Asset Management

Phil's team has completed well over 70 REO transactions in the past two years. Only a small fraction of agents have Phil's knowledge and experience. Even less have his skills.

He formerly worked with one of the regions largest REO brokers. Phil handled the complete files from occupancy check, to evictions, CFK, valuation, marketing, contract, all the way through closing.

On 1/1/2010 Phil left that company and, unfortunately for the clients, had to leave all of his REO listings behind per agreement. The listings were in the brokers name.

Phil has handled millions of dollars in bank owned assets for over 2 1/2 years and has been working full time in the foreclosure market for 6 years. Clients include Chase, Carrington, LPS, Olympus, Accredited Home Lenders, Litton Loan Servicing, Old Republic, CITI, National Default, JP Morgan, GRP Financial, Chrisley Asset, First American, Brighton REO, Green River Capital, Meridian Asset Servicing, Coldwell Banker, HSBC, Tactical REO, and others.

Phil is an Accredited REO Agent via Old Republic Default's training system.

 

Performance

 

All tasks are completed on time and correctly. Phil's job is to make the Asset Manager look good. Phil has worked with about a dozen EMS/OMS sites and is fluent in all the major systems in this area. He is ready to roll from minute one.

  

Phil does not charge junk fees to buyers that result in fewer offers to the client/investor. Phil's team responds to inquiries about properties immediately. Many buyer's agents cringe when they see certain brokers have an REO listing because they know there will be little cooperation.  Just getting showing instructions can take days.

  

Phil has saved more than one Asset Manager's neck by doing cursory checks on public records to verify CT has been issued and/or found other superior or surviving liens. We know who to contact to get these issues resolved or negotiated.

  

Phil is happy to co-broke and help the buyer' s agents along with the process and pre-screen buyers to avoid fall outs.

  

Properties are heavily marketed on the internet and through other agents/brokers.

  

For the junkers - Phil is connected with dozens of investors with cash or solid sources of hard/private money.

  

Expertise

 

Phil is an expert at valuing property for asset management and loss mitigation.

  

A large part of Phil's university education involved data collection and analysis. Sales time lines and prices are determined by using data from MLS, Realist, and public records. He DOES NOT use automated valuation systems as the sole determinant of value . He uses raw data, market knowledge, and experience to determine the best price to achieve the client/investor's goals. 

  

Phil regularly presents market information to real estate groups and uses this info to help determine future value to avoid properties from "missing the curve".

 

                                                          Ethics

One of the biggest problems that asset managers and servicers face in this area is a lack of ethics on the part of some REO brokers.

JUNK FEES - Some still insist on charging junk fees to buyers in violation of the law. These fees take money away from the sellers. Some buyers will flat out take their money elsewhere and not even make an offer.  We do not charge junk fees.

HIDING REO LISTINGS - Another problem is improper marketing or "sand bagging".  Not putting up signs, not putting the property in the correct MLS, making it near impossible for agents and buyers to discover the property.

RESTRICTING ACCESS TO REOs - Putting up obstacles to allow other agents to show. Some brokers will wait days to return calls for showings - if ever. Some use websites that are onerous or do not work at all. We make it as easy as possible.

FAILING TO DESCRIBE OR DISCLOSE - Many REO properties do not have proper room counts, number of beds and baths, and square footage. It is obvious that some REO brokers and their agents or staff have never set foot inside the property. It might be nice to know that a tree has crushed the roof before showing it to a retail buyer.

UNNECESSARY REPAIRS - Some REO brokers have relatives doing all the "bids" for repairs or have set up their own companies to do them without disclosing this fact. Some brokers lack the expertise to properly evaluate repairs. Examples - repairing the ceiling when the roof is still leaking. Repairing the ceiling on a porch when the porch needs to be removed.  Putting expensive glass french doors on an exterior storage area in a bad neighborhood.

FAILING TO SUBMIT ALL OFFERS -   Phil has complained to at least two asset management companies when he caught brokers not submitting offers. Unfortunately for the brokers - they did not know that Phil knew the asset managers. How can you get the highest and best if all offers are not submitted? Several broker REFUSE to verify if/when offers are submitted on REO homes.

All of Phil's REO properties have been marketed as if they were owned by his best friend. Full internet coverage, virtual tours, and easy access is provided to other agents.  Phil personally inspects all properties. All offers are submitted immediately and proof of submission is provided.

References

 

Phil will provide references to Asset Managers from other Asset Managers upon request. Phil can also provide personal references.