Jay Haugen REO SELLING
EXPERT SINCE 1986
I have been selling REO since 1986 and have sold every REO property I
listed for several consecutive years. My client list includes over 80
financial institutions and many branches of the federal government. My
track record provides the credentials of success required in today’s
market. To discuss my loss mitigation strategies please call me: Jay Haugen
Attention: Foreclosure Department, REO Department, Asset Managers.
Consider the following statistics to help you back up your selling
decisions. I know from years of experience that each file needs to provide
information to justify selling decisions you make and the following will
help you. These MLS statistics are for the Arizona market and predominantly
Maricopa County. You should have a statistical study for each property
you sell in the file that is defined by the subject property parameters.
Arizona updated sales statistics are provided to our clients
who place REO listing with us:
ATTENTION REO MANAGERS.....Your REO
losses will grow substantially the longer it takes you to identify the
market value of your portfolio. In some cases BPO's have been chasing
the market instead of tracking the market leading to additional losses.
As of March of 2009 the value of the REO property in Arizona was over
2.4 BILLION dollars. Since many zip codes are in decline holding time
is a component of total losses. A slow response time to offer negotiation
is frustrating to buyers and this can increase losses.
ARE YOU AN EARLY ADOPTER? In the late 80's and early
90's there were thousands of foreclosures in Arizona and the early adopter
institutions made more money selling their REO than late adopters. Call
Jay Haugen to discuss this strategy for loss mitigation. There is a small
window of opportunity and those who investigate this option for their
institutions will be glad they did before this opportunity evaporates.
The last REO cycle late adopters lost millions more than early adopters
and we are seeing this problem in the current REO disposition strategy
applied in 2006, 2007, 2008 and now 2009. It is important to learn from
the mistakes made during the last large foreclosure cycle and not repeat
the procedures that created millions of dollars of additional losses.
Our early adopter clients were large, sophisticated entities that, in
addition to using our disposition system and technology, provided considerable
and candid feedback to help us refine our disposition system to be 100%
effective over many years with an average market time of 16 days for those
properties sold within 30 days.
You do not have the option of selecting which assets become non-performing,
but you do have the option of selecting an agent with a proven system
for selling REO’s. Jay Haugen's corporate sale service was established
in 1986 with the quick sale of a property other agents had failed
to sell. Even in the buyers market of the time some properties he listed
sold for thousands more than appraisal. Corporate management was so impressed
with the results that he was referred to over 80 other institutions to
be part of their REO disposition team. The “6 Step Property Selling
System” he developed has been effective selling condos to multi-acre
estates and everything in between. Commercial real estate may be next
in line as the subprime impact grows and Jay's systems can be effective
for these assets as well.
Jay's service area grew as a result of this large client base of some
of the largest institutions in America and currently covers Maricopa County,
which has the largest population of all Arizona counties. After the Savings
& Loan crises of the late 80’s and early 90’s the Arizona
economy recovered. Since 1993 Arizona has had a healthy enough economythat
REO departments did not need a large contingent of REO sales agents. As
the market recovered Jay's sales efforts were focused on the broader market
segment of owner occupied property.
Recent market shifts once again dictate promoting the “6 Step Property
Selling System” to the lending industry. Arizona has experienced
a loss of equity for many property owners and a high number of bankruptcies
which have contributed to thousands of foreclosures. Access to an experienced
REO expert is fast becoming a valuable commodity for REO departments with
Arizona inventory. As you will see in review of Jay's resume and credentials
he is well qualified to assist with your disposition needs and is available
to discuss how you can reduce your losses through his asset improvement
and sale services.
RE/MAX Excalibur Realty
8510 E. Shea Blvd #100 Scottsdale, AZ 85260
• Proven track record as successful salesperson since 1982
• Client focused and detail oriented
• Superior knowledge of Arizona real estate market
• Effective communicator & strong technical knowledge
Major Accomplishments & Performance
• Developed “6 Step Home Selling System” which generated
100% success when employed
• Every home listed SOLD, for several consecutive years
• The system worked effectively in the following cities;
Apache Junction, Buckeye, Carefree, Chandler, Fountain Hills, Gilbert
Glendale, Mesa, Paradise Valley, Peoria, Phoenix, Scottsdale, Sun Lakes
• Many clients received an offer after an average of 8 showings
• Average market time was 16 days for the dozens of homes that sold
within 30 days
• Over 100 clients received more than one offer on their property
• Multiple bids gave the seller an auction like environment from
which to select high bidder and dozens of clients received full price
or more for their property • Wrote “Buying Book” to
assist home buyers in reducing after purchase surprises
Awards & Work Experience
• Ranked in the top 6.0% of RE/MAX agents in the world.
