Posted by MIRELA MONTE on February 4, 2009 at 2:04pm
In 2005 I told all my Investors to stop buying Oceanfront. I've always been able to see patterns in numbers. I didn't like what I saw, so I blew the whistle. I moved my investors on to other products like single family homes in the path of growth. We did well. The Clients who listened and sold, fared quite nicely. The ones who didn't, now wish they had...I am now blowing another whistle: the BUY whistle. With prices at an all time low and inventory still ample, now is the time to start delving in. There are lots of things to consider and a careful analysis is mandatory. If you perform your due diligence and work with a top notch Oceanfront Buyer's Agent, you should do extremely well.God does not create any more Beach... Today we just had another 260 foreclosure properties being auctioned off at the Courthouse. Those properties will soon be available as Bank Owned super deals... The interest rates are still at an all time low... The gloom and doom is depressing most consumers and clipping the wings off the novice Investors... To make money you always move against the grain...I just pulled numbers on Oceanfront Condos in North Myrtle Beach. What I found made my hair stand up: 24% of the North Myrtle Beach Oceanfront condos are now "Pending Sale". 24%!!! Twenty-Four Percent!!! Compare that with the typical 2.5% activity per month and you start seeing what I'm seeing: 10 times the activity almost overnight! That's BIG! That's REALLY BIG!!!You heard it here first!(Why are you still here? Get on the phone with your Mortgage Broker!)Mirela Monte, Your Myrtle Beach Oceanfront Guru Proud Optimist!
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I have a dilemma. Ones professional ethics require that you wait to pound a sign until the day you list in MLS. But what if the boss, the seller, tells you they want the signs in immediately upon verified vacancy and possession by the seller. What if your boss is a bank? What if it is required in the contract that they send you?
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Ok, now that I have your attention, let me share some valuable insight into the BPO = REO myth.
Not every BPO gives you the opportunity to get the REO. Truth is, it rarely does. To understand this, you need to understand the BPO process. BPO’s are generally ordered after an offer has been submitted on a REO or Short Sale. That’s right, after the offer so, obviously you have no chance of getting that property as a REO.
So, some argue that the BPOs get your name in front of the Asset Manager….ok, yeah it does but, how many people do you think your are competing with to get the attention of the Asset Manager by using their BPOs? Not the best way to get their attention, if you ask me.
Lastly, BPOs give you invaluable experience that REO Asset Managers require. Now this is actually very true. Most of the time, if you are lucky enough to get an interview with an Asset Manager, one of the first question you’ll get is, how many BPOs do you do? This is because it tells the Asset Manager how active you are in a particular area and therefore, sheds some light on just how much “experience” you have in evaluating Fair Market Value.
Oh, I almost forgot, those pesky little Default Designations / Certifications. So do they offer anything for you….well, mostly not. Unless the Designation / Certification training is offered directly by a lender or the lenders exclusive REO outsourcer. So, that is why on our home page, you will only find an exclusive handful of designations / certification and professional membership organizations that are vouched for by our REOPro Members. So, be very careful when buying that certification / designation because, it may not do a damn thing for ya. So that reminds me, here is a great blog of mine you might want to read over, “REO Designations, what is your opinion on them, are they worth it? And REO Schemes you should watch out for.
So, how do you get that elusive REO? Well, I am going to reference one of the very first blogs I ever did here on REOPro, follow this link to learn more, How to start doing your first REO.
Hope this helps out. Good luck
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I posted this blog back in December on this plus a few other social networks. There were a lot of comments on the Active Rain blog and thought it would be good to share them since there is a lot of new members since. You may follow the link below to view the comments and read all the great tips.REO Broker SkillsRead more…
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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Posted by Jason Donn on January 31, 2009 at 2:33pm
Fannie Mae announced Tuesday that it would allow qualified renters of foreclosed properties owned by a government-controlled mortgage company to stay in their homes.Under the National Real Estate Owned (REO) Rental Policy, renters of homes acquired by Fannie Mae will be offered a new monthly lease at market-rate rent or if they desire, financial aid to help them move.The properties must meet state and local building and safety codes.Fannie Mae also said it will hire real estate practitioners or property management companies to manage the properties while the units are for sale.Jason Donn
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We are starting to see more distressed and REO commercial real estate here in Las Vegas and surrounding areas. My colleagues are getting inventory from FDIC, SBA, private entities and financial institutions. In my opinion we are going to be seeing more commercial inventory. Is your market seeing any REO or distressed commercial real estate? If your market is on the REO or Distressed commercial real estate market please join the newly formed Commercial REO group.
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You may have been all caught up in the looming "sitmulus plan" news that you may not have heard of a recent vote that took place in the House Judiciary Committee.
This vote could potentially reduce foreclosure nation wide but, at what cost?
Basically, the bill lets Bankruptcy Judges alter the term of mortgage loans. The vote passed 21-15 and now the measure is headed to the House.
Now, one thing to remember about this bill is that it only applies to mortgages that were entered into before the bill becomes law. This is important becuase opponets of this bill claim this measure would create a rash of bankruptcies and flood the courts, much like the massive bankruptcy law changes of a few years ago.
The thought is that many people would be more comfortable with pleading thier case to a Judge than to deal directly with a Loss Mitigation Officer representing the bank because they feel the Judges will be more sympathetic to thier cause.
Well, of course many lenders oppose the deal because they believe they will be big loosers if these mortgages get in the hands of liberal Judges who like to legislate from the bench. Ultimately this is the one point both the default home owners and lenders agree on and that is, if a Judge is allowed to alter the terms of these loans, most likely they will favor the default homeowners and the banks will end up loosing more than they would have by doing a Short Sale or Foreclosure.
As you can imagine, the lenders are coming out and saying that massive losses incurred from these lawsuits will be passed on to new mortgage seekers and therefore, reduce the number of people able to afford a loan all together.
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Thought I would share this colleagues blog:Some months ago, I had a long conversation with a real estate investor about short sale properties vs. REO properties. He said he didn't think there was much in the way of savings derived from buying homes through short sales anymore. Instead, he said it probably made more sense for him to buy foreclosed homes and wait patiently to buy them through lenders' REO Agents.I thought that was it. I thought he had made up his mind on the subject and was just trying to politely tell me that he would no longer be needing my services, but then he added, "So what do you think about this? Do you think I should start buying my investment properties as REO's?"With me being a Short Sales Specialist, I'm probably a bit biased on the advantages of buying short sale properties vs. REO's, but, in any event, here's what I basically told him.There are both advantages and disadvantages to buying short sale properties. The major disadvantage of buying a short sale property is that there may be undisclosed liens or problems with the title. When you buy a preforeclosed property; you're buying it as is. There is always a risk that the distressed seller may have acquired liens (e.g. unpaid hospital bills or unpaid contractors' bills for home repairs) while they owned the property.Another downside to buying short sales is that they frequently take a long time to get approved and to close. Most short sales take on average 3 to 6 months to close, and if you don't have the patience of a saint, you're probably going to lose interest in buying the property before too long.Waste Basket of MoneyHowever, just like there are risks involved in buying short sale properties there are also benefits. One of the biggest and most important benefits is the fact that short sale properties are usually cheaper to acquire than REOs. If you wait for the property to be foreclosed on and placed on the lender's REO list, then you're going to usually pay more to own the property.The reason for this is the fact that by time the lender legally takes the property back he has already incurred an excessive string of additional fees, e.g. property taxes, HOA dues, hazard insurance premiums, mortgage insurance premiums, lost interest, attorney fees, property maintenance costs, real estate commission, etc.Naturally, the mortgage company plans to recoup these fees, and to help accomplish this goal, the lender subsequently raises the sale price of the REO property. Depending on whether you're buying foreclosed property in a state that practices non-judicial foreclosures or judicial foreclosures, you could unknowingly end up paying an extra $10,000 on up to help reimburse the lender for these expenses.Well, that's my take on the subject. If you disagree, please post your comments. I'm really curious to hear your thoughts on this subject.AUTHOR CREDITS:Tracy Miller "Why It's Cheaper to Buy Short Sales than REOs," from Tracy Miller's Blog: Short Sales & More! (Material Copyrighted 2008. Tracy Miller; All Rights Reserved.) Tracy's blog published at Active Rain Real Estate Network (www.activerain.com/blogs/tracyshortsales). It is permissible to reprint, repost, reblog this material. Please reprint material with the author's information included. It is preferred that reprints of this material are published with this exact same "Author Credits" footer depicted or included at the bottom of any reproductions.
