las vegas: LAS VEGAS MARKET STATISTICS AS OF DECEMBER 28TH, 2008
- 12/28/08 06:36 AM
Vacancy rate is still climbing. 6 out of every ten houses for sale in Las Vegas are vacant!! We've been hovering around the 7 months of inventory level for the last few months. Bryan Knight, REO Specialist in Las Vegas, NV Follow me at www.twitter.com/KnightREO … (1 comments)
las vegas: You have to pay the late / extention penalties not closing an REO deal on time!!!!!
- 12/28/08 04:58 AM
So, for the past 2 months, there hasn't been not one deal that I've had close on time (meaning the original closing date on the contract). The problem that I'm seeing is that EVERY SINGLE TIME the buyers don't want to pay the penalties for closing late!!! Just about every bank has it in their addendum/counter offer that if the buyer doesn't close on time, then they have to pay both an extension fee and per diam until they actually close the deal. IT DOESN'T MATTER WHO ON THE BUYER SIDE IS CAUSING THE DELAY. IT CAN BE THE BUYER, BUYER'S … (15 comments)
las vegas: Why are you not buying real estate in Las Vegas, NV right now!!!!
- 11/13/08 06:00 PM
So being an REO agent that sells properties directly from and for the banks, it is amazing me that tons of people are not jumping in and buying up all of these great deals that I see coming across my desk on a daily basis!!!! I can't believe that people are still sitting on the sidelines waiting................for what I don't know. This is called a buyer's market...............so BUY!!! It's not called a waiter's market.....or a wait and see market......or a sit on the fence market. Think about it. You never want to do what the "herd" is doing. Right now the "herd" … (0 comments)
las vegas: Leaverage!!!!!! The only way to expand you business.
- 11/05/08 07:53 PM
Well I finally followed the advice of my trusted "mentor" and hired some help to assist me with my BPO photos. I picked up about 40 BPO's yesterday and as I'm driving them today, I think to myself "This is not the highest and best use or most dollar productive use of my time!" I love being out in the field, but as the business is growing and growing, I need to be at the office taking care of things that my asset managers need. Knowing that maintaining that BPO business is important to maintaining and picking up new clients, I didn't … (17 comments)
las vegas: Offer writing tips for REO / Bank Owned Properties!!!!
- 11/01/08 02:40 PM
Through all of the networking and masterminding that I've participated in, one thing always comes to light as a problem that REO listing agents run into..........poorly written offers from buyer's agents!!! I've been working on an offer on property for over two weeks now and my assistant or myself has had to go back to the buyer's agent over 10 different times in two weeks to have them fix errors in their buyer's offer. Everything from missing check boxes that were pertinent to the transaction to leaving blanks in the contract to having two buyers on the contract and having only … (18 comments)
las vegas: Frustrated with agents looking to list REO properties but don't want to pay thier dues!!!!
- 10/22/08 07:10 PM
I just had the conversation with one of my REO buddies today about people looking to get into the REO listing side, but not being willing to pay dues!! To date, I have done THOUSANDS......I repeat THOUSANDS of BPO's in the last year. No I don't have a BPO team or someone else doing them for me, I've done THOUSANDS MYSELF. That means driving all over town to take photos, pulling the comps, doing the research and commenting thoroughly prior to submitting. EVERY REO CLIENT THAT I'VE GOTTEN HAS BEEN FROM DOING BPO's! I haven't been to any conferences, had any … (49 comments)
las vegas: Tales of a Las Vegas REO agent Part 3!!!!
- 08/31/08 10:57 AM
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 … (10 comments)
las vegas: INDYMAC USING DEFAULT SCHOOL???
- 08/13/08 05:21 AM
I just got an email yesterday about IndyMac using default school for training for thier current and new agents. Did anyone else get this?
Dear Indymac REO Agents and Brokers,
On August 11, Indymac is introducing a mandatory formal education initiative as part of the application process and existing network REO brokers and agents.
This initiative includes a curriculum of multiple training courses. The first course is REO Best Practices. This course provides an in-depth overview of how to manage an REO property. The second course is Advanced Evaluations. Advanced Evaluations provides substantial video training that will increase … (25 comments)
las vegas: Short Sale Your Las Vegas Property!!!!
