I showed an REO listing today.

Matt,

Sounds like the agent doesn't want to continue to list REO properties. I think that these days having the blessing of getting REO listings is something agents should take seriously. We are actively trying to attract REO properties. We want these listings.

Steve

Hmm ... I had one that was released to marketing before the trash-out was completed.  I was able to get the AM to let me hold off on placing in the MLS until it was done, though.

I also had an issue with signs recently ... my supplier shipped to the wrong STATE.  I was without signs on a number of listings until I was able to have a backup company make some for me.  All this took about 2 months.  Needless to say, I said "bye bye" to the sign company that screwed up. 

Flyers ... never use 'em.  Too much to keep up with refills and all - besides most of them get thrown around the neighborhoods by passing kids.  Signs and riders work well. 

As far as the listing - my MLS pulls info from the tax rolls to fill in the info.  It is probably an oversight.  Did you let the listing agent know of the problems?

- James 

I agree with james, many times the trash out is out of our control, we have to do as the manager says.

I place a sign on every property with a Call capture toll free number which has fax a flyer function in case they want one but teh key is to calling back to follow up on the call, " hi this is Andrew with the monaghan group, you just called on our listing located at 123 any street, did you get all the information you needed.....". Flyers are IMHO a waste of time and money on the outside of the home

I have found that it varies from company to company...some want total trashout before listing, some want it listed ASAP...I haven't found any rhyme or reason...but to not have a sign...grrr.

On the # of bedrooms, were any of them below grade or without closets...?

Sometime the marketing except for a MLS Listing) does not begin until the trashout is complete.  The trashout cannot be done with authorization from the ownder (Bank) or the agent may not get reimbursed. 

The bedroom and baths, did you check the county records to see what the county has it listed at?  We typically pull that info straight from the records regardless of have BR's there are. 

Just a few thoughts I had while I hide out from the kids for a few minutes. 

Merry Christmas and Happy selling!!

I trash mine out prior to showing unless its huge.  If it looks like crap it won't sell, sometimes I have gotten reimbursed, sometimes not, I would rather get paid the commission quickly, just my thought. 

As to the bedroom count check the tax records, in my area you would not dare list more bedrooms than are indicated by the tax records or you run the risk of the municipality coming to check for upgraeds without permits and at minimum an increase in the property tax.

Some banks will sit on the trashout bids for weeks before they make a decision. Yet, want to know what marketing efforts are being done on the property. Sometimes the brokers/agents are lucky enough to hold off on adding the property to the MLS. After all, its a negative reflection on the listing agent.

Many of the agents I work with have preferred vendors. Those vendors will automatically collect trashout bids so we will have it on file. All I have to do is call the vendor once the broker/agent receives the BPO.

Most of the time, flyers can be useful but you have to base the decision on the type of neighborhood. A yard sign with a call in number works best. The caller can receive additional information about the property, sent to your website for other listings, and receive a fax back of the property information sheet.

Depending on your hosting and if you have unlimited email account setups, you can create an email address for each listing. Please the email address on auto responder. Everytime an email is sent to the email address, the property information sheet is sent out (in the body of the email) along with links to the addendems, copy of a "Letter of Intent", etc.

Carolyn Nelson, Carolyn@OnlineREPA.com | http://www.onlinerepa.com/ | Direct:  877-717-4491

Who is responsible for cleaning out REO listings trash left behind by previous owners? Does the bak pay to have it removed or is the listing agent responsible. How do I get these listings?

Belinda Sanchez

www.belindasanchezhomes.com

I'm getting into this a little late, I realize.  But I just wanted to let everyone know that there is at least one national asset management company that works with banks that don't always require a full trashout on a property.

Since debris is not a condition of conveyance to HUD, many properties are only re-keyed, winterized, and grass cut.  Even when a trashout order is received, more often than not it's only a broom sweep janitorial after the debris removal.

Many times the new owners will be stuck with the cleanup, which I feel is a shame.  Everyone deserves to be able to move into a clean house.  Not having a clean house also affects the agent/broker's ability to show it, too.

Just my .02.

Linda Hall, All REO Preservation Services

Matt - Hopefully the electricity was on at your REO showing.  I had a client with me yesterday and we visited 6 REO listings, but found only 3 had the electricity on.  Fortunately, I carry lanterns for just such an occasion, but it really hurts the property and it's marketability in that condition.

Just our $.02