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Mg, Other/Just Looking in Phoenix, AZ

Where do Realtors get REO listings and how much do you need to know about REOs prior to listing?

Asked by Mg, Phoenix, AZ Thu Aug 23, 2007

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There are several ways to get REO listings. Each lender has a bit different selection criteria and there is no fast and easy approach. For the most part, Realtors start out by doing BPOs for different companies and they sign up to be considered for listings. Banks usually only work with a limited group of agents in their service areas and when they expand the group of agents they choose among the Realtors who actively prepare BPOs for them.
Some lenders only take agents who have REO experience and other take agents without REO experience. Let me know if you'd like more info.
Web Reference: http://www.go2kw.com
1 vote Thank Flag Link Thu Aug 23, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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Hi Mg- When I decided that I wanted to try to break into REOs, I signed up with every company that I could find who was looking for vendors to do BPO's and spent the past three+ years doing them whenever I could.

Also, whenever I met another REO agent, I would ask them if there was anything they could do to put in a good word for me with their asset management company. (Although you probably won't have much luck getting local REO agents to help you take their business ;) )

Somehow, somewhere, my name finally popped up at the top of somebody's list and I've been busting my hump in the wild world of REO's ever since.
1 vote Thank Flag Link Thu Aug 23, 2007
I tried in the past to get on the endless list of REO agents only to find that you needed vast experience with REO's to be a REO agent. My daughter works for a mortgage servicing company in Colorado. Their REO dept uses one agent who happens to be married to the VP of that department.
0 votes Thank Flag Link Tue Feb 1, 2011
Can you guys come over to our thread and help us out? We have a similar topic going. Andy? Thanks:
http://www.trulia.com/voices/Agent2Agent/I_do_a_lot_of_BPO_s…
0 votes Thank Flag Link Wed Apr 2, 2008
Ute,
Yes I am with Keller Williams. We found out just how strong the KW family ties are after the storms. KW cares, through agent donations, put out a lot of money to help agents and their families that suffered loss from the storms. It was awesome to witness first hand!
Web Reference: http://carriecrowell.com
0 votes Thank Flag Link Thu Aug 23, 2007
Carrie, thanks for the feedback. I used to think that I did not want to get involved with foreclosures, but now that almost every other listing seems to be a REO or short sale you can't afford to ignore that market. It's sad especially in your area where people have already been hit hard after the hurricane. Are you with KW?
Web Reference: http://www.go2kw.com
0 votes Thank Flag Link Thu Aug 23, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
Contact
Ute, that is good information. In a world where foreclosure is such a big part of our lives it is going to be a big piece of the market. I am working my way up in the BPO ladder! We did so many no doc loans etc after the storms in Louisiana that we are starting to feel the pain on foreclosures. We are actually ranked low in Baton Rouge at this moment, (97 or of 100) but our percentage is increasing.
0 votes Thank Flag Link Thu Aug 23, 2007
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