reo: Auction Group - We're Hiring !! - 09/25/08 08:15 AM
Auctions have been a preferred way to sell assets since the time of the Roman Empire. Throughout history, every conceivable item has been offered and sold at auction such as art, machinery, household goods and real estate. Auctions are also the way to quickly dispose of assets in a down market. … (6 comments)
|
reo: I uh tol a u soo - 09/17/08 06:43 PM
Hi guys and gals. It's been a while. Not sure how much I am going to be around, but just thought that I needed to share something. Maybe someone will Google me and read the words that need to be understood.
We deal with a lot of lenders in Columbus and … (22 comments)
|
reo: Seller Indecision - Here's What Happens - 05/28/08 09:21 AM
This is a tale of 1 seller and 2 brokerages. It is unfortunate.
The seller in this story is a bank with a good amount of inventory. The perfect client for some, or so you would think. We will call them Little Ol Bank (LOB).
LOB is marching right along selling … (23 comments)
|
reo: History Repeats Itself......In Real Estate Too - 05/26/08 07:05 AM
From 1989 to 1995 a little remembered government owned management company called the Resolution Trust Company (RTC) liquidated the assets of over 700 S&L's who went insolvent. They sold mortgages, condos, houses, land, commercial buildings and furniture, fixtures and equipment (FFE). Specialty brokers were used and billions of dollars worth of … (6 comments)
|
reo: $35 / mo. Rental - 05/15/08 06:14 AM
The other day I saw something from afar that I have never seen before. It was a rental house that goes for only $35 a month. We tried to get a little closer to get a better picture, but the "driveway" had too many large potholes for the small SUV I … (11 comments)
|
reo: Court Ordered Possession - 04/17/08 07:19 PM
Sometimes property gets turned over to an asset manager one house at a time and other times entire complexes come in at once.
Tomorrow should be an interesting day as we need to go seize a 72 unit apartment complex in Grove City, Ohio which is a suburb of Columbus. When … (6 comments)
|
reo: Sold ‘Em At The Auction - 04/08/08 05:32 PM
What do 49 individual condos I had listed all have in common? They are all in contract at a price acceptable to the bank and it only took about an hour to do it.
That is the sound bite. It actually took a lot of hard work over the past three weeks … (7 comments)
|
reo: Broker / Manager Need - Cambridge Ohio - 03/04/08 04:41 PM
Hi all. I have a new project coming up for about 12 units around Cambridge Ohio, 43725 where I am going to be appointed by the Court as receiver, but my brokerage is pretty far away from the town. I'll deal with the Court, but I think I am too far … (6 comments)
|
reo: Columbus Banks to Tackle Rehabbing REO - 03/01/08 09:04 AM
Columbus Realtors grab your tool belts. It looks like the new job in town for REO professionals is called Rehab. I'm not talking board ups and trashouts here folks. We are talking new roofs and all. I'm talking about Realtor = General Contractor. Lucky for me I have been a GC, … (14 comments)
|
reo: 2008 Plan - Drifting into Asset Management - 02/01/08 07:19 AM
In the past month one of my clients took a turn that I never expected. They want to renovate their REO and sell it later. They want me to be the GC and the manager.
On the other side of the business, our receivership practice is booming. We have more than 10 … (10 comments)
|
reo: Don't Bash the REO Agents - 11/28/07 09:10 PM
I've been reading some blogs recently harping on the REO Agents. All I can say is this: Hey guys. Cut these people some slack, ok?
Yeah, they get a lot of listings, but there are a ton of problems that they deal with in an attempt to make the sale easy and make sure the buyers … (57 comments)
|
reo: A Default Lesson - 11/16/07 06:25 AM
Good morning folks. When I am not ranting and blowing off steam with silly posts, I try to make a point that will be helpful to someone.
Today it is a quick reminder about what the dates outlined in the contract really mean. A lot of people in my world have forgotten … (11 comments)
|
reo: Today I'm The Consumer - Scary Isn't It ? - 11/09/07 07:01 AM
I woke up this morning and did what I usually do, check email, check the RAIN, check my web stats, email a couple of folks and watch some CNN. I'm boring in the morning. Later I get to dodge bullets. That's fun. Ok, back to the show......
Yesterday I received a couple … (11 comments)
|
reo: Loan Sales Unsuccessful - Now REO ? - 11/03/07 07:40 AM
Recently a couple of my bank clients have been attempting to sell their default loan portfolios to groups of investors. Many of these portfolios are in the 3-8 million range. The assets are mostly vacant, mostly former rental properties either single family, double or four-plex. Most loans were originated 12-24 months … (5 comments)
|
reo: Another Way Into REO - Or Maybe I am Wrong - 10/27/07 09:53 AM
I have gotten a lot of emails lately from AR members even though I have not been posting much. Maybe I am burned out a little. Who knows?
The emails have been questions "how to" and "where to go". I am glad to help if I can.
I don't know what advice I … (23 comments)
|
reo: Great News - Not - 10/25/07 10:18 PM
I read an article today that made me actually wonder what the H - E x 2 hockey sticks is going on in our industry? Below are some excerpts of an a New York Times article by VIKAS BAJAJ and EDMUND L. ANDREWS.
I just also spoke with a friend who is a … (7 comments)
|
reo: Pushing Appraisals & BPO's - 10/13/07 12:17 PM
Guys, I work both sides of the fence here. The asset manager side where I hire agents for BPO's / listings and the agent side where my firm conducts the BPO's and takes listings.
When on the agent side, I really want to make the BPO factory happy. Our staff will address … (4 comments)
|
reo: What an REO Agent Should Have - 09/13/07 07:25 PM
As I posted before, I recently spent 5 days in Dallas at the 5 Star Default Conference learning and meeting with lenders and agents from around the US. There was a full day of 30 minute sessions where agents could find out directly from the lender/servicer what they wanted and expected … (19 comments)
|
reo: REO Update - 09/13/07 08:05 AM
Melissa I just got back to good old Columbus, OH from the DS News 5 Star Conference in Dallas. The conference was 3 days of networking and smaller 1-2 hour educational sessions along with another 2 days of full day educational sessions at an added cost. Melissa and I went to … (4 comments)
|
reo: Bankruptcy Listings - 08/20/07 07:59 AM
We all know that the market isn't doing so well. A lot of Realtors are trying to get into the REO market and, like it or not, many are involved in Short Sales. According to a friend who is a CH7 Trustee, bankruptcies are increasing and cases that have assets to … (4 comments)
|
;)
;)
