REO AGENTS: Remove Bank Owned Signs

ATTENTION REO AGENTS: Due to recent increases in trespassing on vacant properties by squatters across the United States, Bank of America REO agents must take additional precautions on all Bank of America REO properties.

To discourage trespassing, squatting and vandalism, effective immediately, Bank of America prohibits the use of signs or sign riders that include, but are not limited to, the following words and phrases:

Foreclosure

Bank Owned

REO

Vacant

Note: This prohibition is strictly for large signs and does not include notices or postings on the actual properties. Examples of notices that must remain on the property are Vacancy Postings, Post & Store notices, property registrations, violations and any other required notices.

DO NOT post any sign that suggests a property is vacant and/or owned by someone other than an individual. Bank of America is sending out property inspectors to ensure you are in compliance with this directive. To avoid negatively impacting your personalized REO scorecard, please be sure you comply with this order immediately.

For more news and information, visit the Bank of America Agent Resource Center at www.bankofamerica.com/realestateagent. Be sure to read: Bank of America REO Holiday Moratorium 2011.

Have you had any squatters? Share your story…

 

10 comments for “REO AGENTS: Remove Bank Owned Signs

  1. Doug Pinckney
    January 1, 2012 at 1:18 pm

    “Thanks for sharing Poncie. I might add that I rarely visit a property for repair bids that has any lights on at front porch and somewhere back inside the house for added security. This is an easy and inexpensive deturant and used to be required by banks as well and most homes are not set up.”

  2. January 1, 2012 at 1:14 pm

    It always struck me as odd that a Broker would put a foreclosed or foreclosure rider a property. That pretty much mean’s you will not get get full price offers. I have never done this.

  3. January 1, 2012 at 1:09 pm

    I have complied. I do believe that the door postings are still a red flag.

  4. January 1, 2012 at 12:58 pm

    Amazing as it migh seem John, you are right, unfortunately now days its more about who you know not about what you know. I used to do do 200+ Bpos a month, got in with some REO suppliers, some of which are not longer around and got cheated on over 20K worth or reimbursement right at the beginning of the REO cycle in 2007, started rejecting assignments and realized that I had gotten stuck with the bottom feeder REO Asset managment companies, the ones that give assignments and still take a 30-35% cut of the gross commission, so I did not see past that, now everything is selling and all I want is 1 decent account, but like I said, its not about what your know its about who you now a days it seems.

  5. January 1, 2012 at 12:57 pm

    Sergio, I totally agree with you 100%, that no one agent can handle that volume of inventory and be effective and professional with agents within the community. How could they possibly have time to respond to buyers agents when the AM’s are always in constant contact and have request that are expected to be responded to within 5 minutes of notice. No human being can handle that volume. We reject assignments when we are at our capacity to effectively maintain them and provide great service to the clients we serve. I also realize after being in the business for 20+ years you need to take care of your buyers agents and provide them with great service. Otherwise when this all comes to an end you will have a bad name in the community and no one will want to work with you. What goes around always comes around!! Yes, I know of multiple REO agents that shouldn’t be in the business and it amazes me how they can still receive assignments.

  6. January 1, 2012 at 12:56 pm

    I just had a situation recently with a B of A property, where the bank took 14+ days to respond on the offers, reason being they had 15 offers total in 3 days. The home was listed by an agent that did not know the area, recommended a low ball value and got over the top market response in return. I called the agent on day 12 to figure out what was going on with my offer, after a few minutes of placing together which offer my client had submitted, he proceeded to tell me we were too high on our offer. I became a bit nerved by his stance on the whole situation and I proceeded to tell him, that I lived in in the community and had done real estate for 10 years and had over 6,000 bpos to my name. And that the only reason it would not sell for what my clients offered was because of his recommended list price, our offer was 13% over asking price, but within price range of recent comparable data that had just sold in the immediate area. Problem is that the appraisers were not going to bring the market value up that much as they consider all factors including list price to selling price. Basically the agent had cost BofA $$$Thousands of dollars, because he did not know his immediate market area.

  7. January 1, 2012 at 12:54 pm

    John, where I’m from we had 4 agents with an excess of 300+ listings on the market or total pipeline inventory. They treat it like a conveyor belt system. Some are good at managing the load, others are not. For Instance Bank of America Direct has a cap for agents in their network, but they also outsource listings to Asset management companies such as Corelogic, New Vista and Skyhill REO to name a few. Some agent have almost 2 to 3 times the amount the BofA direct has placed on them. You submit an offer on a BofA offer and you get beat out all time, even if my client is at over price.

  8. January 1, 2012 at 12:52 pm

    Sergio, things have already started to change with all lenders now having field inspectors inspecting our properties without notice at least every two weeks to insure that these properties are being maintained. We are scored based upon the findings the field inspector finds during the inspection process. The field inspectors also have inspectors that are inspecting the same properties to insure that the other field inspectors are in compliance. Now many banks will only allotted a certain number of assets to agents to insure the properties are well maintained (at least with the banks I work with),

  9. January 1, 2012 at 12:51 pm

    A good REO agent, who decides to take on a listing is taking on the responsibility of doing at least an inspection a week if not more often, on the properties. If they can not do at least weekly inspections on properties, they have no business being an REO listing agent. I find so often homes that appear to be poorly maintained and managed, its because the listing agent has too many homes for one agent to manage. They have 100+ home and feel that with a staff of 2 or 3 that they should be able to manage it. They are so wrong and the industry suffers a whole. There are a lot of great real estate agents, that are not given a chance to enter the industry. Currently the industry is not improving on its image, in the long run, we all lose by direction the industry is heading as a whole.

  10. December 30, 2011 at 1:08 pm

    Notice was issued to us by all our banks in early December. We are also required to inspect properties at least twice weekly or daily depending upon the area, to insure that no one has moved into the property. I have also noticed an increase of “scammers” posting my properties on CraigsList and Trulia for rent. This has forced us to check multiple sites to determine if our properties are being listed for rent. Law Enforcement is finally taking notice and now forming Task Force to work with us in “sting” operations to better control these types of frauds.

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