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John, Other/Just Looking in Fishers, IN

Does any one knows how to get in touch to the REO dept. at any bank. Thanks for the answers. John.

Asked by John, Fishers, IN Sun Mar 1, 2009

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Bank Reo departments can all be accessed by phone/email and there are various sites to track down their numbers. Once you contact them, thats when the fun begins. How big of a priority are you to an REO bank? Put yourself in the perspective of an REO department. You have many properties in your loss mitigation portfolio. You are allocating man hours to liquidate them as efficiently as possible. They simply won't take the average call in to ask them about REO'S. They employ real estate companies as service providers to help them secure the homes, make sure they are safe, and finally put them on the market to get them sold. For the most part, they simply are not equiped to sell to the general public. A second issue is that if they do not have marketable title to the property, they can't do anything with that property. The legal issues must play out. Forclosure takes place and then they have marketable title. Until that happens you need to work through the owner to negotiate with their mortgage company. Thats the reason you see so many homes sit vacant before they can be sold. A site I view on occasion is Realty Track. They list forclosures/ pre forclosures, etc. They are an aggrigater that pulls public record information of homes that are behind in payments. Not all will become forclosed as many do get redeamed and caught up. Is there a specific property you are interested in? I have above average experience in the repo market and would be happy to talk to you about your interest. -Eric
eric@karrfalt.net
1 vote Thank Flag Link Sun Mar 1, 2009
Hi John,

I pursued 3 types of companies to start listing REOs.

#1 BPO companies.
BPO companies only assign BPOs to Realtors, then they submit your completed report(s) to the investor/bank/lending institution that ordered it. I've completed a lot of BPOs for SummitValuations but they will never send me (or anyone else) an REO listing. They will, however, will pass my name along to their client(s) that order BPOs. So if you do consistently good work for BPO companies they forward your name on to the companies that actaully need to assign their REO listings.

#2 REO Companies.
REO companies companies are next. National Default Servicing LLC (NDS) is one that I have done a lot of work for. NDS orders their BPOs through SummitValuations and they assign REO listings to agents that complete BPO work for them and are located near the REO property.

#3 Banks and Lending instituations
This is the third type of company. WellsFargo, B of A, and any other institutions that have portfolio loans are examples. Some of these will find agents in their own broker network to complete BPOs and list REOs. Others will contract with a BPO companies to find Realtors to complete their BPOs. It's case by case.

All three are worth pursuing. Completing BPOs is the best path toward gaining credibility in the REO listing world -- and getting your first REO listing.

Good luck!

Dave

PS: Check out http://www.LearnToListREO.com for a list of BPO company contact information.
0 votes Thank Flag Link Sat Aug 14, 2010
John,

My experience has been this varies by bank. But all banks have separate departments that handle REOs. When I've called about a house for a buyer, it's important to have the tax documents from the house, so at least when you call, you can get to the right department. The the house is listed, it's a whole lot easier. Or, if the house is scheduled for auction, you often can information from the sheriff's department. If you need help with a specific property, let me know, and I'll see if I can help.

Best,
Laura
Web Reference: http://www.LauraMusall
0 votes Thank Flag Link Sun Mar 1, 2009
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