Jason's Blog

Why Did Indymac Collapse?

Jason Bhattacharya (RE/MAX Success) — Sun, 13 Jul 2008 15:52:09 -0500

THE FOLLOWING IS A CUT AND PASTE FROM DRUDGEREPORT WHICH CITED (LOS ANGELES TIMES) -- LETS DISCUSS THE CAUSAL RELATIONSHIP

An important angle in the IndyMac failure that may get lost in ominous headlines tonight and tomorrow: federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank's failure. In simple language, federal regulators blamed Schumer for a run on the bank.

Here's from the press release issued by IndyMac's regulator, the Office of Thrift Supervision: "The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors' demands in the normal course of business and is therefore in an unsafe and unsound condition. The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York. The letter expressed concerns about IndyMac's viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.

"This institution failed today due to a liquidity crisis," OTS Director John Reich said. "Although this institution was already in distress, I am troubled by any interference in the regulatory process."

Schumer's response? In an e-mail quoted by Bloomberg News, he says: "If OTS had done its job as regulator and not let IndyMac's poor and loose lending practices continue, we wouldn't be where we are today ... Instead of pointing false fingers of blame, OTS should start doing its job to prevent future IndyMacs.''

Need Agent in Northern Virginia

Jason Bhattacharya (RE/MAX Success) — Fri, 09 May 2008 23:57:56 -0500

If you are a subscriber to MRIS -- Please email me. I need to be set up for a customer search.

Thanks!

-Jason

RE/MAX Success

HERE AT REOMAC

Jason Bhattacharya (RE/MAX Success) — Fri, 04 Apr 2008 20:43:17 -0500

If any of my fellow AR'ers are here -- Give me a call 804.307.2247

Let's get together!!!! I'm staying 2 miles from the Marriott!!

Give me a call, if you are around here!

-Jason

Update: I'm too lazy to show houses

Jason Bhattacharya (RE/MAX Success) — Sat, 08 Mar 2008 20:06:49 -0600

My Original Blog

This is regarding the guy who told me that I was too lazy to show him homes-- since I refused to show without a pre-approval letter.

I got a call last night from an agent from a Discount Brokerage and we started chatting about her buyer. Soon, I realized that she was calling about the same guy that I had spoken to-- who called me lazy since I wouldn't show him a listing without a "piece of paper". She told me that he was supposed to be bringing proof of ability to finance (after numerous other showings) -- when she showed him my listing.

When I quoted him to her "Well, I'm not married to my agent" -- she acknowledged that this buyer was not loyal to her or anyone else. She was aware that he was trying to go unrepresented -- so he could received whatever benefit he perceived he could obtain.

She also told me that she has shown this guy about a dozen houses before-- and she is finally putting her foot down to require proof of ability to pay.

Initially-- I thought I made a mistake-- I mean this guy wanted to look at and potentially buy one of my listings ($375k) -- unrepresented-- I'd make a FULL-BIRD COMMISSION. However, my belief and conviction not to show un-approved buyers a house --- Was affirmed when I realized that he was looking at over a dozen listings-- and not providing any proof.

The reason I am posting this follow-up blog-- is because some agents agreed with me-- others disagreed with me-- Those who disagreed -- did so on two fronts: 1) I am not representing my seller by refusing to show the property 2) I could have earned a double commission

Thanks

-Jason

WWW.REALTOR.COM

Jason Bhattacharya (RE/MAX Success) — Fri, 07 Mar 2008 21:20:56 -0600

Following up on a blog written by Evil Rich: See His Article Here

Has anyone advertised on Realtor.com? If so, is it worth paying their monthly fee?

Love to hear what people have to say!

-Jason

I am Too Lazy To Show Houses?!?!

Jason Bhattacharya (RE/MAX Success) — Mon, 25 Feb 2008 17:03:02 -0600

Just got off the phone with a prospective buyer who wanted to look at one of my listings.

Right off the bat-- he told me that he wanted to see the property. No problem here, I'd love to show it.

