I want to find a real estate agent that can assist me in buying REO’s but can’t find one. Any suggestions on how to find one or how to find the REO’s themselves.
In most areas, there is a small group of agents that list most of the REO properties. However, there are many agents that may have experience representing buyers for REO properties. Do you have an REI club in your area? That may be a good place to find an agent that has experience with REOs. Also, if you know which brokerages list a lot of REOs, you can always call them and ask for an agent that has experience in that area.
Calling Brokerages and asking THE BROKER if they can refer you an agent with experience working with investors could prove fruitful.
Find out who the Broker is, and ask to speak to them early in the morning…you don’t want to speak to the receptionist, and you especially don’t want to speak to the floor person (regardless of their experience…they may want you as a client all to themselves).
In the office in which I work there are aprx. 55 agents…all with a wide and varied range of experience. There are perhaps 3 who’re very knowledgeable and specialize representing investors. Those are the one’s you want to work with.
-Infowell
Hey, the first question I may actually be able to add some insight to. I just went through the same thing, trying to find a realtor very experienced in REO’s, and it was quite frustrating. I actually got lucky and was referred to a buyer’s agent by someone I work with and so far am very happy with him
My agent works for an agency that deals exclusively in REO’s, he is exclusively a buyer’s agent working with investors and has been very helpful even though I am a novice investor.
I would suggest the following - look at the REO listings in area. It is probable that most are listed with a handful of agencies that sort of specialize in this area. Call these agencies and ask if they have an agent that works exclusively with buyers. Be aware that in most cases they will have no interest in representing you as a buyer, they will just want to sell you one of their REO’s (that was my experience), but be persisent and maybe you’ll get lucky.
I had another thought on this topic:
As an Associate Broker who’s also a Certified Appraiser & Investor…I’m a RE Investor’s dream.
I have experience appraising many REO properties in both “as is” and “subject to repair” condition (REO clients want both valuations). I’ve moved on from appraising to more lucrative income streams, and my past experience is EXTREMELY useful to would be investors clients.
Consider contacting your local Board Of Realtors & inquiring whether they could provide you with a list of GAA and RAA designees. The RAA is a Residential designation whereas the GAA allows it’s desigees to appraise both Commercial & Residential (if they so desire). My thinking is; you might be able to find an Appraiser w/one of these designations who’s also a Licensed Agent.
It’d be like looking for a needle in a haystack, but if an investor could find an Agent with experience appraising REO’s properties…you might even have the inside track on homes not yet on the market. Plus you’d have ample time to determine repairs before the competition. Moreover, REO Appraisers have keys & lock box codes (which tend to be the same for various entities).
I don’t see how this could be construed as a conflict of interest. You just want to make sure the Agent/Appraiser representing you isn’t foolish enough to be performing an appraisal on properties you’re interested in. THAT would be a conflict.
-Infowell