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Can an REO guy do resale?

By
Real Estate Agent with 24/7 Realty Inc.

This was the question that was in front of me today from a prospective seller, a lawyer.  The client wanted to sell her investment property that she had purchased just a few years ago. This was my response.

1) I described my resume which included, REO, Shorts, new construction building and sales, property management, limited re-sale, 1 relo sale,  as well as my formal real estate training from the private equity world of formal institutional investments from a due diligence perspective dating back to 1992.

2) I described how I did a CMA versus the resale approach used by most agents and the differences of each.

3) I detailed how I comp 20 or more properties per month for lenders and do an average of 10 insurance inspections per month in which I was paid to see every flaw and would be able to point that out to her before the listing, giving her a chance to fix items if money allowed.

4) I detailed how REO guys do not want to list anything that will not sell as the position is very time consuming and labor intensive. Thus my pricing would most likey be more conservative that most.

5) I told her that I would not take the listing if I truely believed that we could not get her price as it would be a waste of time for everyone.

6) I told her how 90% of my listing come via email with no advertising, thus I would tell it to her straight as I had no need to give a pie in the sky price and wait her out for a price reduction.

Yes, an REO guy can sell re-sale also, maybe better than most in this market.

Selling your home, have it evaluated from the most conservative real estate broker in town.  Straight talk on pricing.  In the Hudson Valley call me at 845-656-0012 or visit www.Dolfinger.com

Comments (8)

Matthew Zgonc
Aksland Real Estate - Modesto, CA
Realtor, CFS, CVS
I have found that to limit what one can do is to limit their ability to be successful
Jan 26, 2008 01:59 PM
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Yes, Jeffrey!  Considering your vast experience in that niche, why would anyone deal with any other agent? 

The website looks great!  A la mode is what we have also, and we love it! 

How do I post our short sales on the website, and how do the members of the group participate in this new and exciting endeavor?

Jan 26, 2008 02:27 PM
Carol Culkin
Diamond Partners Inc - Overland Park, KS
Overland Park Residential Real Estate

Yes, you have a great niche but why would you limit yourself? Howver,  if you ever want to stick to only REO all you have to do is write up a referral to this agent right down the road!   :)

Jan 26, 2008 02:37 PM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

I like your perspective!  My pricing strategy is just as aggressive as yours so a seller selling short turned me down on pricing objectives.  Oh well, there's always more :)

Jan 26, 2008 03:36 PM
Joseph Ellman
Realty Executives- Williams-Sykes Realty - Poughkeepsie, NY
Jeff - This seller would be crazy not to use you.  You and I may compete from time to time for similar work in the same market, but I feel you are a fantastic and very professional agent!  Send her this comment if she needs to hear it from someone else in the business.
Jan 26, 2008 11:28 PM
Paul Moye
Benchmark Realty - Franklin, TN
Broker, GRI, SRES
Just having to deal with a lawyer gets you 10 bonus points.
Jan 27, 2008 12:52 AM
James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes
Real Living | At Home - Washington, DC
When Looking to Buy or Sell - Make the Right Move
I would think an REO agent would LOVE to get a plain good 'ole fashioned sale!  Not using you - would be a huge mistake. 
Jan 27, 2008 01:02 AM
Anonymous
Good Job Mike Zgonc - PMZ Modesto

Good Job Mike.. when you talk about other people .... be careful they may post you 2008 production below........ REO master??? i think not!. Short sales.. Who are you???

5 total sales for 2008..... weak!

DS

 

Sale Transactions Only For: Matthew R Zgonc Property Types: All Statuses: All Sold Date: (01/01/2008 to 12/31/2008)

Production Section

Count List $ Volume Sold $ Volume Avg List Price Avg Sold Price SP % LP

Total Sold / Entire MLS

55915 $13,940,882,902 $13,582,275,244 $249,323 $242,909 97.43

I Listed / I Sold

2 $262,360 $295,500 $131,180 $147,750 112.63

I Listed / In House Sold

0 0 0 0 0 0.00

In House Listed / I Sold

0 0 0 0 0 0.00

I Listed / Co-Broker Sold

2 $434,900 $474,000 $217,450 $237,000 108.99

Co-Broker Listed / I Sold

1 $110,000 $106,500 $110,000 $106,500 96.82

Total

5 $807,260 $876,000

Feb 07, 2009 11:47 PM
#8