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I received this request today from Pro Teck:

A MORTGAGE INSPECTION request is waiting for you at Pro Teck

Fees collected by Vendor: $10.00

Services Requested:
- AVM Value Focus
- Photo of house # (located on house, curb, mailbox etc) to verify correct property
- Photo of the road in front of the property
- Photo of the subject from the front

Please provide commentary on subject condition. 
Please provide commentary on subject location highlighting any positive or negative features.
Please provide commentary on local market area (stable, increasing, decreasing, presence of distressed properties, etc.)
 A clear photo of the house is required, if you are unable to provide a clear photo (gated community, long driveway, etc.) please contact your vendor manager immediately for instructions on how to proceed.
 Clear address verification is also required, if subject does not have house number please provide alternative form of verification for client to verify that the correct house was photographed.
  If the subject address differs from that provided on order please contact vendor manager, address must be exact (including abbreviations such as "N" or "S" or "St" vs. "Ln" for example).
 APN (if provided above) must also match exactly, if the APN is discovered to be different please contact vendor manager.
 In the General comments section, please indicate/comment on if the subject is detached or attached.

The kicker is that when I went on the web site to DECLINE it, someone already accepted it.

Agents/Brokers! You are doing this to yourself! Its a shame to be requesting a service like this for $10, but it is a greater shame to actually do the work for $10. If you have no value for your professional skills, knowledge, expertise, time - you have no business to be in this business. We spent thousands of dollars on education, memberships, licensing, and other business associated costs and to allow these companies to treat you like an unskilled laborer is disgusting.

I did some work for this company and they have never paid. First excuse was that somehow they had missed me on the pay period for that month. Next month the excuse was that they had not been paid for the BPO so I had to wait for them to be paid. It takes them 3 months to pay for work done - that is when they do pay and they have not paid me yet so its more like 9 months. So know i have started calling them whenever and all I get is there voice mail promising to call me back within 48 hours that never happens. If you have outstanding unpaid BPO from them you can call 303-991-9919 ext 1042 or 1029 and you will get the same results. It used to be a guy that was at that line but know is an old lady and the other line is answered by some very young voice that probably doesnt know what she got herself into.

If any one knows of any other way to get ahold of some one in the company that will pay me please let me know.

Any new agents that have never done business with them DON"T. .

Im getting orders from many portals.  This reminds me of 3 years ago when everyone was trying to do loan mods (what a joke)  Anyway, orders are coming faster than I can handle them and Im having to turn some down. Ive noticed that there is a higher percentage of very hard to do properties as compared to 'the old days'.  Many are not worth the time.  After 3,000 BPOs Im tired of the entire thing. Yeah, kept the light bill paid but I dont have a new sailboat anchored off the coast of Greece so Im getting out.

Thing is, what is al this activity and will it last?  Its because lenders had been standing back watching supreme court decisions and different government agencies that were wading into the fray to put protection measures for consumers. Joke number two. Now the lenders, who had been changing to judicial foreclosure to get around laws designed for auction foreclosure, are brave and starting to fight. They do not and NEVER DID want to loan mod. They do want full non judicial foreclosaure so they can make use of any mortgage insurance and get government backed money thrown at them to keep them healthy.

ANd now another ugly face of theirs is showing---REOS , instead of being placed in the market through real estate brokers, will be sold in bulk as securities to big money concerns. We are becoming a rental nation with huge corps as the landlords.  This new flurry is mostly short sale and some full FC, at least thats what mine are with more full interiors than Ive had for a long time.

Going to last? No. Nope. It will start to decline. We also have a few million owners, especially those who actually got loan mods, going back to default but not in numbers weve bee used to. Even FARVV is cutting back and reducing fees to brokers. They see the writing on the wall. These are the beginning death throws, my friends. If you aregoing to depend on BPOS for a living, better have a backup job in plan.

Just an FYI.

The site PropertyTransactor.com has been updated to allow vendors and field reps to list their companies as available resources for REO Property Preservation.  The site also allows new agents and brokers to submit maintenance requests free for a year.  As an added value, vendors who register with PropertyTransactor.com will receive a listing in the Vendor List that is search engine friendly!

