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by Tim Shah, Aram Shah
REO Boom: How to Manage, List, and Cash in on Bank-Owned Properties: An Insiders' Guide for Real Estate Agents
Cover
Copyright
Contents
Acknowledgments
Introduction
[Part One]: Launching Your Reo Business
Chapter 1: Inside the REO Game
A History Lesson from the RTC
Big Picture on REOs
The Real Estate Entrepreneurial Timing
Change is Good. Change is REOs
NINJA—No Income, No Job/Assets
The REO Game
The Six Steps of the REO Cycle
The Five Biggest REO Benefits
Three Biggest REO Myths
Chapter 2: Getting in with Asset Managers
The Million-Dollar REO Contract
The Master Listing Agreement (MLA)
Asset Managers Exposed
Asset Managers Profiled
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
Tricks of the Trade
How to Multiply Your Business
The Asset Manager Visit
Five Hot Tips from Seasoned REO Agents
Chapter 3: Setting up a Lean REO Machine
Building Your Dream Team
The REO Footprint
REO Customers
REO Bootstrap Model
REO Plus Model
Assembly Line Standardization
How to Start on a Shoe-String Budget
A Word to Brokers
Leveraging Other Vendors’ Money (OVM)
Using Technology—Folders, Rules, and Forwards
[Part Two]: Managing Your Reo Atm
Chapter 4: Receiving Your First Assignment
Occupancy Check Reports (OCRs)
The Three Occupant Option Posting Rules
Be Prepared at All Times
Performing the Initial Interior Inspection
Managing Cash for Keys
Attending Evictions
How to Get into Condos and Gain Cooperation from HOAs
Checking Certificates of Title
Obtaining Estoppels
Managing Utilities
Agent Sign-Off Sheets
Chapter 5: Conducting the Perfect BPO
The Perfect Broker Price Opinion (BPO)
Your BPO Pictures
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
BPO Section 7: Final Comments
Putting It All Together
Chapter 6: Managing Repairs and Inspections
As-Is versus Repaired
The Bid Scope and Repair Process
Submitting Completed Bid Packages
Contractor Management
Appliance Ordering
Sample Repair Costs
Managing and Inspecting Contractor Timelines
Dealing with Repair Change Orders
Performing Weekly Property Inspections
[Part Three]: Making Reo Cash Withdrawals
Chapter 7: Mastering Listings and Marketing
The Magnet Marketing Plan
The Twenty-Point Interior Checklist
The Ten-Point Exterior Checklist
The Top Ten Staging Checklist Items
Price
Promotion
Placement
The Six Biggest Marketing and Listing Expectations from Banks
Chapter 8: The Art of Offers
Offer Expectations
The Offer Package
Reviewing Offers
Submitting the Clean Copy
The Multiple Offer Monster (MOM)
The Five Offer Statuses
Three Shady Offer Tactics
The Five Biggest Rookie Offer Mistakes
The Dreaded Performance Review
Chapter 9: Closings: The Finish Line!
Closing Your First Deal
The Two REO Closing Rules
The Closing Cycle
Choosing a Title Company
Ten Steps to Close in Thirty Days
Post-Closing Procedures
Code Compliance Management
When Your Listing Goes to Auction
Submitting Reimbursements
Managing Title Companies
Managing Selling Agents
[Part Four]: Milking The Reo Game
Chapter 10: Double/Triple/Quadruple Dipping!
The Six Hidden Income Streams
Stealing Properties at Auctions
Auctions versus Listings
The Three Exit Strategies
How About Title Referrals?
Chapter 11: Blueprint to a Million in Twenty-Four Months
The Million-Dollar REO Blueprint
Putting It All on Autopilot
Leveraging VIP Leaders
Measuring Your Performance
The Eight Success Measurement Tools
Agent’s Scorecard: Making the Bank’s “A” List
Showing Off: Total Gross Sales Volume
Managing Cash Flow
Trimming the Fat
90-Day Action Plan
Chapter 12: Printing Money!
Building Your Mojo
You’re Burning Why?
Avoiding Burnout
Managing Success
Final Thoughts
Appendix A: Your REO Resources
Appendix B: REO Bank List
Appendix C: Buyer Information Sheet
Appendix D: Sample HUD-1
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 J: Closing Checklist
Appendix K: Sample BPO Form
Appendix L: 90-day Action Plan
Appendix M: Market Adjustments and Repair Costs
Appendix N: Agent Sign-Off Sheet
Appendix O: Sample Résumé
Appendix P: Sample OCR Report
Appendix Q: Condominium Estoppel Sheet
Appendix R: Sample Bid Scope of Work
Appendix S: BPO Photo Checklist
Reo Brothers™ Glossary
Index
About the Authors
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