- 04/06/08 06:28 PM
As more and more Las Vegas homes fall prey to the big, bad foreclosure monster, lenders have become more and more apt to working with homeowners and real estate professionals to successfully negotiate a short sale. I have been doing short sales for the past years and half and have had the opportunity to watch lenders loosen their short sale criteria and began to accept more and more short sales. This is great news for Las Vegas homeowners and gives them another real alternative to just walking away from their homes and letting it go to foreclosure. Even better are the … (0 comments)
las vegas: BPO/REO Sites that you have to pay to belong to??
- 03/06/08 05:50 PM
I wanted to get a good feel for everyones experiences with BPO and REO sites that require you to pay up to join the site and what your experiences have been with those sites. In my view any BPO site that you have to pay for should kick out listings to the members.
Please add your experieces with any of the pay for companies. Check out Tales of a Las Vegas REO agent. Bryan Knight REO specialist in Las Vegas, NV 702-845-8435 Follow me at www.twitter.com/KnightREO
… (160 comments)
las vegas: The Potential of BPO's$$$$$$$
- 02/12/08 03:59 PM
Hello all.....Me and my friend and partner went an "Into to REO" class today. Now neither of us were brand new to this REO business, we went mainly because it was taught by the top REO agent in Las Vegas and we wanted to hear him speak. As a matter of fact, we were the only two agents in the room that had any kind of REO listing or BPO experience. The class was so good information that was more geared toward educating the agents that were putting in offers on his 500+ listing, about how the whole REO world worked … (31 comments)
We're still at 50% vacancy rate and at almost 20 months of inventory on the market. Short sale inventory is still growing as well. Click here to search all Las Vegas properties for sale!!!! Bryan Knight, Las Vegas Real Estate Consultant, 702-845-8435 … (0 comments)
las vegas: What do you as a consumer want from a great real estate website?
- 01/01/08 10:40 AM
Help me help you. Tell me. What do you as a consumer want from a real estate website? What can make this website more beneficial to you? Your input is welcome. Bryan Knight, Real Estate Consultant in Las Vegas, NV 702-845-8435 Click here to search all Las Vegas properties for sale!!!! … (0 comments)
las vegas: Do you want a deal....or the right house at at the right price????
- 12/22/07 03:20 PM
With the not so sudden downturn in the real estate market, I've found more and more that when I sit down with prospective home buyers that more and more of them start talking about how they want a great deal. I then must ask the question, "Do you want a great deal, or the right home and the right price?". There is a distinct difference between the two. I can show buyers great deals all day long, but the chances that that great deal is going to fit into their criteria (location, sq footage, layout, number of beds and baths, 1 … (1 comments)
las vegas: Having Standards for your Short Sale Business
- 12/22/07 11:13 AM
Myself and one of my two partners are highly focused on the short sale market here in Las Vegas. The other is working REO's full time. We started out by going to a lot of different classes, some free and some for pay, that educated us on the proper way to work short sales. Through a lot of trail and error, we've come to establish some simple yet effective standards for our short sale business. 1. We only take short sales that need to be negotiated with one lien holder. Not to say that the there can't be two loans, but we'll only … (6 comments)
las vegas: What you must do NOW to achieve your goals
- 12/22/07 09:46 AM
Become a Productivity Warrior - and a Market Maker. Know that there is enough business in any market for you to achieve your goals. Become the local "Real Estate Economist of Choice." AND, do the following 12 things: 1. Focus on seller pricing strategies 2. Master Staging 3. Learn and use creative financing 4.Bulletproof the transaction 5. Master lead capture and conversion 6.Be more proactive with internet leads 7. Get lean and mean with your expenses 8. Increase your people effectiveness 9. Get clear about your role 10. Create buyer urgency 11. Become an expert in Short Sales (maybe) 12. Lead Generate, lead generate, lead generate, and....MOFIR (Make offers for immediate responce)
Vacancy rate is still climbing. 6 out of every ten houses for sale in Las Vegas are vacant!! We've been hovering around the 7 months of inventory level for the last few months.
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