This is a new and emerging site, so its growth will be measured by the prefessionals who join the network as new members sign on.  I believe this will be a great resource for Real Estate Agents, Real Estate Brokers, Contractors, Sub-Contractors, Service Providers, Sourcers, Field Service Agents/Reps, Field Service Companies, Foreclosure Cleanup Companies and Real Estate Vendors.

I would love to know how this resource can work for you!

I don't know if it is my luck, but lately I have several settlement delayed due to title issues. I know with REO properties usually we have these delays, because the ratification of foreclosures and deed recordations. But lately I have found some crazy things.

I have two properties that have been under contract since April and May, both have title issues.

Property one is bank owned. It has been undercontract since April, they are waiting for previous foreclosure recordation, that is the foreclosure in 2004 before the investor who just got foreclose purchase the property. Now we are waiting for the seller's and buyer's title copanies to get it right this time, but it has taken too long.

Second property, is a short sale, the title problem is that the transaction in 2000 the title company only have one of the previous owner's sign deed and title documents no the couple that used to own the property. Now the current owner is trying to short sale and the buyer's title company has not been able to find the previous seller to get a signed affidavit or get the previous documents signed correctly.

What is wrong with these title companies not doing a  good job at their title research. These are really dumb mistakes. I know in the previouse 4 years, several title companies have gone out of business in the area, some owners are either in jail or have taken their lives because of the imbecilments and other iregularities with their business practices. 

I hope in the near future the insurance commission takes more control and do better audits on the title companies to avoid these type of issues in the future, it is not fair for the seller, buyers lenders, agents and other title companies.

Earlier this year I had a scare when my 3yr old daughter started sneezing and later coughing up blood. I did my best to keep my cool, but I inside I was freaked out. What I needed as I drove to Kaiser was an accurate diagnosis of what was wrong so we could make the best decisions possible.

Later this got me thinking about blast BPO companies (don’t ask me why). These blast BPO companies are paid by their client to compile the most accurate information possible, but instead send the order to the first person that raises their hand. What if instead of going to a qualified pediatrician for my daughter, I sent out a blast message to anyone who had taken a science class? What if I didn’t choose the person with the most experience, or the person that had performed well in this area in the past, but rather I chose the first person to respond??

That would be STUPID!! I’d probably end up with some college dropout who took a semester of biology instead of a trained physician. Isn’t it just as STUPID though when we’re talking about a family’s home? This BPO can decide whether that family gets a needed loan mod or gets rejected; whether they successfully short sale their home or go to foreclosure? Whether the underling investor loses 150k or 225k?

Just a thought, who do you think is more likely to be sitting in front of their computer all day fondling the refresh button hoping to capture an order? The successful broker who has sold tons in the area, or rather the lame-brain agent who last sold a home when Reagan was in office?

Anyone else have a different take on this? Which BPO companies have you had the worst experiences with?

http://agentacceleration.com/blast-bpo-companies-%E2%80%93-are-you-really-surprised-your-bpos-are-crap/

I am just curious! Has anyone else given up yet on becoming an REO Agent for any new banks, servicing companies or third-party asset managers?  I have been selling REO for about 3 years now and was fortunate enough to get approved by a few good and long-lasting companies in my initial stages before the storm of other agents realized what a good decision it would be to sell REO Assets.  I spent the first few years signing up and selling, signing up and selling, going to REO Events, signing up and selling, going to REO Events. I kept hearing the promises that I would see assets. I kept hearing the experts say, keeping applying, keep showing up to the REO Events and it will happen. Well, it's been about 2 years since I have been approved by any new asset management companies.  I have stopped attending the REO Events. I don't want this to be a "Debbie-Downer" blog post, but I'm tired.  And, to be honest, it feels like the tide is turning.  We are now seeing values beginning to stabilize. We are now seeing Short Sales dominate the market and recently we have also begun to see delinquencies and pending foreclosure actions begin to decline. While I know the flow of REO Inventory will continue for a few more years, in my mind, I feel like the parties over...or at least beginning of "last call".  

