listings (37)

Do some quick MLS research to find out what Altisource Homes is up to in your market as a listing brokerage. If you are an REO agent you might be surprised to find that Ocwen is listing properties with Altisource Homes offices that are not even in your state. Sure, sellers can list with anyone they want to but local agents should be aware of this growing trend. Why? you ask.

Well,

If you perform BPOs for Ocwen and Altisource you might just find your interior BPO pictures posted on someone else’s MLS listing. Think it can’t happen? I promise it can because it happened to me. When I called my local Altisource contact in New Delhi they assured me that I was mistaken and that it was impossible that Altisource Homes in Georgia (8 hours away) had received and used MY interior BPO photos in their MLS listing in my local market. They asked that I provide documentation and that the issue would be escalated.

I provided the documentation over 2 months ago and have not heard a peep from Altisource. I have stopped accepting work from Altisource and always refer to the fact that I am awaiting an explanation on this specific issue when I reject assignments.

Has anyone had similar experiences? I have had numerous conversations with REO listing agents about Ocwen at national conventions and decline to comment further about Ocwen.

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As an REO broker how can I be more Realtor Friendly?

The REO broker does indeed experience a lot of pressure from the asset managers & companies. It seems that new REO assignments come at times in 'herds' with short-tough deadlines. Yup...been there, done that. So why would I consider taking the time to be 'Realtor Friendly'?

From my self-interest & perspective, being Realtor Friendly saves me time. The most important time I have is the DOM time. My REO listings seem to get shown & promoted first by selling brokers. They have experienced a cooperative list agent, full compensation regardless of list agent referral fees, and most importantly (to me anyway) a 'no war' transaction, which can be exhausting. I believe that being Realtor Friendly negotiates my seller client right-in-to a fast closing! Happy days are here again!

Yes, some selling brokers are hard to work with and need more time than others. Yes, this is a true experience of mine as I'm sure it has been with everyone out there. What I know to be true is that we are dealing with people. Realizing after 10 dedicated years of trying to teach my cat to bark, I no longer argue with the reality that cats don't bark, don't want to bark and cats are happy with a meow. I gave up arguing with the reality that all selling agents (people) should be equally competent, follow directions and have no need of my communication. It is simply NOT the way of it....and never will be.

Being Realtor Friendly is actually quite easy to do. It starts with the understanding that selling agents are a vital part of the transaction equation. They are the finishing 1/2 of the deal. They influence YOUR reputation with your asset manager. If a buyer's agent learns of issues regarding the transaction, they are more likely to keep you informed so you can pass the info on. In my experience, asset managers like and tend to favor a 'no surprise' REO broker. Realtor Friendly means having all of the needed docs and information uploaded on the MLS along with good pictures. Perhaps in the public remarks put "Check this one out with your favorite Realtor!" and in agent remarks might add, " Realtor" friendly listing agent. Questions? Call! Closings are more fun than listings! Do you agree? Let's close this one soon". The open receptiveness coupled with down-home people respect is ultimately your asset managers BEST FRIEND.

Selling agents don't seem to mind or be upset that my genuine motivation is powered by my own self-interest. Short & fast DOMs without struggle seems to earn me more money, which I tend to like.

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It took me three weeks to negotiate a CFK and get the property vacant, now altisource people in India are telling me that I will not be getting the listing!! When the CFK request was sent to me they said that I'll be getting the listing. Does anyone know how Ocwen operates now? I know everything is changing with them but I was wondering if anyone had recently experienced the same thing?!
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REOPro is a great networking tool that is FREE and has some of thefinest REO/Short Sale Agents around! The founder Jesse Gonzales hasplaced a tremendous amount of time and substantial energy into creating areputable forum to share information. Recently our Team was contactedby a fellow REOPro member to refer us a very good friend of his who islooking to buy a home in AZ and is a cash buyer. If it would not havebeen for REOpro we would not have been able to connect and help hisfriend purchase a home, and create a fantastic dual referral partner!

Thank You REOPro and all your members!


MVP Realty Team- "Always Your Home Team"
Direct 480.603.3462
Office 480.449.6641
Fax 480.768.9444
Email: Info@mvprealtyteam.com
Web: www.mvprealtyteam.com


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DO YOU HAVE YOUR REO SYSTEMS IN PLACE TO SUCCEED?


If you are a busy REO agent, you know that you don’t have much time between the occupancy check and the initial bpo deadline; and then contacting the vendors, setting up appointments, and organizing the turning on of utilities takes time and energy.


Do you have a customized REO system in place to run a successful REO business to where you are not juggling too many activities unsuccessfully?


In this short blog, I will address WHAT and WHY you need an REO system.


