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Listing REOs as a sideline

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Offshore

Thread Starter
Senior Member
Joined
Dec 25, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
Is anyone in here with a brokers license listing REOs? I’ve been contemplating doing this for the past few months since foreclosures and pre-foreclosures are increasing, but many clients are relying on BPOs and not ordering appraisals. I’m in the database of many vendors; some from years ago entered appraisers and brokers as the same, so I get several BPO requests a week which I decline. If I pursue this, I will only take ones a few miles away and cherry pick them. Anyone else doing this?
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Not me, but I think you will find lots and lots of competition for these listings. In my market area we have several large brokerages each with very agressive agents that take out full page ads in the newspapers. I guess you would need to be able to demonstrate why the lender should hire you to sell their REO rather than the big guys.
 

Offshore

Thread Starter
Senior Member
Joined
Dec 25, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
Not me, but I think you will find lots and lots of competition for these listings. In my market area we have several large brokerages each with very agressive agents that take out full page ads in the newspapers. I guess you would need to be able to demonstrate why the lender should hire you to sell their REO rather than the big guys.
I'm already on their lists so that step is taken care of. Their systems of many of these companies have evolved into an ordering process not too different than AMCs. I only expect a small piece of the pie, if they're cookie cutters and close by they may be worth my while.
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I have done a few and prefer 'normal' clients.

Having to deal with trash outs, utilities, yard maintaince, rekey and a daily phone monkey on my back (worse than MB's), I no longer offer my services for these clients.

My last one was on a real gem. Multiple animal deposits throughout, I suggested $25K. Their analysis demanded I list at $85K and would entertain periodic drops after I provided bi-weekly BPO's to show current market conditions. I firmly said, "You're fired."

These homes are not very common around my area and have been directed to a single agent who enjoys being badgered daily. Could be some good money in a big city but not around here....
 

Offshore

Thread Starter
Senior Member
Joined
Dec 25, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
JTip that is the type of property I intend to avoid for the reasons you mentioned. If the commission is not much higher than the appraisal fee, that's one for the competition to slave over. :)
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I had considered it before letting my Borker license lapse, but had heard from the RE agents doing them that the headaches of the clean out, lawn maintenance etc on your dime until closign wasn't worth it. I an still considering hiring some laborers and doing the clean outs, securing, and lawn cutting etc, since I have the equipment. My invoices would be net 10 to the Broker.
 

Hamlet

Elite Member
Joined
Aug 14, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
I had considered it before letting my Borker license lapse, but had heard from the RE agents doing them that the headaches of the clean out, lawn maintenance etc on your dime until closign wasn't worth it. I an still considering hiring some laborers and doing the clean outs, securing, and lawn cutting etc, since I have the equipment. My invoices would be net 10 to the Broker.

In my area most banks have gone to using Safeguard to take care of re-keying, clean out and lawn. Sometimes they can be a pain and aren't as efficient as you'd like, but it removes the expense and headach from the agent.

Being picky on the listings is the key.
 
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