HUD & REO Property Preservation - Page 141 - REO Property Preservation Forum

 
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post #1401 of 4599 (permalink) Old 06-13-2011, 11:03 AM
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Originally Posted by thanohano44
Meant $1500. Sorry. Went to public school in Hawaii. Lol

Nah, It's an old Curtis 2000. Worth about $200-$300 bucks on the open market.......
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post #1402 of 4599 (permalink) Old 06-13-2011, 10:29 PM
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Is the customer complaining. Go give the customer a bid. fine out if hes pleased with the work.This client most likely ant your.
post #1403 of 4599 (permalink) Old 06-13-2011, 10:37 PM
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For all you reo contractors:

Monday, June 13th, 2011, 2:27 pm

Servicers made a fundamental shift in how they resell previously foreclosed property at the end of 2010.

More are now willing to go through the extra expense of repairing REO ahead of the sale, according to Kevin Schriver, a Wells Fargo (WFC: 26.90 +2.38%) vendor network manager.

"One very big thing for us -- and one that is catching on for others -- is repairing properties. As other servicers begin to change their philosophy on this, it will be more important for our agents to understand. I think this is the biggest shift for us in some time, as far as getting everyone on board," Schriver told close to 2,000 attendees at the REO Expo default services conference in Fort Worth, Texas, Monday.

Schriver said asset managers will begin expecting more from real estate agents who sell these properties. Schriver's team will look for things like new paint jobs, replacing more appliances and keeping up the appearance of the property.

These repairs, Schriver said, will push the value on the properties in the inventory of foreclosed homes - which totals as much 4.5 million in some estimates - and make them more attractive to owner-occupants.

Indeed, the median price for a distressed property increased 5% in the fourth quarter, according to Clear Capital.

"This marks the longest gain in median price for REOs since the market correction began in 2006," Clear Capital said. "This is a positive signal at minimum. It indicates buyers' appetite for higher-end REO, which could lead to an increase in sale volume this season."

Even the government-sponsored enterprises are making the shift. Patti Donovan, the supplier services manager for Freddie Mac's HomeSteps division said at a later panel Monday that REO repairs will be essential to liquidate this inventory.

"It's important to maintain the property both inside and outside," Donovan said. "If an REO property has 12-inch high grass, how would you like it if that property was next to you?"

Gary Acosta, executive chairman of the asset managing firm New Vista Asset Management, said the REO industry needs to rebrand itself as part of the recovery process, not the profiteers. Targeting owner-occupants and repairs instead of dumping off properties to investors is key.

"The economy will not recovery until the housing market recovers," Acosta said. "And the housing market won't recover until the REO market recovers."
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post #1404 of 4599 (permalink) Old 06-13-2011, 10:52 PM
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Quote:
Originally Posted by JarrattProp
For all you reo contractors:

Monday, June 13th, 2011, 2:27 pm

Servicers made a fundamental shift in how they resell previously foreclosed property at the end of 2010.

More are now willing to go through the extra expense of repairing REO ahead of the sale, according to Kevin Schriver, a Wells Fargo (WFC: 26.90 +2.38%) vendor network manager.

"One very big thing for us -- and one that is catching on for others -- is repairing properties. As other servicers begin to change their philosophy on this, it will be more important for our agents to understand. I think this is the biggest shift for us in some time, as far as getting everyone on board," Schriver told close to 2,000 attendees at the REO Expo default services conference in Fort Worth, Texas, Monday.

Schriver said asset managers will begin expecting more from real estate agents who sell these properties. Schriver's team will look for things like new paint jobs, replacing more appliances and keeping up the appearance of the property.

These repairs, Schriver said, will push the value on the properties in the inventory of foreclosed homes - which totals as much 4.5 million in some estimates - and make them more attractive to owner-occupants.

Indeed, the median price for a distressed property increased 5% in the fourth quarter, according to Clear Capital.

"This marks the longest gain in median price for REOs since the market correction began in 2006," Clear Capital said. "This is a positive signal at minimum. It indicates buyers' appetite for higher-end REO, which could lead to an increase in sale volume this season."