Systems are just the way in which you process your REO Assets. It is an organized and clear, step by step process. You should have your systems documented so clearly that whoever you entrust it to could run your business smoothly in case of an emergency.


Do you have a backup system in place if you were in an emergency? I found out how important this is in the Fall of 2008. We had a terrible wind storm that took out the electricity of over three-fourths of the city. It occurred on a Sunday, but our power was not restored until Wednesday.

I had to inform my clients via cell phone that I had no computer. So I could not work. But because I had a documented system in place, I was able to contact my coworker who used my documented system to meet some crucial deadlines for my clients.


I speak to many agents who state they have all of their tasks in their head. Since you are running a business, your processes should be documented, in for any reason you are not around.

Listed below are three of the items could be included.

  • Task Lists –
    • This would include all of the tasks that are done when you receive the asset.
    • The listing tasks
    • The contract to close tasks
    • And after closing tasks
  • Contacts
    • Important vendors for your trash outs, lawn care, pool care, etc.
    • Repair Vendors
    • Utility companies
    • Asset managers
  • Logins/technology information
    • User names and logins for your MLS
    • User names and logins for all of the asset companies you work with
    • What systems are in place for backing up your critical data?
    • How often do you backup?

It does take time to document the process but I found that it helps to make my thoughts clearer. Also I can always change the process since the REO industry is changing so much. But I feel comfortable having a system in place.


Also with a clear system in place you can easily handle 10-12 REO listings a month without being stressed out!


To your business success!

Roxanne Tidmore

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Does KARMA Know REO?

I'm sure that I'm not alone in my thoughts and that this is going on in more places than just SW Florida but it bothers me more and more. What is it? The REO agent's that just don't seem to do their assets justice.

I pride myself in my work. I treat REO listings the same as a traditional listing. They get equal attention (most of the time more). They get the same amount of advertising, the MLS description is written to SELL the property and I always have a multitude of pictures of the property. Signs are placed on the property immediately and someone is always available to answer questions about the property.

On the other hand, I see BIG REO agents in my area that just don't appear to be putting any pride into their work. You have agents that put only one photo of the property into the MLS.....and that pic?....it came directly from the tax assessor's website, so they didn't even bother to go out and take a photo themselves. There is one agent in the area that takes a picture of the inside of the toilet bowl and puts it in every one of his listings. And oh, some of the MLS descriptions! "Bank Owned Property" .....that took a lot of thought!

We all know how difficult it is to break into the REO business. It is very aggravating to know that I would do the best possible job for these companies if I had their listings yet I see these other agents that just don't seem to appreciate what they have.

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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:

  1. I help the agent apply to the asset companies
  2. 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

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The Morality of an In House Listing

I have firsthand information about a fairly common practice that I once tried to say is isolated but know now that it exists throughout our industry and its fairly, I guess common:Giving preference on a listing through keeping it in the office or only negotiating a fellow agent's offer.

I once thought that our primary job as a realtor or real estate agent is to fully market property. To me that meant truely letting the most qualified buyer contract on the house.

Questions abound: Are we being fair to the seller even if it is a bank? Is someone participating in a deal that "channels' income to them ( In this case, having a "Wells Fargo" loan rep in the office to facilitate this deal.)? Is the buyer really going to get the best value for their money? Are we hurting our image as a realtor, being honest and legitamate?

Likewise a friend recently gave me an account of a family member that wanted to buy a house through a buyer's agent and recounted how the listing agent offered them a " special way" to get the house if they put down x amount of money. To my friend, it sounded devious.

Laws keep getting passed that dictate how we do business. In California, there is the new GOOD FAITH ESTIMATE mandated coming out soon. Taking up front fees for Loan Mods is outlawed here. Last year title companies were banned from giving us freebies because of supposed corruption. This year loan officers not of banks will need to be specially licensed by the DRE.

What I am trying to say here is that we need to be models in our profession and take extra care to avoid any PERCEPTION of wrong doing just like a pastor of a church is held to a higher level than his flock. If he has a "fling" its a crime. If his parishioners have a " fling" its well because they are sinners. You get the idea.

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REO Transaction Task Lists

One of the keys to a successful REO Transaction is having an organized task list. I have talked to many agents who have the task list in their head. This may be good for some, but if you have the task list in a documented format – that is just one less thing you have to remember – one less thing that is a to do item!With so many things to do, it is possible that you can forget a task that is very important. Maybe you forgot to follow up with the lender for the appraisal because there was a family emergency that happened. Or you forgot to check with the co-agent on the inspection. And since there are deadlines to be met, there is no leeway for being late. Especially if your client has to pay a per diem fee for a missed deadline.That is why it is crucial to have a task list and that task list has to be organized.What are the steps that you take when you first receive an asset from the bank?Are you on the phone for a long time with the utility company trying to find out the status?Are you trying to juggle your time to inspect the property to find out the vacancy status?Are you working into the night to complete the initial bpo that is due?Do you have a systemized way of tracking your expenses to turn in your reimbursements on time to the bank?If you have all of your tasks documented – GREAT! But if you do not, it is time to begin doing it.The immediate benefits will be:Being confident that your assets will be handled in an organized manner.Your Asset Manager will be more likely to give you more listings and you will develop a better rapport with your Asset Manager.Your business will be continuously growing with more reo listings.To your business success!
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Show me the listings!

