Foreclosure in 45036>Question Details

James Beckett, Real Estate Pro in Lebanon, OH

How do I get Bank owned properties for listings?

Asked by James Beckett, Lebanon, OH Fri Jun 13, 2008

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HI James,

Most agents that list bank owned properties get started by signing up to complete BPOs (broker price opinions) for banks or REO companies. You can buy lists or REO companies online or you can just find them one at a time with google.

Once you start completing BPOs your job is to find a way to make your name stand out with those companies. I completed about 70 BPOs this year and listed 3 bank owned properties that came directly from those BPOs. The listings were hard work. The BPOs were hard work. But I'm still glad I did it and I'm being told that I will be listing 2 more REO properties in January. I never believe anything until I have it in writing but I think I'm making progress.

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1 vote Thank Flag Link Tue Dec 16, 2008
I did over 100 BPO's in 2009, 98 in 2010, 125 in 2011.....and so on,,,,,,,I have never received an REO Listing
Flag Sat Mar 5, 2016
James, You must first find out who the decision makers are at the banks and start networking with them. That is a tight network and there are a few key players in our area. The main thing is to break into the network, and you will find it is a network within a network, within a network, if you know what I mean.

I just listed one, finally, and it took me a while to get the listing.

Look to your asset management companies for getting listings - that is who you need to be in relationship with.
1 vote Thank Flag Link Fri Jun 13, 2008
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