staring to get soft in Orange County and I sat back and listened to all the talk about "The Bubble" and figured I wanted to stay a Realtor during the down time and how was I to do that??? Hmmmm....REO's!!! I headed straight for the internet. Guess what I saw. Something different then I had seen before. AM's!! Asset manager's. They had the same idea I had and there you have it. BPO's BPO's BPO's. This is pretty much all that the AM's were giving out at the time so to the streets I went. Now after doing BPO's and signing up for as many AM's (2-3 a week) I am REO busy!! Yay ME!! I still find that I am not signed up with all the AM's out there so I try to dedicate one day a week to searching and blogging cause people across the country want some of my info and they tend to share theirs!! Yay me!!So there you have it!! knock on that REO door by signing up with as many AM's as you can. Do your BPO's. Do them well (take a class Kim class or join NABPOP) Be patient and blog. Or at least read them!! Love & Light~Stacie

Asset Manager for B of A looking for agents

Posted by Stacie Cunningham on May 27, 2008 at 7:02am

First Preston has immediate needs for listing services in Florida, Georgia, Illinois, Kentucky, Michigan, Missouri and Pennsylvania as well as Jasper County, TX. Licensed brokers interested in being considered by First Preston to provide listing services should click here for registration information.So if you are an REO agent in these cities then why are you still reading this blog?? Get going and sign up. I do not know anything about other cities but.... I signed up and they put me on a wait list. So i sit....waiting....patiently....

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