There are several REO companies that are really sticking it to the agents.
Got one the other day from a company I had never worked with (actually confused it with one I work with all the time, names are EXTREMELY similar), anyway, took the listing.
- Drive-by to confirm vacancy
- Vacant: but it hasn't even completed the Sheriff's sale (Really, you didn't know that as the REO company?)
- Wait 2 weeks while they complete the sale and complete 2 more weekly inspection reports
- Numerous emails trying to explain the condition of the yard and shrubbery
- Sheriff sale completed
- Lock change and inspection of trashed house (immediate shower needed)
- Listing BPO ordered and completed
- Structure worth just a little more than a vacant lot in the area
- Numerous emails concerning the condition of the house: missing shingles, ceiling falling in, entire exterior has flaking paint and rotted wood work, so much trash you can't see the floors, exposed wires
- Explain again why utilities CANNOT be turned on (LOOK at the PICTURES that you required me to submit!)
- YES! Another form: HOLD HARMLESS WAIVER must be signed before someone can show or look at property
- Two days later weekly Driveby BPO must be submitted (Really? The Listing BPO doesn't confirm the house is still empty and still there?)
- Get listing documents: $750 commission to listing side and $1500 to selling side (WHAT?)
Commissions are broken down as followed:
List Price $0-$50,000 – List Agent: $750 / Selling Agent: $1500
$50,001 - $1,000,000 – 2.5% per side
$1,000,000 & up – List Agent: 1.6% / Selling Agent: 2.5% (HA! Not around here!)
- New interior BPO required every 25 days
- Drive by with picture due every week
- Required to provide two LEGITIMATE leads to the foreclosures mortgage company EACH month (Shouldn't I get a referral for those, since I am doing your work for you. If I don't I might not get anymore listing from them. Talk about a useless threat!)
- Condition of property will make it ONLY applicable to investors (so no loan referrals, DARN) and you are looking at a sales price 50% of what they listed for (Doesn't a referral imply I am getting paid something? Oh yeah, more listings! SWEET!)
The only good, relatively speaking, thing about this property is it is located in town and close to my office. I live in a rural area and it isn't unusual for an REO property to be 20 miles from the office one way. I have had many that are 30-40 miles one way. The REO companies like to use "as the crow flies" mileage for how close a listing is, which works great in a city, but you can go miles around here without hitting an open section line, so trips get very round-about.
Will be first and last taken from this management company/lender. Not sure who is driving the fee changes, but the requirements are ridiculous. AND NO listing an REO is not SOOOOOO much easier than an owner occupied.
Licensed to SELL - Dedicated - Experienced - Honest - Than Maynard - Purcell, OK
|REALTOR, CRB, Certified Short Sale agent, Certified Foreclosure Agent, Accredited REO Agent|
|Coldwell Banker Heart of Oklahoma Real Estate|
|1726 N Green Avenue, Purcell, OK 73080|