It must seem that I am a buyer's agent if you've read my earlier posts, but I do have listings. I currently have three short sales and a standard. I want more listings, not because I don't love my buyers but because I do. It's frustrating to them and me to fine the perfect home only to find out it already has 15 offers.I have been making offers on REOs and short sales for two years now and I believe I write winning offers. I sure have written enough to realize what is a good offer and what will fail. But what do you do when the listing agent already has a buyer and they are double ending the deal?I lost an offer for my client who offered all cash and $10,000 above list price. I thought it was a slam dunk. No! I was told that an investor came in at the last minute with a large amount of reserves and went a little above my client's offer. A little above? How would he know to do that?A few weeks later I saw that the property actually sold for UNDER my client's offer, and that the selling agent was in the same office as the listing agent.I feel especially bad for the buyer's who "get it" and offer above list and better terms. And it's hard running around showing 15 homes, writing offers until midnight because you have to get them in before someone else grabs it. I'm done with it. Until more homes are released, I think I'll pursue listings. Hey banks! Just show me the listings!
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Do you pay to get listings?

For many Agents, paying to get listings seems the only way to get their foot in the door. I understand why they do it and, admit…..I was one of those agents to. As you read this blog, understand that I am jaded, burned and completely angry about this business model, as described above and, for those of you doing this to agents…..well….just wait and see. (Insert evil, diabolical, angry, bone chilling laugh here) I really can’t remember who said this to me or where I read it but, it has completely stuck and I am more than happy to pass this wisdom on to my fellow REOPro members. “If the company charging you upfront fees for listings isn’t confident in their leads enough to take a payment out of closing, how can you as the agent ever be confident the leads will ever close?”……unknown. In that one statement, you can find a lot of wisdom. Well, I can tell you that many of these firms, “see a leaf fall and believe they now which way the wind blows but, I tell you that a hurricane is coming that will sweep away their pride.” Elizabeth, The Golden Age The death of these firms is that they are all doing the same thing. Everyone is charging Realtors, everyone believe us to be the cash cow, everyone wants an up front fee and the moment someone enters this industry with a new, innovative, completely crazy idea, many of these companies will wash away with the tide. The really sad part, a lot of Agents will be out hard earned cash and will bear direct witness to the folly of this business model. Sorry for all the cryptic writing and vivid imagery but, a Hurricane is coming, I can see it on the horizon, can you?
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Latest MLS records show a slight inventory shift for available, bank-owned properties in the City of Alexandria, VA from 35 assets to 31 assets, week-over week. Current REO list prices range from $119,000 to $599,000 for all property types. Under Contract/Pending listings total 30 assets with last-listed prices ranging beween $84,100 to $525,000. This reflects a general observation that current list prices are higher by 29% (low end) and 12.5% (high end) than those under contract/pending. Contract/Pending listings showed a median price reduction of 10.3% from initial lisiting prices with average days on market of 29. Current active listings have an average days on market of 55.
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Las Vegas New MLS RULE & REGULATIONS (GLVAR) will affect REO & Bank owned listingsNEW MLS RULE & REGULATIONS will affect REO & Bank owned listingsSOURCE: Direct from GLVAR Go here to read articleMLS Rules & Regulations have been modified to add the following verbiage to Section 1.0 Listing Procedures:The Service shall not accept any listing agreement that provides that cooperative compensation cannot be offered or paid to a cooperating broker if the purchaser holds a particular license or credential, engages in a particular trade or profession, or if the range of potential purchasers is otherwise arbitrarily restricted. This does not affect specifically named prospects in listing agreements as set forth below.If a member is found in violation of the new rule they will receive a letter stating that they must modify their listing to be in compliance. If not modified within a thirty (30) day time period, the listing in question will be removed from the MLS.--------------------------------------------------------------------------------How to Contact the GLVAR MLS Department:(702) 784-5050 - Department Line
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Who's got the FDIC???

Several banks here in Ga. have recently been taken over by the FDIC. Unfortunately, one was a previous client with whom I had good relations and had received listings. Guess it wasn't enough - anyway, since FDIC sells the assets not in foreclosure and the reo stays in their portfolio, I am having a devil of a time running down who has what now. Does anybody out there have good information on FDIC holdings? I could use at least a company name here or any thing you have. I'm in the middle Georgia region if that makes a difference.
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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.
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So you want REO Listings from REOPro?

