Thanks P-Town, I'll try it.

I called First American REO today to follow up on a phone call I received from someone there requesting I fax over my license and W-9. I ran to the fax machine .. that was 6/8/08. Faxed again in sept. and still nothing. I called today and spoke to the person who asked me to fax back in June and he has no explanation as to why I never received anything. He made a comment that they are waiting for the values to go "up" in my area. WHAT A JOKE! We are ground zero in foreclosures and the values are still going DOWN. I told him they would be waiting a long time and asked if they are holding the REO's. He had no idea except to say he is getting countless phone calls from agents asking the same thing. He suggested I send in my resume which he will attatch to my info. Has that worked for anyone??? What do you include in the resume, basic RE work history, all your work history or strictly REO history??? Do you include a marketing plan...Someone please give me some direction on this...

That's funny. I think I talked to that same guy!!

So what's that all about? Is he joking or serious???

You are experiencing what I've commented on for months now. REO properties are being held off market and they are waiting for values to go up. Some properties have previously been marketed and some have not. It's true, he's not kidding you. I guess the properties with extensive deferred maintenance will some how go up in value as well, not! I guess they figure carrying costs are a-okay.

Yet, we wonder why we're in the mess we're in (in the financial world) and why there are all of those various bail-outs (AIG, auto makers, financial institutions, etc.).

So maybe they have a hidden agenda we are not aware of to somehow manipulate the market upwards.. Maybe it's called supply and demand?? I can only speak for SW Florida that it's a feeding frenzy here with foreclosures. Multiple offers and foreclosures pending in less than a week. We are at the height of our season since the rest of the nation is under snow. I don't remember the last time I had a financing deal.. it's all cash. Limit the foreclosures and now the sharks are bidding even higher for them, thus pushing the market up. Maybe there goal is to feed them to us slowly.

One problem with holding the props. off market is that they degrade, are vandalized, and lose value in other ways. Then of course there are taxes, hoa fees, preservation fees, and code violations.
Great idea for land reos! Probably not a bad idea with a high$$$ house with a good prop. pres. company. But below 200K sell and move on....or...has anyone seen REOs rented?


Sorry off topic, but in reponce to CanDo.

I have a prop in pre-listing....in other words, the re-key, appraisal, BPO etc... have taken a long time to get coordinated. The prop is in a very rural area. So, the BPO and a appraisal (yes a real-deal appraisal ) are now finsihed. I asked the AM, "send over the listing contract and I wil get started ASAP." He says, "we now have to go to the marketing phase." What the heck does that mean? Any help here?

Pretty much, they have to get a price approved from the seller for the property.

Yah, it might involve a second opinion BPO and/or an appraisal. They will merge all the data and give you an LP.

The marketing phase is the stage that is used after the valuations are obtained and the asset manager writes their recommendation to the client and wait for approval. Sometimes it could involved getting a secondary or third value and sometimes it is just waiting on client approval. Sometimes it may be a matter of hours and sometimes a few days.

Welcome Biyobe, I read your first 2 posts and had an idea of what you probably do - looks like I might be right

Welcome to the forum - if I can be of any help just shoot me a PM, you're doing great.

You might pick the appropriate thread and introduce yourself, I am sure you'll be popular , which is not always a good thing - lol

btw - would you consider an abbreviated name here - Biyobe to B' or something??

Yep I think you're on the right track. I may be a little too popular if I post in the introduction form. I know the inventory is down across the nation and everybody is looking for the way in. It is definitely a tough game right now. I'm not necessarily on here to look for new brokers, but more to answer any questions about what the asset managers may be looking for or why things happen the way they do from an outsourcer point of view

Oh and Biyobe is also a nickname that I'm not really known by in the office/industry so I think it should be fine to use online here :)

Biyobe,

At least it will be nice to know which company you are working with so we can ask you the right questions. No pressure though!

Thanks,

Well, since this is an FAREO thread, can we assume you work for First American?