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MLS Bank Homes Newswire 1/19/09From national correspondent: Ms.Catarina HuntingtonThat is the headline that Realtors can only hope for at this point in time. A more proportioned assignment of REO Listings would have a dramatically positive impact on the Realtor industry. However, as of January 2009, REO Listing Agents continue to own a stranglehold on REO markets while the rest of the industry sinks in despair.An investigation into the facts surrounding the REO listing market is interesting....2 million foreclosures up for grabsNationwide the “private club” of REO Agents currently monopolizes about 1.7 million active REO listings. In 2009, 2.0 million more properties will foreclose and according to a recent report by "Credit Suisse" the US market will be averaging 2 + million foreclosures over each of the next 4 years.Estimates are that 150,000 Realtors nationwide, provided the pertinent education, would be very qualified listing agents of REO properties. There are no specific prerequisites to become an REO Agent. Qualified Realtors simply need to possess a willingness to enter the REO arena and be thoroughly educated on the unique aspects of listing bank owned foreclosures.Hence, there are 150,000 active full time Realtors in the United States with 2 million foreclosures "up for grabs". If divided equally each Realtor would close 13 REO listings per year for the next 4 years.REO Agents Dominate MarketInstead, roughly 5,800 Realtors Nationwide sold 1.6 million REO homes in 2008. That translates into an average of 22 closed listings per REO Agent, PER MONTH. That certainly doesn't sound like a “spread the wealth” philosophy does it?The REO industry's current model appears to provide for a single beneficiary: REO Listing Agents.Unfortunately the industry’s model comes at the expense of the lenders themselves, frustrated buyers and the tens of thousands of agents left out to dry.The vast majority of REO Agents are overwhelmed with inventory and under staffed. Realtors “in the field” showing REO properties tell me that they understand this “all to well”.The systemic problem within the REO Agent "underground" appears to have a multitude of negative consequences which result in longer market times and lower sale prices, say industry sources.Private enterprise is fixed on changing the dynamicIn a brief telephone interview I conducted with Ms. Simona Miu a spokeswoman for ForeclosureU.com a private educational institute established in 2005, Miu stated:“ForeclosureU is committed to changing that course in 2009. Stating that ForeclosureU.com is going “at the establishment head on”, Miu says that ForeclosureU is launching a national advertising campaign in various targeted media outlets promoting the importance of their “Certified Foreclosure Specialist Designation and Training for Realtors”.….“In 2009 our sole focus will be dedicated to educating and arming 25000 Realtors to earn their fair share and rights to the REO pie……Graduates of the “CFS” Training will receive everything required to meet their career goals and seize these emerging markets”.Miu went on to provide some of the ways ForeclosureU intends on accomplishing this challenging feat:“CFS” graduates are provided unprecedented (a) training on listing REO property but it doesn't stop there (b) “CFS” graduates are entered into the National Database of “CFS” agents (c) an aggressive print/electronic and internet marketing campaign (promoting its “CFS” agents) targeting the entire default (REO) industry is being launched (d) In addition a proprietary list of “REO asset managers” and their direct contact information will be made available to all “CFS” graduates.”Miu stated that ForeclosureU is filling the gapping holes left by local, state and national educational platforms that have failed Realtors miserably in providing current educational requirements.ConclusionIf ForeclosureU and companies like them truly step up and provide Realtors the tools they need there is little doubt that, at least in this columnists opinion, Realtors can surely change the course of their careers and maybe even the course of the foreclosure debacle as a whole.On a personal note I am pulling for ForeclosureU and companies like them. Small businesses and product/service innovation is the only viable macro solution to this countries economic downward spiral. Getting our political leaders to understand this is a whole other conundrum.Statistical data and additional content provided thanks to:Real Estate Trac, City Data Co, U.S. Association of Real Estate Agents, Foreclosure University, Zillow BlogMLS BankHomesLas Vegas, NV 89044
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Well, for some reason, maybe because of the invite I sent out to each of the REOPro members about the Five Star Educational Conference, I am getting a slew of questions like, “is it worth it?”, “will I see a return on my investment?” and “will I get a listing by going?”