Even the government-sponsored enterprises are making the shift. Patti Donovan, the supplier services manager for Freddie Mac's HomeSteps division said at a later panel Monday that REO repairs will be essential to liquidate this inventory.

"It's important to maintain the property both inside and outside," Donovan said. "If an REO property has 12-inch high grass, how would you like it if that property was next to you?"

Gary Acosta, executive chairman of the asset managing firm New Vista Asset Management, said the REO industry needs to rebrand itself as part of the recovery process, not the profiteers. Targeting owner-occupants and repairs instead of dumping off properties to investors is key.

"The economy will not recovery until the housing market recovers," Acosta said. "And the housing market won't recover until the REO market recovers."

This will be VERY area specific. We have tried carpeting, appliances, pait, ect. ect. and the average days on the market don't change nor does the selling price less repair investment change. Owner occupants out here LIKE to add their own touches. I have seen properties we have done "updates" on and a week after someone buys it the new carpet is ripped out and something different is put in. Now if it's a total dump it might be a different story but the majority of our REO's are pretty new and nice. Ever hear the term "throw good money after bad"?? We just get em cleaned up good, maintain the yard and get em sold in a couple months.......
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post #1405 of 4599 (permalink) Old 06-14-2011, 07:01 AM
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Quote:
Originally Posted by JarrattProp
For all you reo contractors:

Monday, June 13th, 2011, 2:27 pm

Servicers made a fundamental shift in how they resell previously foreclosed property at the end of 2010.

More are now willing to go through the extra expense of repairing REO ahead of the sale, according to Kevin Schriver, a Wells Fargo (WFC: 26.90 +2.38%) vendor network manager.

"One very big thing for us -- and one that is catching on for others -- is repairing properties. As other servicers begin to change their philosophy on this, it will be more important for our agents to understand. I think this is the biggest shift for us in some time, as far as getting everyone on board," Schriver told close to 2,000 attendees at the REO Expo default services conference in Fort Worth, Texas, Monday.

Schriver said asset managers will begin expecting more from real estate agents who sell these properties. Schriver's team will look for things like new paint jobs, replacing more appliances and keeping up the appearance of the property.

These repairs, Schriver said, will push the value on the properties in the inventory of foreclosed homes - which totals as much 4.5 million in some estimates - and make them more attractive to owner-occupants.

Indeed, the median price for a distressed property increased 5% in the fourth quarter, according to Clear Capital.

"This marks the longest gain in median price for REOs since the market correction began in 2006," Clear Capital said. "This is a positive signal at minimum. It indicates buyers' appetite for higher-end REO, which could lead to an increase in sale volume this season."

Even the government-sponsored enterprises are making the shift. Patti Donovan, the supplier services manager for Freddie Mac's HomeSteps division said at a later panel Monday that REO repairs will be essential to liquidate this inventory.

"It's important to maintain the property both inside and outside," Donovan said. "If an REO property has 12-inch high grass, how would you like it if that property was next to you?"

Gary Acosta, executive chairman of the asset managing firm New Vista Asset Management, said the REO industry needs to rebrand itself as part of the recovery process, not the profiteers. Targeting owner-occupants and repairs instead of dumping off properties to investors is key.

"The economy will not recovery until the housing market recovers," Acosta said. "And the housing market won't recover until the REO market recovers."
it the perfect opportunity to begin a process like this. with the interest rates being so low we all can benefit from this. hopfully they will follow through with the process.
post #1406 of 4599 (permalink) Old 06-14-2011, 07:10 AM
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Quote:
Originally Posted by mtmtnman
This will be VERY area specific. We have tried carpeting, appliances, pait, ect. ect. and the average days on the market don't change nor does the selling price less repair investment change. Owner occupants out here LIKE to add their own touches. I have seen properties we have done "updates" on and a week after someone buys it the new carpet is ripped out and something different is put in. Now if it's a total dump it might be a different story but the majority of our REO's are pretty new and nice. Ever hear the term "throw good money after bad"?? We just get em cleaned up good, maintain the yard and get em sold in a couple months.......
there is some truth to that but, i have bought and sold many of these REO's and an invester you want the lowest price obviously but as an owner occupant (which we know there are 10 times more out there than investers) its a good deal. They may not up the listing tremendously but they will up it to cover cost. just multiply the extras they put in by how many houses these lenders have out there. We are talking millions of dollars. Hopefully they are trying to boost the economy.
post #1407 of 4599 (permalink) Old 06-14-2011, 07:35 AM
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Quote:
Originally Posted by JarrattProp
For all you reo contractors:

