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reos: I just lost an argument with quality control and the bank just lost $100,000 - 11/16/10 06:48 PM
I just finished working on a BPO for a house built on the side of a hill. The house has a daylight basement. A daylight basement is a basement based on the fact that it is on a level below the front door. It is not underground. There are windows, you can walk outside to the patio which is on the same level. If I did not tell you it was a basement, you would not know it was a basement. It looks like the rest of the house, same walls, ceiling, carpet. From the front of the house, it looks like (8 comments)
I just saw this gorgeous house on the golf course. Why do people plan trees and bushes to block the view? Take the bush and move it over 20 feet and add $50,000 to the price. It is an REO and this bank will not spend any money. Anybody want an easy flip? (2 comments)
reos: Put correct data in the MLS - 08/27/10 12:31 PM
I am sick and tired of looking at MLS sheets that say this is a house for sale, guess about the details. I have seen too many listings with no information and the comments say "House is for sale as-is, buyer to verify all". The listing does not say if the house has a view, has a patio, has a fence, has air conditioning, has a fireplace, has a pool. Yes, I have seen listings that do not mention a pool and when I go to the house, there is one, right in the middle of the back yard, surprise. Better than (9 comments)
reos: Aspen Grove - Wells Fargo - 08/13/10 01:05 PM
I recieved an email today from Aspen Grove. They have new software to mange REOs. If you want business from Wells Fargo - PAS you much pay them $99 for the first year and $349 for the second year. They are charging $115 for each property. You much take a training course on the software. You will not get a listing after Aug 31 without the software. Wells Fargo recently lowered their commission to 2.5% I am in a low price market. My average sale is under $100,000. My last commission check after the company took its cut and I split with my (6 comments)
reos: What should I do? - 07/27/10 11:15 PM
I was given an interior BPO assignment today. The property is an REO listing with an agent who is 400 miles away. The company only deals with one agent for the entire state. The house is 4679 sq ft on 1 acre with a 5 car garage in an exclusive neighborhood. The lawns are so green, it hurts your eyes. The subject is at the end of a cul-de-sac on a little hill. The first thing I notice is that there is no for sale sign, the lawn is dead and there are lots of weeds. I go to the front door and (9 comments)
reos: Tell me how you got into you situation - 06/28/10 12:44 AM
There seems to be two catagories of opinions here. # 1 Tell me your situation and I will try to help you. # 2 Tell me how you got into your situation and I will decide if you are worthy of help. People in the first catagory help anybody. People in the second catagory will only help you if you fit into their box. If you are short selling your house because you got sick that is ok, they will help. If in their opinion you spent too much money on your vacation 3 years ago, then they will not help (4 comments)
reos: They want me to hold an open house for them. - 06/23/10 06:35 PM
I just got a phone call from a REO company. They only use an agent who is 400 miles away from here. They wanted me to hold an open house for them. They told me that I would not get the listing, they have an agent. I would not get other listings from them, they only use the one agent. I politely turned them down. If I need the practice, I have my own listings to do open houses. (5 comments)
reos: Difference between REO and short sales prices - 06/11/10 12:43 AM
We were assigned a new REO property. It was listed Oct - Feb as a short sale for $50,000. We listed it as an REO the first week of June for $45,000. 9 offers the first week. Highest and best resulted in a price of $60,000 cash. Is there really that much of a difference in short sales prices? (5 comments)
reos: Is anybody helping these people? - 04/28/10 09:01 PM
It just happened again. I called a home owner to schedule an interior BPO. They had no idea what was going on. They did not know what a bpo was. They did not know that anybody would be contacting them. They did not understand the process. They did not know anything. Is anybody helping these people? (3 comments)
reos: Arguing with the computer - 03/04/10 08:48 AM
Working on a BPO. The companies keep on adding more "intelligence" to their error checking. Unfortunately it is not that intelligent. The BPO is for a condo. There has been 5 sales in the past 6 months. There are 12 condos currently listed. That is an oversupply. Prices are stable. They have not dropped. The prices are the same as 6 months ago. The computer will not allow oversupply and stable. The computer has also been programmed by zip code to determine urban, suburban, and rural. This zip code covers a wide area. These condos are in the city. The same zip (5 comments)
reos: Local REO agent meetings - 01/30/10 12:20 PM