However, I never rush into a property showing--- without finding out: Do you have an agent and are you approved for a loan?

When I asked if he had an agent--- his response was "Yes, I have someone I have been working with" to which I promptly responded-- then it is best that your current agent shows you the house. I do not believe in cutting out agents -- who work to show my listings-- I will need them one day.

He replied back "Well, I'm not married to an agent"

This is when I noticed that this guy was a disloyal buyer.

When I asked about loan approval, he responded "Oh, that's not a problem".

I informed him that I do not show properties without proof of ability to fund the deal. His response was "Well, if you are too damned lazy to show the house..."

My response was immediate "If you feel that I am too lazy, then you are best working with another agent."

His response was "I just sold a $600,000 house-- I think I can afford a $400,000 one) . He then asked if I would require some sort of proof -- to which I responded "Yes".

Then he again stated his belief that I was too lazy to show a house to get my money.

I simply stated that he would be best working with another agent-- and promptly ended the call.

As a REO listing agent-- my time is valuable -- and my time is best spent doing things that produce income. Those things include working on my portfolio, networking with other REO Agents, working to build my REO client list..." --- my time is not best spent --- showing people with questionable qualifications houses.

I am not a tour guide. This guy probably did have the money-- but if I showed him houses-- and then he would probably do to me what he did to his agent -- find another property-- and just call the listing agent.

I encourage all other agents to take a similiar position-- we should not be showing houses to disloyal buyers -- with no proof that they can afford a house that we are showing them.

Am I too lazy? Perhaps. But I'm not out wasting my time -- and money showing houses -- for no return on investment.

-Jason

Here is why the lenders require weekly checks!

Jason Bhattacharya (RE/MAX Success) — Sat, 23 Feb 2008 09:48:22 -0600

What other things have you seen on your property checks?

This is one that I saw when driving past one of my listings!

Oh, the area code is 804-- if you want to appear on JERRY JERRY JERRY!!

-Jason

REOTrans -- Down AGAIN?

Jason Bhattacharya (RE/MAX Success) — Fri, 22 Feb 2008 19:47:13 -0600

For those of you who don't know-- REOTrans has been down more than it has been up in the past week.

Also, for those of you who don't know-- a score card is assigned to you (but you can't see the information on it). If you ask the people at tech support -- to give you your grade -- They'll give you a dozen reasons why they can't give you your score. Or they will tell you that they can't -- because they don't know what data is used. But they won't tell you your ontime percentages either. We can't see it, why?

The way you are graded (one of the ways) -- is based on the timeliness of tasks completed. If you complete in the green-- you get the most points--- yellow is less points -- and RED is dead.

I spoke to the "Retention Manger" over there-- and he initially thought that they were going to implement some sort of fix-- so that the scores are not affected for anyone negatively. However, he just emailed me-- and told me that "... Senior Management has decided to do nothing. Since the scores are based on a comparitive basis-- everyone is affected the same-- and thus it is a wash.

The problem with that -- is some people lost points and went RED... Others went to the yellow. Others lost countless hours of work. So not everyone was affected the same.

REOTrans makes several hundred per deal closed on their fees. I've got some deals where they are charging a "$300 Technology Fee" ... However, I can't help but feel like an unwanted child.

Have you tried to get to REOTrans tech support now? It is designed to filter our (Agent) calls out!

Some of my asset managers dislike their system as much as I do-- But they too are tied.

For those of you who have listings-- Call REOTrans-- Ask them what your "On Time Percentage Is" -- then ask them how you were "Affected by THEIR system being DOWN constantly".

If I seem a little upset-- I am. I don't like paying --- being the proverbial "Pissing Boy" -- and not being able to do a thing about it.

-Jason

REOTrans-- System Down? Not again!

Jason Bhattacharya (RE/MAX Success) — Fri, 22 Feb 2008 19:45:33 -0600

The way you are graded (one of the ways) -- is based on the timeliness of tasks completed. If you complete in the green-- you get the most points--- yellow is less points -- and RED is dead.

