I need to know just what I should ask realtors concerning REO’s.
Do I ask them for a “hot sheet” of properties that meet my requirements,or how should I phrase it? Should I get that info just once a week?
Also, how does the realtor get paid and how much? Thanx
Ask the broker or manager firstly at the agency in question who handles all the REOs.
Next, give the REO person your criteria: How much you want to spend, where, how many bedrooms, baths, etc. They’ll locate all the REO’s they have in their system that meet your criteria and email them to you. Simple. :cool
DE
Thanks for the reply. When and how does the agent get paid?
What usually is their commission? Thanks again.
Realtors and REOs
The key to to use “The” listing agent as your selling agent… Dont go around a REO listing agent.
As for what they make… Small deals its not uncommon for them to be paid a flat fee (2500.00) on larger ones they are being paid 5-6 percent and that could depend on their double position.
Start the relationship prior to wanting to buy… Most of the time an REO agent knows what is coming at them and have sold it to their client base already… So have a meeting, take a VOD… Getting to know them will make your leverage go father…
Happy hunting
Michael
Thanks for all the replies. How often should I have the agent email me the list of properties, weekly or monthly? Is this what is called a “hot sheet”? Thanks again.
To add to what Michael said (whose advise is dead on)
It’s been my experience that in many cases the listing agents will already have buyers lined up and it can be difficult to make it onto there “Go to” buyers list. If that’s the case then I would suggest finding someone in their office to work with so you still have a chance to get onto some of the pocket (hot) deals.
Eric
Thank you guys for your responses. Hopefully, since they have such large inventories, they will be more receiptive to me!!
My brother works in the mortgage/real estate busniss and told me no one is going to want to buy an assignment of contract from me because i have no backround in the business and they are more likely to go to and agent or broker, is that true?
cacoca- people don’t really care if you have a background in the business. They just care that they can get something for a good deal. Also keep in mind REO/Bank owned properties are not assignable.
You just need to be professional and appear to be somebody that can follow through. Of course people won’t want to deal with someone that they thinks will waste their time.
As others mentioned…good deals do go quickly, so it is important to take action and make a strong offer once you find a good deal.
I didn’t know they werent assignable. Is that in all states? I’m in FL. Correct me if I’m wrong, in this case you would close with trans funding and then close with your buyer imediately after, Right?
Create a relationship with some realtors. Some love working with investors like us.
Make sure you don’t tell them that you plan on wholesaling the property.
It is ok for them to know that you are a investor, just don’t tell them what you plan on doing with the property. I had a realtor one time that know everything that I was doing, but she did not care because she was still going to get paid.
If they ask for proof of funds, then tell them that the cash is not an issue.
Pretty basic video covering this topic.