I have been thinking of organizing a local REO agent meeting. Get 10-20 local REO agents together for lunch or dinner every couple of months. We can talk about things that would help each other. "I use XYZ for changing locks, he charges $100." "I use ABC and he only charges $75." "Who do you use in this area 20 miles east of town?" I would be interested if other areas do this and how it works for them. (4 comments)
reos: BPO rules and flipping houses - 01/02/10 03:48 PM
There have been many articles recently about people flipping foreclosed houses making hundreds of thousands of dollars. I have been wondering about this. Each foreclosed house has had many bpos done. Could all of those bpos been wrong? I do a lot of bpos. I think I do a good job. The banks think I do a good job, they keep sending me more bpos. Then it most be those other agents who do bpos. But the people I know who do bpos do a good job. How can we be so far wrong on our valuations? I did a bpo today. (6 comments)
reos: Everybody had been foreclosed on. - 12/23/09 08:19 AM
I have a rental property. My tenants recently moved out. Everybody who applied to move in had been foreclosed on. I chose a very nice couple. She had been laid off earlier in the year. It took her 2 months to find another job. During that time, they fell behind with their loan. Between interest and penalties they could never catch up. (1 comments)
reos: BPO values and the agent who gets the listing. - 12/13/09 11:25 AM
I do a lot of BPOs. I have noticed that certain agents sell on price only. The range of prices in the neighborhood is $100,000 - $120,000. One agent has a REO sale at $80,000. It is always the same few agents with that sale. They do no marketing, advertising, etc. They put it up in the mls and let the bidding war begin. Today I did a BPO. I really wanted to say if you give it to an agent who works the listing it will sell $110,000. If you give it to one of these agents, it will sell (7 comments)
reos: Why do banks use out of the area agents? - 10/14/09 04:26 PM
I was assigned an interior BPO today. The contact (and future listing agent) is a company about 400 miles away. I called and they gave me the lock box code. I drove to the house and the locks have been changed but there is no lock box. I called the agent and left voice mail. About 30 minutes later I called again and spoke to a real live person who took a message. It is been over 3 hours and no one has returned my call. I have dealt with this company before. I was suppose to do an interior on (18 comments)
reos: Different BPO forms - 10/03/09 02:57 PM
Different BPO companies use different forms with different fields on them. Sometimes 1 company has multiple forms. Did you ever notice that they always give you the wrong form for the property? One company has a form with questions about a guest house. I have always answered no guest house. I finally get a BPO with a guest house. Guess what, they used a different form that did not ask about a guest house. You know a lot about a property or the area that it is in. You could write a book about it. You get the form that allows (2 comments)
reos: BPO telephone calls - 10/02/09 02:15 PM
I have 6 bpos due today. I will get them in on time. I have 4 bpos due tomorrow. I will get them in on time. I have never been late without contacting the company and explaining the problem. Why then do I get 5-10 phone calls a day asking me if my BPOs will be in on time? I really do not need more distractions in my day. (4 comments)
reos: Banks doing what is best for them. - 09/29/09 12:19 PM
I have seen several blogs where a real estate agent describes a deal that the bank turned down. Some seem outrageous. Basically for the bank, it is simple economics. If I do a loan modification, I get A dollars. If I do a short sale, I get B dollars. If I foreclose, I get C dollars. The government is contributing money to the various options and guaranteeing some/part of the loans. Mortgage insurance is another factor. The investor is making the decision based on the total dollar amounts from the various options. Whichever one is greater, A, B, or C will be the (2 comments)
reos: REOs and Credit Scores - 09/28/09 10:51 PM
I recently changed insurance companies. As part of the process they ran my credit score. It came back lower than I expected. In the notes section it said that I had applied for too many credit accounts recently. This surprised me since I have not applied for any new credit in a long time. Then it came to me. Every REO gas, electric, water, trash company is a new credit account. Every listing has been 3-4 new credit accounts. (5 comments)
reos: BPOs and the 5 Star Conference - 09/27/09 12:44 PM
I went to the "Advanced BPO" class at the 5 star conference. These are some random notes. 1. Get your BPOs in on time. I have a BPO that was due yesterday (Saturday). There is a problem. I called and emailed. Oops, the company closed 4pm Friday for the weekend. There is nobody there to solve the problem. 2. One panelist said that 45% of his BPOs get rejected by QC. For his company, it is a race to get the bpos. Maybe speed does not equal quality. 3. One panelist described this scenerio. The subject is a 2000 sq ft (3 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.