The problem with that -- is some people lost points and went RED... Others went to the yellow. Others lost countless hours of work. So not everyone was affected the same.

If I seem a little upset-- I am. I don't like paying --- being the proverbial "Pissing Boy" -- and not being able to do a thing about it.

-Jason

Virtual Assistants?

Jason Bhattacharya (RE/MAX Success) — Thu, 21 Feb 2008 12:10:02 -0600

My growth has been wonderful-- and I have truely been blessed by the deals that I have to work.

My in house assistant was unable to keep up with the demands of working REO (for me) and has quit.

I've been considering working with a Virtual Assistant (VA) -- to handle some of my tasks.

I've spoken to two VAs so far.

For the $30-$40 they charge per hour, are they worth it?

Most of the VAs that I have spoken to -- do BPOs but they do NOT: Pull Comps, Pull Market Info or Determine Pricing (I can understand the pricing issue). However, it seems they only enter the factual information (beds, baths and SQFT) and make no adjustments. Is it worth sharing $15-$30 to have them enter the info that takes less than 10 minutes? Most of the time -- is spend on thought (how much do we adjust)?

The questions I have are:

-Is it worth the money?

-Do they pay for themselves?

-How much do you trust them with?

Based on my initial research-- finding a GOOD VA is a task in of itself. However, if you find one that you get along with-- then they MIGHT be worth GOLD.

What are your thoughts?

-Jason

Showings and Automated Systems

Jason Bhattacharya (RE/MAX Success) — Sat, 09 Feb 2008 13:26:44 -0600

Recently, I've been considering going to a centralized showing service.

The benefits as I see them:

Less work for my assistant and myself

Better tracking of showings and feedback

Drawbacks:

When I had to do this one time before-- I canceled the showing since the person on the other end was interogating me

Lack of shared information between the buyers agent and myself

Questions I have for the AR group:

-Do you use these services?

-Which ones?

-How Much are they?

-Do they call back for showing feedback?

-Do they track feedback?

-Are you overall impressed with these services?

Funny REO Story-- I'm living Vicariously

Jason Bhattacharya (RE/MAX Success) — Sat, 12 Jan 2008 10:44:32 -0600

I went over to one of my listings the other day -- and I met my contractor to give me a bid on repairing some steps that are a trip hazard (if you walk on them, you'll probably break your ankle).

Well-- When I gave him the address and inquired if he needed directions he started to laugh -- and told me that he has done half of that street. Well, when we went to the house across the street (another REO) he again laughed and told me that he too did that one.

He conveyed the following story to me "When I went to this house before I was talking to the agent-- and we saw the faucet coming and going out of the wall--like something out of the Goonies. When we looked in the house-- we saw someone stealing all the copper piping. Needless to say that we called the cops-- and that got quite interesting."

Well, this might not convey as funny as it was hearing it in person-- But I'd love to hear some stories from other REO people. :)

-Jason

To Advertisers In Homes.com / Harmon Homes

Jason Bhattacharya (RE/MAX Success) — Mon, 07 Jan 2008 12:51:33 -0600

I just received this email--- and thought others would benefit from reading it. I too am giving serious thought to canceling my affiliation with them too.

I'll probably follow Rich Kruse-- and focus my money on internet marketing.

This is not my writing-- but he shares my thoughts.