Let me ask a question of my own……..how would I know?
You see, I can’t tell you if it’s “worth it”, why you ask? Because I don’t know you, I don’t know if you have any experience in default, I don’t know if you are committed to learning, I don’t know if you have any knowledge what so ever about REO so, how can I truly answer that question honestly and with personal integrity?
Let me be very blunt, honest and tactful. If you asked me if it’s “worth it”, I suspect you don’t know anything about Five Star then and therefore, I speculate that rather than going to the “Events” tab, clicking the link to their site and learning what they are all about, you instead, just hit your reply button in email and said, “is it worth it?”, “will I see a return on my investment?” or “will I get a listing by going?”
This makes me mad because, it’s almost as if you want to be spoon fed what I am already making so easily available to you in one spot, here on REOPro! For goodness sake people, before you ask, go look.
Now, so I don’t come off rude, ugly, mean, vicious and arrogant, let me say, those of you who did go and visit their website first, before asking me questions, I was able to tell you did your homework. Thank you, Thank you, Thank you, very, very, very, very, much! I know you did your homework because you asked me questions like, “Is Five Star as influential as they claim”, “Did you get any good contact from Five Star”, “How much business can you accredit Five Star for?” etc…….
My point here is, the nature of the question tells me the commitment and dedication you have to this industry. Even if you didn’t go look for yourself before you asked me, “was it worth it?”, “will I see a return on my investment” or “will I get a listing by going” I was always polite, maybe a bit miffed but, polite and advised you where to go to find information you needed so, don’t get rude, ugly, mean, vicious and arrogant in your replies about how obviously Five Star must not have anything to offer you because I “flipped” you over to go look at some website.
Please understand, I am independent and, I don’t make any money from anyone in regards to this site. So, when I say you might not want to let an opportunity pass you by, then by all means, don’t take my word on it, go figure that out for yourself.
I give you the tools to hear other peoples opinions so, write a blog or start a forum discussion and ask the 800 members here what they think.
P.S. If you don't know who Five Star is or what they do.........but, you asked me, "is it worth it?"..........well, I tell you what, go find out who and what Five Star is first, then ask yourself if you think it's worth it. If then you don't know, then come ask me but, I am going to ask you, "Do you know who and what Five Star is?"
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An article by Jennifer Harmon with www.ManagingREO.com highlights just another reason why I believe that REO’s are not what banks want and that our industry is in the beginning stages of a paradigm shift. Back on October 8, 2008 I wrote a blog titled, “REO’s Become Extinct” which focused on the idea that REO’s just simply cost too much to continue doing and our industry had numerous reasons to change and start doing more Short Sales.
Well, like with any fast growing industry, growing pains with short sales are rampant. Many people complain about short sales and, the list is too long to review here but, we are seeing MLS boards taking steps to force more regulation and in return, the process is smoothing out a little bit.
As I mentioned in my October 8th, blog, we are seeing a surge in Foreclosure Avoidance companies like Titanium Inc. and BSG3. Just so you know, I am an HRC with Titanium and love them, thought I would share that in the spirit of disclosure.
Now, with all that being said, let me get back on task and that is, how are illegal foreclosure claims spurring the growth of these Foreclosure Avoidance Counseling companies and subsequently short sales.
Jennifer Harmon mentions in her article that legal aid groups and the such are trying to sniff out illegal foreclosures and, therefore they are seeing a rise in these types of claims. Simply put, courts, legal aid groups as well as certain law firms are looking to give these homeowners a way of keeping their homes. This isn’t really a bad thing, I am all for a homeowner staying in their home, when they can afford it.
Jennifer’s point is, lenders need to do more homework and work more effectively to ensure that the chain of title is complete, accurate and legal before they decide to foreclose. It’s a great point but, I don’t see that happening. Truth is, 2009 isn’t going to be any better than 2008 unless the government steps in and does something drastic to stop the foreclosure tsunami. In reality these lenders can’t wait for government so, they are taking steps on their own to protect themselves and hence, short sales can do just that.
