Working To Get This Thing GOING!!!

I have been working hard in the background, trying to get our REO practice really going. I thought I'd take a moment to introduce myself to the community, and let you know what we've been up to.My father and I are a team -- always have been, and now we are in business too. We are the Mission Valley Real Estate Company, located in Northern California. We are both lawyers and real estate brokers. My dad moved from law to real estate and then back to a mix of the two many years ago. I went to New York as a lawyer, worked in the big firms, and then came back to California a couple of years ago to focus on real estate (with a legal bent, of course, because you just can't help it!).We had some success in the REO market last year. We had some great contacts at Downey Savings and sold several of their properties here. When US Bank took over Downey, though, we found that most of the work was gone. The asset managers we knew were all laid off, and US Bank was such a small player in our area that there were very few properties left to be sold.I have spent the last several months trying to get into other venues. We do BPOs through Equator, and I'm registered with many other asset companies that yield no work. We absolutely have the chops to do this -- we have handled trash outs, repairs, cash for keys, and the marketing of several homes. Our teamwork is a huge asset because we each pick up when the other can't complete something immediately, so our timeliness is awesome. It's just frustrating to keep trying, keep trying, keep trying and get so little!We will continue to persevere, though. Our website is constantly under revision, we have an active blog and Twitter page, and we just keep at it. I hope that I can learn from the others here on REO Pro and move ahead!
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Comments

  • You can and you will, when I first started I had no clue what I was doing, I eat fish, but I spite out the bones. are you involed with your MLS association.. Seek and you will find, I am swimming out, I am not going to wait for the ship to come in, I am determined to make the REO Industry work for me its my DESTINY.
  • Welcome Megan, it sounds like you and your dad make an awesome team and your background in law is a major plus I'm sure you will get enough business.
  • Hi Megan, it's wonderful to hear from you! I'm about as far away from you as I can be and still be in the same country....discount Alaska and Hawaii, I’m in Southwest Florida. I am impressed with your credentials and it seems to me you have the drive to succeed. You will get a lot of info from the forums and blogs here, but I can’t help but wonder…………..you and your father have all the skills and background necessary to take advantage of the ever evolving short sale scenario. Before you say Yuck! Hear me out. In Florida it is becoming more “Exclusive “ for a short sale agent to enlist the services of a mitigation company or law firm to handle the negotiations…. Makes sense and is keeping many agents in the game that would normally not negotiate their own deals. Most of the mitigation companies here have a standard fee of $2000 for anything up to $200,000 sales price. After that it is negotiable. This money is paid at closing just like a mortgage company, title company or agent. The good news is that if the deal falls apart and has to go to another buyer, the buyer’s agent will change or Mtg broker but no one wants to risk not keeping the mitigator in the deal.
    The problem here is that there are only a few companies and they are slammed with business, with your back ground and your fathers you have the perfect storm to get in on the front end of what will most likely become common practice. It’s worth consideration……
    Regardless of what your after you will find great advise and enjoy the reads. Good luck to you and welcome!
  • Welcome Megan! I'm sure we have much to learn from you and your father.
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