reo agent: Having Great Vendors can be Key to your Success as an REO Agent!!!
- 01/18/09 03:18 PM
Having great vendors can have a big impact on your REO career. Working with vendors (Locksmiths, Property Preservation companies, Rehab Contractors, etc.) that understand the REO business and how reimbursements work is a big bonus to you and your business. Our vendors will carry our invoices for 30-45-60 plus days before seeking payment. This lessens the amount of "float" that we have to carry at any one time. It's our job to stay on top on submitting the invoices immediately upon receiving them and getting our vendors paid in a timely manner and everyone stays working and happy!!! There are plenty … (7 comments)
reo agent: 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)
reo agent: Diversification.........How many REO accounts are you carrying????????
- 11/25/08 04:31 PM
After the huge cuts that Wells Fargo did throughout the country, our mastermind group discussed being better diversified that just having 1 or 2 BIG accounts and take the chance that one of those accounts can be pulled from you overnight for whatever reason. So now I'd like to know on average how many REO accounts that the average REO agent carries at any one time. Personally from my current inventory, I'm carrying 6 REO accounts. So from your current inventory now, how different clients are represented? Just state the number, no need for names.
Bryan Knight, REO specialist in … (11 comments)
reo agent: 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)
Having great vendors can have a big impact on your REO career. Working with vendors (Locksmiths, Property Preservation companies, Rehab Contractors, etc.) that understand the REO business and how reimbursements work is a big bonus to you and your business. Our vendors will carry our invoices for 30-45-60 plus days before seeking payment. This lessens the amount of "float" that we have to carry at any one time. It's our job to stay on top on submitting the invoices immediately upon receiving them and getting our vendors paid in a timely manner and everyone stays working and happy!!!
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