You see, with a short sale, the bank isn’t selling the home, the homeowner is. All the bank is doing is approving the amount they are willing to take as a loss when it’s sold. In essence, they avoid the foreclosure all together and don’t really need to worry about claims of any illegal foreclosure.
Now I am no Attorney so, I may not aware of some obscure legal principle that makes my argument mute however, it makes a lot of sense to me……lol
In closing, I feel, believe and speculate that REO’s are not the way of the future. I really do believe they will always have a place in our society but, I don’t see the Default Industry surviving this economic downturn looking like it did when we went in. I do think old business standards are changing as we speak and short sales are going to be a preferred way to do business.
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I just got an assignment and went by the property to verify occupancy.I ran across something all of you may enjoy: REVIEW THE PHOTOS!Apparently the back fence fell down and the neighbors livestock came over to graze, (A steer, several sheep and a strange looking goat).The neighbor put his fence back up but left his animals on the property to graze so they've been there for a little over 2 months and appear to have made the place their home.They are being returned by their owner to their native habitat tomorrow.The strange looking goat is definitely NOT a fainting goat. (Check youtube if you do not know what a fainting goat is...)He is however, more skittish than a retarded kitten. (Especially after I scared him to see if he was a fainting goat) I think he knows his main purpose in life is being an entree.The steer is very tame, I've named him Cheeseburger!While I there, he tried to go into the house (the door was closed and he kept butting it).Hopefully, that's not a regular activity for him.He followed me around like a puppy. Unlike the goat, he seems to have no clue of his future...The sheep are as ambivalent as cats living in a crazy old lady's house.They are somewhat curious but prefer their own company to that of large humans.One photo that did not get taken was of the next door neighbor (not the animals owner), who came over to visit, an skinny old man wearing a a black leather biker jacket and sporting 'summer teeth' (some er' there and some ain't).He wasn't interested in having his photo taken, (possibly from fear of being identified by law enforcement or maybe he was just naturally averse to having someone who scares goats take his picture).I love my job!
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Posted by Suzan Nasr on January 21, 2009 at 5:25pm
While we've been seeing our share of REO's throughout South County, to date the number of foreclosures and short sales in Coastal Communities has been very low. Popoular coastal towns such as Laguna Beach, Monarch Beach/Dana Point and Newport Coast for the most part have not been affected much. Ofcourse it remains to be seen what the trend will be in 2009. Once in a while when an REO doest hit the market in one of these communities, it's typicaly sold right away. A 2 bedroom condo in Monarch Beach is still in the mid to high $300k range while in Laguna Niguel you can pick a 2 bedroom in the low $200k range! Yet you are only a few miles from the ocean.www.PacificBankerRealty.comRead more…
Realtors, do not advise your sellers to stop making payments on their monthly mortgage when they are participating in a short sale.
Why, you ask.
Banks consider many things when determining if they will accept a short sale and of those many things they consider, the Seller’s Net is the most important.
Now before I get ahead of myself, understand that in a short sale, the homeowner isn’t walking away after closing with anything other than debt and when I say “Seller” I am specifically talking about the bank and when I say “homeowner” I am talking about the actual person residing in the home or at the very least, is responsible for paying a monthly mortgage on the residence.
Ok, with that being said, back on task. The seller’s net sheet is affected, positively or negatively based on the monthly payments or lack of payments by the homeowner. So, if the homeowner isn’t making monthly payments then the amount of loss the bank incurs increases monthly. Let me assure you, increasing monthly expenses on the part of the bank isn’t going to make it easier for them to accept the short sale. Ultimately, they have a bottom line and granted, they aren’t going to share that with you. Because of falling values chances are you priced your short sale to sale in 30 days or less which most likely means you may very well be at the bottom of the banks bottom line, by the time you get the first accepted offer.
In other words, any additional expense the bank is forced to incur because your homeowner won’t pay, can’t paying or isn’t paying his monthly mortgage, the more likely it’s just more cost effective to simply foreclose.
My advice to you homeowners, pay as much of your monthly mortgage as possible so that you have a better chance to close the sale.
My advice to you Realtors, you better be getting monthly updated pay off statements and sending in monthly revised estimated HUD-1’s otherwise, you may get a nasty surprise the day of closing when the bank refuses to close.
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Ok, because i see several of you double posting as well as posting things incorrectly, let me help with a clarification between a Blog and a Forum.
