Survey: Closing in on REOs and short sales

Submitted by Rylan Monett on May 16, 2009 - 2:06am.

Thank you Inman News for launching a survey to study the experiences agents and brokers that are having with real estate-owned (bank-owned or REO) properties and short-sale properties. And it will be a great help if someone will win the said survey reports. Because we all know that we really need extra income. Nowadays the economic stimulus package was fraught with too much controversy. It is said to be that the cost for the economic stimulus package just passed was about $787 billion. While, few months ago, the plan that (TARP) was just a few billion less. These cash advance loans, as well short-term payday cash or short-term loans which have never been seen before, were intended to do things like stem unemployment. White House officials are predicting that it will start to do some progressive just before we know it. The prediction is that the stimulus will save about 3.5 million jobs, but since that many have been lost, it seems foolhardy to barely break even on the $787 billion installment loans of the economic stimulus package. The projection regarding number of jobs saved or created applies through the end of 2010. So don’t go out and get cash advance loans thinking you’ll get another job before it’s time to pay it back. This is going to take a while. The report says that 1.5 million jobs will be created or saved by the end of this year. Still, let’s keep in mind to save more and spend less.

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Submitted by Charles Ritz on May 17, 2009 - 9:16am.

1) REO listing agents should not be allowed to act as a Duel agent for the first 30 days of the listing... and NO pre-listing marketing. REO agents should always counter offer in multiple offer situations – Many times, buyer’s agents simply hear, “The Bank accepted another offer” and NEVER get the opportunity to increase the offer, THUS saving tax payer Bailout money.

2) Any Bank Owned properties receiving bailout money MUST present all offers (listing agents often toss offers and present only THEIR offer to the bank - Buyers agents simply get "The bank accepted another offer" verbally if EVEN that. Buyer’s agents have no way right now to know if their offer was EVER submitted.

3) Banks Short Sale departments need to hire more people to handle the load... Many Many real estate agents would LOVE to be able to help out. All Negotiators should be Licensed agents - use bailout money wisely. And SAVE the tax payer’s money by getting the home sold for a lot more than when it goes to foreclosure. Just interview and hire me.

4) REO agents are so often overwhelmed with the many many listings the banks give them, there is NO way they can effectively do their job. Instead of Banks giving an agent 100-500 listings a year, how about giving 10 agents 10 homes each to list? I would love 10 extra (sellable) listings a year and would do a great job! I know a lot of agents agree (REO agent too).

5) Short Sale agents should be offered the home’s listing when/if it becomes an REO. They have worked so hard already, they know the property and can immediately start marketing the now vacant property (or negotiate the Cash for Keys deal for the occupants so it can become vacant).

6) Lenders for Short Sale listings often cut total commission to 5% from 6% once the work/offer are near completion – they should not be allowed to do this at 6% or below. Many times listing agents for short sales have needed to structure the commission where Total Commission is 7% i.e. 4% to the listing agent and 3% to the buyer’s agent (with ANY reduction in the lender’s approved commission to be split 50/50) THEN when/if the lender reduces the total commission to 5%, then Listing agent gets 3% and the buyer’s agent earns 2%. Just another reason to sell REO’s.

7) If any of the Banks need a good Asset Manager or help listing REO’s (a few at a time, not 100 a month); I can help – Charles Ritz, Broker/Realtor – CharlesR321@yahoo.com; hire me.

Broker Associate/Realtor
All Nations Realty and Investments
Rancho Cucamonga, CA

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Submitted by Ron Redlich on June 16, 2009 - 1:58am.

I was in commercial banking for 18 years. Banks tend to hold on to overvalued REO so as not to show a loss.

commercial real estate warehouse
space office space lease

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Submitted by Nick McCully on July 2, 2009 - 3:20pm.

We can help with your short sale or foreclosure. Our services are free to agents and homeowners. We professionally negotiate with our contacts at the banks, and then we close the transaction because we are the cash buyer. Don’t wait for the market to bring you a buyer call us. We are ready to buy now. We close 6 to 7 for every 10 properties we take on in the short sale arena.

http://stophomeforeclosuresite.com/pgs/Home.php

info@stophomeforeclosure.com

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Submitted by Dela Reviewx on October 29, 2009 - 4:34am.

Thanks for Inman. Anyway, I already earn about $1000 a month. Would you join too?
I use cashcrate survey, try and join here
http://onlinemoney.22web.net/cashcrate-survey/?mn=812

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