---------------------------------

Dear Fellow Realtors and Brokers across the country. If you received this E-mail and you're not in charge of the print advertising, please forward this to your broker or office manager. I am an agent in Southern California in Long Beach and a current advertiser in Homes.com magazine, formally Harmon Homes.com. Below you will see an E-mail that I wrote to the Executive Vice President Ernie Blood of Dominion Media. I got his E-mail address from my billing which had a personal message to us about the name change of the magazine which quietly took place last November. I asked him some questions that concerned me and I did not get the respect of a response. Please read the letter I wrote to him and if you have questions like I do please speak up to your account reps or E-mail Mr. Blood yourself. We all are having a rough time with the current market across the country and if I did not feel something was not right, I would not be E-mailing all of you. Dear Mr. Blood: eblood@dominionenterprises.com 12/31-2007 I have been an customer in Harmon Homes magazine from almost the beginning of my Real Estate career starting in 2003. The presence of Harmon Homes name and the already long established value that was always presented to me in all the various Website's that linked to Harmon Homes.com sold me on the marketing model. Harmon Homes name and presence being taken over and swallowed up by combining it with Homes.com might have been a good business decision for Dominion but to tell us it's an advantage is not true at all. The Southern California MLS along with probably every MLS board in the United States pays a fee to have all their listings sent automatically to places like Homes.com, Realtor.com ect. So when the Realtors lists a property in an MLS it already goes to Homes.com. We are already paying for this service in our MLS fees? No one will be going to Harmon Homes .com anymore since it basically will not exist. So when I place my ads in Adnet to be sent to Homes.com they are already their anyway? And since I am a buyer's agent so I am using other Realtors listings to obtain client's for myself, I am entering into Adnet the same MLS number and address of a property currently in your system. The odds are more slim since now we have 2 advertisements for the same property in Homes.com. And when I have tested this and entered the MLS number guess what pops up? Not my ad but the listing agents ad in Homes.com. So the only advantage left for me of what has been done is a lead from someone picking up the print book. You have taken away my Internet advantage by having an already long time established name of Harmon Homes.com going away. Then I get solicited from Homes.com to pay hundreds of dollars for programs that guarantee me leads by placing my ads ahead of others by using key words. Something is so not right here. ____________________________________________________________________ This is my point everybody. I think when Dominion bought Harmon Homes the plan was to simply to get rid of Harmon and use the magazine to promote Homes.com. They have every right to do that. But I think it is at our expense. Like I pointed out in my letter, our listings already go to Homes.com from our MLS boards. Since the name change I hardly ever get a lead from the Harmon Website. And Homes.com bragging they have millions of listings makes it harder for us to get a hit? It seems to me I would have rather have a well known established name as Harmon that was the alternative Website for people to use that was not so inundated with millions of listings. I want to know what I am paying for? Is Homes.com sending our listings to other Website's like Harmon did? Dominion owns E-neighborhoods.com, is our properties being sent there? Be smart everyone, ask questions because I get no answers. We all pay for this service, you need to be informed. I am still a current advertiser in the magazine, my purpose here is to make all of you aware of my concerns. Ask questions, it's your money and mine, and our magazine. Hope you all have a good year selling. Peter Solomon / Realtor
ERA West Coast
562-420-1307
Fax-562-684-0326

What I learned in Business

Jason Bhattacharya (RE/MAX Success) — Thu, 20 Dec 2007 21:54:50 -0600

This is something that I had laying around-- Usually, I don't post this stuff-- or email it-- But I just couldn't resist!!!!

----------------------

Corporate Lesson 1:
A man is getting into the shower just as his wife is finishing up her
shower, when the doorbell rings. The wife quickly wraps herself in a
towel and runs downstairs. When she opens the door, there stands Bob,
the next door neighbor. Before she says a word, Bob says, "I'll give
you
$800 to drop that towel,"

After thinking for a moment, the woman drops her towel and stands naked
in front of Bob.

After a few seconds, Bob hands her $800 dollars and leaves. The woman
wraps back up in the towel and goes back upstairs.

When she gets to the bathroom, her husband asks, "Who was that?"
"It was Bob the next door neighbor," she replies. "Great!" the husband
says, "did he say anything about the $800 he owes me?"

Moral of the story: If you share critical information pertaining to
credit and risk with your shareholders in time, you may be in a
position
to prevent avoidable exposure.

Corporate Lesson 2:
A priest offered a lift to a Nun. She got in and crossed her legs,
forcing her gown to reveal a leg. The priest nearly had an accident.
After controlling the car, he stealthily slid his hand up her leg.
The nun said, "Father, remember Psalm 129?" The priest removed his
hand.
But, changing gears, he let his hand slide up her leg again.
The nun once again said, "Father, remember Psalm 129?" The priest
apologized "Sorry sister but the flesh is weak."
Arriving at the convent, the nun went on her way. On his arrival at the
church, the priest rushed to look up Psalm 129.

