reo: Great Investor Fix and Flip! 110 Driscoll St Reidsville, NC - $45,000
- 06/28/19 07:10 AM
Bungalow style single family home with 2 bedrooms, 1 full bathroom, living room, dining room, den, sun room with storage, large pantry, large utility room with washer and dryer connects to the rear deck, bonus room, some updated windows, handicap ramp, and a large detached 20x12 storage building. Newer Roof, hardwood floors, updated windows and more! Convert this property into a 3 bedroom, 2 bath property!!!! For more information: http://www.realtyonecarolina.com/listings/details/110-driscoll-street-reidsville-nc/2257326/7845367/ Realty One Carolina, LLC Carolyn Nelson, Broker 124A S. Mebane St. Burlington, NC 27215 www.RealtyOneCarolina.com 336-323-8586 / 919-224-0379 … (0 comments)
reo: Should you Submit Your Final Utility Bill if it shows a Credit? YES!
- 01/14/13 09:35 PM
Should you submit your final utility bill if is shows a Credit? Yes if you paid a deposit and the final bill was deducted from the deposit on account. I'm always amazed at the number of reimbursements that are not submitted for reasons that are sometimes, not justified and more suprised with the number of asset companies and banks that take advantage of agents that are not paying attention to this small detail that can cost them thousands of dollars annually. It is simple, when you pay a deposit to connect the utility at a property, the utility company will keep … (0 comments)
reo: Why Do I Like Broker Brain For REO Agents?
- 12/14/11 03:23 AM
Why Do I Like Broker Brain? I can give you seven reasons why I like Broker Brain. 1. Excellent Customer Service. Even though I have only had the need to contact CS twice to find out more about the program before recommending, customer service was great! Less calls to customer service means the program is not complicated, very user friendly, and minimum assistance is needed (if any at all) to get started. 2. I have found that Broker Brain offers many more features not found in similar products. Features such as emailing, up-to-date notes, related file documents such as utility contracts/agreements, … (0 comments)
reo: REO Tip #7 – Negotiate the Utility Deposits on REO Properties
- 08/28/11 11:39 PM
As a general policy, most utility companies will charge real estate agents and brokers several fees to setup services. Such fees may include a deposit, membership fee, admin fee, connection fee, or service inspection fee. While some fees are general and required without exception, there is one fee you should try to negotiate and that is the deposit.
Utility companies generally change on average between $75.00 and $350.00 to open a new account. For the small agent, anything above $100.00 can take a huge chunk out of the budget. Of course, a broker or agent with great credit can … (2 comments)
reo: Does your REO Bank have an Emergency Prepardness Plan
- 08/25/11 03:54 AM
Does your REO Bank have an Emergency Preparedness Plan? Most do not. When I listing to the weather channel regarding Hurricane Irene, it came to my attention that none of the Asset Manager that the agents and brokers I work with on the east coast has communicated any form of emergency preparedness to the listing agents. Are they under the assumption that some of these dilapidated properties will survive hurricane winds and/or the tornadoes that often spawn off the storms? Are they under the impression that flooding will not occur in the low areas?
Perhaps, the disaster is being welcomed as … (2 comments)
reo: 10 Reasons Why Your REO Grade Could Be Low.
- 08/10/11 08:24 AM
Brokers and agents often wonder why they receive such a low rating with REO Banks and Asset Management Companies. Instead of looking at their past output and current REO Process from assignment to closing. All asset managers want to feel like they are #1 and the only client on your list. If your rating has fallen and you have not received any new or very limited properties from the REO bank and Asset Management Company, the following is a list of possible reasons why per several of the AMs I talk to often. 1. Not following instructions! 2. Your follow-up timeframe … (7 comments)
reo: REO Agents, Are you sure the water is on?
