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Yes, after one agent tries, unsuccessfully, to sell this home 97 days, posting ONE front photo, a 2nd agent tried for another 137 days until finally they sold it for $66,000 LESS than asking price. After I Staged it and relisted for more than $55,000 of what was paid for, we have 4 offers in ONE day, all over asking price!

Here are a few more photos http://www.postlets.com/res/4332472

(link will only be available up to 30 days from this post)

FULL POST BELOW, AFTER PHOTOS

This is JUST ONE example of why sellers should HIRE a STAGER and/or a STAGING REALTOR when selling!

BEFORE & AFTER

The story of this listing goes something like this...

Previous seller & agent, who should remain unnamed to protect their "innocence", try to sell this home for 137 days without any success! And prior to that, another seller/agent tried selling for another 97 days! But that agent could only muster taking ONE photo of the front. Not unusual to see that, right?  I mean, after all it is so difficult to take digital photos because than you have to download, upload…exhausting! Boggles the mind! Anyway, the home looked pretty much the same except it was missing a chandelier and the hood over the stove.

It appears that no one had any ideas as to how to make it look better in order to find a buyer, NOR (may I add) any buyer had the VISION to picture it a little dressed up! Why not?? So, this seller finally sells for over $66,000 LESS.  New, SMART owner enters, hires me (BECAUSE I am a Staging Realtor….see, I told you he was smart!) to relist, at over $55,000 of what he paid for it, and gets even more in ONE day!

This post doesn’t only show (known fact) sellers that the smallest effort in “Staging” their product can make and pay big, BUT also that buyers need to be able to spot potential BEFORE someone comes in and stages it, THEN they’re willing to pay much more, for something that’s not even staying with the property!! Buyer need to keep an open mind when it comes to seeing the potential in homes they’re buying. This staging did not include any heavy furniture or anything. The heaviest thing is the folding patio set!!

The interesting thing is that many agents, like myself, offer our Staging services FREE of charge as part of our service, but in spite of the clear benefit many sellers, especially REO owners, are either not grasping the concept, or their reps simply don’t care. Not sure which is it - maybe someone can comment/clarify. If you, as a seller/AM, are giving 100s of listings to one agent, you clearly aren't interested or focused on maximizing returns for yourself or your clients. This may not be your fault, I know that so don’t get mad!  Maybe your hands are “tied” as to what you can do or who you hire to list your assets, but the fact remains the same - maximizing returns through QUALITY marketing is not at the forefront of how you/your employer does business. Can you change that?  If so, you should at least try! The difference in the quality of service you receive will astound you.

The consequence of doing business based on quantity (as if it needs reinterating), devalues all our homes and hurts communities all across our country, where values are already affecting many people’s lives!

To summarize just this example: No staging =no offers! Staging =4 offers the first day, including cash offers for NO LESS than asking, and others for much more over asking!

Where ever you are, whatever your local market, seek the services of listing agents who offer Staging as part of their service, when possible. If you have a boss, you WILL impress them!!

If you like this post, visit http://stagingrealtors.ning.com/ for other related posts, and to join the group!

Pay to Play? Show me the listings! 

I've been selling REOs since 2004.  Since the very first one, I have never signed up to sell for companies that have given me listings.  Somehow, they managed to find me out of the 100s of Realtors in my community.  I've always found that fascinating.

As the market trended down in 2007 I noticed another trend emerging.  I guess the best way to describe it is "Pay to Play."  Companies started coming out of the woodwork with grand promises of REO listings and BPOs if you would only pay $99, $199, $299 to $499 to be listed on their high octane websites.  Along with the promise of listings and BPO exposure was the promise to put your name in front of 1000s of REO companies and asset managers.

With a declining economy, who wouldn't want to be listed amongst the Nation's top REO agents?  One company promised that "they" were the primary source of information for asset managers, and for a measly $1200 your name would be at the fingertips of every important REO company.  Another more recent offer promised even more exsposure for $3500.  All you had to do was sign up, and BANG, your real estate sales would skyrocket!

