Seriously, In 27 years in this industry never has it been this bad. I am not telling you anything you don't know if you have been in this business 10+ years or more. As long as I can remember there has always been death, drugs, divorce, disease, and just plain dead beats the source that has fed us the REO over the years. Now we have a 6th "D" of REO. Those dumb enough to have stated they could afford the property they purchased and now an O'Bummer adminstration who seems to cater to the first 5 d's of REO as well. I have no sympathy for the so called I want what I want "Sub Prime Victims". Where else but America can anyone live free for 2-4 years, maybe longer and be catered to for ignorance? The new tenant act law? haha 98% of those in the property were not paying at all, the reason for the default of the wanna be investor. But they get to stay free another 3 months. I know there will be no tsumani of REO coming our way. There will be no opening of any flood gates. Confirmed by several of my clients. Slowly they will release the lower end properties as values stabilize and go up from there. It is what it is so fasten your seat belts for a long slow bumpy ride, over priced REO, demands of seller financing applications and a part time job to afford all the mandatory REO education courses that come with the threat of NO MORE BUSINESS if you don't comply as a way for the very sources we depend on to generate revenue to survive themselves when there is very little business right now. Since when in past years have you ever seen so many certification courses in REO all claiming to be the key to the business? Default School multiple choice training with questions so elementary as "What is the proper amount to spend on a gift to an asset manager?", What type AC unit is this? da, central, how to hold a digital camera and take pictures of a house? What happens when you bill late after a closing? OH Please! My game piece is still on the monopoly board and my objective is to collect more little green houses then anyone in my area. I refuse to lose, follow directions and am hanging in there for the long haul still having more fun then anyone without the support or back up income of a spouse or a job. I have become the Queen of 40.00 BPO's and fried rice recipes, haha That's reality.
You need to be a member of REO Pro Network to add comments!
Comments
I feel some of your pain. But lets be honest and probably should keep the politics clear and upfront - or out of this because .... if you put the blame by the year it started instead of now that the mess is smelling it would go back to the "BUSHIE" years. But it is easier to blame the present administration - especially if you do not like who is in charge. Bush messed us all up... but for some reason, no one is willing to say that.
1. subprime, option ARM and bank rip-off was here way before Obama was sworn in - These scams started back in late 2004 as I remember it. Well, honestly the "creation of this market mess" must have started way before that and pretty high up on the line of who to blame ~ and it was not the homeowners or the ones that walked into the plan.
2. Not sure what you were doing way back in 2008 when Old Republic Default was only paying $35 for a BPO. ~ that was before Obama
3. Designations and training... and re-training and "you better get educated or get knocked out the race" has been around alot longer than the last 2 years. Agents have been adding the alphabet after their name for years... ~ way before the present administer stepped into office.
3. And as far as BPOs - when they started agents didn't know how to do them, and wasn't interested in them. But now ~ you sometimes can't even get a BPO for that same $35! I had one to come through the other day that was for $15 and have had plenty that say "no pay"! Not good but the nature of the business - really can't blame Obama for that can ya?
4. Certifications/designations in REOs - we know what that is about. Same as Certifications/designations for Short Sale and same as all the ones for "regular - Traditional sales" ~ Like I said all the alphabet.
If you go in the kitchen and all the dishes are dirty -- who gets blamed ?
CHOICES: 1. the last cook or 2. you for just walking into the kitchen?
I will say hats off to you for being able to make a joke at this point. A good laugh is always good for the soul.
I feel your pain, may I have some more please? I too am in bpoville. I want to play monopoly with you, I don't have as many little green houses as the big boys around here, but I am trying!
Hope you're doing well and I hope I'll see you back on the "World Conference Tour".
Everyone knows this one but it's one of my favorites. :)
1-chicken breast cut into pieces; 2 cups of rice; 2-3 cans of cream of chicken soup; spice as desired. :)
When we did REO/Short Pays in the 90's you would walk into what we now call the asset managers office for approval... now even through REO and Short Sales have been around as long a real estate we have to take this course or that course. Do you know how to sell a home? Do you know how to commuicate via email or fax? Your hired...
This by far is the best blog written on this site... Fried Rice and Brazilian Beans goes a long ways....
I seen million dollar luxury condos dropped to more than 1/2. This was a new development in San Jose, CA. This should of never happened. I believe there were BPOs done incorrectly. The luxury condos were surrounded by lower class condos and most likely they were use because of the one mile requirement . When I did the COMP, I went over the 1 mile to find the upscaled condo to justified the market value on a luxury condo. I don't know if you know it, but condo/townhouse you have to be careful in pricing it right. One complex can be pretty low and another complex can be high within the 1 mile requirements. They just can not be mixed. There really should be another class divison on the complex - high end, middle class and lower end division. That way the BPO COMP can not be mixed together.
Yes, there is definitely a lot of certifications that do not help. I'm just wondering how come NAR did not step in and give us some input on the right certification to go after. I would like to see webinars on their website from a major bank reqarding REO, short sale or loan modification requirements.
(REO for Idiots) course. Now I am offically an idiot, is the REO rolling in? Of course not. About those rice recipes?
-
1
-
2
of 2 Next