If you had direct access to a REO Asset Manager, what would you ask them? What would you want to know that only they could answer?
GooD LucK! :beer
I would ask questions that would give me insight on the mindset of the bank. Are they looking to sell and thin the inventory as quickly as possible? What is the lowest they will take and how many DOM before they really get desperate? Bulk purchase discounts?
How many REOs would you like to be rid of TODAY!!!
Raj
I’d ask them why they continue to be so stingy on asking price on certain properties…is it that they are getting bad info from their realtor? Or are they just hoping for that pie in the sky price?
Greetings! I saw this question and I thought it would be ok to ask a question as well…and if I am in the wrong place please let me know! I have two active shorr sales at this time. The one I am in question about is this; The house appraised at low market for 20,000.00 needs lots of work however would be a great house to rehab and sign with section eight housing. ( I would do it myself if I had enough money to do so…newbie at this) anyway we are getting the house for 14,275.00 with 4200 to the 2nd. The market in this area is 20,000.00 to 80,000.00. what would you ask for this house? is it real to beleive we can make at least 15,000.00 on this property? The homeowner just wants out! This kid is in so much trouble and getting him out was the right thing to do! The house has potential for sure…what would you sell for and is our goal realistic? You guys are great here! I have learned so much from you …Thanks again?
I was hoping for more questions. But here you go!
Asset Manager: First you have to realize that we do not always have the final say on an offer. Some of our clients allow us to accept offers and some want us to forward the offers to them for approval…or rejections with or without a counter offer. Either way our job is to manage and sell the property for as much as possible. Of course we take into account repairs and such. In some situation we will give credit toward damages or we may even just fix it. Obviously we want to sell each of our properties as quickly as possible. So any reasonable offer is seriously considered. But that brings up the most common situation. People think that just because it’s a bank owned property they can make unrealistic offers. But we don’t sell cheap just because it’s bank owned. We sell primarily according to two things. The current market BPO’s / MSR and comps, both sales and listed. Based on those numbers we determine what we will accept as an offer. Oh, and the days on market can affect it also for anything over 90 days…then again over 120 days.
Asset Manager: Every single one I have in my portfolio! If they want a list of my portfolio I can provide that too you. It won’t be the complete list, but I think I can provide all the listed and premarkets that are vacant. (Tell me that’s not freaking sweet!!! Anyone interested?)
Matt: Which states would be included in this list?
Asset Manager: Only California right now. That’s the only state I currently manage.
(as a side note to everyone… should this particular asset managers portfolio sales, or even offers, noticeably increase the other asset managers in the company will take notice of the increase and want to know why/how. Then their lists may become available as well.)
Asset Manager: Sometimes its the Realtors, but not too often. If there is a discrepancy with my two BPO’s I will order a third. Generally when I am being a stickler for the price and I don’t come down it’s because I am not the one who’s making the call. Some of our clients require us to manage the property and forward the offers to them for approval, rejection, or to be countered. In this situation we simply provide our professional opinion if the offer should be accepted and why. Generally they ignore us. They hire us for our professional insight and analyzation of properties only to ignore our advice. It gets frustrating for us because we may have a qualified buyer with a reasonable offer that would be a really easy close. But the clients lost a lot of money so they try to compensate by pushing for more. This obviously will more often than not kill the deal and keep the property on the market for much longer than it needed to be. In the end these properties will sell for much less than what that original offer was for.
I would ask Foreclosure Negotiator how many REO Asset Manager’s he has on his speed dial. :biggrin
over 30 at the moment… but I’m working on meeting more. :biggrin
GooD LucK! :beer
I got that list of CA properties this morning. Over 300 of them if anyone is interested.
I also heard back from another asset manger who is interested in making their Arizona portfolio available to me.
I foresee a snowball in the making here…
GooD LucK! :beer
Forclosure Negotiator
I would love to see the list for California.
Thanks
Jay
Matt,
I’m surprised this question hasn’t been asked!
Mr. Asset Manager, what are your general guidelines for what you can accept for a cash offer? This can be a % of BPO for the lenders that leave most of the decision making to you and also for the lenders who want to be involved!
Thanks,
TB
Here is the most recent CA list. This is from 2 asset managers. There are at least two more who have CA that I am trying to score lists from. :shocked
Save the .csv file and open with excel or open office.
Under the status there is a P and a L.
P = PreMarket which are the REO’s that have not yet been listed. These could be recently vacated properties and/or recent aquasitions. Either way, they have not yet been processed enough to be listed.
L = Listed. These are listed for sale. Once at 90 days on the market they will reduce, then again at 120. Any reasonable offer placed on a property after 120 days on market is considered more seriously.
GooD Luck! :beer
Do you have any asset managers dealing with Ohio specifically Southwest Ohio?
Please stop with the ‘piling on’ (“who wants gum”…“I do”…“I do”)
If you want something that another poster has offered, please send them a PM.
Keith
Moderator