Some of these companies will send an unsuspecting agent an email stating that they have a BPO in their area, but in order to receive future assignments they would need to sign up.  The agent signs up, does the BPO, collects a $50 check and pays the $199 for the privilege.   Now, I have an MBA, but I'm not a mathematician.  That really looks like the agent just paid $149 for a $50 BPO.  Once the fee is paid, the company disappears until renewal time.  No additional work shows up in between.

Well, I've turned over a new leaf for 2011.  No more pay to play.  I had a company contact me last week asking why I didn't renew.  I told them, "I don't pay for non-performance."  They immediately rolled out all the media reports of how their website was an REO generating machine, but my experience had been "Company $199 / Me $0."

I would encourage you to think before you plop down your money.  Do a little research.  See what kind of experience other agents have had with these companies.  I've never had a single company that I work with, and it's around 25, ask me for money.  On the other side, I've never had a single assignment from a company who asked for money up front.

If you would like to do REOs and BPOs you can sign up with 100s of companies that don't ask for cash up front.  Jesse Gonzales of REOPro, and Nicole Ocean, of the BPO Automation Group, offer a list of REO and BPO providers, and they include ratings of agent experiences.  You can find that link at http://bpo-companies.com/ .  Kim Knox has also made a list available on "Real Estate Community" at http://www.aareaforum.com/reo-bpo/. 

These lists are good solid roads to more work.  I spent one Saturday morning signing up with many of these providers.  At the first of the week I received 12 BPO orders from companies I had never worked with before.  It didn't cost me a dime to get the new work.  For me, I say, "SHOW ME THE LISTINGS," and then I'll show you the money.

That brings me back to my point.  I will not pay to play in 2011.  One hundred percent of the REO / BPO work I've done in the past seven years has not cost me one cent up front.  There are a lot of companies getting rich off of struggling Realtors, and I think it's time we close our checkbooks, hide the cash and say, "No More!"

How will this effect your current short sale negotiations? Direct
approved assigned short sales are coming fast but are current BofA REO agents
going to get those listings?

Bank of America Home Loans has announced that it will exit the
reverse mortgage origination business and move the unit’s operational resources
into other critical areas serving customers. Bank of America Home Loans will
continue to serve the needs of existing reverse mortgage customers and those
with loans in process.

“We made the strategic decision to exit the reverse business due
to competing demands and priorities that require investments and resources be
focused on other key areas of our business,” said Doug Jones, consumer sales
and institutional mortgage services executive for Bank of America Home Loans.
“We fully understand the critical sensitivity of ensuring that our senior
customers are provided with the same level of excellent customer service that
we have provided in the past.”

On Thursday, Bank of America announced the definitive sale of its
Balboa Insurance organization to the QBE Insurance Group Ltd. The exit from the
reverse mortgage market is an additional step in the efforts of Bank of America
Home Loans to focus on its core mortgage operations.

Bank of America Home Loans entered the reverse mortgage business
in 2006 and expanded its presence in 2007 following the acquisition of Reverse
Mortgage of America in 2007 and Countrywide Financial Corporation in 2008.
Associates not redeployed will have the opportunity to apply for open positions
at Bank of America.

Bank of America President and Chief Executive Officer Brian
Moynihan also announced changes to Bank of America Home Loans and Insurance that
will continue the company’s strong momentum in extending home mortgage credit
while improving its leading mortgage modification programs for distressed
homeowners and resolving legacy mortgage issues.

The decision is the latest in a series of significant actions
taken to resolve outstanding mortgage-related issues while solidifying the
company’s leading position in mortgage finance. Bank of America in September
2010 initiated a self-assessment of default servicing, and in October became
the first servicer to voluntarily suspend foreclosure sales in all 50 states
while evaluating the process. While the review of the foreclosure process found
that the underlying grounds for foreclosure decisions has been accurate, Bank
of America implemented a series of improvements—including staffing, customer
impact, and quality controls.

Barbara Desoer, Bank of America Home Loans president, will
continue building the mortgage business for Bank of America. Desoer is
responsible for servicing loans for the more than 12 million mortgage customers
who remain current on their accounts, and for implementing the bank’s strategy
to be the preferred mortgage choice for its 50 million household customers
going forward. In 2010, Bank of America delivered $306 billion in quality mortgage
lending to 1.4 million customers.

