LA County Foreclosure Agent REO Workshops

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Education & Training with Silver Lining Workshops

LA County Foreclosure Agent REO Workshops

REO is a very complicated and unusual field.  Representing 30-40% of all closed sales so far this year with no end in sight.  It is estimated that there is over 40 months of backed up shadow inventory waiting in the wings. Over 500,000 loan modifications were canceled last month and only 25% of those will qualify for a short sale leaving 75% to be added to the next wave which will include the ALT-A and Option ARM's which represnted over 80% of all loans made at the top of the market that are due to reset this year and beyond.

Many agents think a Designation or Certification course will get them REO business.  Truth of the matter is that the decision makers at the lender level do not recognize any one Designation or Certification as the criteria for assigning REO accounts.

First scenario, I am an Asset Manager and I call you to assign one of my Lender Owned Properties and say "I need and OV, BPO, CFK/FRA or UD filed within the next 24-48 hours" what would you do?  My guess you would freak out! You have no idea what the heck they are talking about. Their first impression is their last one you will not get a second chance.   We have the solution for that.  Second scenario.  "I need you to do a post and store on personal property, or trash out, make emergency repairs, place all utilities in your name, get landscape in order, and get me three bids for rehab" What would you do?  Most agents would take out a loan and then hope that they could get the money back in 60-90 days and then spend several days overstepping their licenses and start acting like a general contractor which puts you and your broker at risk and wastes countless hours of your time.  We have a solution for that.  Third scenario, you want to prospect for REO listings but don't even know where to start. We have a solution for that.  Fourth scenario, you need to learn how to become the REO expert in your area for both Lenders and Buyers but you do not know where to find or distribute the information to attract them to you and your new found business niche REO model. We have a solution for that.  Fifth scenario, I want to get my REO education and a Certificate to hang on my wall that does not cost me a trip to Texas, Las Vegas, or Florida with thousands of dollars in registration, travel expenses, hotel expenses, leaving my business, home and family, for a week or more, etc. We have a solution for that and much more.

Below is the flier for our next REO 101-102 Workshops in Los Angeles County at the Burbank Association of REALTORS.  Seating is limited to 100 and over 40,000 emails went to LA County agents already so if this is an area you are interested in contact SLW today and make the first move towards a lucrative end of 2010 and beyond.  In our last three workshops at least one agent has been assigned REO listings. Are you next?

LA County REO Workshop Flier

Comments (2)

Marcia Kramarz
Re/Max Executive Realty - Medway, MA
CDPE,LMC,CBR

Noce post - ALL SO TRUE!   I have a question on an LA REO property - WOnder if you can help out - I have a relative / client watching the property and we can't get any good info - Let me know...

Sep 05, 2010 01:58 AM
C.J. Johnson
Silver Lining Workshops - Tehachapi, CA

This is one of the most often asked questions I get from both agents and the public.  You need the proper tools to track the property which is one of the things we work on in the workshop.  Now, that being said most often the public will not be able to make an offer directly to the lender unless they have all cash and are willing to bid against that lender at the Trustee Sale at the Courthouse steps. This is risky as even in CA where there is no redemption period but the prior owner or a tenant may be in residence and then the new buyer must go through the eviction process which I hear in LA County is now like 120 days or more due to the back log in the courts.  

Sep 05, 2010 02:06 AM