How Do I Get Banks To Let Me Sell Their REOs?
Hi Everyone,
Can someone tell me how do I get banks to let me sell their bank owned properties? I just completed my first "short sale" successfully and kind of liked it. I just don't know how to market myself to lenders about their foreclosures. Do I simply call them up and ask for their loss mitigation department and say "Hey, I want to sell your foreclosures?" Any advice would be appreciated.
On your real estate agency's letterhead, propose to the REO department that they consider you to market their inventory of REO. Be sure to include all the zip codes for the areas that you would cover... cover doing BPOs, and other field services prior to listing the properties for sale thru your agency.
Since REO brass prefer using agencies with multiple offices and scores of salespeople to enhance exposure, be sure to emphasize your affiliation with national francises...
And, of course, don't forget to include your company's brochures that detail all the sales awards you have received.
Read my essay Blown Away by their CMA.... it's much more convoluted than meets the eye.
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Why not submit a blanket proposal... You'll go into contract to purchase all their REO in a given territory if they give you 90 days to close on each one... that should give you some time to flip...
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Just trying to understand. You are a realtor and you want the REO listings?
Brenda
Yes. I am a REALTOR/Associate Broker and want to try to get as many listings as possible.
The Short Sale Pro, Thanks for replying so quickly. I think I'll take you up on your advice. The only thing is I don't work for a "national" franchise. I work for a small (approximately 25 agents) locally owned and operated real estate company. We do however, have our on in-house mortgage company to pre-qualify our buyers. I am good at what I do (top producer and multi-million dollar producer). It just sometimes takes me a while to figure out how to do it. I'm trying to become an expert in ALL areas of Real Estate including short sales/pre-foreclosures. Thanks for your info. I love learning from experts such as yourself
Taking that one step further, I would become a demon selling other broker's REO listings... get familar with their (corporate sellers') individual hierarchy, and develop a network/short list of cash ready Purchasers... develop a pattern of closing quickly with very well qualified buyers....
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