It said, "Go forth and seek, further up, you will find glory."

Moral of the story: If you are not well informed in your job, you might
miss a great opportunity.

Corporate Les son 3:
A sales rep, an administration clerk, and the manager are walking to
lunch when they find an antique oil lamp. They rub it and a Genie comes
out. The Genie says, "I'll give each of you just one wish."
"Me first! Me first!" says the admin. clerk. "I want to be in the
Bahamas, driving a speedboat, without a care in the world."
Poof! She's gone. "Me next! Me next!" says the sales rep. "I want to be
in Hawaii, relaxing on the beach with my personal masseuse, an endless
supply of Pina Coladas and the love of my life." Poof!
He's gone. "OK, you're up," the Genie says to the manager. The manager
says, "I want those two back in the office after lunch."

Moral of the story: Always let your boss have the first say.

Corporate Lesson 4:
A crow was sitting on a tree, doing nothing all day. A rabbit asked
him,
"Can I also sit like you and do nothing all day long?" The crow
answered: "Sure, why not." So, the rabbit sat on the ground below the
crow, and rested. A fox jumped on the rabbit and ate it.

Moral of the story: To be sitting and doing nothing, you must be
sitting
very high up.

Corporate Lesson 5:
A turkey was chatting with a bull. I would love to be able to Get to
the
top of that tree," sighed the turkey, but I haven't got the energy."
"Well, why don't you nibble on my droppings?" replied the bull. They're
packed with nutrients." The turkey pecked at a lump of dung and found
that it gave him enough strength to reach the lowest branch of the
tree.

The next day, after eating some more dung, he reached the second
branch.
Finally after a fourth night, there he was proudly perched at the top
of
the tree. Soon he was spotted by a farmer, who shot the turkey out of
the tree.

Moral of the story: Bullsh**t might get you to the top, but it won't

keep you there .

To the REO vets

Jason Bhattacharya (RE/MAX Success) — Fri, 14 Dec 2007 12:10:56 -0600

I'm starting to get more and more listings-- 16 now with three different companies.

Some want power on, and water off

Some want power and water on

Others want to hire their own people to do initial services and others want me to do it and front the money.

With all of these conflicting requirements -- I can see getting caught in between lenders and their requirements-- and letting something slip.

The question I have -- is what do you guys do, use or otherwise how do you keep all the different requirements, time frames etc. straight?

Also, do you put the bills (utils and the such) into an LLC name?

-Jason

Just GAVE A LISTING BACK

Jason Bhattacharya (RE/MAX Success) — Thu, 13 Dec 2007 20:10:19 -0600

Some of you might remember a post from me about a month ago-- about my accepting a listing that was way outside of my coverage area and my MLS. What I did after I realized what I did-- is I called a local agent and promised her all the sign and AD calls-- if she gave me comps and data from her MLS (not a bad deal-- and it worked for me in another market).

If you also remember, I deleted that post-- because I was paranoid that it would get back to my asset manager-- and she would cut me off completely.

She and I talked today about 3 other properties that I had--- and we had a nice conversation.

Well, I reflected on the conversation-- and decided to call her right back -- and tell her what was going on. We talked for about 3 minutes-- and I informed her that the MLS (For the subject property) was not returning my calls (which they wern't) and I admitted that I was probably shooting myself in the foot by asking her-- but I asked her to reassign it (and take it away from me).

I mentioned to her that I hoped that I wouldn't be shooting myself in the foot by doing this--- but I couldn't keep working a listing that I didn't feel I could adequetely cover.

She told me that she was happy that I did not continue with a property that I could not adequetly cover for them-- and she told me (when I asked) that this would not affect my future workings with their company.

What did I learn? Besides not to accept a deal that I can't work?

