Every day we hear another story of why can't the Banks pull their act together with REO's.  We may be the only REO listing agent in the country that believes this, but we have found working with Country Wide and now Bank Of America in the Boulder, CO; Longmont, CO; Denver, CO Markets has been a very smooth and enjoyable process.  I am not sure why this is, but my guess is everything the project plan in REO Trans Requires we already did as part of normal plan. 

Let's look at what a standard REO requires:

•1.     Occupancy Check

•2.     Cleanout if necessary (Handled by field services)

•3.     Eviction (rarely and Handled by an attorney)

•4.     BPO

•5.     Listing Acceptance

•6.     Signage

•7.     Photography, we feel it should be professional

•8.     Advertising in the MLS (we believe it should be online and offline as well and provide all the information)

•9.     Weekly status reports

•10.   Updated BPO

•11.   Offer with acceptable terms

•12.   Efficient and professional communication to Buyers Agent and Seller (The Bank)

•13.   Yes there should be open houses, color brochures, all documents and disclosures available for easy down load, etc. but the banks do not require these items like many Sellers.

I do not see the break down as the fault of only the banks.  The realtor community needs to step up and ensure we are providing true value to our Clients and only taking on the volume of listings that we can ensure that we are truly able to maximize the value of our Clients Asset and ensure each Buyer and Agent is treated in a professional and ethical manner.  In the end what is good for our clients is good for the industry as a whole.