- 08/02/11 09:52 AM
REO Agents, when you go through the sometimes pain staking phone call of getting the utilites turn on at a property, pay the bills monthly without skipping a beat only to find out that when you have an accepted offer on a property, the water is not turned on? Hmmmm, what happened!!!!!!! You have paid several months of water bills and now you are finding out that there is a blue tie on the city turn on valve....it's actually locked!!!!! This is becoming a growing problem in some area and the water company is getting away with it. I was contacted two … (9 comments)
reo: Before and After Photo is a REO Must
- 06/14/11 02:16 AM
Before and After photos are a must in the REO business. Why? it insure that the vendor has done the work to your specfications and the seller requirements, it is an added guarantee that the REO bank will reimburse you for the work done, and it also shows as proof if any damages/vandalism is done to the property before and after the sale. Additionally, it is also important to make sure you are taking accurate photos of the work being done before and after. Don't just accept photos from a distance from the vendor, only accept close-up photos of all work. If … (6 comments)
reo: Setting up your REO Properties as Projects in QuickBooks
- 06/12/11 11:48 PM
I’ve been using QuickBooks since its inception back in the 80s. In fact, as I was reorganizing my library of software programs and toys, I sorta drifted back to the beginning of my program collection such as my old versions of SuperCalc 4 and 5, MS Office DOS Version (1988 and 89 Copy), QuickBooks 1988 – 2006, Quicken Invoice DOS and Windows (initial Copies), and more. Ok, back to the topic. I prefer the method below because it allows me to accurately track each property expense, I can apply the property to the vendor job, and when the reimbursement arrives, I … (10 comments)
reo: Keeping Track of the Paid Utility Bills to Avoid Duplicate Payments
- 06/07/11 11:24 PM
It is easy to double or triple pay a utility bill due to most utility companies not having a system that will create an invoice number and an account number on each statement. So what do you do? For those that only list an account number, add a hyphen (-) and the month at the end of the account number so you can identify which month you are paying. If you are a QuickBooks user, the software will alert you to duplicate invoice number allowing you the chance to research the invoice before paying. Example: If you statement does not list … (1 comments)
reo: Don't Forget Your Utility Deposits When Submitting Final Bills
- 05/27/11 06:34 AM
REO Brokers and Agents are sometimes required to pay a deposit to turn on the water, gas, and electricity on properties. These deposits are often forgotten when it is time to submit all final reimbursements to the bank. If you are using QuickBooks, don’t forget to record the deposit as a payment due from your client (REO Bank). By doing so, the amount will remain as unpaid and can be used as a tickler. You can record the amount as a separate invoice or add to the first invoice submitted for reimbursement. Don’t be alarmed if the bank does not pay … (1 comments)
reo: Keeping Track of your REO Utility Reimbursements!
- 03/07/11 05:48 AM
REO banks require the agent to turn on the utilities, pay the bill, and submit for reimbursement. It is very important that you keep track of each bill and submit in a timely manner to ensure that you are reimbursed by the banks. During the rush of completing your daily tasks, don't ignore the utility bills by adding it to your already filled and probably overflowing inbox. Separate your utilities and other bills by using hanging trays. Hanging trays can be added to the side of the file cabinet, hanged from the wall, or stored using a vertical rank on your … (4 comments)
reo: Six things you need for REO Reimbursements
- 10/31/10 04:28 PM
Before you submit a reo reimbursement to the reo bank or asset management company, there are five items you need to double check. 1. Vendor Correct Contact Information. The vendor contact information must be correct at all times. Make sure you have accurate information such as the full and correct vendor name, complete address, phone number, and business license number. 2. W-9 Forms - A completed and accurate W-9 form is very important. It doesn't matter if you are paying the vendor or if the bank/asset management company is paying the vendor. Inaccurate social security numbers or tax ID will often … (3 comments)
reo: REO Reimbursements Tip - How to Manage the Utility Reimbursements
- 06/07/10 02:43 AM
Why is it so hard to manage your reimbursements for utility expenses? I process many reimbursement expenses for brokers and agents around the country on a daily basis and the most self-created problem that brokers and agents have is that they lose thousands of dollars monthly in reimbursements for utilities from the bank. What causes this problem? Being unorganized Not taking care of the expense when received Paying late fees Sitting on the paid bill and submitting when time permits, often 4-6 months later Utilities should be the simplest of all to take care of when you know what you are … (4 comments)
reo: Have a Plan of Action When signing up for BPOs - Part 1
- 05/31/08 11:57 AM
Everyday I see new posts by agents wanting to know how to get BPO orders yet, many want the orders but don't have a plan of action or the time to work the BPOs. There are several important items you will need prior to signing-up and the requirements vary among BPO Companies and Banks. This information is based on the forms applications I have processed in the past and varies among companies. To get started, you will need to do the following: Full Contact Information Alternate Contact Information Alternate Person Contact Information (a few do ask) Email address Alternate Email Address … (4 comments)
reo: REO Properties are not a burden. It's an Opportunity!
- 03/09/08 07:39 AM
Are you a REO agent providing minimal information about each bank owned listing? The bank expects you to market each listing as much as possible so the best possible offer is received. You should never look at an REO property as a burden and/or think little effort is required. Remember, each successful sale contributes to the next listing you receive from the REO Company/Bank. Here are a few tips when listing the REO: Take the time to take incredible picture of the property. If the property has been de-trashed after the listing, upload the new pictures to the MLS. Do not … (13 comments)
reo: Creating a simple process to manage your REO properties and your process
- 12/26/07 06:20 AM
Do you have a plan that will help you manage your properties? How organized are your files and if the bank calls you regarding an invoice submitted three months ago or inquires about the details of a property, are you prepared? I help several agents remotely organize their files and provide different resolution based on their setup. Here are a few tips that will help keep you organized. It may not pertain to everyone and depends on the current process being used. Get rid of the post-it notes. They are not meant to be used as long term solutions to tracking notes.Create a … (10 comments)
Bungalow style single family home with 2 bedrooms, 1 full bathroom, living room, dining room, den, sun room with storage, large pantry, large utility room with washer and dryer connects to the rear deck, bonus room, some updated windows, handicap ramp, and a large detached 20x12 storage building. Newer Roof, hardwood floors, updated windows and more! Convert this property into a 3 bedroom, 2 bath property!!!!
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