• Designated as #3 salesperson for RE/MAX Southwest Region.(Region
contained 4,632 agents at the time)
• Designated as #1 salesperson for RE/MAX Anasazi Realty in Tempe
• Hall of
To become a member of the RE/MAX Hall of Fame, Jay Haugen has distinguished
himself as one of the elite in the entire real estate industry. In his
career with RE/MAX he has produced real estate sales exceeding those of
entire sales staffs of other companies. This extraordinary professional
achievement along with dedication and loyalty qualifies Jay Haugen for
a place of honor in the RE/MAX Hall of Fame. • RE/MAX Platinum,
100% Club, Executive and President awards for superior sales performance
• RE/MAX Golden Eagle Service Award for client satisfaction for
several consecutive years
• Featured speaker & trainer on property valuation at National
Association of REO Brokers (NAREOB) corporate sales conference
• Ranked in the top 1.4% of all Century 21 agents in Maricopa County
• Designated as #1 salesperson for Century 21 Plaza
(Century 21 Plaza was the number one office for Century 21 in the region
at the time which encompassed 2 ½ states with 2,750 associates)
Affiliations & Education
• RE/MAX Excalibur Realty (2007 to Present) • RE/MAX Anasazi
Realty (1990 to 2007)
• Century 21 Plaza (1986 to 1990) & Century 21 Stalcup (1982
• National Association of Realtors (NAR)
• Arizona Association of Realtors (AAR)
• Arizona Regional Multiple Listing Service (MLS)
• Southeast Valley Regional Association of Realtors (SEVRAR)
• National Association of REO Brokers (NAREOB)
• Coursework for Certified Residential Specialist (CRS) & Graduate
Realtors Institute (GRI)
• Real Estate License earned in 1980 while attending Arizona State
• B.S. in Accounting from W. P. Carey School of Business, Arizona
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Our referral base has grown to almost 100 REO departments because we
place client satisfaction on the top of our priority list. Our clients
appreciation of our system is best supported in their own words:
“I wanted to let you know I have enjoyed working with you. I feel
we've built a good working relationship. I look forward to continuing
that relationship and our friendship. Thank you for your insight, knowledge
and guidance. It’s always a pleasure to work with an individual
who presents and handles himself professionally within our industry.”
Adam Lawrence GMAC/Residential Funding Corp.
“Your (sales) statistics are very impressive and certainly prove
your superior knowledge of the Arizona real estatemarket and that you
have what it takes to sell properties in a tough market. You are to be
commended on your prompt friendly service and your willingness to help
with any problem that may arise. Your market opinions are very thorough
and really help to give insight into your local market and how a particular
property should be most effectively marketed. Also, highly appreciated,
is you concern for the seller at all times and our “pocketbook”.
You have never given me any cause to wonder for whom you are really working.”
Paula Higgins Metmor Financial Inc.
“We have been very pleased with the services you have given us.
I especially like the detailed information you have given us on our property.
Since we are not close enough to the property to personally inspect it
ourselves, the information you provide has been helpful to us in deciding
on repairs, setting a list price, and making general marketing decisions.
I also like the way you take a personal interest in our property. It helps
us to feel at ease to know that you are doing everything possible to get
our property sold quickly. I have enjoyed working with you , and I am
looking forward to working with you in the future.”
Melanie Allen Community Federal
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Jay Haugen has assisted the following companies with their valuation and
disposition needs on over 800 properties.
||Great American Asset Management
| Accubanc Mortgage Corp.
||Great Northwest Federal S & L
||Greenthal Realty Partners L.P.
|American Home Funding
||Hanover Financial Inc.
|American Residential Mortgage Corp.
||Imperial Savings Assoc.
|Associates Financial Services Co.
||J.E. Robert Co. of New England
||Liberty Lending Services
|Atlantic Financial Federal
||Main Line Federal Savings
|Ball Asset Management
|BankPLUS Mortgage Corp.
||Metropolitan Federal Bank
|Banner Bank Savings Association
||Mid America Federal
|Benjamin Franklin Federal S & L
|C.S. First Boston
||National Mortgage Co.
||National REO Services
|| Newman Ahearn Chambliss & Bannen P.C.
|Chase Federal Bank
||PCI Gomez Companies
|City Mortgage Services
|City Savings Bank of Meridian
||Petrini Asset Management Co.
|Community Federal S & L Assoc.
||Portfolio Acceptance Corp.
|Connecticut National Bank
||RE/MAX Leading Edge
|Crossland Savings Bank
||RE/MAX REO Nationwide
|CSW Associates Inc.
||Relocation Realty Services Corp.
|Dime Savings Bank
||Resolution Trust Corporation
|EMC Mortgage Corp.
||RTC Northeast Consolidated Office
|Empire of America Realty Credit Corp.
||RTC/Aspen Savings Bank
|Essex Mortgage Corp.
||RTC/Gibraltar Savings, F.A.