At the same time, a newly formed unit, Legacy Asset Servicing, has
been established. Terry Laughlin will lead this unit and be responsible for
servicing all defaulted loans, and for servicing discontinued residential mortgage
products. In this role, Laughlin will oversee the bank’s mortgage modification
and foreclosure programs, and continue to be responsible for resolving
residential mortgage representation and warranties repurchase claims.

“This alignment allows two strong executives and their teams to
continue to lead the strongest home loans business in the industry, while
providing greater focus on resolving legacy mortgage issues,” said Moynihan.
“We believe this will best serve customers—both those seeking homeownership and
those who face mortgage challenges—as well as our shareholders and the
communities we serve.”

As soon as the lenders, vendors, and GSE's started releasing REO product again a new crop of money grabbing theives starts soliciting hungry REALTORS.  Let's put this to bed once and for all.  Keep your credit card in your pocket!

It's good money if you can make it.  Think about it this way, there are over 1 Million REALTORS in the US.  If only 1000 pay to play $395.00 the company that just solicited you made $395,000 and delivered you a cool listing on their web site to no where or gave you a 1 hour Webinar on how to break into the REO business that is the same old nonsense that usually requires "Platinum Upgrade" for an addtional cost, sold you an exclusive zip code (that they sold to everyone else in the zip code) or worse sold you a list that you have no idea what to do with that is so old that half of the links don't even work any longer. 

You DO NOT need to be Certified to sell REO's.  There is NO one certification that will gurarantee you listings. Sure you need training and on Certification on your resume does look good but get one that includes some training. You DO NOT need to join anyones web site for $395.00 to get REO listings or exposure. You DON'T even need to attend multiple REO Conferences unless you like the venue for a vacation spot and want to meet and greet with other REO wannabes.  My last two in Las Vegas and Fort Worth were a total waste of time and money.  Pick the right Conference and attend because you like their programs, need some additonal training, or just need to get away, but do not kid yourself that you will meet Asset Manager that can give you listings. The decision makers do not attend these conferences.  The old trainer joke about meeting them at the BAR after hours is total bunk.  Not saying don't go - just saying don't go with unrealistic expectations. 

There is REO business out there you just need to prospect.  Yup no secret crash diet loose 30 lbs a day prospecting short cuts here. Just like dieting this is a long and tedious process and you must do it daily for it to work.  Happy Hunting.   

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.  

  Yep, it ROCKS!

I have made so many wonderful contacts and friends here.  Read some stuff, send some emails.  If you are truly looking to connect and not to just *GET SOMETHING* from someone you will be happy you found this group!

I am also a member of WinDS (charter member) and I am member of NAHREP AZ and NAHREP Vegas and also AREAA AZ and AREAA Vegas.  I also highly recommend all of these listed groups for the great connections and educational opportunities.

The group this week hit a milestone I wanted to welcome all the new members and thank the first members for their posting of comments and keeping the group active and growing.

This group is to discuss Fannie Mae properties with Fannie Mae and to share solutions to getting more business with Fannie Mae or getting in the door with Fannie Mae and to stay up to date on their requirements.

Website: http://reopro.ning.com/group/fanniemae
Members: 100

5 Simple Things Sellers Should Know About the Value of Home Staging

1: The cost of staging is always less than your first price reduction!

It is a known fact that two things are key in selling real estate….price and location.

So why stage? Many reasons! STANDING OUT from the competition is one, especially in today’s down market where buyers see home after home, without being able to make up their minds.  Very often even the same floor plan comes up repeatedly. Staging makes a home stand out from the rest in a great way! Staging is the surest way to “help” the buyer envision living in the space.

2: Staging does not need to always be a full-blown/fully furnished affair!

‘Staging’ for the purpose of selling means to assess each property, and stage/address issues on a case-by-case basis. Some property conditions may not lend themselves to staging, and that’s fine. Staging is about having the presence of mind to address distractions as needed, (if/when allowed) or financially reasonable.

3: Staging is done with ONE goal - Guiding a buyer’s eye toward functionality!

Too often distractions distract buyers from seeing the true positives in a home. Staging is about removing those distractions, whether it’s a harsh paint color, minor repairs, or just trash and grime. Too many broken “small” details left undone WILL lead buyers to think there are other hidden problems.   

