I love to write and I love real estate so it doesn't get much better than Active Rain for me! I guess I should mention that this is Heather writing this post. Actually it's pretty much all me doing the writing, but Pete gives content suggestion which you can normally tell is from him because he's got a better sense of humor, I'm not as funny. The post about the home with a huge boulder above it was definitely his idea!
Anyways, I was at a family gathering and Pete mentioned my new "addiction" to Active Rain, and my relative said that it sounds like a drug from the 70's, I said "close enough". You see even though I'm not up to speed (pun intended) on posting daily, I read and comment as much as I can.
Here is the problem... I just don't seem to be able to find the time to post as much as I would like. Right now I just finished my last 3 BPO's of the day and it's only 9:00pm. For me this is a rarety to finish this early and that's why I actually have the time to post. I should also mention that I'm sitting in a parking lot typing this in the almost pitch black. I am stuck here waiting for my kids to finish watching a musical with their grandmother and I thought why not post to the blog?
I've come up with a system that works for me for reading and commenting, just not posting. In case you are wondering, I read and comment in the 10 minutes of the day when I'm drinking my coffee in the morning and then I read when ever I'm eating a meal. Normally during lunch and dinner, maybe a total of 1 hour a day... Silly that it's come to this, but between the REO's, BPO's, helping Agents and recruiting new ones, that's the only time I can find to read.
So unless I start hanging out in dark parking lots doing something that sounds like a drug from the 70's I need help fitting the blog posts into my life!
Please help me! I'd like to hear if you too are addicted to Active Rain and please share how you fit blogging into your life!
I read a blog post yesterday about short sales being ruined by other agents BPO. The blog post was written by Garry Ricco and I encourage you to read it here Controlling the BPO??? .
It really got me thinking about the frustration that short sale agents feel in regards to the BPO, that can make or break the short sale deal. But I also feel the frustration is misplaced and it's unrealistic to "control" another's work and can get the short sale agent in hot water with some companies. I know that a few of our BPO companies specifically ask if anyone attempted to steer our value one way or another.
Having said this there is a happy medium. Here are some tips to help the Short Sale Agent work well with the BPO Agent.
1. It is absolutely acceptable to ask the BPO Agents if you may mention a few items that are not obvious, but will affect the properties value.
2. Please make the property available when we call for an appt. If we have to leave a message for you please call back asap! Recently we referred a "Short Sale Expert" 2 sellers. A few weeks later we had an order to do a BPO on a different propery that this Agent was handling... you guessed it. He didn't call back for anther 2 weeks. At that point we had called multiple times and we had already cancelled the order with the ordering company. That was a delay in the short sale process that noone wanted.
3. Please do not give us comps. Our job is to look in the MLS/Tax records to determine what comps are available and choose the best ones. If the house across the street just sold in a documented way (notice documented way) for a really low price than we'll find it and use it if appropriate.
4. Please don't ask us for the value or demand a copy of the report. We are banned from doing either. Our report and value was "purchased" by one company and you are not that company. We're not willing to risk our relationship with our client by doing so, and most times we don't pull comps. until after we have seen the condition of the property so we haven't formed any opinion of value.
5.If the value comes in high, low or just plain wrong in your opinion please do not assume that it was my BPO. Normally multiple BPO's and an appraisal are ordered. You might think because I was the one that came and did the interior BPO that it was my BPO, but the truth is it could have been a drive by BPO that they went with. I've even seen a intermediary company (the one who orders the BPO on behalf of the bank) change a value. That's a whole other blog post, but it happens.
Remember that the value placed by the BPO Agent is that of market value, not what your "deal seeker" buyer is willing to pay! Most BPO agents will use the closest and most comparable properties for comps. We are not told any pricing info. and it's best that you not tell us either.
And yes, I have seen and had to "clean up" some inexperienced BPO Agents work. It does happen but it's not the norm. With so many Agents wanting to get into BPO's and REO's it's bound to happen but that is why the companies order more than one BPO. This is just one of the areas in the BPO that you are truly at the mercy of the assigning company. I understand the frustration that Short Sale Agents face. And I know that BPO values are just one of the "issues" they must face in a very challenging transaction, but no one is to blame.With a few ground rules we can definitely work together to help homeowners, banks, buyers and communities altogether.
To recap. Short Sale Agents are at the unfortunate mercy of many factors one of which is the BPO. Make yourself and the home available asap upon the request of the BPO Agent so we can get the report back to the bank asap and hopefully get your deal closed!
Yesterday was the straw that broke the camels back.
It was me, my husband Pete (Broker), our 2 children, a buyers agent and 3 cell phones going crazy.
The Buyers agent was working with buyers, I was imputting BPO's, Pete was pulling comps and uploading listings into the MLS and the kids were being really good, reading and playing on the computer. I had planned to just spend a couple hours at the office and then do some work at home. Instead I was there for over 6 hours.
The problem calls started with...
1. An escrow that was supposed to close yesterday. Escrow still didn't have the docs back from the buyer (this was the 2nd set)!
2. An escrow that has been open for 2 weeks and they just called to let us know they haven't received the buyers info pack yet.
3. An accepted offer was still waiting for escrow instructions (it was accepted over 2 weeks before).
I could go on and on, but it really made me revisit the whole transaction coordinator thing. I'm pretty sure that if we had a TC none of these issues would have happened, right? I'm sick of spending time chasing people and paper and I need more time to recruit buyers agents which would then free up more time for the day to day bank owned property tasks instead of helping out with buyers leads.
The hardest part for me has been to deligate. I want everyone in the process to know that I value them and I guess I've always felt like if I were to hand the file to a TC then I am somehow letting everyone down, but now I feel like I'm really putting them first by paying someone else to stay on top of this all!
