Hi Sandy, if you'd like to take advantage of the investor market I believe it is a matter of finding the people buying the REOs and connecting them with opportunities locally and nationally. Please email me if you'd like to set up a time to talk about it. Best of luck, Alicia.

Mon May 5 2008, 19:22

I bought a list online a few days ago that has more than 400 different banks to register with to get BPOs and REO listings. It was $99.99 which sounds high but if I get 2 BPOs from it, its worth it. I was skeptical, but it is what it says it is. Its a list of tons of banks and asset management companies names, web addresses, and phone numbers. Many of the web addresses take you right to the companies agent registration page. They do not give any training on how to do BPOs or anything like that, its just a list of the contact info for lots of banks that give out the BPO orders and REOs. Ive never heard of most of them, so hopefully other agents in my area havent either and i can get some listings.

Mon May 5 2008, 12:05

I think Sharon gave you very truthful and detailed advice. The only thing I would add is to hold open houses.
Good luck!
Muriel Levin
MurielLevin@coldwellbanker.com

Sun May 4 2008, 00:57

Hi Sandy, if you want to do REO's just to stay afloat, then the REO business wouldn't be for you. There is alot of tedious work that goes into listing and managing REO's. Just like someone below mentioned, you have to fork out alot of money each month to prepare and maintain these properties, as well as advertise. I have one agent in my office that has an average of 30 REO listings per month and his expenses reach over $30k per month in managing, maintaining and advertising his REO's. Getting into REO's is a tough business, like a business you're going to need some capital start up and some of these banks want proof that you have the funds to take care of their properties, because most of the time you won't get reimbursed for 30 days or more and sometimes not until after closing. You have to do weekly checks, monthly reports, weekly photos of the properties, rekeying/lock changes, trashing out the property, cleaning the property, obtain bids for repairs, pay for repairs, put utilities in your name and pay them, landscaping maintenance, pool maintenance, handle the occasional vandalism, squatters or theft on your vacant properties, etc., pay off any delinquent accounts such as an HOA and maintain those accounts. Then you add all your normal real estate tasks on top of that. If you're an At-Home agent with little ones, are you ready to handle all this.........just to stay afloat? I'm not trying to scare you, this is the reality of the REO business.

My advice to you? Find out about your real estate laws concerning BPO's.....some states prohibit you from doing BPO's because they consider it an appraisal and this is beyond the scope of the real estate license. If your state or local MLS allows it, then I highly recommend doing BPO's. You can make as little as you want or as much as you want depending on how many orders you can handle. I know one person who does over 100 orders per month and makes over $5000 per month and this is all he does. This is all I did after I became a new mom and I brought home an extra $2500 per month - I brought my baby with me to go take exterior photos and worked from my laptop in my pajamas most of the time. I would recommend going online to NABPOP, which is the National Association of Broker Price Opinion Professionals, and get certified in doing BPO's.

Another suggestion.....ask an REO agent in your office if you could be a Buyer's agent for them. Alot of times the REO agents don't have the time to do sign call showings, maybe you can work out a deal with them that you'll give them a referral fee or commission split of some sort for them sending the sign calls to you? These are potential buyers looking for a deal and you could be the one that finds it for them. In this current market, some part of a commission is better than no commission, right?

What about teaming up with a couple of other agents and doing a foreclosure tour caravan of the REO's that are a great deal or in a certain area, etc? These are just some ideas for you to be a part of the REO business without actually getting into the business, you know what I mean? Hope this helps! Good luck with what ever you decide to do!

Sat Apr 26 2008, 02:08

Go tohttp:// www.foreclosuremillionaires.com for more info on short sales.

Fri Apr 4 2008, 07:11

sandy, check out the string from yesterday regaurding Bpo's, there is a lot of good info there that will help you.
good luck
Leanne Smith

Fri Apr 4 2008, 06:35

These sites might help...

www.AssignREO.com
www.REOmac.com
www.REOnetwork.com

Fri Apr 4 2008, 01:02

Perry, i think a couple of years ago, thats all it took. In today's market and in my hood, gimmicks will only get you so far...and starting off with promises of 25% off is, i think, setting yourself up to upset or dissapoint by providing false hope.

