Breaking into the reo

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Breaking into the reo

  1. 1. Fannie, Freddie & HUD Sales Meeting October 13, 2010
  2. 2. List From Last Weeks Video <ul><li>Fannie Mae- AMN </li></ul><ul><li>Premiere- PAS </li></ul><ul><li>AssetLink- ALS </li></ul><ul><li>Litton- LIT </li></ul><ul><li>Security National Mortgage- SNM </li></ul><ul><li>Fidelity- 3524 or FID </li></ul><ul><li>Atlas REO- 8590 or CMB </li></ul><ul><li>Nationwide- 5234 or NWR </li></ul>
  3. 3. Video <ul><li>How Banks Can Fix the Foreclosure Crisis </li></ul><ul><li>Featuring Joe Weisenthal </li></ul><ul><li>And Daniel Gross </li></ul>
  4. 4. Feedback from Banks <ul><li>Sent out emails & made phone calls </li></ul><ul><ul><li>Only Talked to Tony Shaw </li></ul></ul><ul><li>Will follow up more until we get feedback </li></ul>
  5. 5. REO Kits <ul><li>$97.00 </li></ul><ul><li>http://www.reokit.com/GREEN/?hop=0 </li></ul>
  6. 6. Fannie Mae: Minimum Supplier Requirements <ul><li>Your company must: </li></ul><ul><ul><li>have been in business for at least one year </li></ul></ul><ul><ul><ul><li>be able to demonstrate revenue for this period. (You may not obtain more than 70 percent of your revenue from Fannie Mae) </li></ul></ul></ul><ul><ul><li>have a professional place of business outside of Fannie Mae, and be able to provide that business address to Fannie Mae </li></ul></ul><ul><ul><li>provide a completed W-9 form to Fannie Mae </li></ul></ul><ul><ul><li>provide a certificate of insurance evidencing the insurance coverage appropriate for the level and type of business to be conducted with Fannie Mae </li></ul></ul><ul><ul><li>have and maintain a minimum of three W-2 employees </li></ul></ul>
  7. 7. Fannie Mae: REO Broker Supplier Registration <ul><li>Completed W-9 form </li></ul><ul><li>Insurance Certificate(s) </li></ul><ul><li>Real Estate Broker License </li></ul><ul><li>Legal Company Name </li></ul><ul><li>Federal Tax Identification Number or Employee </li></ul><ul><li>Identification Number (EIN) </li></ul><ul><li>Full contact information for the Primary Vendor Contact, and Ordering and Payment Remit to Addresses </li></ul><ul><li>3rd party diversity certificates (if applicable) </li></ul><ul><li>Certificate of membership to a professional organization (optional) </li></ul><ul><li>Resume (optional) </li></ul>
  8. 8. <ul><li>Does your company have a Corporate/REO Department? </li></ul><ul><li>If so, how many years has it been in operation? </li></ul><ul><li>What percentage of your business (by revenue) has resulted from Corporate/REO business over the past 12 months? </li></ul><ul><li>Is your company a franchise? </li></ul><ul><li>If so, what is the name of your franchise? </li></ul><ul><li>How many sales agents do you have? </li></ul><ul><li>What is the average sales price in your geographic coverage area, for the past 12 months? </li></ul><ul><li>Do you provide non-traditional market support (e.g. auctions, bus tours, internet marketing) for your listings? </li></ul><ul><li>If so, please provide examples. </li></ul><ul><li>Is MLS membership available in your area? </li></ul><ul><li>If so, is your company a MLS member? </li></ul><ul><li>If not, does your company cooperate with outside companies in the sale of your listings? </li></ul><ul><li>Please provide information regarding your company's management team. (i.e., name, title, years of experience, years with company) </li></ul><ul><li>Please list professional organizations in which you hold membership. (i.e., organization, date joined) </li></ul><ul><li>What is your sales volume (by revenue and by number of units sold) in the past 12 months, per market area? (Market area may be defined as a county, a city, part of a city, a town, a region, a Metropolitan Statistical Area, etc.) </li></ul>Fannie Mae: Example of Questions Asked
  9. 9. Fannie Mae: REO Repair Contractor Registration <ul><li>Our registration process requires that you upload the following documents: </li></ul><ul><li>Completed W-9 form </li></ul><ul><li>Insurance Certificate(s) </li></ul><ul><li>Legal Company Name </li></ul><ul><li>Federal Tax Identification Number or Employee Identification Number (EIN) </li></ul><ul><li>Full contact information for the Primary Vendor Contact, and Ordering and Payment Remit to Addresses </li></ul><ul><li>3rd party diversity certificates (if applicable) </li></ul><ul><li>Certificate of membership to a professional organization (optional) </li></ul><ul><li>Contractor's License (as required by local ordinances) </li></ul>
  10. 10. HUD <ul><li>Fill out: </li></ul><ul><ul><li>SAMS1111 Broker Application </li></ul></ul><ul><ul><li>SAMS1111A Selling Broker Certification </li></ul></ul><ul><ul><li>Mail to Denver Homeownership Center </li></ul></ul><ul><li>Receive NAID (Name Address Identifier) </li></ul><ul><li>Show, Advertise and Submit offers on HUD homes </li></ul><ul><li>Upon Close, HUD pays up to 5% commission </li></ul>
  11. 11. HUD: Different States <ul><li>Principal brokers: </li></ul><ul><ul><li>Can register in more than one state using a single NAID , but must have a valid broker's license for the states in which you are registering </li></ul></ul><ul><li>Selling agents or associate brokers: </li></ul><ul><ul><li>Can register in multiple states, but will need a separate, valid NAID for each state </li></ul></ul>
  12. 12. HUD: Brokers & Agents <ul><li>Principal broker must first register as a Bidder on the website (the link is in the upper right corner) </li></ul><ul><li>Then the associate brokers and selling agents can register on the website using the principal broker's NAID </li></ul>
  13. 13. Making offers on HUD Homes <ul><li>Submit Offers online </li></ul><ul><li>Check status by logging in to HUDHomestore.com </li></ul><ul><li>Counteroffers: Cancel original bids, response necessary </li></ul><ul><li>Acceptance: </li></ul><ul><ul><li>Email will be sent to you, but must check the website </li></ul></ul><ul><ul><li>deliver signed contract and addenda to asset manager within 2 business days </li></ul></ul>
  14. 14. Making offers on HUD Homes <ul><li>Bidder Functions: </li></ul><ul><ul><li>Open: The bid has been submitted and is awaiting review by the asset manager. The bidder can modify or withdraw their bid. </li></ul></ul><ul><ul><li>Accepted: The bid has been accepted by the asset manager. </li></ul></ul><ul><ul><li>Withdrawn: The purchaser or their bidder has withdrawn the bid, and it is not longer under consideration by HUD. </li></ul></ul><ul><ul><li>Cancelled: The bid has been cancelled. </li></ul></ul><ul><ul><li>Under Review: The bid has been opened and is being reviewed by the Asset Manager (AM). </li></ul></ul>
  15. 15. Freddie Mac <ul><li>Homesteps.com </li></ul><ul><li>No phone calls—just send them your name and what zip codes you want to work in, and hope they contact you </li></ul>
  16. 16. Events <ul><li>OABR: Free Event </li></ul><ul><ul><li>Oct 21, 2010: The Process of Setting up REO’s and Short Sales </li></ul></ul><ul><ul><li>Speakers: Peg Maloney, Paul Vojechehoske, </li></ul></ul><ul><ul><li>And Judi Anding </li></ul></ul><ul><li>Buy the Big O! Show- Today! </li></ul>
  17. 17. Questions/Comments

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