-If you make a mistake-- admit it

-The worst that can happen is you get fired

-It is a LOT less stressful to have to ask the asset manager to reassign the listing-- then it is to continue to ask other agents in other areas for favors. --- On a scale of 10-- my stress level dropped by 3 points by letting this listing go.

I sincerely believe her-- when she said that this would not affect me. So I have learned a lot-- and actually, I wish I did this much earlier.

A lot of the seasoned pro's already learned this lesson-- But I'm sharing it with those of you --who like me are REO Newbies...

-Jason

p.s. to those who keep reading my posts (gratefully) -- I just got another listing assigned by a BPO company-- my FIRST BPO to LISTING!!!

SELLING MY LEAD GENERATION TEXT MESSAGING

Jason Bhattacharya (RE/MAX Success) — Thu, 06 Dec 2007 21:34:29 -0600

For anyone who is active in marketing -- I am selling some of my keywords to a text messaging service.

How it works: You text a Keyword to a 5 digit number : Text FORECLOSURE to 30364

If you do that-- You'll get a message that you set up-- be it a property or a field of information...

But I (as the agent) would receive a text alert as well as an email -- and it would say xxx-xxx-xxxx has requested information on the FORECLOSURE.

The words I have for sale are:

FHA

FORECLOSURE

RENTAL (I'm using this for Rent to Own)

HANDYMAN

SOLD (To get more information on solicit FSBOs)

RATES (as a keyword for my lenders)

VHDA (For Virginia Loan OfficerS)

Let me know if you are interested in any of these keywords--- If you are-- we can chat price.

The reason I'm selling these? I am focusing my marketing on REO (Bank Properties) -- and don't have time to keep fielding the leads that are generated. And my loan officer was just promoted to Bank Manager-- So he doesn't have time either.

-Jason

MARKETING FOR SALE

Jason Bhattacharya (RE/MAX Success) — Thu, 06 Dec 2007 21:33:04 -0600

For anyone who is active in marketing -- I am selling some of my keywords to a text messaging service.

How it works: You text a Keyword to a 5 digit number : Text FORECLOSURE to 30364

The words I have for sale are:

FHA

FORECLOSURE

RENTAL (I'm using this for Rent to Own)

HANDYMAN

SOLD (To get more information on solicit FSBOs)

RATES (as a keyword for my lenders)

VHDA (For Virginia Loan OfficerS)

Let me know if you are interested in any of these keywords--- If you are-- we can chat price.

-Jason

USRES

Jason Bhattacharya (RE/MAX Success) — Mon, 03 Dec 2007 23:27:04 -0600

How does USRES find it's properties? Do their asset managers just find an agent-- or do they use REOTrans like HSBC?

-Jason

Upcoming REOMAC Conference in Spring 08

Jason Bhattacharya (RE/MAX Success) — Sun, 02 Dec 2007 16:13:50 -0600

Who is going?

I'm considering going-- and wanted to see if others had feedback on the past conferences.

What are peoples thoughts on this organization? Their member service people aren't very helpful or responsive-- but if they make you money-- I'll of course join--

Love to hear what people have to say!

-Jason

BPOs-- What I have learned

Jason Bhattacharya (RE/MAX Success) — Sun, 25 Nov 2007 01:32:49 -0600

I have learned a lot doing BPOs for both the bank that allows me to sell their properties as well as third party concerns (BPO for a Fee). These all are mistakes that I have made-- which gratefully, my asset manager has allowed me to fix or correct-- without penalty. I am fortunate to work with an asset management team that will offer constructive criticism to help me grow-- You might not be as lucky-- so learn from my mistakes!

Here are some of the things that I have learned-- this list will be updated and edited as things change.

-When the BPO calls for adjustments -- Make them

-----The way that I make adjustments is: If the comp property has something better than the Subject Property you subtract the dollar amount that you feel would make it equal to the subject property. If the subject property is better than the comp property-- you Add the dollar amount that you feel would equal the two out. You want the adjusted values to be in line with where your value for the subject property is.

