Patrick Mahony's Advice

Yes you are right Patty! I dont think B OF A will do anything. Hopefully 2010 will bring your husband a new job. Stay in contact with the HUD conselor.Good LuckPatrick

Princess,Now is not the time to stop.Most likely you now know everything about and every home in that neighborhood.You know all about the bad REO`s, and their pattern of pricing.I am sure you have walked through several Short Sales, soon to be REO`s.Stay with it, don`t start all over in the fall. You probably know more about the market than most Realtors.Tomorrow, the REO of your dreams may come on the market, offered at 300K, and you will know that is a great deal, because you know the current market.You will know that the bank is pricing the home to receive multiple offers. You may offer 300K when everyone else is offering 270, 280, 290K.More and More banks are pricing for multiple offers, they want the home gone. This is the new trend, and will not change.We have know idea where rates will be in the fall. How many buyers are thinking the same as you?

Hey Princess,Are we a new home owner?

OK Princess,I hope you are the only offer! Good Luck!

"It might be that the house is one of those ones where the bank deliberately prices low to incite a bidding war."Why do you think that?

Rules. The Only rules are, no one in a nice suit refers to me as the defendant.My signs have my company Logo, Equal Housing, MLS, The big R.I have changed one thing. The listing agent who`s home I sit open. Generally that listing agent has at least 50 REO`s I will put up all of his or hers listing in or out of the neighborhood. Then of course on a different wall I will have the rest of the neighborhood. The idea is that it is their listing that I am sitting open, as an added bonus to them, I promote all of their listings. I don`t want my REO agents to think I am taking over their listings.Cathy Just pick a house, in company or out of company, and do it. You`ll never look back.

Realtor.com is money well spent.As far as the question. Photoshop the website on to the photographs in the MLS.Your potential buyers have a greater chance of seeing the Domain name on the Photo`s instead of reading about it in the remarks. Technically, this is not a rule violation....Yet.

I also take about 25 pictures of the home and upload them to flicker, smug mug, picasa. send a link back to the listing agent with all the photos. For some reason most REO listing agents don`t take pictures, so it is a bonus for them.I swear by this, I meet a ton of people, a few of them turn into buyers. It beats sitting in a office. How many times has a buyer just walked into your office. For me, my production level ( not sales production. Being what I actually get done) has tripled. You have some place to be, by a certain time.Always check in with the listing agent to make sure the REO is still active.Good day, Good Luck.

1. Look up all the listing agents who have active Lender Owned Properties in your area. Only Lender Owned.2. Start with the homes in the best traffic locations, Then the best condition. You want the best traffic, condition, and utilities on.3. Tell the listing agents that you will hold their REO`s OPEN, ( as in open house ) at least twice a week. Tell the listing agent all you want is the leads from the open house. Get permission to advertise your open house. Follow up with an email to the LA about activity.4. Now that you have the home. Buy at least six large signs ( 2 sided, cheap signs ) that say. BANK OWNED OPEN HOUSE YOUR CELL#If you don`t have a cell phone use mine 480-543-98995. Plan to have an Open House, weekdays 2pm to dusk, weekends 10am to dusk.6. Make a buyers ( doesn`t have listing agents info on it ) Listing copy of every REO property in the area. You should have at least 50 listings, include Short Sales. ( I hate Shorts, but buyers love them until month 3)7. Go to your open house, the first room you walk into. Line two of the walls with the listings, ( the listings of all the REO`s in the area) at eye level. Two rows. Use the blue painters tape.Basically you have created your own REO home store.Keep asking different agent who have reo`s if you can sit them open. In case your store gets sold. If you sit the same house everyday, you don`t have to take all the listings down. However I just had an agent call up yelling about all the listings on the wall, saying it "reflected bad on the neighborhood" Whatever. So now I take them down, but leave up the blue tape. It`s expensive.When your potential clients ask for a copy of a listing on the wall, tell them you will email them a copy, from your wireless laptop that you brought with.Put them on a drip campaign. " What, exactly are you looking for?" Blah.. Blah..

Currently I only have one listing. Great House, very high end, on the water, 4,160 sq ft.The home is occupied, and the clients do not care to have an open house.I guess the number is 1 or 2% of the homes actually get sold at Open houses.I am glad to hold my listings Open. I am completely mobile. I love to hold open houses, they are a great way to market your listings, and find buyers.So since August of 07 I have been borrowing REO listings and holding them open.This is what I do