Ok, new update to the Las Vegas REO tale. Since part 2 we've closed the two that were in escrow and have 3 more in escrow. I've picked up another big client that's I've been looking to work with for awhile now (Servicing 3 REO clients now)!! It's been a huge learning curve, but now I've got a handle on whole thing. I've formed a corporation and I've hired a full time assistant to help with the administrative portion of the business. The administrative side is HUGE in REO and any one person that has any kind of significant numbers of REO listings simply cannot keep up with the demands of the business. From initial assignment you've got 24 hours to verify occupancy and update the client, then if occupied to start working on CFK (Cash for Keys) negotiations. If vacant, that's when the real work starts. Ordering rekeys, contractor bids, termite reports, sales cleanings, getting water, power, and gas turned on (in your name of course), tracking down the HOA and paying up to 6 months of back missed payments and putting it in your name to keep it current, oh and you can't forget your ever important BPO (one of my clients requires original photos of 4 active and 4 sold comps). Then every week (or other week depending on the client) you're doing your asset inspections.  Also most of my clients require an electronic lockbox be placed on property along with the mechanical lockbox and that the showing reports are sent to the client twice a month.  Then the offers start rolling in. Any usually they'll be multiple offers on any property in half decent condition and aggressive pricing. So you've got to input all the offers and keep all of the buyer's agents updated as to the status of their offers. Now take this process and multiply it times 10-20-30-40 properties and you can see that it's much too much for one person to keep up with without dropping the ball in some area.

The moral of the story.............be prepared!!!!

This side of the business fascinates me and I love it!!

Go to Part 4

Bryan Knight of The Knight Group, Real Estate / REO Specialist in Las Vegas, NV 702-845-8435

Follow me at www.twitter.com/KnightREO

Part 1 Part 2 Part 5 Part 4