Agents
that work in REO are a different breed than the normal agent ... a
mutation if you will. We live in a different world. I personally love being
assigned a property. For me, a property assignment feels like I'm a kid at
Christmas! I can't wait to go see the property. It doesn't matter if it's a
single-wide full of livestock in the middle of nowhere or a beautiful 2 story
in a prestigious neighborhood (although we would all rather market the later).
I'm so full of anticipation, excitement, and unadulterated joy, that I have
seriously considered brushing my teeth in the car to hurry and get there. I am
aware this is my own personal quirk...but as REO agents we all have some! REO
is like Forest Gump's box of chocolates ... you never know what you're
going to get! The only thing you can be sure of is the highs and lows of this
particular roller coaster ride.
~
The High: Your favorite asset manager has assigned you
another property.
The Low: The home is occupied by someone who looks
really scary and you aren't current on your America's Most Wanted
viewing ... but you're pretty sure he's probably on it.
~
The High: A well organized, cooperative vacating of a
property without even having to give cash for the keys .
The Low: An eviction taking place
while the occupant's children are getting off the school bus - the week before
Christmas.
~
The High: A home left clean.
The Low: Garbage piled higher than
you are tall, complete with a resident rooster and 2 ducks.
~
The High: Trash-out approval and
completion within the same week.
The Low: The trash-out crew
emptied the neighbor's shed and they are now suing for $5000 for their 15 year
old mower and old paint cans (sentimental value you know).
~
The High: The asset manager priced the property in the
realm of reality!
The Low: One priced $40,000 high and you have to
remove 5 trees stumps because the 2nd opinion bpo said so.
~
The High: A well run negotiation
(love, love, love a good negotiation)
The Low: The agent bringing the
offer hasn't heard a word you said about title, escrow, closing within 30 days,
pre-qual letter, and truly thinks "bank owned" means 50 cents on the
dollar.
~
The High: Multiple offers! (more
negotiation!)
The Low: No offers...but marketing
reports that are due in what feels like every 4 days.
~
The High: Escrow officers that work
well with you...like a well oiled machine.
The Low: The escrow officer who
needs 5 days after receiving loan docs to prepare them for a courtesy signer,
and then fails to disburse funds as directed by the commission disbursement
form you faxed no less than 8 times.
~
The High: Reaching the end of the 6
hour bill paying session paying the utilities and maintenance on the properties
you've been assigned and you still have enough left in your account to pay your
own bills.
The Low: Waiting 2-6 months to be
reimbursed.
~
The High: You order utilities on
and there isn't a $1400 past due water bill on the property from the previous
mortgagor.
The Low: The $497.26 closing
electric bill arrives on a property that closed 3 weeks ago...and you know it's
too late to get reimbursed.
~
The High: Being assigned a
multi-family dwelling in a high demand area.
The Low: Finding out all legal
access was sold with an adjoining parcel by the previous mortgagor prior to the
trustee's sale.
~
The High: Getting the local code
enforcement officer off your back because the bank finally authorized the
removal of 32 cars in various stages of "undress".
The Low: Coming back a week later
to find someone has dumped 14 more.
~
The High: An asset manager with a
good attitude and a sense of humor.
The Low: An asset manager who
assumes you are too stupid to find your way to your computer.
~
The High: A selling agent who does
their part of the job.
The Low: A selling agent who is
too stupid to find their way to their computer.
~
The High: Your most recent property
assignment is vacant.
The Low: Noticing the children's
toys next to the drug paraphernalia.
~
The High: Getting all your bpos,
photo reports and marketing reports done and turned in ahead of their due date.
The Low: Finding out a week later
someone wanted everything over-nighted to India instead.
~
The High: Farmer John finally moved
down the road to live with his cousin so you can re-key and get on with things.
The Low: He left 8 goats and 20
cows for you to figure out how to find homes for and.... "No", animal
control has no desire to help you.
~
The High: Knowing you are good at
your job and you do it well.
The Low: Trying to explain to family and friends why you
don't feel bad evicting someone who has made poor choices.
~
The High: Achieving a level of
success that allows you to buy a vehicle that you really love and adore.
The Low: Realizing you just
brought fleas into it from the last occupancy check.
~
The High: The 1968 single wide with broken pipes, no
foundation, and broken windows finally got a cash buyer who for some unknown
reason sees potential for it to be their dream home after a year of marketing.
The Low: Finding out the title
elimination has never been done and no one knows where the mobile home title
is.... and it takes another two years to find it.
~
The High: Being assigned a property
that looks as pretty from the street as a
"normal agent's" listing.
The Low: Finding out the garage
was actually built on the neighbor's lot and there is 3 feet of standing water
in the crawl.
~
The High: Absolutely loving your
job!!
The Low: Working with asset
managers, escrow officers, or other agents that don't.
~
Who
knows why an agent decides to specialize in REO...maybe our mother's dropped us
on our heads as infants...maybe we have some underlying, deep-seated
masochistic tendency...or maybe we just
have always liked the roller coaster over the Ferris wheel. But the next time
you're headed down the freeway, and you see a woman brushing her teeth in the
car... it's just me. On my way to the next assignment, thrilled and excited.
Wave hello and move over to the slow lane!
Adrienne Gillis
REO Specialist
Direct:425-23-5612
Email: KW.REOexpert@gmail.com
When it comes time to choose your REO agent, choose a team
that has seen the gamete of good – bad- and ugly!
Choose the Gillis and Associates Team!
Tons of potential! This doublewide needs a little love but has 3 bedrooms, 2 bathrooms, formal living and dining rooms and a family room. It sits on a large 37,800+ square foot lot with a nice mountain view in the backyard. There is a large one car garage with workshop area, a shed, plus an outbuilding for animals. This home feels very private but sits in a friendly community with HOA dues of $85/year. Contact me for more details!
