Contents
CHAPTER 1: Inside the REO Game
The Real Estate Entrepreneurial Timing
Change is Good. Change is REOs
NINJA—No Income, No Job/Assets
The Six Steps of the REO Cycle
CHAPTER 2: Getting in with Asset Managers
The Million-Dollar REO Contract
The Master Listing Agreement (MLA)
Direct versus Outsourcer Accounts
The Five Biggest Direct Account Benefits
How to Land Your First Bank Contract
The REO FARM™ Play: Talk About the Farm
Five Hot Tips from Seasoned REO Agents
CHAPTER 3: Setting up a Lean REO Machine
How to Start on a Shoe-String Budget
Leveraging Other Vendors’ Money (OVM)
Using Technology—Folders, Rules, and Forwards
CHAPTER 4: Receiving Your First Assignment
Occupancy Check Reports (OCRs)
The Three Occupant Option Posting Rules
Performing the Initial Interior Inspection
How to Get into Condos and Gain Cooperation from HOAs
Checking Certificates of Title
CHAPTER 5: Conducting the Perfect BPO
The Perfect Broker Price Opinion (BPO)
BPO Section 1: Client and General Info
BPO Section 2: General Market Conditions
BPO Section 3: Your Subject Property
BPO Section 4: Your Competition
BPO Section 5: Your Repair Strategy
BPO Section 6: Your Market Pricing Strategy
CHAPTER 6: Managing Repairs and Inspections
The Bid Scope and Repair Process
Submitting Completed Bid Packages
Managing and Inspecting Contractor Timelines
Dealing with Repair Change Orders
Performing Weekly Property Inspections
CHAPTER 7: Mastering Listings and Marketing
The Twenty-Point Interior Checklist
The Ten-Point Exterior Checklist
The Top Ten Staging Checklist Items
The Six Biggest Marketing and Listing Expectations from Banks
The Multiple Offer Monster (MOM)
The Five Biggest Rookie Offer Mistakes
The Dreaded Performance Review
CHAPTER 9: Closings: The Finish Line!
Ten Steps to Close in Thirty Days
When Your Listing Goes to Auction
CHAPTER 10: Double/Triple/Quadruple Dipping!
Stealing Properties at Auctions
CHAPTER 11: Blueprint to a Million in Twenty-Four Months
The Million-Dollar REO Blueprint
The Eight Success Measurement Tools
Agent’s Scorecard: Making the Bank’s “A” List
Showing Off: Total Gross Sales Volume
APPENDIX C
Buyer Information Sheet
APPENDIX E
Reimbursement Checklist
APPENDIX F
The Multiple Offer Monster (MOM) Email
APPENDIX G
Clean Copy Instructions
APPENDIX H
Sample Listing Letter
APPENDIX I
Monthly Marketing Report (MMR) Template
APPENDIX M
Market Adjustments and Repair Costs
APPENDIX N
Agent Sign-Off Sheet
APPENDIX Q
Condominium Estoppel Sheet