4: Staging is about removing doubt that a property it’s not worth its asking price!

 In today’s market buyers have choices, and they’re able to compare what’s on the market. Two exact floor plans will be set apart by their condition. In today’s market of HUGE homes makes it a daunting task for a buyer to just imagine having to paint an entire house with soaring walls, when there is another exact home down the street for the same price! If there is ANYTHING broken or dirty, it MUST be addressed - otherwise a buyer will feel overwhelmed and move on to the next house. Staging does NOT always mean adding “furnishings” anymore. I can mean addressing the smallest of details and distractions, as supposed to just sticking a For Sale sign in the yard and adding “sold AS-IS” on the MLS! 

5: Home Staging is about helping buyers visualize their dreams coming true!

 When we Stage a home we’re helping buyers gap their lifestyle dream, from what “is”, to what “will be”.   Helping a buyer envision themselves living (hassle-free) in the property, is what Staging is about. When a buyer can see themselves living in the home, wallets open.   

Why should sellers list with REALTORS® WHO STAGE?

Because Staging Realtors consistently do more, and innately go beyond what’s expected to market HOMES (not just houses).  Staging Realtors try to envision and connect the dots with what buyers look for in a HOME. Studies show buyers pay top dollar when they fall in love with THE perfect HOME! 

Here’s an EXAMPLE of how Non-Staging gent and a Staging-Realtor market the SAME space!  

This concept also include Realtors who even though they don't do Staging themselves, they use the services of a Home Staging Professional.

This home was on the market for 63 days with a NON-Staging agent, but on the market for only 7 days after being Staged, by yours truly, before receiving the accepted offer, and consequently TWO backup offers.

By the way, this was an REO listing.

Reconveyance Deed & why it might be important to make sure it happened!!!

I should explain what a reconveyance deed is to help make some more sense of this.  Anytime there is a loan on a property (at least in California), there is a deed recorded on the property.  Then when a loan is paid off against a property, another deed gets filed (reconveyance deed).  That type of deed shows that that lender no longer has interest in the property.
 
In my real estate world, I normally don't watch for that type of activity.  It's a behind the scenes thing that gets done after we close escrow, which makes sense because I am making sure my seller gets their home sold or that my buyer gets in the property they purchased. 

The loan against a property is what the title company handles, they send money (full payoff or agreed short payoff in a short sale) to those lenders & then either that lender will file a reconveyance deed with their own "prefered" title connection (which will then end up at the county) or they will send that reconveyance deed to the title company that closed the escrow & have them file it thru the county.  Either way, I don't follow up with these lenders to make sure they did their reconveyance deed. 

It seems like realtors might want to start doing that or maybe at least following up with the title company to make sure it's done.  It sure can cause a lot of issues down the road if it wasn't done properly.
 
I recently had a buyer (15 months ago) purchase a short sale in Tracy CA & the bank forgot to do their "reconveyance deed".  Not sure how you forget, but I guess there are humans at Chase Bank that didn't get it done.  About 6 months ago, my buyers started getting foreclosure notices addressed to the prior owner.  Of course she didn't live there & my client kept sending the mail back as "return to sender". 

Mr & Mrs Buyer got concerned a month ago because Fed Ex packages started being dropped off on their door step in Tracy.  A process server came to their door & wanted to speak to the old owner.  Now that's when it got serious.  Thankfully my buyer went to the local Chase bank, title company, county recorder's office & started pokeing around to get to the bottom of it.  They received an "investigation" fax number to Chase to send their documentation to show they owned it & to leave them alone.  

It must have worked because a week after they faxed to this "investigation" number, a RECONVEYANCE DEED was miraculously filed with the county recorder's office & the phone calls have stopped.  Now I think I should probably follow up on all my closed escrows to make sure this happens to alleviate any of my future buyers dealing with this sort of shenanigans. 

Hello all!

Just wondering if there's anyone out there that can assist me with an issue. I signed up with OCWEN over 1.5 years ago for BPO's and REO's. I've called several times to check on the status of my account and each time I receive the same info. That my account looks great and there's nothing needed.