Ex:

Comp 1 Sub Property

Heating: HVAC (-5000) Baseboard (0) (The comp is better than the sub)

**OR**

Heating: Base Board (5000) HVAC (0) (The sub is better than the comp)

This is not an exact science --- and don't play appraiser. There have been several people in my state who have gotten in trouble for doing BPOs and it being considered an appraisal. Check your state regulations CAREFULLY to ensure that you don't cross the line. You don't want to risk your license for a BPO fee -- Or a listing! If you feel the need to mention in the comment section that you are not an appraiser-- Do it!

---- The asset manager that I work with-- pointed out to me -- that if I don't provide adjustments -- Then she has a hard time understanding how I get value. My experience in my market allows me to eyeball comps and figure out value in my head. However, the asset manager has people to report to-- and they must be able to articulate why a property is valued where it is.

-If the property calls for distance to subject property-- Don't be lazy-- goto MapQuest and get the distance.

--- Today I was running a BPO-- and I ran distance-- then I realized that the info in MLS was wrong-- and the property was over 12 miles away.... The MLS Map was populating incorrectly. Had I submitted that BPO-- I would have been fried by the asset manager-- when she found out about my flub up.

-If you are doing BPOs -- and you don't have a picture of a subject property-- Go out and take it-- ESPECIALLY if you are doing a listing BPO. The asset manager might not realize that you went out of your way to get the comp photo-- but they will realize and remember if you were too lazy to do it (and the property does not have a photo). -- Yes, people, I did this TOO.

--- I have never gotten a listing as a result of a BPO (for fee) that I have done. However, even these BPO companies are entitled to the same level of service that you would provide for a listing. If you aren't willing to work for them-- Don't accept the task that they provide.

-Don't do BPOs for free-- Unless the BPO is for a listing client -- you might run into an issue with your E&O coverage. Also, it might run afoul of certain laws in your state. Also, if a company refuses to pay you for your time-- weigh the value of your time vs. the potential benefit from doing free work (cost/benefit analysis).

-Check your data-- If you are adjusting a value one way-- be consistent-- or at least be able to explain yourself if questioned-- and "Uhdunno" doesn't quite qualify .... :)

-If you went outside of the neighborhood (I frequently goto Elem School) due to a lack of comps-- document it on your BPO.

-Print out your BPOs -- to see how the client (Asset Manager or BPO company) will see it. If you see inconsistancies-- you can bet that they too will see them. Better yet, print it out-- sit it down-- go get a soda -- then go back and review it-- with fresh eyes-- This will help you see past "MY Work is Perfect" -- and see what fresh eyes (The Client) will see.

It has taken me over a year to learn these things-- and God willing-- I will be able to learn more. Hopefully, with some of these tips -- you can put together a better product for the client that you are working for. And if you are working with banks already (REOs)-- then I am sure that the AM that you are dealing with -- Will appreciate the better quality of your work!!!

That's it for now!!!

-Jason

Gifts to Asset Managers-- A letter from Vender Management

Jason Bhattacharya (RE/MAX Success) — Sun, 25 Nov 2007 00:53:48 -0600

One of the letters that I received (not directed towards me) --- That addresses one companies Holiday Gift Policy-- And I think that you will find this similiar with most banks that you will ever deal with.

Take what you can from this letter-- It gave me a LOT of insight!!

--------------------------------------------------

'Dear Valued Supplier Partner,

With the holidays fast approaching I wanted to stress FIS Asset
Management Solutions (Fidelity) policy on accepting gifts from our
agents and suppliers.

We respectfully ask you to please not send any sort of gift to anyone at
Fidelity, under any circumstance. Examples include, but are not limited
to: food baskets, gift cards, money, and dining certificates. We are
blessed with a great deal of business and fortunate to be gainfully
employed. There are many individuals and families in our country that
have real needs and could use your donations during the holiday season.

All gifts received by our mail room and office support staff will either
be returned or distributed to local charitable concerns when possible.
Instead of sending gifts to our office, we would encourage you to make a
charitable contribution on behalf of Fidelity; notifications of these
kinds of donations should be sent to me using the contact information
below.

