We all have them . .lurking in our desk, hiding in the kitchen junk drawer.
Let's put our old cells to good use!!
Visit www.cellphonesforsoldiers.com to find easy instructions for sending your cell phone to a soldier to help them keep in contact with their families!
"A little Drama in the Rain . . .."
*Ring* *Ring*
List Agent:Hello, Brokerage XYZ, May I help you?
Buyer's Agent: Yes! I want the showing instructions for REO listing ABC street.
List Agent: I'm sorry that listing is no longer taking offers, we are waiting for final ratification from the bank.
Buyer's Agent: I would like the lock box combination so I can write a back-up offer.
List Agent: I can give you the combo, but the bank is not accepting anymore offers, we have two back ups.
Buyer's Agent: Well I'm going to go ahead and write an offer anyways and send it in.
List Agent:OK . . .(grrr)
How many times have you had this conversation? Sometimes I often wonder if I'm speaking a second language. Sorry but NO means NO guys! REO's have become so competitive (limited inventory) that agents seem to throw common sense out the window. Its a difficult market, but let's not forget our manners!
TIPS FOR WRITING A GREAT REO OFFER!
1.) ALWAYS CALL before showing! These properties can go quickly if they are priced well. Ask if any offers have been received or if there are any special addendum's required.
2.) LOCK DOWN THE MONEY! Asset managers will often consider the type of loan that the purchaser has in their decision to accept an offer. Make sure that your client has a rock-solid pre-approval letter or proof of funds letter to submit with your offer.
3.) DON'T WAIT! Tell your clients that if they want the house that they need to drop what they are doing and write NOW! Be honest and tell them that their chances may be better if the offer is written and submitted before the end of business.
3.) DON'T LOW BALL! If your clients are ready to write, there are 10 business cards on the kitchen counter beside the multiple offer disclosure form make sure that your clients know that now is not the time to be coy with their offer. If they want the house they will need to be BRAVE and willing to write above the asking price. ESPECIALLY if they need closing costs!
4.) FOLLOW UP! A fax confirmation is not enough! Follow up to make sure that the agent has your offer in hand. I don't know how many times an agent has said . . . didn't you get the fax?? The list agent did not even know to look for one without a phone call to prompt it.
5.) HURRY UP AND WAIT! Prepare your clients to be patient to hear back from the asset manager and to receive the additional documents. Unfortunately once you are accepted you will be working on the asset manager's time frame, not yours!
Remember to be kind and prepared to the REO agents in your area. Establish a relationship with the agents and you may be surprised of WHO will give you a call for a heads up on a hot new foreclosure.
For more insider on REOS, foreclosures and short sales visit my site www.equitynegotiations.com
Things are looking up!?
I cannot help but notice the difference in short sale negotiations in just the last 60 days. The process is still taking time, but it seems like the lenders are finally getting efficient systems in place to get the ball rolling. More lenders also seem ready to delay the foreclosure process in order to allow for more time for the short sale to be worked out.
What does this mean? It could mean two things.
1.) Short Sales will have a reduction in time ( BUT NOT THE 7 Days that are being pushed)
2.) We will see a significant reduction in foreclosures. Short Sales will be here to stay for several years as the market re corrects and family's struggle to overcome the equity that they lost in their homes.
The bright side is that the process seems to be improving and credit bureaus are reporting that credit can recover much more quickly (2-3 years) with the Short Sale Process. For more information on Short Sales and if you can qualify please visit www.equitynegotiations.com
If you are not already using google aps to organize your transactions and team communication IN ANY JOB that you are in (where allowed) you are missing the boat! Their user friendly aps work well with team projects, organizing calendars and tasks and even working on notes and spread sheets! Check it out at www.google.com and click on "business solutions" and did I mention that this was FREE!!! Take that outlook!
For more information on Short Sales, Foreclosures and REAL ESTATE in the Shenandoah Valley and Eastern Panhandle, Please visit: www.equitynegotiations.com
Check out the new subdivision of homes being built in Slainesville WV, ( About 30 minutes down north 522! The two acre lots and builder incentives add to an attractive package for those who are looking for beautiful mountain views!
BTW thanks for the candy guys!! I will be sure to try and send a buyer your way!
Ready to find your new home? Visit www.equitynegotiations.com to search foreclosures and new construction!!!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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