My issue is that in this time frame, I have only received 1 BPO order. Very unusual and odd considering other agents in my office and competing offices receive numerous orders each day.

Therefore, does anyone have a contact there that I may call to see what's going on?

I would greatly appreciate it!

Joe

I love making the photos and slide shows and videos for listings.  Maybe THAT should be my whole career, hmmmmm...

So, I do not know how to make YouTube show my main info text screen shot, it always seems to show a thumbnail of some random shot in the middle of my video.  Anyone else dealt with this, any YouTube pros out there with advice?

here is a link to my video on YouTube, I could ALWAYS use more YouTube friends and subcribers too.

https://www.youtube.com/watch?v=ywpY3wSwLaM

One more thing, if you are a Realtor marketing today, do you have a YouTube account? ..... if not, go get one, it is FREE and such great exposure for listings and to push more traffic to your web sites.

Jessica

This is a timeline that I hope everyone will find useful. This is just what I have found to be the norm. If in doubt always best to check with your asset manger unless directed to send questions to their pre marketer.

Brandon Jordan

Ok, I was reading Jessie's 2011 take on "How do I get my first REO listing?" and it got me thinking. So many agents think that once they get an REO listing they'll be on the easy money train. It just does not work that way. If this is the niche you decide to choose, be prepared, it is not glamorous.

First there are the properties, sure you might get lucky and get some 3 year old mini mansion, but more likely you'll get a mixture of suburban and urban properties to sell. In the past year, more than half of my REO's have had no plumbing- copper stripped, yet some still occupied. I have had to deal with flea infestations, break ins, police reports, fire reports, lead paint liens, city registration inspectors, abandoned pets, water penetration and mold.

Next there are the people. At times you'll be dealing with innocent tenants that have lived in the property for years and have no idea that the property has been foreclosed. You will be the bearer of the bad news that even though they paid their rent on time, the owner chose not to pay the mortgage. Other times you will meet with the former owner, and they will feel compelled to tell you their story. Some of these stories will break your heart, especially the ones when the foreclosure was caused by an illness or job loss.

Lastly there is the paperwork, not just a standard listing agreement and some disclosures, much, much more. There's initial occupancy checks, initial BPO, monthly marketing reports, updated BPO's, offer submission forms, utility invoicing paperwork, relocation assistance agreements, contractor repair bid forms and most of these documents need to be uploaded into a system.

Now I am not trying to discourage anyone from the REO business, just trying to give you a bit of reality.

So, How do I get my next REO listing? Plenty of tips are already posted on REOPro, but to reiterate;

1. Be available to your AM 24/7

2. Respond to requests immediately- get a blackberry, IPhone whatever you need to get this done.

3. Ensure all your paperwork is accurate and early, not just on time.

4. Anticipate your AM's needs, Know your AM's temperament.

5. Visit the property-often. Nothing is worse than not knowing about something that happened to one of your properties. You should always be the first to know.

6. Remember DOM=$$$$  Make sure every offer you submit is with a purchaser that is pre-approved or has proof of funds.

As an example today I trudged through over 29" of snow to do an initial occupancy check, so it would be in less than 24 hours from assignment, but that is how I will get my next REO listing.

With a new year, comes a fresh group of REO Agent hopefuls, scratching at the door of the industry ready to eat their own just to get that first listing. With this feeding frenzy comes all the questions like, “How do I get my first REO?”

Almost like tradition, each year I have tried to write a blog answering just that question yet, I don’t find myself invited as a keynote speaker to any conference, or quoted in anyone else’s blog or better yet, asked for my advice on some cable television news network yet, here I am, writing away and sometimes, I feel it’s into oblivion.

None the less, let’s sit down together for just a moment and discuss what it really takes for an Agent to get that first REO listing.

Now, before I share the secret to my success, we need to build up the reader with suspense and excitement. One way you can accomplish this is by talking circles around the actual answer causing the reader to build excitement through the anticipation. The reader begins to wonder will the next line hold the secret but, of course, we have to let the reader down and say something that leads the reader on another path, which may seem far away from the answer. Just another way to build up excitement, ooooh I just love this, don’t you?

Well of course, let’s remember what the REO industry is. We need to understand that the REO Industry is all about money. Yeah, yeah, you most likely already know that but, what you don’t know and why you keep reading is because you don’t realize that the REO Industry is all about MONEY!

Ok, that last paragraph may sound a bit silly but, let me explain. Many of these Asset Management companies see these vacant properties not as vacant properties but as non-performing assets. We call them that because when we say “assets” it reminds people that the vacant house isn’t just a vacant house, it directly represents a dollar amount, money. It keeps it real for us.

Let me ask you a question, who would you trust with your money? Seriously…..think about it for just a second, who can you actually trust with your social security number, your pin, banking account numbers, credit cards, debit cards (for those of us getting out of debt), etc…? Many of us may be able to answer that question with just one or two names. I bet most of you would say spouse and possibly your parents, that would be it……no one else? Why not? Ok…..I know that answer and you do to, it’s a rhetorical question. We don’t trust anyone with our money because it’s our money. That is the exact same mentality of the REO Industry and if you haven’t clued in to that yet, that is likely why you are still waiting for your first REO. Maybe I am being a bit harsh and cruel, maybe I have upset your sensibilities but, you asked and more importantly you continued to read this blog. J

Ok, so now, let’s move from the metaphorical to the realistic and ask another question, a more appropriate question and that is, “How do I get a Asset Management company to trust me with their money?”

Now, it’s important that you understand something, every single agent who currently has REO inventory can answer this question differently. This phenomenon is because, most of us got into the business uniquely. Truth be told, very few us got in just because we were selected from a list of random applicants with shiny resumes that smelled like Chanel and were written on pink paper (name the movie if you can?) It’s true, some REO agents can regale you with stories about how they just got a random call from Joe Schmoe Asset Manager Extrodinare however, most of us, I guess about 90% of us, are going to have a much more interesting story about how we met an Asset Manager at a conference or were referred to one by a friend or….something like that.

Ok, this blog it getting to be a bit longer than ususal so, let me cut to the chase. I know my readers and they are already wondering why I have taken so long to just get to the damn point already…..aren’t you?

If I have said it once, I have said it a thousand times…..it’s Networking!

Ok, so the secret wasn’t so much a secret after all but, let me explain why so many of you aren’t working your Networks, building your Networks, making your Networks successful for yourselves.

First off, when you get up in the morning, you aren’t thinking about writing a blog, your thinking of getting the kids washed, fed and off to school, the husband / wife up, washed and off to work, yourself 1 hour on the treadmill, wash, fed and off to the office. By the time you reach the office, you are thinking of voice mail you have to return, which continuing education classes you need to take, how you are going to pay your office bill this month, explaining to that homeowner why you haven’t sold their home in 5 months or explaining to that buyer why he can’t get a loan. My humble point is, none of you make time to network or don’t have time to network or can’t network for this or that reason. This is exactly why you aren’t successful because no one important enough know you well enough to trust you with their money.

Let me say that last line once again because, I know many of you missed it.

NO ONE IMPORTANT ENOUGH KNOWS YOU WELL ENOUGH TO TRUST YOU WITH THEIR MONEY.

Granted, it’s not just that simple but, that one line drills down to a foundation that answer the question you posed earlier and that was, “How do I get my first REO listing?”

I have written many….many blogs on how to network, where to network, when to network, what to say, what not to say and, still….I look back at some of my blogs and I see it appears they have been lost to the vastness of the blogosphere. Better yet, I get the wonderful question from the “default professional” who just joined REOPro and says, “How do I get a REO listing?”

Dear God, was I the first email you wrote on this network, was I the first name you saw, did you even bother to read some……3…..2…..or at least 1 blog?

No, you most likely didn’t, you most likely saw that I owned the network, assumed I was a fount of free flowing information, thought you would be bold and a go getter, sat down at your desk and wrote me a one line email, “How do I get my first REO listing?”

Let me just say, you would not be one I would trust with my money…..why on God’s green Earth would any Asset Manger trust you with his?

             I am sure you've heard stories about an REO agent in San Diego getting a listing assignment in Los Angeles, I am just really curious to see how many mile radius the asset management companies/banks are limiting you to I have had some companies cut back from 30 to 15 miles from office. Does anyone use their home address? If so how do they get away with it? I would like to hear seom of your feedback. Thanks, wish you all a productive 2011.