Think of a Blog as a news article. When you write a blog it should be informative and written in a similar style as an editorial in a news paper.
Think of a Forum as a discussion hub. This is where you can ask a single question or make a general comment and keep a written history of others who comment back.
**Don't forget, when writting a blog, it's vital that you propertly categorize it. "Tag" your blog with search words so that others can find it later through the archives. You can find the "Tag" feature at the bottom of the Entry section of the blog. Keep in mind, blogs written on REOPro are submitted to search engines so, if someone is searching "REO" on google, the higher your blog rank, the more likely it will appear on the first page of the search results. If you want to learn more about that, write me back and let me know.
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Okay,Can someone please shed some light on why land safe appraisers are killing sales with their values? A few years ago aren't these the same group of appraisers countrywide was using to do there loans? I have now had 2 deals go sideways because of values from appraisers (of which both have not been from the local area).As many experienced REO agents know the banks, our clients have an appraisal on file prior to ever listing the property. On one particular home my BPO price was conservative and below both the appraisal and 2nd agent's BPO. However after 4 days on the market this 4400 sq ft home, in what I would consider good condition, located near a golf course community had 3 offers. So we go to escrow with high offer and guess what the lender's appraisal came in 17K below purchase price and 30K below the banks appraisal on file. (If we had these same appraisers’ 2-3years ago we probably wouldn't be in such a mess now RIGHT!!!) At this rate our market will never recover...Looking at the appraisal the appraiser noted this home in average condition.. I'd beg to differ but, I'm not an appraiser. The most alarming thing is the adjustment for a property same age and style in good/superior condition. A $40,000 adjustment seems extreme to me for a home in which no repairs are noted, and was built within the last 5 years. Keep in mind, in the report the appraiser notes no needed repair or deferred maint; however subject property is in average condition. (I will upload pics in a few.) Any comments to help shed some light on this would be great. Has anyone else had similar experiences? I'm sure this deal will be as good as dead and countrywide now B of A can forget about ever writing the loan in this one because the bank is not going to take that hit, In fact they will lend on it before they allow that to happen.Here's my question. Are these the same appraisers countrywide have been using to price their REO's? If so this would explain why countywide is listing their REO's below everyone else and getting multiple offers. Well if this is the case why are they accepting offers over appraised value, better yet why are they lending on them since most countrywide REO are requiring one to be pre-approved with Countrywide? Comments Please..
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Nothing irks my soul more than the Realtor who questions my integrity. Yes, it can be argued that our industry is faced with many challenges, of which, personal integrity could be considered at the top however, I am not the one.
My integrity and reputation precedes me and of this I am much aware. I pride fully admit I have never been good at humility but, we each have our drawbacks.
As I was saying, I am not the one. I got out of my way to ensure everything is on the up and up, not because I am bound by some generic code of ethics or some legal statue but because, that is how I was raised. (cliché I know)
So, when I sent out multiple offer notices to all the Selling Agents on a recent property, I was a bit miffed by the oblivious yet gallant response by one Realtor that went something like, “I don’t believe you have multiple offers.”
Well, in this situation I could have responded many different ways however, reverting back to those wonderful lessons I learned as a child, of which my mothers favorite came to mind, “If you don’t have anything nice to say, don’t say anything at all”. With that in mind, I simply stayed quiet………..(Long Pause) and, then the Selling Agent said, “are you there?”
My reply was yes, I am here, I have been here listening to you. I guess he was shocked that I was listening but, I am sure that is the by-product of most likely never being listened to because he obviously never has anything worth while to say but, that is another story for another time.
I proceeded to end the conversation by saying, “did you have any other questions I can help with?” I was hoping he would say no and hang up but, I wasn’t that lucky.
None the less, the conversation did come to an end, almost just as dramatic as it started. I repeated myself 5 times….I know, 5 times seems a lot but, for some people, that is just the start. For 5 times I said, “I am providing you the opportunity to instruct your client that multiple offers are on the table and they should submit in their final and best offer.”
Eventually, the Selling Agent hung up and, I moved on to my next call. I don’t know how this is going to end but, I assure you, as always, I will be a gentleman and scholar……until he pisses me off.
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