Monday, June 13th, 2011, 2:27 pm

Servicers made a fundamental shift in how they resell previously foreclosed property at the end of 2010.

More are now willing to go through the extra expense of repairing REO ahead of the sale, according to Kevin Schriver, a Wells Fargo (WFC: 26.90 +2.38%) vendor network manager.

"One very big thing for us -- and one that is catching on for others -- is repairing properties. As other servicers begin to change their philosophy on this, it will be more important for our agents to understand. I think this is the biggest shift for us in some time, as far as getting everyone on board," Schriver told close to 2,000 attendees at the REO Expo default services conference in Fort Worth, Texas, Monday.

Schriver said asset managers will begin expecting more from real estate agents who sell these properties. Schriver's team will look for things like new paint jobs, replacing more appliances and keeping up the appearance of the property.

These repairs, Schriver said, will push the value on the properties in the inventory of foreclosed homes - which totals as much 4.5 million in some estimates - and make them more attractive to owner-occupants.

Indeed, the median price for a distressed property increased 5% in the fourth quarter, according to Clear Capital.

"This marks the longest gain in median price for REOs since the market correction began in 2006," Clear Capital said. "This is a positive signal at minimum. It indicates buyers' appetite for higher-end REO, which could lead to an increase in sale volume this season."

Even the government-sponsored enterprises are making the shift. Patti Donovan, the supplier services manager for Freddie Mac's HomeSteps division said at a later panel Monday that REO repairs will be essential to liquidate this inventory.

"It's important to maintain the property both inside and outside," Donovan said. "If an REO property has 12-inch high grass, how would you like it if that property was next to you?"

Gary Acosta, executive chairman of the asset managing firm New Vista Asset Management, said the REO industry needs to rebrand itself as part of the recovery process, not the profiteers. Targeting owner-occupants and repairs instead of dumping off properties to investors is key.

"The economy will not recovery until the housing market recovers," Acosta said. "And the housing market won't recover until the REO market recovers."
I'll believe it when I see it. Yesterday the news reported another drop in home prices in my area. Awhile back a did a rehab on an REO property, new kitchen, paint the works. I was paid more than they sold the home for. Something got to change.
post #1408 of 4599 (permalink) Old 06-14-2011, 08:44 AM
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Quote:
Originally Posted by mtmtnman
This will be VERY area specific. We have tried carpeting, appliances, pait, ect. ect. and the average days on the market don't change nor does the selling price less repair investment change. Owner occupants out here LIKE to add their own touches. I have seen properties we have done "updates" on and a week after someone buys it the new carpet is ripped out and something different is put in. Now if it's a total dump it might be a different story but the majority of our REO's are pretty new and nice. Ever hear the term "throw good money after bad"?? We just get em cleaned up good, maintain the yard and get em sold in a couple months.......
In your and BPWY's neck of the woods, have you ever thought of putting new tires and maybe some really nice rims on these homes:whistling....

Just saying.
post #1409 of 4599 (permalink) Old 06-14-2011, 08:57 AM
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Quote:
Originally Posted by DreamWeaver
In your and BPWY's neck of the woods, have you ever thought of putting new tires and maybe some really nice rims on these homes:whistling....

Just saying.

LOL! I don't do any work for Greentrree.............
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post #1410 of 4599 (permalink) Old 06-14-2011, 09:03 AM
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