• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

The REO From Hell

Not open for further replies.

Bobby Bucks

Elite Member
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
North Dakota
Well, it was supposed to be a nice day at the ranch this past Monday as far as Mondays go....after
a weekend packed with nonstop entertainment my intent was to wake up around noon if the mood
hit me....of course that never happened.....around 9:00 AM I heard a horn honk, a door bell ring
and the low rumble of a diesel engine..... not necessarily in that order. I peeked out the window
and lo and behold there was Boom Boom Bonnie, local battle axe real estate queen in her solid
gold Mercedes. From the frown on her face I could tell it was not a social call. I answered the
door and Bonnie skipped the good mornings and pleasantries and said “Bucks, you’ve done it this
time, and I’m not going to take it.” Before I get into the what’s and wherefores, allow me to give
you a little background on Bonnie. Boom Boom is a name no one uses to Bonnie’s face and lives
to tell about it. She could have been a pulling guard for Tom Osborne and the Cornhuskers. She is
the epitomy of your war horse, battle axe, take no prisoners R E Agent. She grosses about 70 K a
year and spends about 50 K of that to advertise to the whole town that she’s making a fortune
peddling houses. Her face is all over 3 counties. She hates me because I’m a fishing buddy of her
landlord and am a bar pal with the guy who leases her the Mercedes. She hates my guts for
knowing this. :) Bonnie has one of those beehive hairdos that went out of style during the Nixon
days, only Bonnie is big on tradition. In the last 40 years she hasn’t changed the picture she uses
in the newspaper, signs or business cards...I’ll bet you’ve never met one of those, have you? Now
before you go calling Bucks a sexist pig, keep in mind I can be just as hateful when criticizing
males I dislike, only Bonnie happens to be female....well almost. Anyway, the reason for Bonnie’s
visit was that she took her first listing ever of an REO.....My value was $90 K and Bonnie did a
BPO for 138 K and the megga bank raked her through the coals about it. Maybe because you can
buy a new house just like it for 130 K that has flooring, a heating system, a hot water heater and
the kitchen cabinets.....Isn’t it amazing what people can carry with them when they leave? She
was calling me names I’d never heard before. Then she started trashing ole Gus who is a broker
who used to get 90% of the REO listings for years and does a good job. Apparently Gus has a full
plate. I began trying to explain that REO’s are a little different than red ribbon row houses but
Bonnie wouldn’t hear of it. She screamed out “I’ve been a Real-i-tore for 30 years and an agent
for 40. She couldn’t account for the 10 year gap. I told her that I’d been an appraise-ore for only
about a third as long as she had been a Real-i-tore, but that I had been a broker since my Junior
year of college. Bonnie brustled at that. One thing I’ve always wondered about is where those
extra syllables come from in real-i-ty and real-i-tore. I asked Bonnie of she had read the REO
addendum when they gave her a copy of the report and she said “Don’t you start off on all those
things......I could get me an REO if I wanted to, in fact I might get one at my next update course.
Our broker in charge has one and she also has a GRA and GRS and I’ll bet you don’t have any
those do you?” “No Bonnie, and I don’t have an STD either.” Bonnie glared again and decided
she was getting nowhere......she waddled back into that Mercedes and left in a hurry. Somehow, I
don’t think this is the end of the story. Bonnie still hasn’t put a sign on that property and I haven’t
heard back from the megga bank who owns it. Maybe Bonnie’s in continuing ed getting that
REO. :)
The Bucks Ranch Rocks


Feb 4, 2002
Professional Status
Licensed Appraiser
The easiest REO I have yet done was only a few weeks ago. Address was for "3322 Park St". I drove up the street, 3318, 3320, 3324 Park Street. No 3322. The city had already torn it down :eek: ! Now that is what I call repossed. Ended up doing a land appraisal report for a 33' x 85' in town lot with a value in the low 1000's.
Now that warmer weather is on the way, I will most likely not see any REO's untill it hits about 90 degrees and all the garbage and animal feces have really started to stink up the home :roll: Either to hot or too cold, never a really nice 75 degree day with a stiff wind to give one some fresh air to breath while walking through one of thes lovely homes. :wink:

Dick Hemry GAA

Sophomore Member
Jan 18, 2002
Great story!! We have those Real-i-tor types around here too. They just know everything there is to know about anything. Many clamor for the ABR but would go for the REO designation too, if available. Start a course and make a bundle offering this "new" Real-i-tor designation.

Meanwhile, back at the ranch --------


Les Brant

Freshman Member
Jan 22, 2002
I was feeling a bit low after some major dental work. This has really brightened my weekend. Thanks a bunch.

Les in Sunny But Cool Coastal (N) Carolina
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks