Bank Owned Listings...Are they really beneficial to get?

By
Real Estate Agent with Exit Realty Premier Inc
I recently got 2 bank owned listings and I have heard horror stories about the expenses you incur while having these.... My experience so far has been wonderful.I have had to of course turn on utilities and arrange for repairs to be made, but I havent had to much burden to deal with. I am wondering though...Did I just get lucky when I got these 2 listings that they were in Great Shape?

Comments (5)

Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Most of the REO homes will have deferred maintenance so you should expect to have some out of pocket expenses that can go to the thousands in a short period of time.  Lenders sometimes are slow paying and your funds could be out of pocket for 90 days or more.

Yes, luck is with you to receive listings in good condition.

 Roy Kelley

Mar 25, 2008 12:18 PM
Traci Ann Lloyd
Exit Realty Premier Inc - Wellington, FL
Yes Roy I kinda figured it was luck.... Have you had much dealings with Ocwen for REO Listings?
Mar 25, 2008 12:21 PM
Theresa Grant
Coldwell Banker Sky Ridge Realty - Lake Arrowhead, CA
ABR, ePRO500 - The Grant Group
You got lucky. :) There's always something -- rekeys, utilities, trash-outs, back-owed water bills, code violation write-ups, broken windows, vandalism, emergency security repairs... If you come across problems just take them out one bit at a time. You'll be fine if you don't take it personally and be as pro-active as possible. Sometimes things happen out of your control, but don't freak out. Just find the solution. And keep track of ALL your expenses and receipts, being certain to turn them in regularly so you get reimbursed. REOs can be fun if you like the challenge. Good luck!
Mar 25, 2008 01:37 PM
Kara Jo Stevens
Keller Williams Realty - Wellington, FL
GRI

Tracey - Yes I do believe you are lucky as of now.  As you and I have discussed I am not doing any bank owned properties but am showing quite a few.  I do have to comment that some of these listings I have shown that are bank owned are not being kept up so I can only assume that some agents are not shelling out much money on those listings.  If you carry a lot of these listings your out of pocket can truly add up.  Good Luck. 

 

3/28/08  by  Kara Stevens, GRI

Mar 28, 2008 03:43 AM
George Tallabas
RE/MAX Advantage - Nampa, ID
Idaho Real Estate
Tracy - Sometimes the difference is just in "Attitude" and you seem to have a great one. Mind emailing me the REO companies you have had success with?  Thanks and have a great day.
Mar 28, 2008 03:46 AM