OREO... Not The Cookie

Mortgage and Lending with Liberty Bank of Arkansas

 OREO...Other Real Estate Owned

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This is what most banks refer to for their Other Real Estate Owned...Foreclosures!

Ready, Set, Stage! has been trying to break into this market for months, knowing we can help our local banks with their OREO's.

What happened this week! We have received two calls from Realtors that said the bank has requested bids for Home Staging!

I'm not getting to excited yet, but this is a positive sign that Northwest Arkansas banks are looking into a great marketing tool!

Kudos to any bank that is exploring Home Staging. Unlike the OREO cookie (being so sweet, your OREO's are not) you need to move them fast. Calling a professional Home Stager is like adding  milk to your OREO COOKIE...it WORKS!

Contact a Professional Home Stager in your area!  Home Staging works and we have the stats to prove it!

Posted by

Donna Schoby

Mortgage Loan Officer




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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Donna, is it possible that some banks are beginning to get serious about actually selling their REOs?

Sep 15, 2009 02:52 PM #1
Jon Sutton
EXP Realty LLC - Southlake, TX

How does this work for OREOs since they are vacant with no furnishings?  Just curious...thanks in advance and great post!

Sep 15, 2009 02:53 PM #2
Donna Schoby
Liberty Bank of Arkansas - Bentonville, AR

Brian, I hope so! Professional Home Staging works. As I said you only need to ask for their stats! My own stats...80% of of vacant homes have sold in 90 days or less in the last 2 years. With our average DOM being 158 days! Something is working.

Jon, Many Professional Home Stagers offer vacant Home Staging as I do. Some Home Stagers will rent furnishing from a local company or carry their own inventory. I choose to carry my own inventory for vacant homes. I encourage you to seek out a professional Home Stager in your area. We are ALWAYS open to your questions!

Sep 15, 2009 03:14 PM #3
Cathy Lee
CL Design Services Home Staging - Danville, CA

Best wishes Donna. I have had great experiences with the asset managers I have been hired to stage for.....I think you will too.    

Sep 15, 2009 04:46 PM #4
Maureen Bray Portland OR Home Stager ~ Room Solutions Staging
Room Solutions Staging, Portland OR - Portland, OR
"Staging that Sells Portland Homes"

Donna, as you may know I've staged multiple foreclosed homes for a bank client -- and they all sold in less than 60 days (after being on the market for 2+ years!).  Staging an REO property makes great sense for a bank -- they get the inventory off their books and everyone wins. Good luck!

Sep 15, 2009 04:55 PM #5
Michele Hess
Simply Staged Inc. - Rockford, IL
Home Stager Rockford - Simply Staged Inc

Great news Donna!  I am sure it won't be long before they are calling on you.  Good luck!

Sep 15, 2009 09:43 PM #6
Ginger Foust
Certified Staging Professional - Oakhurst, CA
Home Stager Oakhurst CA, Dream Interior Redesign & Staging

Clever post and great news.  The more the merrier! 

Sep 16, 2009 02:52 AM #7
Gary Barnett
Home Matters - Indianapolis, IN
Home Matters Property Stylist Group, Indianapolis

Donna, banks and investors had better get serious about getting thier homes more competitive.  With so many homes on the market that are owned by banks and investors, they are each others competition.  Here in Indianapolis we are starting to see the bank owned, short sales and investor owned homes set on the market for months on end because there is now so much competition among that sector.

Sep 16, 2009 03:51 AM #8
Donna Schoby
Liberty Bank of Arkansas - Bentonville, AR

Cathy, Thanks I hope our local banks are getting serious about this.

Maureen, If we can just get these banks to realize that staging isn't going to cost them...it will make them money! Your stats prove that!

Michele, I hope so. I could stay really busy with just working OREO's

Ginger, Thanks, I hope this is something that is going to open up in my market. Hey at least they are starting to call!

Gary, So it doesn't sound like the banks in your area are on board with staging either?

Sep 16, 2009 07:50 AM #9
Melissa Marro
Keller Williams First Coast Realty - The Marro Team - Orange Park, FL
Jacksonville Real Estate and Home Staging

we've done a few, but not as many as we should.... keep us posted on your success!!

Sep 16, 2009 02:45 PM #10
Donna Schoby
Liberty Bank of Arkansas - Bentonville, AR

Melissa, will do!

Sep 16, 2009 02:51 PM #11
Michelle Minch
Moving Mountains Design Home Staging, Pasadena, CA - Los Angeles, CA
Home Staging Los Angeles and Pasadena, CA

Donna: This is wonderful news. I hope that banks everywhere will get up to speed on the value of home staging ANY property. Let us know how this plays out.

Sep 17, 2009 07:28 AM #12
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Donna, Best of Luck!  I know it takes more than sugar and milk to sell these foreclosures.  I hope you get the bid and play your magic.

Sep 19, 2009 04:54 PM #13
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