Alright, so, I sent out that pesky little Survey a couple of weeks ago and, as you know, I have made some changes accordingly. One of which is the weekly broadcast message briefing you on some of the weeks activities. I just started that last Friday and the response was good. So, I will continue to send it out each Friday. Of course, if you don’t want to get these messages you can control the messages you receive from by clicking the bottom of the message that says, “Control the messages you receive” Another change was the search by State. Don’t forget, to set this up, you need to go into the Profile section of your settings and type in your state where it says, “enter your state”. Remember to include abbreviations because some people may only search by such. For example I typed in Tennessee, TN, Tenn. Now, we have had a lot of request for advertising…..granted I was a bit surprised when 2 un-solicited request came in. Once I was aware of the need, I went ahead and put out on the home page that if anyone was interested in advertising to contact me. Well, I was a bit overwhelmed by the response and therefore, am bringing on a friend of mine to get the banner advertisements up and running. I have already seen the prelim ad’s and I am sure you will be impressed. I hope to have those up soon. Now back to the survey, ok, I heard you, you want REO listings….well, ok, let me pull those out of thin air for ya, just kidding. On a more serious note, let me explain to you what I am up against when I tell these banks, asset managers and lenders that I have a great pool of REO Professional Agents that would love to do business with them. They say, “how do we know they are really any good?” Well, ok, I get it, they need to know you can sell REO and do it well before they want to deal with you so…..um…..here is my thoughts. The money I raise from the advertisements will go right back into REOPro and start a “Certification” training program. Now, the best part, I plan on not charging for it. That’s right, a free REO Certification plan that actually will benefits it’s graduates with REO listings and BPO Opportunities. I know…..ground breaking, right!?!? My plan is to raise the funds from the advertising so, I don’t have to charge Realtors a fee for the Certification. Now, I have heard a lot of concerns from others I have shared this plan with. One argument is that, if I don’t charge for the Certification, then people won’t take it very seriously and, I truly understand that but, my argument is, the training program is going to be so intense, that only really good agents will be able to obtain it. What are your thoughts? Now, as for this Certification program, it will take a while to get up and running, I suspect 6-9 months but, in the mean time, I am working on getting some banks or at least an anonymous Asset Manager to come on and write a “Dear Abby” article once a week. This was a great suggestion from someone who responded to my recent survey and, I think I may have just the right Asset Manager. Hopefully this will give some invaluable insight as to what they are looking for and how to get more listings. Well, anyways, I got to run but, I wanted to give each of you a heads up as to what is coming down the pike. I look forward to each of you being successful and I hope I can be a part of it. Thanks for your continued support and, lets make REOPro a REO Power House!
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My fellow agents, Time has come for us to recognize the battle that has been waged on us. Battle, we didn’t ask for, Battle, we did nothing to deserve, yet it is here and the battle we must fight not only for us and our future but also for our clients.REOPROs that have been around for a while know what I speak of. A Few months ago, I started to see some articles from auctioneers in reo magazines (DSNEWS), active advertisements by more and more companies, blog posts, and active memberships on most platforms used by lenders to hire agents to sell assets. Today, I hear from my AM friend with major bank, telling me that direct approach like never before to the entire REO division of most major banks is under way. You wouldn't believe how many companies are jumping on this bandwagon. This ghost has come out of its dark corners and if we don’t prepare ourselves for it. I dare not say the words what I fear.In my experience and with some feed back from some AMs, auctions have very little effect. If these companies advertise thousands of listings they only sell hundreds that day and many are at the fire sale prices. At that time the bank gives in and accepts a price that was well below the reserve price. What’s' worse is that this listing was with an agent before. It was cancelled only 30 days after it was listed. Oh by the way, the agent in this case got this listing after nasty eviction, got the property in marketable condition with shelling out his own money, waiting to be reimbursed. This type of process hurts.I am deeply troubled to hear these auction companies bash brokers and say auctions are the way of the future. I am confident after what they charge (10%), and prices they sell asset for, they even come close to what we can get for the asset if proper marketing time would be given. I am anxious to hear from everybody reading this blog if auctioneers net more than we do. If we do then why more and more listings are being taken away from agents and some sold at the auctions at the fire sale prices. This is crazy.We the Professional REO Agents do more each and everyday from occupancy check to evictions to weekly reports to maintenance to negotiate sale for less than any entity on this earth. We protect that asset as it was ours. I now make a point to tell this to all my AM contacts. I believe it’s in their interest to know that we do more for less and get them the best deal possible.
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