What do you all think? Do you use a TC? Has it helped? Where do I find one? I'd like someone that can stop in the office when I get a new file not a virtual TC (I'm just not ready for that).
I've pretty much decided that I'm going to hire a TC and 2 more buyers agents... but I need help with the ins and outs of TC... any advise?
PS. I really wanted to add the tag "help" but I controlled myself!
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·13.52 acres with a large graded & compacted pad.
·6 Bedroom septic system w/ 1500 gallon tank already installed.
·Engineered custom house plans for 7500sf estate w/ an oversize 6 car garage with county approval.
·Landscaping plans w/ hardscape, dissappearing edge pool, drainage, irrigation, & outdoor lighting plans included that have been approved by the Rolling Hills Architectural Committee.
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·Unrivaled privacy is provided by the property size, 500ft long driveway, and the privacy of this luxury guard gated community. All utilities are already at the property including Elect, 3/4' Water Meter, Cable, & Phone.
House plans have the following features:
1. Master Suite the size of a normal house w/ massive bathroom (2 separate toilet rooms, large whirlpool tub positioned for the view, XL shower), 2 XL walk-in closets, and a master retreat 2. Massive Great room w/ a 16'x10' Hideaway door that connects the great room and outdoor room into 1 large entertaining space. 3. Luxurious kitchen w/ 2 dishwashers, 2 microwaves, room for a 6'wide built in refrigerator, room for a built in freezer in the large walk-in pantry 4. Private movie theater 5. Large covered outdoor room w/ outdoor kitchen 6. Cavernous Laundry room w/ space for 2 washers & 2 dryers as well as plenty of counter space. 7. 4 total bedrooms, all bedrooms are designed as suites w/ their own walk-in closet, and bathrooms w/ stand up showers and whirlpool tubs 8. 1600sf (approx.) oversize 6 car garage w/ a bathroom and plenty of space for vehicles or toys. 9. Large bonus room above the garage(approx. 1600sf) that could be made into a guest suite, game room, or whatever?? This is the only part of the house that is 2 story 10. Traditional style architecture.<!--"''"-->
If you have any questions or would like to view this beautiful property, Please contact Pete Reese, Broker at (760) 908-3086 or reese@sale-pros.com
Remember when REO's were guaranteed to be in need of TLC... not todays REO's! Take a look at this brand new property, just listed yesterday... with enclosed RV parking, a 2 car garage and a "4 car" carport among even more storage/parking buildings... this is a dream come true for a car person! Hard to find in this good of shape (yes it could use some updating, but it's definately in move in condition)!
$520,000
3b/2ba.
2.30 ac.
2,174 esf.
This home with amazing views was just listed! Contact us today for a private viewing!
REO...BANK OWNED PROPERTY!!! PRICED TO SELL!! Very Unique Property w/ XL Workshop of almost 2000sf, VIEWS, large 4 car carport, attached 2 car garage, long driveway, privacy. Assessor record shows 2bd, but house has 3bd. SOLD AS-IS
5% Commission! Ready to build, SoCal Luxury Home Site!
Ready To Build, Septic In, Owner Says "SELL IT"! REDUCED AGAIN! $1,495,000 to $599,000!
39 Shady Hill Lane, Fallbrook, Inside the 24 Hour Guard Gated Community of Rolling Hills Estates! Luxury, Ready to Build, Amazing View Property in North San Diego!
Luxury Living at It's Best... Magnificent Guard Gated Estate Home Site with Forever Views...
Offered at $1,495,000 REDUCED! to $599,000 Best estate building site in North San Diego. ONE OF A KIND, Ready to build.
Located in the sought after 24 hour guard gated luxury community of Rolling Hills Estates with the following features-
·13.52 acres with a large graded & compacted pad.
·6 Bedroom septic system w/ 1500 gallon tank already installed.
·Engineered custom house plans for 7500sf estate w/ an oversize 6 car garage with county approval.
·Landscaping plans w/ hardscape, dissappearing edge pool, drainage, irrigation, & outdoor lighting plans included that have been approved by the Rolling Hills Architectural Committee.
·Tremendous Views day & night.
·Unrivaled privacy is provided by the property size, 500ft long driveway, and the privacy of this luxury guard gated community. All utilities are already at the property including Elect, 3/4' Water Meter, Cable, & Phone.
House plans have the following features:
1. Master Suite the size of a normal house w/ massive bathroom (2 separate toilet rooms, large whirlpool tub positioned for the view, XL shower), 2 XL walk-in closets, and a master retreat 2. Massive Great room w/ a 16'x10' Hideaway door that connects the great room and outdoor room into 1 large entertaining space. 3. Luxurious kitchen w/ 2 dishwashers, 2 microwaves, room for a 6'wide built in refrigerator, room for a built in freezer in the large walk-in pantry 4. Private movie theater 5. Large covered outdoor room w/ outdoor kitchen 6. Cavernous Laundry room w/ space for 2 washers & 2 dryers as well as plenty of counter space. 7. 4 total bedrooms, all bedrooms are designed as suites w/ their own walk-in closet, and bathrooms w/ stand up showers and whirlpool tubs 8. 1600sf (approx.) oversize 6 car garage w/ a bathroom and plenty of space for vehicles or toys. 9. Large bonus room above the garage(approx. 1600sf) that could be made into a guest suite, game room, or whatever?? This is the only part of the house that is 2 story 10. Traditional style architecture.<!--"''"-->
For more information and 100+ Pictures of this beautiful building site CLICK HERE!
If you have any questions or would like to view this beautiful property, Please contact Pete Reese, Broker at (760) 908-3086 or reese@sale-pros.com
Pete & Heather Reese "The So Cal REO Broker" Bonsall, CA More about me…
Sale Pros Realty, "REO Division"
Pete & Heather Reese "The So Cal REO Broker"
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