REO's are on the upswing in the Simi Valley/Moorpark area of Ventura County California. I have been listing and selling REO properties for about two years, and some things about them don't get any easier.
- Never meeting the seller in person.
- Never meeting the seller's parents, (senior asset management who gives final approval).
- Coaching the buyer's agent, (constantly having to explain the rules of the game)
- Having to explain "AS-IS", over and over and.....
- Countering out all the concessions that buyer's agents write into their offer just out of habit.
- Having to second guess the market at the time the property gets listed,(after doing the initial BPO and assigning a value to the property, it might be two months before the property gets listed. Predicting the market is critical.
- Waiting two months to get reimbursed for locksmith fees.
- Buyers always asking for section one termite repairs.
- Knocking on the door of an occupied property for the first time,(and you're the one who has to break the news to the occupants).
I could keep going, but you get the picture. Even with all the pitfalls and extra work, I think I'll be a better agent as a result of handling these transactions.
I wish you all good fortune in this difficult market.
Rudy Detgen
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