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REO or Repo Man?

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Bobby Bucks

Thread Starter
Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Let’s face it, I enjoy REO’s. No value pressure, no surly calls from room temperature IQ
mortgage brokers, no rush jobs and I always get paid. Plus, with there being no end in sight to the
mortgage broker/fast eddie axis, future work appears very steady. The only problem lately is a
wide variety of unusual requests for both delinquent and REO properties. Here is a condensed version of
some recent oddball requests.

APPRAISAL ASSIGNMENT

Situation #1 Home is vacant. Call locksmith, Get locks changed and perform a 1004. If property appears to still be occupied, stop waork and call us back pronto.

Situation #2 Client states home is vacant. Call neighbors and ask if they have seen borrowers lately. (lmao,yeah, right) If they haven’t, then call locksmith and complete a 1004.

Situation #3 Property is in foreclosure. Call borrower and attempt to schedule appointment. If borrower does not comply, do exterior inspection. (if wife says ok, and hubby says hell no, do I then do a 2075?)

I’m curious how the rest of the world is handling such unusual requests. Personally, I don’t like
playing attorney/deputy sheriff/ roles unless combat pay is involved.
At the Bucks Ranch the only thing we like to be complex is aged ale. For REO properties we only do 2055 exteriors or 1004’s AFTER and only AFTER deputy sheriff, local listing agent and 82nd
Airborne has secured the site and the improvements. ;-)
Wayne ole buddy, ole pal, Bucks has never asked a favor of you, but can we have an REO forum? :) By the way. the chicks here at the Ranch think you’re cute.

The Bucks Ranch Still Rocks
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Hi Bobby - good to hear from you again. Yeah, we had a strange one this past week. Mortgage company says they are ''trying to do the owner/occupant a favor'' that she is ''way behind on her payments'' and they are trying to refi and ''bail her out.'' Weird, huh?

When we called the owner/occupant, somehow she didn't see it that way and thought we were nuts - let alone let us come and do an appraisal. I think they are attempting to use us to keep track of her. Now she doesn't answer her phone - her being no fool (and her probably having caller ID).
 

Daniel Williams

Senior Member
Joined
Jan 14, 2002
Professional Status
Appraiser Trainee
State
Illinois
Judy,

Dial *67 before the number and it will Block your number from being read on Caller ID 8O .
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Daniel - I'm ashamed of you :evil: To know something like that 8O

And you even have the same name as my son and grandson!

I'm just starting to learn this new forum....It's fun. The work has finally begun to slow a bit at the office (I never thought I'd be glad) and I'm getting a chance to get to know the new forum....and I'm one of the old timers, too.
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
The really requested that you have locks installed????? Wow.

I did an REO about 2 weeks ago and it had 19 of 24 windows broken out. By change I met the real estate agent at the house...he said they would pay someone about $80-90 a window to put plywood over the windows. At best you got $9.00 per window in plywood plus time and tools.

How can you get involved in that racket? It would not be an everyday job, but what a nice little extra pay day, especially if you could hire someone to do the work for $50 per window - their happy and you are even happier.

Could you take the request to have locks installed and use it to make extra money? You hire ' sir lance lock', pay him, then add 10-20% to the fee and pass it on to the requester.
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
The client says there are three buildings on the property, but only one is occupied. "Just drop by anytime, tell them who you are and take care of the inspection." Thank goodness for cell phones. I'm five minutes from the property, he calls back. "Wait, I confused this with another property. This is the one with the tenants who refuse to be evicted and promised to let the dogs loose on whoever knocks on the door and then fill 'em with buckshot!" Uhhhhhhh, okay, how does a drive by sound? Or maybe a "fly over".

What fun.

Wally
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Not doing many repos - Yet. Those I do, I make it clear that securing the house is not part of the appraisal process. I've had a couple where the owners are still there. No trouble but they would not return my calls or come to the door. The bank on one said to just go on in if the door is open. I politely declined. Told them my license does not give me permission to trespass. Beside, if someone is loosing their home and a stranger walks in, that is a recipe for trouble.

Rule of the House #16 - Owner of the house or person living in the house, must approve my entry for data collection.
 

Keith

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Hi Bobby!

I enjoy your humor. We need more of it! I imagine your office flooded with go-go dancers at 5 pm on Fridays. If you ever need another appraiser, I am available man! :p

Seriously, REO is dangerous work. If anyone feels uneasy about an assignment you should get a sheriff/police escort. They really don’t mind. They can’t force entry without a warrant, but most often they let you in.

I always knock on the door. I am prepared to state: “I am selling vacuum cleaners for $1000 dollars. Would you be interested?” And leave with the quickness if the homeowner is still there.
 
Joined
Jan 16, 2002
Professional Status
General Public
State
North Carolina
Bobby

I do not do REO or lending stuff, but I have been asked to "take care of getting up with the owners and securing the house" on some litigation appraising for estates and divorce work.

I always make sure the attorney who has contacted me knows that I will be billing him for these issues, separate from my appraisal fee, and try to get a written document authorizing me to do this but on a couple of occassions, they needed some one there "right now." I also request the attorney to get confirmation from his client that they want me to take care of it at my charge per hour plus costs. I bill time for calls to sheriff, locksmiths, contractors, time at house waiting, travel to/from the house. Since I bill the attorney, I always get paid, albeit sometimes slowly. If it is an attorney I do not have a long term relationship, I get an up front retainer.

Happens about once a year. I would not say it is great work since it is outside the realm of the norm and slows down other work in progress, but it does pay pretty good. I certainly would not tell a great client "no" but I would charge them heftily for the work.

Regards

Tom Hildebrandt GAA
 

Neil (Texas)

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Texas
Recently received a request on a residential foreclosure and found there was no problem with occupants, changing locks, or securing the dwelling.

After a trip to the property, I returned to the office and called the client to inform them they had a vacant lot. Seems the sheriff beat them to it and sold the dbl-wide a couple months before, for back taxes. Much to the client's chagrin, they re-ordered a land appraisal. Ah, life gpoes on....
 
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