This home went to auction on 1/17/2012 and had no bids at $377k. It is now on the market for $369.9k and needs about $20k of work. It has a good floorplan and is a nice little house. Like several other recent REO it is listed by a broker I have never heard of and who is not local. REO are now going to smaller brokerages…I wonder why?
Jay, pretty damn good. I am real curious about this change because REO have been handled by just a few specialty shops in this area up until now. It’s a different business model, the listing office makes a smaller commission and has to answer to an asset manager for the bank. The banks have very specific requirements and procedures which have to be followed and they differ bank to bank. Everything has to be tracked and reported according to a rigid template. In other words, the banks want someone with the systems in place who has experience with this kind of business. I do wonder if some of the brokerages specializing in REO have woken up to their potential liability and have asked the banks for some sort of Indemnification agreement. It may be just be a combination of incompetence and normal corruption, who knows?? The specialty shops can add personnell easily, that’s not a problem.
Anonymous
I looked at this house and really liked it do u think it is a good buy? nice floor plan needs updating
Hey, Tom! How’s this for being prescient?
http://www.hoocoodanode.org/node/15574#comment-2357391
Jay, pretty damn good. I am real curious about this change because REO have been handled by just a few specialty shops in this area up until now. It’s a different business model, the listing office makes a smaller commission and has to answer to an asset manager for the bank. The banks have very specific requirements and procedures which have to be followed and they differ bank to bank. Everything has to be tracked and reported according to a rigid template. In other words, the banks want someone with the systems in place who has experience with this kind of business. I do wonder if some of the brokerages specializing in REO have woken up to their potential liability and have asked the banks for some sort of Indemnification agreement. It may be just be a combination of incompetence and normal corruption, who knows?? The specialty shops can add personnell easily, that’s not a problem.
I looked at this house and really liked it do u think it is a good buy? nice floor plan needs updating