Getting REO Listings
Does anybody here know how to become a REO agent and get the mortgage companies calling you to list their foreclosures? with the high rate of foreclosures and being a real estate agent as well as an investor i thought i should find out how to get REO listings. Any help would be great. Do i call them and get put on some sort of list? i really have no idea.
-Ryan
afcourse nobody knows, because its a big secret
The only suggestion I have is to search your local MLS listings for "bank owned" "foreclosure" or similar topics.
I have been mostly unsuccessful in buying properties from the bank after foreclosure, but before MLS listings.
[addsig]
In the REO section of most bank sites, you can apply to be an approved vendor.
In most cases you have to be a real estate firm with proven track record of sales and able to show why you would be their best bet
Check with your local credit unions and small banks. You would have better chances there
Ruman- How much business does the reo network website bring in? What does it cost? How much do they pay you to do a BPO?
I am a broker and sell bank owned properties. I do have to do a lot of BPOs.
I would like to sub out the BPO work. Sitting glued to a computer cranking out BPOs like some third world sweat shop piece rate worker is a poor use of my time.
I have signed up for a few of the sites that service the bank owned properties for lenders. I have had varying degrees of success with them. For all I have paid the extra money to have a photo, comment section, bold print, etc.
My Question is: What is best to put in your personal comments section? What doe Asset Managers look for? What catches their eye, etc, etc?