REO FEES

[MARKETVALUE]

Hey gang-

Do you charge more for REO's (typically with extensive addenda, repairs, quick sale value, etc....)

Just curious.

MRM

 

[Jeff Horton]

Yes.

 

[MARKETVALUE]

could we say that an REO appraisal carrys near an FHA premium, whatever that premium is. More? Less?

 

[Rob Bodkin]

we would say more. Here we are at $550 for a standard FHA Single Family or Condo and $650 for any REO/Relo work.

Rob Bodkin
Freestone Partners

 

[Oregon Doug]

MRM - nope. Fee's the same (I don't discount fees for non REO work).

I provide a complete analysis and a credible appraisal report - period.

I tell my clients "you're gonna get your money's worth - no matter what it costs"

Oregon Doug (is there any other way?)

 

[Mike Garrett RAA]

I am going to start charging $75 more for REOs beginning the first of the year! They want 6 comps (3 sales, 3 listings..all gridded) lots of additional photos, and a repair addendum. It is becoming a major seqment of my business and is quite time consuming now. Seems I rarely get any easy ones right in town. The last one was over 100 miles round trip.

Fannie Mae only pays $325 for REOs which is $25 below the market rate for a conventional report. MAKE THEM PAY!

 

[G-man]

Our company always charges more for REO work. It makes up for the additional work, listed sales, REO addendum and added risk do to required cost to cure list. Plus, it helps me get through some of the nastier houses. :shocked!: If you told me people could live in some of the homes I've been through, I would have said your full of crap. I have proven myself wrong several times over the past couple of years. Nothing like going through a flea infested, soggy house full of dog droppings in 90 degree heat :roll: Now that it has gotten colder, I fully expect my REO requests to go up. Now I can freeze while I'm going through these homes. Guess I'll take my flask along to keep warm

 

[Richard Carlsen]

Our fee for a REO is 50% over the standard URAR fee due to the additional requirements for listings and the additional calculations for the various values they want and the estimated repair costs, etc.

They take just about that much longer to do.

 

[Verne Hebert]

Absolutely! We are a nondisclosure state with poor MLS data.

A lot more work goes into these files. My fees for these are $ 675.00 to $ 950.00 depending on area density, travel, and complexity. They are normally in the $ 800.00 range.

 

[Kevin Shannon]

"My fees for these are $ 675.00 to $ 950.00 depending on area density, travel, and complexity. They are normally in the $ 800.00 range."

Are you doing the appraisal, or buying the house?

Here in the real world (civilization), we charge $25.00 over standard URAR.