This looks like a story about a house that burned to the ground, but it's really about what it's like selling REOs. I have three full-time people deployed on our project, but when the sheriff calls, the official listing agent better show up. Listen for the frustrations boiling over in the video below:
I called the fire chief guy a big shot in the film, but I meant no disrespect. In the moment I felt like I was getting run off, but the fireman was just trying to do his job. The guy he is talking to is Jerry, my long-time pool guy, and the one who took the picture at the top - he happened to be at my listing tending to the pool when the fire broke out.
The frustration has been building because of snail-pace of our REO-selling project. I was assigned 20 listings during the third week of April, and nine of them haven't hit the open market yet. Most are just sitting vacant too, just waiting. I've also spent over $9,000 in repairs and utilities with the promise of a 30-day reimbursement, but no checks in the mail yet. I've closed one transaction, and made about $1,500 after taxes. I wouldn't mind if there was light at the end of the tunnel - do I hang in there for the resetting neg-am era?