It is so astonishing that I am blogging about this, as I cannot fathom a seasoned agent (or educated adult for that matter), spelling their clients name wrong.... much less a client that gives you 100 listings a year!

 In 2010, every agent with the slightest amount of tech savvy would know that you can Google virtually anything in 2 seconds if you are unsure (or forgot to read your listing agreement). Heck, Google will even correct you if you're mistaken!

I'm forgiving of the occasional misspelled word or typo, and I realize most MLS sites don't have spell check (which we are all way too accustomed). However, isn't listing data important enough to check, double check, and triple check? Not only to make sure you know whose property you are listing, but so the buyer's agent knows who to write the offer to?

Not counting the myriad of funny variations I see on "bank of record"... here are the best of 2010:

• "First Presten", instead of "First Preston". Ok here is an easy way to keep it straight… think "Presto Logs"! No joke... if you can't keep it straight, possibly consider another profession.

• "Capitol One" instead of "Capital One". The capitals of a state, a capital letter, and/or a capital investment… are not the same "capitol"that is a congressional building. Hint… capital = money = bank. If all else fails, you can Google that too!

• What do foreclosures and REO have to do with cattle you ask? Got me! Guess I need to ask the agent that calls them"Oxwen Loan Servicing" instead of "Ocwen Loan Servicing".

Last, definitely not least, but by far my favorite....

"Fanny May" or "Fannie Mai"... instead of "Fannie Mae".... Really?

Do these people watch the news? Heck, are you even alive and living in the United States? This is an easy one guys, come on!

Agents, please remember - When the bank asks you to upload the listing image for review… It's not so they can spell check it for you!

If you are a bank or asset manager looking for an agent that can spell your name right at the very least, don't hesitate to contact me today, or visit us on the web at www.PacificNorthwestREO.com for your all of your REO needs.

***Photographs courtesy of Flickr, and yes I have permission to use them

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Shortsales, Foreclosures, Deed-in-Lieu, Loan Modifications, HAMP, HARP, and a host of others industry terms have only recently become common vocabulary. Many of these terms have been around a long time, however they have become much more common because of current market conditions. The Real Estate Market of the last couple of years has been particularly volatile. Because of this, it is increasingly more difficult for home sellers and buyers to know all of their options and to choose the right one for their particular situation.

Because of the number of variables and volatile market conditions (which can vary drastically from state to state, city to city, and even neighborhood to neighborhood) it is imperative that consumers seek the advice of Real Estate Professionals who have current, recent, and relevant experience!

Ask your real estate professional how many transactions they have been involved in in the past 12, 6, 3 months! Most likely, conditions in your market have changed alot during that period and if your agent has not been active, you may want to seek another opinion from a more qualified professional.

Also, consider the importance of dealing with an agent experienced in the type of property you are interested in. Just because an agent has sold some condos doesn't necessarily mean that they know what the single family market is doing.

It is more important now than ever to seek the advice of experienced and qualified professionals when making such an important decision as required in a real estate transaction.

Experience REALLY Counts in This Market!

For Experienced Pros in the Boise Idaho area visit us at www.BuyandSellinIdaho.com

Has this happened to you?!?

Lately I have had clients make offers on Freddie Mac REOs with the local Freddie Mac REO listing companies. In Boise, as in many communities around the country, local brokerages have a virtual monopoly on listing properties for Fannie Mae and Freddie Mac.

The overwhelming number of REOs dumped onto our market has completely overwhelmed these listing agents. Of course, some of these REO agents are really great. Others agents though.... Just try getting a response from them within a week or two! We have one offer in on a Freddie Mac property and have not had a response from the listing agent for over three weeks! Turns out they recently received approximately 50 new Freddie Mac REO listings. Seems to me that this will merely reduce their poor service and slow responsiveness to non-existent!

It stands to reason that if Fannie and Freddie really do want to liquidate their massive inventory, then they need to spread these listings out over many more agents so that no one individual is overwhelmed. If you have had similar frustrations please comment so we can raise awareness of this issue and help facilitate positive changes in this industry!

I found the following graphic at REOInsider.com