|Express America Mortgage
||RTC/Pima Savings Bank
||Seaton & Seaton & Assoc.
|FGB Realty Advisors
|First Commercial Mortgage
||Security Pacific Bank
|First Constitution Bank
||Shawmut First Mortgage Corp.
|First Federal Savings & Loan
||Shorewood Financial Inc.
|First Gibraltar Mortgage Corp.
||Simmons First Mortgage Co.
|First Gibraltar Bank, F.S.B.
||Southwest Savings & Loan
|First Interstate Bank of Arizona, N.A.
||Spring Financial Inc.
|First National Bank
||The Savings Bank of Utica
|First Nationwide Bank
|Foremost Servicing Company
||Union Planters National Bank
||United Savings of America
|Gibraltar Savings, F.A.
||Virginia Beach Federal Savings Bank
||Wells Fargo Bank
|GMAC/Residential Funding Corp.
||Wendover Asset Management
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ZIP CODE SERVICE
Jay Haugen's geographical service area where he has closed sales is defined
by zip code below.
These Zip Codes are found in the cities of:
Apache Junction, Buckeye, Carefree, Cave Creek, Chandler, Fountain Hills,
Gilbert, Glendale, Mesa, Paradise Valley, Peoria, Phoenix, Scottsdale,
Please note that there are many planned communities in these cities such
as Ahwatukee/Foothills, Boulders, DC Ranch, Desert Highlands, Desert Mountain,
McDowell Mountain, Terravita, Troon and numerous others.
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US, Select the method that works best for you. .
List a property for sale…
…..............Have a question about your transaction...
need some advice….
Office/Direct 480-355-3552 then dial 1
RE/MAX Excalibur Realty
8510 E. Shea Blvd. #100 Scottsdale, AZ 85260
Scottsdale, AZ 85260
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From time to time information that may impact your bottom line comes to
our attention. We will update this page as we become aware of changes
in law or procedure that you should know when selling property. The information
provided here may help you reduce losses or limit liability for your company.
REO Disclosure Requirements
Courtesy of Chris Combs (March 2003 AZ Realtor
Real estate attorney with Combs Law Group in Phoenix, Arizona
Q: A bank is selling "real estate owned"
(REO) property. The bank refuses to furnish a "Sellers Property Disclosure
Statement" (SPDS). Is the bank required to furnish an SPDS?
A: No. Unlike most states Arizona does not
have a staute requiring written disclosure by sellers. Therefore, the
bank can require that, if the buyer wants to buy the property, the buyer
agree to an amendment to the contract deleting the SPDS. Note:
Under common law and the contract, Lines 280-282, the bank is still required
to disclose any material and adverse facts related to the property.
JAY HAUGEN: Banks may sell property
in "AS IS" condition but "common law" dictates that
the sale be "Informed AS IS" since the bank is required to disclose
what it knows. It is a good standard of practice to check the property
files for any adverse and material information that should be disclosed
to the buyer. Disclosure issues discovered within the banks REO files
during any litigation after closing may create additional loss. In light
of the economic risks of nondisclosure, filling out a Seller Property
Disclosure Statement (SPDS) would not be an unreasonable company policy
to limit the institutional liability for after sale claims.
On April 30, 2003 a local Arizona news channel (channel
3) announced that a family had purchased a HUD home and after closing
learned that it was previously a meth lab. The reporter also announced
that after the news staff visited with HUD they agreed to clean up the
the property or buy it back. You probably do not want your company to
be the subject of evening news.
AS IS vs. REPAIRED
The big question when a file lands on your desk is how do you minimize
the loss. Consider the three different buyers for an REO property.
Investor/bulk sale: The goal is to make money on a quick turn around
so they consider market value, cost of repairs, and desired profit margin
for their efforts. Their offer will be thousands below market to meet
this goal. Sometimes this is not the perfect buyer, and there are times
when this is the perfect buyer for a no win, heavily damaged property.
Owner/Occupant Investor: The goal is to make money when the property
is sold in the future. Perhaps they will make the repairs themselves which
cuts out the profit margin of the contractors so they can pay you more
for the property.
Owner/Occupant: No time to fix it up, they just want a quick clean move
and they will pay close to fair market value or more for the opportunity.
In our experience many buyers figure the expense of repair at three times
the cost. If a buyer will pay $4,500 more for a property with a $1,500
paint job you have effectively lessened the loss for the company by improving
the market appeal with a coat of paint.
The AS IS/REPAIR decision also depends on if the market favors sellers
or buyers at the time of sale. Jay has sold REO property for $40,000 to
$95,000 more than appraisal. Including a directional market study with
a BPO’s helps determine market direction which the previous examples
show are crucial to reducing REO losses. Jay looks forward to discussing
your disposition goals should the need arise here in Arizona.
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