Just wondering if there are any licensed agents on this site that list/sell REOS? How do you get these listings? Is it really as easy as calling them and asking? I was told by an agent that doesn’t list these type of properties that it’s like applying for a job---- resumes, references, etc.
Thanks in advance for your help!
I’m a realtor but have never gone after REO listings. I did run across a site that claims to help agents get listings for REO properties. Go to https://www.reotrans.com/index.cfm and look at the “Agent” link.
Hey Tom,
I am in the Houston area. I have never seen the website before you listed. How would you rate it as far as leads? Very inexpensive for each zip code you list but does it produce? Thank-you.
James
James,
I’ve never pursued getting REO listings so unfortunately I don’t know. However, for the cost, there isn’t any reason not to try it. Maybe someone else using this forum has used it.
If you are asking if you can secure a short sale simply by calling the bank, well, I don’t know.
I couldn’t.
I had to provide a settlement statement, proof that foreclosed homes were going back to bene (virtually no investors are buying at auction around here it seems), and a list of comps that showed that the market had gone down since the last appraisal.
It was a bit of a learning curve!!
We are talking about two totally different things here. REOs are not short sales. They are repossessions the bank has taken back. As far as getting them, do lots of BPOs for companies that also offer listings, OCWEN, Single Source Property Solutions, etc. Also sign up on realtrans as the previous person mentioned. It will take a good 6-9 months to get your first listing(most likely) as it’s not a quick process. Also they will come randomly at first before they become consistant. Also they are a lot of paperwork dealing with reimbursements for repairs, cleanouts, utilities, etc. which you normally have to pay for and wait for reimbursement.
Getting in good with the REO dept is kinda like any thing else, it’s not what
you know but who you know. Years ago there were only a handful of Realtors
that were hand picked by the reo manager at the lenders that were responsible
for listings.
Listing reo’s Used to be considered a bottom feeding businees, but not anymore.
I know many agents that do nothing but reo deals and make more than those who do
straight resell transactions. Unfortunately you will have to be qualified enough to make
the lender comfortable with your ability to produce.
Eventually you will get a few listings (don’t hold your breath) but you will need to produce
instantly, no excuses! Sometimes the lender can be a bit unrealistic in terms of what they
can get the property sold for in a short time frame. I do however believe that the Reo is
a great niche for any Realtor to add to their repetoir.
Just submit your request, be patient & be ready to produce once they call your number.
Thxs so much for your responses, I’m in Michigan, currently second in the nation for foreclosures so the market sucks, I figure if you can’t beat’em join 'em!
thanks tc great starting point!!!
I think that Chicago just may be # 1 in that category.
Where can we find the stats-rankings on foreclosures by city/state
Realty Trac posts their rankings of foreclosures each month. This week they had a big article in the Atlanta newspaper about it.
TOP TEN
States with highest foreclosure rates, Oct. 2006:
I know in my area there are dozens each month auctioned off on the courthouse steps. Lots of deals for those that are willing to do the work to get them.
Thanks Triton- Really good info. Vegas sounds nice ;D