the reo team: REO – Secure the Property
- 03/18/08 04:26 AM
When a REO property is assigned to The REO Team, in Hemet CA and The REO Team has determined that the REO property is vacant it must be immediately secured to prevent unauthorized entry and trespassing by either the former occupant or anyone else who may want to occupy the property, for any reason. Step 1: Rekey All Exterior Doors It is important that all doors are re-keyed. Depending on the Bank or Asset Manager, we may be instructed to use a certain key code. If not, it is best to have your own unique code for all of your assigned … (6 comments)
the reo team: Placing a Bid to Purchase a Bank Owned Hemet Home
- 03/17/08 06:09 AM
Buying an REO home or other real estate in Hemet, CA (or elsewhere) can be a daunting experience, at best. The process appears to be fairly straight-forward, from the beginning. The banks each have their own proprietary addendums to our California Purchase Agreement which ends up negating many of the key provision of our ‘standard’ contract. CONTRACT CLAUSES Probably the most important is that the banks will not (typically) accept the provisions for liquidated damages, arbitration and mediation. Often time, the buyer will initial these clauses – but the bank will not. If the buyer’s agent does not pick up on … (0 comments)
the reo team: Is A Hemet Bank Owned REO Home Going to Be a Good Deal in the Long Run?
- 03/17/08 03:48 AM
The question of whether a particular bank owned REO (Real Estate Owned – Bank foreclosure) home is as good a deal as it first appears can only be answered by the buyer performing their own due diligence…and not stopping until they have the answers they need. THE HOME INSPECTION Yes, it is common in Hemet, CA for a homebuyer to hire a home inspection company to perform a routine home inspection. I have recently found a company that will deliver a printed version of the report on demand at the end of the inspection – while everything is fresh in the … (1 comments)
the reo team: Cash For Keys…How I Have Such a Huge Close Rate
- 03/16/08 07:10 AM
Cash For Keys…How I Have Such a Huge Close Rate In a previous article I discussed the theory and mechanics of a typical Cash For Keys program. In this article I am planning on sharing how I have tweaked my presentation to the point where I have obtained signatures and successful move-outs on 100% my last 5 presentations in Hemet CA REO properties – whereas prior to my adjustment I was only delivering checks to about half of the homes that were occupied when we did our initial occupancy check. STEP 1 – Attitude The first step is to check my … (25 comments)
the reo team: I Don’t Get It? The Bank Forecloses on Their Home and then Pays Them to Move…or Why Cash For Keys
- 03/15/08 06:59 AM
I Don’t Get It? The Bank Forecloses on Their Home and then Pays Them to Move…or Why Cash For Keys It should be more than obvious, by the time an REO property is assigned to a local Real Estate Agent, that the bank wants’ the property back so they can liquidate the real estate and minimize their losses. Just figure it out…the previous homeowner went at least 3 months without making a mortgage payment prior to the foreclosure process and then another 4 months for the California foreclosure process to weave through the process. Many times there are even additional months … (12 comments)
the reo team: OK, I have an REO Listing…Now What; Or What is an Occupancy Check?
- 03/14/08 07:05 PM
OK, I have an REO Listing…Now What; Or What is an Occupancy Check? I can remember the thrill I get every time I receive a text message on my cell phone that I have been assigned a new REO listing. It really is exciting, and yet unlike any other listing you have ever received in your real estate career, up to this point. First thing going through your head is what kind of property is it? I mean is it a 900 square foot senior bungalow built 50 years ago in the center of Hemet or is it one of the … (13 comments)
the reo team: REO - Start With a Simple BPO and the Basic Tools of the Trade
- 03/14/08 03:13 PM
REO - Start With a Simple BPO and the Basic Tools of the Trade This series of articles is based on my personal experience as a Hemet REALTOR® who now specializes in listing and selling REO property for banks and Asset Managers throughout South West Riverside County and The Pass Area of The Inland Empire area in Southern California. I know there are numerous paths to REO success – as in anything in life. Perhaps my path was the hard way, I don’t know, but it worked for me. What I am talking about today is performing BPO’s for various lenders … (15 comments)
the reo team: How I Got To List REO's...or No, Not Another Free BPO!
- 03/14/08 02:38 AM
My business today is focused on the REO market and working directly with banks and Asset Managers – taking the REO listings and selling them in our area. What I would like to do here is answer the question of what does it take to break into this business, as I am asked constantly by agents, not only here in Hemet, CA…but Southern California and across the country as well. First, I should point out that to be a successful REO Listing agent, do not expect this to be a slam dunk walk-in-the-park listing arrangement. It is very expensive and very … (58 comments)
the reo team: Busier than a One Armed Man in a Wall Paper Hanging Contest
- 03/13/08 05:07 PM
Busier than a One Armed Man in a Wall Paper Hanging Contest I seem to once again slip from my blogging routine. Gosh, I know how important a good blog strategy it to any business in this day and age. I feel like I have taken a step backwards in time, by ignoring my trusted and faithful blog…. So let me just catch up by sharing that life continues to march forward on so many different levels. I don’t want to consume this with negative news, but I would like to share, because I am often asked about my wife, Sherri. … (12 comments)
When a REO property is assigned to The REO Team, in Hemet CA and The REO Team has determined that the REO property is vacant it must be immediately secured to prevent unauthorized entry and trespassing by either the former occupant or anyone else who may want to occupy the property, for any reason. Step 1: Rekey All Exterior Doors It is important that all doors are re-keyed. Depending on the Bank or Asset Manager, we may be instructed to use a certain key code. If not, it is best to have your own unique code for all of your assigned … (6 comments)
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