| How much time is left before we lose our home? It's | | | | National Association of Realtors (NAR) or the |
| already too late for most of us. If only we had sold a | | | | California Association of Realtors (CAR). It's just |
| couple REOs per month--we might have made it. | | | | another way to take money from our pockets. |
| We've been trying since last September to get into the | | | | We are the licensed real estate professionals. We |
| the REO market as selling agents. We've sent many | | | | check our inventory, we find buyers, we represent |
| broker application packages to the REO companies, | | | | sellers, we manage and resolve all issues during the |
| and were even pre-approved by a couple of them | | | | transaction, we manage rental property. We are |
| (for a $200 fee). | | | | photographers, marketers, contract negotiators, |
| Who are these REO companies? Asset managers | | | | website maintainers...and the list goes on. We realtors |
| hired by investors or lenders to sell foreclosed | | | | are multi-taskers. |
| properties go to the REO companies' website. | | | | And now, we need to pay someone to come tell us |
| These companies will take applications from real | | | | how to run our business? To educate us and certify |
| estate agents. They'll check to make sure that we're | | | | that we're properly doing our job? |
| licensed and have the necessary insurance. They'll ask | | | | Just like being a pilot, attorney or doctor, we realtors |
| if we have REO training and certification. If not, they'll | | | | take all the requisite tests, and get all the necessary |
| try to sell us theirs. | | | | licenses and insurance. Yet we have to go through |
| We are the professionals, yet they're checking to see | | | | them to be certified to sell REO? |
| if we're properly trained. If not, they say they can | | | | Yes, I'm glad they alerted Congress. We need to open |
| teach us how to sell REO--for a certification fee, of | | | | REO access to all agents without discrimination. It |
| course. | | | | cannot be a private club. We have to say NO to this |
| So far, we've been completely out of luck getting into | | | | monopoly. |
| the REO market. Each REO company has required us | | | | At one time we had hope. But by now, most of us |
| to drop a couple hundred bucks every time we sign up | | | | have already lost our homes, filed bankruptcy and are |
| with them. | | | | debt FREE. You realtors in control of the REO market, |
| Recently, REO companies have sent Congress an | | | | on the other hand, are only making enough to pay off |
| alarming message. | | | | your debts. |
| They say less than a third of one percent of all | | | | Like anything else, the REO market will dry out. You |
| realtors maintains a stranglehold on the REO market, | | | | may be glad you made all that money, but your assets |
| while the rest of the industry sinks in despair. | | | | have lost 100% of their value. Like all other REO |
| For now, the "20-80 rule" (20% of realtors accounting | | | | agents, you cannot do short sales or foreclosures to |
| for 80% of business) is a distant memory. It seems like | | | | get rid of your debt. |
| the new rule should be changed to the "1-80 rule," with | | | | It's like pouring water into a hole that can never be |
| less than 1% of the agents closing 80% of the deals. | | | | filled. Soon you'll run out of water, and your hole will go |
| They say roughly 5,800 realtors nationwide sold 1.6 | | | | dry. You see, it's all about greed. You always have to |
| million REO homes in 2008. That's an average of 22 | | | | look at least 1, 3 to 5 years ahead. |
| closed listings per REO agent per month. | | | | Making and saving all that money for such a small |
| Why are these REO companies trying to alarm | | | | group, and for what? To lose it all in the end? What's |
| Congress? Because they hope to train, educate and | | | | the point? |
| certify 150,000 realtors nationwide. Take the $200 fee | | | | Most Realtors have lost their homes because you |
| they charge to join, multiplied by 144,200 realtors, and | | | | want to keep all the business for yourself. But we are |
| they make more than $28 million. The certification fee | | | | now debt FREE, and the home market is at one-third |
| costs just as much. | | | | its former value. |
| Truly, I'm glad they alarmed Congress-but we don't | | | | To you REO agents who monopolize the market: |
| need their certifications. It's not recognize by the | | | | What is your plan? |