start with BPO's the site below has a lot of companies to sign up with. Good luck

Sun Apr 20 2008, 18:21

I like David's answer and wished that it were that easy for us. There are thousands of agents looking for the answer to this question too. Many asset management companies have stopped taking on additional agents and closed their interest lists as well.

We have found that the vast majority of lenders are utilising the services of asset management companies rather than dealing directly with agents - brokers. Once a property is placed with the asset manager, their choice of agent can be based on the agents geographic location to the property, relationship with the asset manager, the number of BPOs completed and the accuracy of the data provided, communication skills and performance.

Completing BPOs seems to be they key factor. If you are not familiar with and actively participating in the completion of BPOs for various asset managers, it is highly unlikely that you will have access to listing REO properties. For every 10 BPOs completed, you may get 1 listing. This is changing as the number of foreclosures is increasing yet, every completed BPO is not necessarily going to become an REO. The speed, accuracy and completeness of the BPO will weigh heavily.

There are many companies out there now soliciting agents with the promise of receiving REO listings in exchange for payment of a monthly subscription fee. It is my opinion that most of these "services" are no more than agent directories with no real benefit to agents. References that they provide you may also not be as they seem so...be very wary of any company that calls to solicit your business. Real asset management companies have no reason to solicit your business as they have more inquiries than they can handle already. USRES is one service that is active and I would recommend contacting them. You can also contact other agents, outside of your area (ActiveRain is a good starting point) and ask them who they use.

Once you have started with REOs, you will have, as David points out, the responsibility of bearing the cost of establishing utilities in your name and arranging for clean out, landscaping, re-keying and other requested services of the asset manager on behalf of the "lender". You will also prepare monthly activity reports and updates on area market conditions (Some require more frequent reporting). Each asset management company has it's own requirements and most will require online reporting and submission of accounting. A thorough understanding of the web is paramount!

Mon Jan 14 2008, 12:55

Contact the Banks/Lenders directly and ask how to be on thier list for REO. There is an individual responsible for them. You will need to be able to maintain the properties (mowing, electric, water, sewer, trash removal etc...) and the bank should reimburse you. Usually on a monthly basis.

Mon Jan 14 2008, 11:38