If you are in the loss mitigation department for one of the investment banks, banks or other institutions that have REO properties for sale, I would like to offer some tips and reminders that may help you get the job done...

• While you are sitting there in the office with the stack of "files" (we call them homes out here in the rest of the world) remember that they represent more than a NPA (non-performing asset).  These "files" represent a portion of the lives of your (future) customer.  
• The people that are bidding on these are mostly investors now... they could be consumers, but because you have made it extremely unattractive for them, most are going elsewhere. 
  
• Because you have chased away consumers, you are left with those that want to pay the least amount of money. 
  
• Because you have chased away consumers, you are left with a small slice the market into which to sell.
• If you would like to recapture that part of the market you have turned your back on, you might try a few small steps...
  • Answer ALL offers within 2 business days
  • Do NOT require 20 pages of amendments to make an offer
  • Understand that better looking properties kept in better repair and with utilities turned on and no "winterized" signs... especially in July... might sell for more than properties with no power or water and mold issues.
• You should expect the same behavior from the agents you hire to represent you.
  • They should answer calls and return calls from other agents
  • They need to remember that they cannot tell other agents that they "won't present that offer since it isn't high enough" because that statement is illegal in many states
  • You might consider agents that have actually dealt with their own buyers within the last few years

And there is something that should be even more obvious in light of the last few days...

If you screw it up, it may cost you and everyone around you their jobs. 

The "files" that you are seeking to divest represent cash that your employer REALLY needs to get on the books.  If you don't do that, they might find themselves facing a Lehman Brothers situation...  but, if you can roll out $1B in property, that could be avoided.  And if you can do it more effectively than your counterparts in other regions, you might find yourself in a better position... 

Don't count on the bail-out.  Grab the bucket and bail yourself out.  Bail like your job depended on it...