So, what now? On one hand, I don't want to give up, because that's not in my nature. But on the other hand, I don't want to be short-sighted about my business.  I have begun to focus more time and energy on my "normal" (whatever that is) retail business.  If the economy continues to push forward, real estate values and the "normal" retail real estate business should push forward as well.  I will continue to market for Short Sales in the area's that I farm, but what do I do about the REO business.  Has anyone been approved recently by any new companies...AND received new REO Assets? 

My message today is to continue to push forward. Continue to find the markets that work for you. Continue to find the products that work for you (REO, Short Sales, "normal" retail). But I have to tell you that this is my own "self-help" blog. Really...I'm not kidding...I needed my own self-motivation today and this is it.  Thanks for listening and if anyone has any feedback...I can't wait to hear it.  

Today I was doing a few more drive bys, and I noticed sooo many for sale signs and foreclosed properties literally in just one street. Then about 2 blocks down only a few signs were visible.

Sometimes I think these mortgage companies prefer to hit one specific area and just wipe them out all at once. Is there an advantage for them when they do this?

Are they trying to get rid of the current homeowners to bring in a whole new different type of community?

If this is the case, then how are the realtors supposed to market these homes when their clients come to the neighborhood and see all these signs up?

How Not Having the Proper REO Team can Jeopardize your REO Business.

If you have your REO Systems in place and you are experiencing growth, have you considered an REO Team?

If so, what would you consider looking for as you build your team? I have just chosen three tips for this post. There are many more, but I find that these three are important to building a successful REO business.

1. Experience

2. Education

3. Integrity

Experience

How much experience does the potential member have in doing BPO’s? What asset companies have they dealt with and for how long? What about tasks such as Utility set up and ordering services from your vendors? When it comes to the closing transaction tasks, how much experience do they have in dealing with escrow/title companies, lenders and co-agents? These are just a few of the question you should consider when building your REO team.

This is important because the REO market is different for every REO agent. And it is crucial to have a good amount of experience in dealing with asset companies, asset managers, banks, title companies, lenders and other REO agents. I have found that there is a basic flow to an REO transaction, but sometimes there are exceptions. And I have found that learning from that exception, adds to my REO experience. And I can add this to my REO process to reach a successful transaction.

Education

Training is so vitally important. Would you consider adding a team member to your business who already has been trained on various REO portals or someone who you have to train? Time is critical, especially when it comes to tasks such as BPOs or determining occupation status. Do they know the criteria for searching for comps for the BPO?

And when it comes to the contract to close tasks, how much training does the team member have in using various online transaction management systems? Such as EbrokerHouse, SettlementRoom, RELAY, TransactionDesk, TAZAREO, and others? Again, your time is important and having a member who is proficient in using these systems will save you time and money.

Integrity

Enough can’t be said about this topic. Simply put, everyone needs to be honest in their business dealings with one another. I feel that this is a foundation in a truly successful business. If a member is cutting corners to try to get the job done, it will come out in the end. Just a quick example. If a bid (quote) is submitted by a vendor for a repair on the REO property, don’t change the amount when submitting it to the asset company. I have known of this to happen and the person did think they were getting away with it. And since it was just a small amount in the beginning, it was not discovered. So the person felt safe and increased their bid amounts. But when the asset company discovered this, all monies had to be refunded for all of the bids. And of course that agent lost their business with that asset company. A hard but powerful lesson.

I hope these few tips: Experience, Education and Integrity can help you in your search for a successful REO Team.

To your business success!

Roxanne

What Asset Companies look for when considering an agent’s track record?

I have found that when working with asset managers, I have implemented some of these tips. And they help me to have a better working relationship with the asset manager. Can anyone think of more?

1. What is the DOM Average of the agent?

2. What percentage of sales are co-op sales with other firms? a. It should be in the very high 90’s – i.e. 97 – 98%

3. Does the agent have a good track record of finishing tasks before schedule and/or on time?

4. Does the agent communicate in a timely manner?