In today's market, reputation means everything. The days of discount brokers and gimmicks will be limited to a short list of brokers.

I have had recent success with REO's by concentrating on certain areas and finding that "sweet spot" price range where banks will jump when you want them too. What creates value is knowing the inventory and knowing what is out there and knowing what you are talking about. Not a know it all but have answers.

Also, what makes things crazy is realtors who advertise short sales but in fact, they have not even gotten a BPO submitted or even talked to the bank yet. I see this often with wide range value range pricing. Once i find out about a listing and if they have not even done that,,, i say bye bye..

Good luck with your strategies and keep closing them deals.

Sun Mar 30 2008, 22:45

This is a crazy business in REO's... You don't get good deals and the communication is purposefuly vague. Avoid REOS, try this...

Try advertising that you are the 25% off realtor, whereby you are ready willing and able to give any house on the market a 25% off the price offer. People are taking these in these times....

Sun Mar 30 2008, 21:51

also, what you can do as well, is call the brokers who have their listings and ask permission to advertise their listings in craigslists and where ever you can post for free.. find properties you know you can sell and treat them as your own. Know the inventory in those area like the back of your hand and take the time to preview property on your own without a buyer. You could get lucky and find a listing or owner who see you hustling and will choose you to be their agent. It works.. trust me...

Sun Mar 30 2008, 20:26

What you can do is find who the major REO players are in your area and move offices. You dont find too many banks giving REO props to unexperienced reps trying to stay afloat. If you cant beat em - join em.

Sun Mar 30 2008, 20:17

Hi Everyone,

I just wanted to let you know that Sandy posted a 'Thank you' to you at the link below.

Best Wishes,

Emily Gibson
Customer Service Representative

Fri Mar 7 2008, 07:35

If you are willing to put in the 2 months of training necessary , my sister company is hiring and training agents how to "break into" the REO business. Check out our craigslist ad if you are still interested. Unfortunately, this company is exclusively working in O.C. at this time and we won't be opening an LA office until next year.

http://orangecounty.craigslist.org/rej/583356456.html

The brokerage will handle all the utilities/maintenance/lockbox/rekeys, etc. Our agents just need to do what they do best: get listings (and they will be thoroughly trained - what normally takes 1 year we will compress into 2 months).

Thu Mar 6 2008, 21:55

Sandy,
I too have had a similar experience trying to "break in" to the world of the REO. Realtor magazine actually addresses this issue in the most recent magazine, and I guess it may be online at their website also. The article gives you 5 steps that you can take to get your foot in the door as well as a few websites to visit where you can join or get more knowledge from conventions, etc.

http://www.reonetwork.com
http://www.reomac.com
http://www.fivestarconference.com
Good Luck!

Thu Mar 6 2008, 07:34

Go to my free list of foreclosures and see the names of agents in your area with the listings.
These people are usually pros. Call a few up and meet with them. Good luck.
www.elainezimmermann.com, look athttp:// www.foreclosuremillionaires.com for more ideas.

Wed Mar 5 2008, 20:46

Sandy, It is difficult to break into the REO portion of real estate, and may not be as glamorous or easy as some think. As a REO agent for the bank you must, up front, out of your pocket pay to have the home "rekeyed." You then put all utilities in your name, and see that any upkeep is done- all out of pocket- usually until the property is sold. Sometimes, once it is sold, the lender chooses not to pay you for some of the expenses. In addition you must do broker BPO's on many properties for each one you actually get to list, then do monthly reports on the value of the property, proven with current BPO's on each property. Let me tell you- it's not the way to go if you are "trying to stay afloat."

A better option for some realtors is to take a job as an assistant to one or two agents who are busy!

Patti Phillips
800-680-9133

Wed Mar 5 2008, 18:56

Sandy, The only way I know is to Call..CAll...Calll and CCCAAAALLL. When you get someone to tell you who is in charge of that department you can call and send letters. Have your Broker get on the BPO (Broker Price Opinion) list and your off. It just takes some determination; No real magic pill to find the secret. Good Luck! Take care of those little ones.

Michael
http://www.MichaelRobertsHomes.com

Wed Mar 5 2008, 18:56