After working with REO properties for a while I can now look back and laugh at a few things that I have learned over the years. While an average purchaser may not be able to relate to these, REO professionals may get a good chuckle. Please keep in mind that these are meant as humor and make fun of a set of circumstances, not the industry as a whole. In many cases most of these are not true but all of us has had a deal that this will remind you of. Here are the top five (in no particular order) lessons learned about REO business.
1.Asset managers are busy and may have more to worry about than the 30 k mobile home you wrote an offer on yesterday.
2. If you get worked up about a lack of fast paced communication, REO purchases may not be for you.
3. If you have a buyer that is high strung and wants an answer back ASAP, please prepare to explain to them numbers 1 and 2.
4. Although the property says "winterized" please encourage buyers to leave the washer hook up alone. Due to unforeseen and unknown circumstances water valves have a tendency to be turned back on and the distance water flies across an empty laundry room is impressive. Also water being sprayed on your unsuspecting wife may be a total accident but laughing at her in front of your agent is not.
5. And finally, although a home inspection is encouraged it should be done by professionals. Having your dad come over and kneel down and peek under the house isn't a great idea. Having your 75 year old dad kneel down and open the crawl space only to find a hornets nest attached to the door is even worse. Also flailing and cursing aren't a good defense against hornets.
I hope that everybody reading this takes it in good humor. Especially if I was ever your agent and these circumstances sound familiar.
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