Why do listing agents neglect the needed lawn care and snow removal? They will be reimbursed anyway. Do you think they do not want to put out the money or do some banks have a SET ALLOWANCE?
When I go to view an REO property about 50% of the time, the grass is way high or in winter the snow is Deep on sidewalks and driveway.(LISTED REO properties) Yesterday I had to walk through the lawn/field(past my knees)to get all of my photos ect. Also on a busy road or highway, snow in driveway is ft.deep and nowhere to park.

More & more the lsiting agent is not the responsible party, Many asset Co./Lenders have outsourced to National companies. But it is the agents responsibility to pass the poor performance of these vendors on to the Asset Co./Lender

STLbpos,that makes sense. Where I live we get alot of snow and removal has to prompt because it eventually turns to ice.

I will not have grass mowed or snow removed unless I get paid for it. Some let us do it, some don't.

Some agents just don't seem to care. We have one who doesn't have them winterized, leaves the doors unlocked or gives the lockbox code to anyone. Others, like me, have limited funds to work with and have to get something back to out more out. Right now, I've had over $3000 waiting to be reimbursed on for over 5 weeks. Can't get a response from my asset manager on the largest bill. I've dropped the lawn mowing to every 2 weeks now because of that, and it's growing fairly well. Right now, if it gets listed and I sell it on my own, I am still in the hole on this property.
The others I have now are contracted through FAS and Safeguard, and I have to tell them if any attention is needed and hope they don't send out the guy who breaks out windows and leaves half the job undone...

Also, it depends on the vendors you use. Thankfully, I have vendors that will usually wait 30 days to get paid, so we CAN get reimbursed by the bank and pay them. I can't imagine having to pay every vendor up front for everything and then wait to get reimbursed!!!

We usually have around 20 REO's out there, and it is Thousands & Thousands of $$ for Lawn care, trashouts, rekeys, securing, etc., etc. Imagine if you had 40, 60 or more properties? Even the most successful agent doesn't have a $40,000 slush fund!!! Especially when those agents also have a support staff to pay for!

It is great to hear everyones thoughts and opinions.
-It is definitely important to be on the same page with the AM Company. If I knew upfront that it would take X amount of weeks to be paid, that would be fine.
Just like bpos, most of prefer the companies who pay promptly.

I feel that if you are going to play you need to pay. I would not agree to list a REO property if I didn't have the funds for maintenance.
Also I think the asset management companies should pay promptly after service is completed.

Many agents trying to get REO properties don't understand the fact that it does really cost thousands up front to start in this field. I don't know many companies that reimburse even in the 30 days as said earlier. It usually takes more like 45-90 days for reimbursement. The amount of work we do and the minimal cost the banks want it done in does make for this job to be very difficult at times.

Real Deal, I respect and appreciate your opinion. For the past 3+years(8years total) I have been educating myself. I have declined 2 listings so far this year. Like gambling I think the odds are against you (the Broker). I am in the process of listing an REO property that will enter the market within the month and will be the first Broker to list it since it became a REO. 3 bdrm ranch , 37 years old, dead end street and good schools. The same day that the bank asked me to do the BPO ect., I receive 2 or 3 request from AM companies for the same property. WOW! I felt needed ! lol I wonder if I would be better off over all to accept the bpo fees and walk away. I would like to work with home owners facing forclosure. It would be a great feeling for everyone to win. When I am ready I will solicit this business on my own. For now I am comfy in my own little BPO world , and thanks to this website, I am not alone. Thanks for the reply!

Our lawn guy was ****ty. He would charge for services and then I would drive out there and he had never even been there.
It's not always the LA's fault.