looking for suggestions from REO

I have read in some of your posts that your phone rigns off the hook with motivated sellers. I get a weekly list of nod’s from my county courthouse, could you give me an idea of what to mail them to get them to respond.

thanks in advance


Well I’m not REO, but I’ll take a shot. :slight_smile:

NOD is kind of hard, because in an active market these people will get 1000 letters every week from foreclosure properties. The key is to make yours stand out.

Of course there is the ‘granny letter’, which is a hand-written letter in a small envelope with a stamp. What I’ve found really effective is colored envelopes and odd-shaped ones.

But try doing something more creative. What could fit in a package? Robb liked to tell me about the tissue mailer, where you get a travel pack of tissues and write a note saying “Crying over your foreclosure? Call me and I’ll help.” or something like that. The key is to put it in an envelope so it looks bulgy. It will cost about $1 per mailing as opposed to a cheap postcard, but the response is much, much higher.

Hey Chris I got to ask!!

Did that tissue thing for you Chris?

What was your response rate?

Did you run those other ad’s we talked about?

How much did it run where you were?

How many phone calls did you get?

Is your phone still ringing?

Robb I’m about to kill you because I can’t get any sleep past 7AM. People are calling my phone all the time starting at sunrise. It is ridiculous. I need an answering service.

When are you going to write your next book, “How to Make the Phone STOP Ringing”?

Never thought about it! LOL

Maybe I will call it CHANGE YOUR NUMBER!!!

I like the tissue idea, that is great. what kind of ads are you talking about? I have finally found a deal as long as the bank accepts the offer, but it took forever to find it. I would rather prefer people call me.



I haven’t worked with any NOD’s, but in our industry personal contact generally seems to be the best. You’re competing against too many mailings.

In addition to an interesting mailing, you may want to just go up and knock on their door. Even if they slam it in you face, eventually their tone may change. Also, be consistent. Most people who mail, give up after awhile.

Good luck!

Hi Guys,

What is an REO and how can someone benefit from it.

I am wanting to invest as well and just trying to understand what is out there :slight_smile:


Sunny -

From http://www.reiclub.com/real-estate-terms.php#R

Real Estate Owned (REO) - property acquired through a lender through foreclosure and held in inventory.

That’s a pretty obtuse definition. :slight_smile: For a newbie, let’s just say:

“A property that a bank took back during the foreclosure process. The bank is now holding the property and hoping to re-sell it to make back the money from the defaulted loan”.

I guess I should clarify that “bank” means “the investor who gave the mortgage loan” and doesn’t necessarily have to be an actual bank.

R.E.O means Real Estate Owned and or bank owned property…

That being said when I started R.E.O. Consultants I had no clue what it meant either it was just my initials