I'm headed out to do a occupancy check tomorrow morning. Any advice would be great.

This is from SS.

Check with the utility companies to see if the power/water have been off for a while. If you can not see inside look for things like phonebooks at the door. Talk to neighbors. In FL they are your best source of info but expect to chit chat for a while as they have nothing else to do. Read your assignment as to what their threashhold is for value of any Personal Property left behind is.

If utilities are on you can expect it to be occupied. If so, find out what, if any, CFK they are offering so you know what to tell them. VERY IMPORTANT Read in your assignment what to do if there is a tenant. The rules changed on tenants.

Congratulations and Good Luck.

Awesome Oli! Congrats! Expect to pull out your hair! Make sure you do everything on time and do it accurately. Well done!

Thanks for the heads up Grampa. I'll be sure to read all the docs tonight before I go.

Oli - Congratulations Bud - someday let me know where you are located - PM if you want

If you are not sure if someone is there, leave a 'tell' taped to the door. A card or a note. Come back in a day and see if it is still there.

I was having trouble one time, I taped a no tresspassing sign on the door. That got them to call me. It went fine after that.

Nothing more exciting than a new listing. Good job.

Take pics too.

I just got off the phone with the power company and the power is turned off. They could not tell me when it was shut off but it is not on now. I hope that is a good sign that it is empty.

Congrats on your first listing!!! You can also do a reverse address search on white pages to see if there are any active phone numbers.

If all else fails...wait for the school bus.

Or pay local thief to break in and then wait few days and see if it shows in local newspaper police section...

Or you could always just do a stakeout for 48 hours. Make you feel all Private-Investigator-ish.

But in all seriousness, congratulations!

By the way sometime within the next year you will ask yourself "Why did I get myself into this".

Kiss your life as you knew it goodbye.

I am also very happy for you and hope this brings hope to the other aspiring agents out there. NEVER give up regardless of what anyone else tells you. You earned it.

Congratulations Oli on your first listing! Welcome to the world of REO Madness!

welcome aboard the ss.reo


misery loves company …

No power is a good sign. Unless you want the CFK experience. Congrats

lol @ "the CFK experience"

congrads Oil just got my first bpo orders from SS after getting on board with them in December I hope this means my first SS listing is on the way.

Oh, yes it will come very soon...Three years in and counting so far zilch other then numerous BPOs $45 each ! Good luck!

Congrats!

Congratulations!!! Just make sure you follow all instructions and on time and when in doubt contact your AM or ask the veterans in this board. ;-)

Just got in with SS too through ADR and hopefully we get our listing soon.

Just got in w/ SS too last month, no BPO/REO request yet. I'm sure their inventory of agents in climbing. I hope I get a shot!

I've been doing BPOs for this company for approximately two years. Just last week I was notified I "might" get an REO listing from them. Things are looking up...I think.

Thanks to all who posted. Great advice.I went out to the property today and rekeyed,installed lockbox, took pictures, repaired a broken door, measured and spoke to the neighbors. I will be scheduling the winterization tomorrow. I have also spoke to the AM for some clarification on some items and submitted all requested documents.

No CFK this round, I came prepared but everyone was gone.

I got my first Reo Yesterday, I had to do an occupancy check, and it was occupied, bank is now doing an eviction. I did a BPO on the subject property, now I have to do a weekly update.

Very Cool Sahara. Arm the torpedoes. Full steam ahead.

welcome to the world of reo.. you'll never be the same agian... congrats.

yep ... your going from this





to this

LOL!!!! you made my day BoneFish, congrast Oil your hard work has been paid off!!!

Bonefish, I love it. I wish I could make the money Mike Rowe does. Also I bet I.ve done several of the jobs that he has. At least they felt just as dirty.

Bonefish, too funny! I love it....we are all crazy, are we not?

This end of the real estate business is not for the average agent. It takes a strong constitution to handle it and a drive to succed like no other.

