The Downside of REOs Part 1

By David Kelsey

Lisa and I have been working with a large lending institution to help sell their REO’s (Bank Owned Properties) in the Pasadena, Altadena, San Marino, South Pasadena and surrounding areas.

The process is interesting. The bank emails us the property address and we verify if the property is vacant or occupied.  If it is vacant, a locksmith is notified, the locks are changed and the property is assessed for repairs. Once the repairs are completed we put the property into the MLS (Multiple Listing Service).

If it is occupied, which has only happened twice, the bank authorizes us to offer relocation assistance.  If relocation assistance is not accepted, the occupants are removed from the property through the appropriate, legal eviction process. 

Yesterday, I was asked to go to one of our upcoming REO listings to meet the sheriff and the locksmith.  A few months ago, (this process takes a long time) I verified there were occupants still living in the property. They were previously offered relocation assistance and did not respond.  Yesterday’s objective was to remove the occupants, have the sheriff turn the property over to me and have the locksmith change the locks.  I met the sheriff (two of them) and as they proceeded to enter the home I chose to observe from inside my car with the engine running.  You never know!  It turned out to be vacant and we are now working on an assessment for what will be required to put the home on the market. This house is in extremely bad shape. Both Lisa and I think it should either be sold for land value or torn down and rebuilt. Check back as we monitor the process.

Are You Really Ready to Buy a Home?

By KesleyAshworth

There are two questions we ask prospective home buyers:

1. Are you are currently working with a Realtor? 
2. Have you been pre-approved by a lender?

Having these two things in order is essential to buying a home.  We know, most people want to “shop” first, because they think that is the most fun aspect of the process.  But in actuality there is nothing fun about falling in love with the home of your dreams only to discover your current financial situation won’t allow you to purchase the home – or worse loosing the home to another buyer because they have their financing in place and the Seller is unwilling to wait for you to go through the process of securing your funding.

Understanding your financial picture and pre-qualifying for a home loan are the first steps to actually buying a home. Once you have this accomplished you will find that your realtor will be better able to serve you and your entire home purchasing process will unfold without any huge disappointments.

So, if you are really ready to buy a home, or need help finding a lender, contact us. We’d love to help.

We’re Married To Our Clients, Not To Each Other.

By Lisa Ashworth

You may have noticed that I have a male business partner.  David Kelsey. It wasn’t too long into our partnership that the ubiquitous question from prospective Seller’s was, “Are you married to each other?”

We are not and never will be. (Sorry David) Understandably, it’s a fair question. Many teams in real estate are husband and wife. That’s not our partnership. Keeping things “strictly business” has been the cornerstone of our success.

Nevertheless the question became a running joke between David and me – so much so this blogs headline was the headline for a large ad campaign. The point being, we are extremely dedicated to achieving the best results for our clients.

If knowing we aren’t married isn’t good enough, the next most predictable question is, “How did you meet?” I met David when I was waiting for my real estate license to arrive in the mail. I had some free time one Sunday afternoon and decided to find an agent who did a good job holding an open house. In other words, an agent who wasn’t sitting in the corner chair reading and making you feel like you were intruding. The house David was holding open had some serious flaws, yet David had smart and creative ideas about correcting them. He was personable and he was authentic. Several months later while driving to a seminar together we learned we had a tremendous amount in common. Both being the “first born,” we’re natural problem solvers with an entrepreneurial spirit. In other words, we were kids who created business and sold things and services –everything from hand-painted rocks to a door-to-door car wash service.

Once our relationship has been demystified and we are seen as two, seemingly normal people we can get to the bottom of how our partnership works. Rule #1 when deciding to become partners: 1+1=3. As often as possible our Sellers and Buyers meet us both. However one of us is assigned to the client and becomes the point-person for that client. It makes communication extremely efficient for everyone. On Monday mornings, our team meets and reviews all current escrows, current listings, current buyers, upcoming listings, the pipeline, goals, etc. The great thing about this is, while I might not be joined at the hip to an escrow David is handling, I know everything that is going on and vice-versa. In the event one of is sick or we go on vacation, we are able to seamlessly transition and take over.

And most importantly, no matter where our clients come from, be it an old school chum or former colleague, we share everything –the cost of doing business and the financial benefits therein – a guiding principle for every happy marriage, business or otherwise.