Holiday wishes in the form of greeting cards are acceptable and
appreciated. All mail is opened prior to it reaching the intended
recipient; items contained in the envelope that violate our gift policy
will be 're-directed'.

Fidelity awards work to our partners based on the quality of service you
provide. We know that you have the best intentions when sending gifts
to our office and we appreciate those intentions. Please be advised
that decisions on future work assignments and listing referrals may be
impacted by those suppliers that have violated our gift policy.

Please contact me with any questions/concerns. Fidelity wishes all our
supplier partners a safe and prosperous holiday season!'

REOTrans -- Question with Wilshire

Jason Bhattacharya (RE/MAX Success) — Tue, 20 Nov 2007 00:30:24 -0600

Wilshire just assigned me two "Pre-foreclosures" -- and there was a BPO and Occupancy Check.

I was told that if these properties do goto REO status-- I'm going to receive the listing-- as the whole file will transfer with me.

HSBC gives me the listings-- after it is an REO.

I don't want to do BPOs for free -- Like (I have read) RES.NET--- Does anyone have experience with Wilshire on REOTrans?

Thanks

My REO Start

Jason Bhattacharya (RE/MAX Success) — Tue, 20 Nov 2007 00:27:03 -0600

I joined REOTrans a little over a year ago--- originally, I had about 50 zipcodes and was running a monthly bill of about $70.

After about 8 months of getting nothing except page views-- I cut my zipcodes to about 10. Then I decided to let my credit card expire-- and just not inform them of the new number.

About a month after I did the credit card thing-- I got an email telling me that I was being offered a listing. Needless to say that I fell out of my skin and accepted. I completed the Occupancy check within 4 hours-- and the BPO in 1 day.

I got 10 more listings from them (in the past two months).

What I learned thus far:

-When they say "NO EXTERNAL ONLY BPOs" they mean it. The problem that I was running into-- was the contractors that were assigned -- were not completing the rekey in enough time for me to do the internal BPO (and they were failing to notify me that the work was done). So what to do? You can either push the company to do the Rekey company harder-- or you can ask the asset manager for an extention-- or you can be late on your assignment Or you can do an external BPO-- and disregard the initial instructions (We can't be late, now can we?). --- What I did for the first several BPOs was do an external BPO-- until the AM shot me an email and informed me that if I do exterior BPOS then I am doing my client (the bank) a huge dis-service.

So what after that constructive critisism -- I decided to do interior BPOS-- even if it meant that I did not get the one day turn around time that I wanted to.

-Be Confident in your BPOs. Do not inflate the price to "get the listing" -- you already have the listing-- a good asset manager wants the truth-- not some fabrication that you can not ever attain. On the flip side-- if your values are low-- be able to defend them. Do not lowball your BPO -- Just to sell the property quick. Asset managers want to see fair value --- And they will check behind you (they order verification BPOs)

-Ask for feedback from the asset manager or the assistant-- You will learn a lot

-Ask why you were selected -- This will help you market to others in their profession

-When they give you feedback-- be GRATEFUL-- They could easily take that work somewhere else.

-Be BRIEF on the phone -- they have workloads of sometimes 500+ properties -- And you REALLY ARE NOT THAT IMPORTANT (especially when they are trying to get home to their families).

-DO NOT SEND GIFTS --- I made this mistake-- Most REO companies have STRICT rules against gifts from agents. If you do so-- it might hurt you in the future. (I will post the content of this letter in another blog without the contact information).

-Asset Managers DO APPRECIATE AND ARE ALLOWED TO RECEIVE CARDS (Thank You, Holiday, Etc.)

-Remember: If you are not willing to do it -- someone else will!!! And they might give all the deals to the "GOTO Person"

-- See my upcoming Blogs on BPOs and what I have learned about proper completion ... (It will also relate to what I have learned working with listing properties for this one bank).

This is what I've learned so far-- love to hear tips from others as well!

-Jason