Congrats and good luck. I hope it's good for you. I know it's popular to want to get into REO listings and it can beat regular listings as the sellers are motivated.
I thought I'd share some of my experience and opinions on the REO part.
I've only had 17 listings in the past couple of years and just haven't made as many connections as others I suppose. But it can be a pain in the a** in my opinion with some of these homes. The ones selling for $10k to say $75k, you don't make enough money on them especially if you put a bunch of time into them. Time is precious.Screwing around with the POS inspections, meeting the fire dept, building dept, etc is a pain. Repeated trips is a pain too.
People breaking into them is nothing and I've had my share of that. Lockboxes & signs stolen, no big deal. Having to put out thousands of dollars of your money, expect it at times.
On one of the more pricy sales I had, I had to do the CFK, no big deal, they didn't accept it. We waited for months and I had to meet the sherriff there the day of eviction. Here we are kicking out this guy in a wheelchair, his kids, pets. It was an experience. They took what they could carry. So when I finally get into the house it was a disaster. It was hard to believe the mess and smell. And I buy REO's to repair but never been in one that smelled like this. The neighbors would of been stunned.
So had my movers pack up every little thing and took it all to storage. That day I was there from 8am till almost dark by the time we got everything loaded into storage units. For the $3k or so commission it wasn't worth it looking back.
I just deposited a check for over $40k I made on a fix & flip and I going to focus my energies there more into the future.
I have no bank listings right now and frankly don't miss it.

Hear...Hear...Newton...I agree...100% PITY,PITY the poor fool...in my best Mr T voice...LOL

but...I still take the assignments when they come my way...

Welcome to the World of Pain & Suffering!!! The REO World is waiting for you...hurry hurry step in before the show ends JK

Congrats!

Bonefish - I am laughing so hard I have tears in my eyes!!! Remember when we used to get excited about a new kind of video tour that just came out so we could "showcase" our listings better?? Now I get excited about a new way to open a lock - I just learned a putty knife works better then a gift card or when I first learned how to put a 4 inch deck screw into a back door that the crack heads kept kicking in. Ahhhh - I still pinch myself when I think about what I do now for a listing .....

yep .. and I loath the day that I have to go back to normal RE ..

My First REO," Help" owner IS ASKING FOR $3,000 TO MOVE, FOR ONE MONTH RENT AND 0NE MONTH SECURITY. WHAT DO I DO NEXT

It’s called CFK negations ... get used to it

btw .. it sounds like you have an easy one

Let your Asset Manager know what occupant is requesting. Your AM will let you know if it's acceptable or will tell you to offer less. Also, ask your AM what timeframe is acceptable to them. Most say two weeks, others are more lenient.

Good luck.

Ok, Got the listing agreement today. One question, do you use the one page listing agreement that SS sends to you or do you use the standard listing agreement from your assoc? Or do you use both. How do you guys handle this?

I never send over my local forms. I hate bugging my AMs. Use their form. Great for you!

Congrats and I wish you many more to come! I still get excited every time I get one.

I got a new REO listing. I did occupancy check and owner is still there. I talked to them and they said that they are not moving out but they will file for bankruptcy. It is only 3 day after foreclosure sale. Please Advise.

In my state, we make a CFK offer first. If that falls on deaf ears, it's turned over to an eviction attorney. Apparently, the owners aren't the smartest pups in the litter. If they had filed BK just prior to the foreclosure date, they would have bought more time......

Actually depending on the state filing now halts everything. At least in FL that is the case. Check with your firms legal dept.

Advise the AM ASAP as to what the occupant said. If they have liberal BK laws in your state expect it to take about a year.

Good Luck

FYI

Bankruptcy is federally enacted laws. Thus Chapters 7, 9, 11 and 13 bankruptcy laws work the same in all 50 states. The bankruptcy statue is the same and works the same in California. NY and Florida.

What changes from state to state, depending upon the facts of each case, is how the federal banktuptcy court handles and interprets state eviction and foreclosure law and procedures, as those state laws are different from state to state.

So, in FL if your car is repossessed and you file for bankruptcy post-repossession you can get your car back?

EVERYBODY MOVE TO FLORIDA!