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I Need Some Advise

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hal380

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified General Appraiser
State
Connecticut
Happy 4th all;

For background:
1- Been appraising for 5 yrs
2- Still doing some work for my mentor - a loyalty thing for awhile
3- Started my own shop 4 months ago and taking some new clients
4- will not solicit from mentors clients

I am very careful of my work load, dont wanna make myself nuts with 20 unfinished jobs on my desk, but want to build a clientel. With an eye to the future, when the market turns down, I believe that the REO market will be very active. Can anyone point me in the right direction to locate companies who handle REO's for the banks? If any of you who are not in my geographic area could refer me to the company you deal with I would appreciate the contact. I am assuming there are some national companies.

Regards to all

Hal
 

Paul Burger

Freshman Member
Joined
Oct 23, 2002
Hal,

I believe, as you do, that the REO market will be a valuable source of income for appraisers in the next few years. As AVMs continue upward and refi's decrease in the next couple of years, there will be fewer appraisals to go around. One good thing is that it will weed out some of the appraisers who have just begun riding on the refi gravy train. Many trainees will drop out of the business in 2004 and 2005.

I, too, want to achieve some balance in my business by getting more REO work. However, I am just as ignorant as you about how to achieve this goal. Hopefully, some of the more experienced members of the forum will give us some friendly advice.

Happy 4th! God bless America.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Contact the Fannie Mae office for your region. Find out how to register with that office for REO work. And if either Fannie Mae or the NAIFA offer a seminar on appraising REOs---take it! Even if it means traveling across several states on the day your first child is to be born or your only child is getting married! Appraising REOs is the wave of the future for appraisers.
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
Do an advanced search using google.com, type in 'REO appraisal'.

You will get lots of hits
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I have a couple of lines on my invoices near the bottom for advertising....good place to say "We do REO appraisals!" Send it out on all your invoices to lenders. Can do the same thing with reviews.
 

hal380

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified General Appraiser
State
Connecticut
Thanks Mike that's a good idea. :idea:

Hal
 

Patrick Egger

Sophomore Member
Joined
May 29, 2003
Professional Status
Certified General Appraiser
State
Nevada
Hal ...

A good way in ... default reports. Many title companies run reports on mortgage defaults and make the lists available to agents, investors, etc. ... not all become REO's but I'll bet a lot will and those reports identify the lender with a prospective problem that you can assist them with.
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
REO's are a by product of the servicing side of the mortgage biz. After the foreclosure the property is now Owned by the note holder. Hence the O part of REO. So just research who is doing the forclosing in your area for leads. Some AMCs do alot of REOs. LSI, Safeguard...
 

hal380

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified General Appraiser
State
Connecticut
Hi Dan;

Thanks for the input I will follow up.

Regards

Hal
 
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