Home Selling in Lancaster>Question Details

Pam Blasinga…, Real Estate Pro in Jackson, TN

How do you get on the REO & FORECLOSURE LIST? Pam B in Jackson,TN

Asked by Pam Blasingame, Jackson, TN Wed Jun 24, 2009

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I know it may not give you everything, but I just search MRIS. Be careful of some scams out there that want you to pay for these lists. Another good site is realtytrac.com. Hope this helps. Sal
1 vote Thank Flag Link Wed Jun 24, 2009
Dear Pam,

Since you are an agent I assume you are trying to procure foreclosure listings. Your broker can filll out applications on the websites of HUD, BidSelect, HomePath and foreclosure management companies, etc. to become an approved broker. On some of them the agent can complete the information with broker approval. You can also contact banks and servicing companies to build a relationship. You can also call on credit unions to see what you need to do to market their listings. Some of the credit unions like Vystar have their own realty division that markets their foreclosures. Certain realty companies in each area have an already established connection, so, you might want to interview those companies and check out the possibility of transfering your license to them in return for them supplying you with the foreclosure listings to market. They might be needing some help now.

If you are a buyer:

l REO/foreclosures are listed on your local MLS. Find a Realtor you feel comfortable working with and have them set you up on auto-email so you will be one of the first to see the new listings. If it is a government foreclosure (FHA/VA) a real estate associate has to submit the offer any way. Your Realtor can show you any home on the market regardless of which company or agent has it listed. That way you can set aside 2 -3 hours with your Realtor and see the foreclosures back to back.

Don't limit your search to just foreclosures. The most important thing is that the home meets your search criteria as far as price, condition, location, etc. It is true that in most cases the foreclosure may be the lowest price but it may not be in the best condition. If you have to do $35000 in repairs this will drive up your total investment in the property. Have your Realtor show you everything that is in your price range. They will let you know which ones are foreclosurs, short sales, and seller owned. That way you make an informed decision on your purchase and there all listed on MLS.

Brenda Gravitt CRS, GRI
Coral Shores Realty
0 votes Thank Flag Link Wed Jul 15, 2009
0 votes Thank Flag Link Sun Jun 28, 2009
i found this blog with a list of banks that have their list of REO inventory. Many great deals

0 votes Thank Flag Link Thu Jun 25, 2009
Suprisingly, the answer is not by offering your sales results. All brokers have that to some degree. What asset managers need is quick response to initial occupancy, rekeying, keys for cash negotiations and a team of construction specialists to rapidly and effectively get the homes ready to market. Too, you need to stress your stable of investors who will be after the properties in disrepair. With an accurate BPO, properly pricing the home is the easy part. It is the premarketing that brokers never understand is a vital part of the process and the one most realtors are lacking.
Web Reference: http://www.impactrealty.com
0 votes Thank Flag Link Thu Jun 25, 2009
Go to the site at reotrans.com and register. Many lenders and their asset management subsidiaries do everything through this site.
0 votes Thank Flag Link Thu Jun 25, 2009
I also suggest going to HomeSteps and signing up for their weekly listing alerts. You tell them what Zip codes you are interested in and they email it to you. They also include the properties which will be coming on the market.

I would like more information on How you get to BE an REO agent when you are not a Broker - so I will be following up. :>

Margaret Woods, Realtor
Keller Williams Clarkston, MIchigan
0 votes Thank Flag Link Wed Jun 24, 2009
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