Please Help! Anyone knows the process to sign up with the REO department for Mortgage Banks. :beer
sign up in what way? Are you a Realtor, home buyer, investor, appraiser, etc.
GooD LucK! :beer
I’m a realtor trying to list properties
Banks don’t usually do REO property management themselves. They sub that out to a third party. If there is a servicing company, such as Greenpoint, Countrywide, ETC who is responsible for the REO management they will often sub it out again to an REO management company. This is who chooses Realtors and manages the REO from beginning to end leaving only offer approvals / review for the servicing company unless they have a POA. The servicing company will need a POA for the bank to accept offers, otherwise the offer will need to be forwarded to the bank for approval. This is why it takes so long and there are very often problems when bidding on REO’s. Remember the ‘telephone’ game?
Anyway, the REO management companies will use an online management website such as RES.net or REOTrans.com to manage all aspects of the REO management from property acceptance to Realtor placement to submitting offers to the servicing company and/or the bank. Any Realtor who wants to be considered will need to be registered with the website. When an asset manager gets a property they have a list of Realtors who have the property zip code within their area of coverage. They choose which Realtor they use based on several factors:
- distance from property, the closer the better.
- the Realtors grade, score, rating, etc within the REO management website
- and other stats that are available. These will vary based on what website is being used.
GooD LucK! :beer