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Sandy, Real Estate Pro in Los Angeles, CA

please help me. I want to become a REO agent. I can't get any info online. Everything sounds like a

Asked by Sandy, Los Angeles, CA Wed Mar 5, 2008

secret. People give info, without really giving info. It is the oddest thing ever. You think people will help people. I have small children and the realestate business has changed. I just want to stay afloat. Please anyone, can you please help.

Sandy

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Answers

62
Sandy,

I've never understood the way real estate agents think. If we spent time building a team and helping eachother rather than try to keep secrets all to ourself, I think the industry would be so much better off and the public's perception of us would improve too! That being said, I'd be glad to offer you some advice...

I started by registering with the National Foreclosure Sales Training Institute (NFSTI). I completed their training and passed the exam to obtain my Certified Foreclosure Specialist certificate. As a member they provide you with a huge list of companies to contact. It is pricey (to join and get the training), but worth it if you don't have experience with this type of valuation- you are graded on how you perform and how fast you turn in the work, so it is a good idea to understand what they're looking for before you start.

You will need to set aside a lot of time to fill out all of the applications. I created a Word document and saved my answers so I could just cut and paste into the different forms to save time. You will also want to have a copy of your license and your E&O declaration page handy.

Another thing that is crucial is an internet ready phone. Most companies send out blast orders and whoever accepts the assignment first gets it. If you wait to have the email come to your computer (even if you think you're in front of one all day) you will miss a lot of orders... trust me. The difference will more than pay for the phone and the service.

There are tons of companies out there to sign up with. I find more everyday, but here are some of the ones I do the most work for:

http://www.protk.com
http://www.usres.com
http://www.pcvmurcor.com
http://www.iasreo.com
http://www.emortgagelogic.com
http://www.assignreo.com
http://www.marktomarket.com
http://www.mainstreetvaluation.com

I wouldn't spend money for the lists- a lot of websites out there will sell you the lists. I've never paid for one and I do just fine. A little time spent on google and surfing different online forums will get you just as far, and you won't be out $$$$. I'd be glad to exchange contacts with you. If you find some that aren't on the list I sent you, send them to me, and as I come across new ones I'll send them your way. If you know anyone else who would like to share info, let them know too. I don't know why agents are so unwilling to help eachother when it comes to this stuff. There's plenty of work to go around and it's nice to have a group of people to turn to with questions.

I'd be glad to help you in any way I can. If you have any questions about signing up, the companies, what kind of info to put in the forms, etc, don't hesitate to email me with your questions. Also, once you start on the BPO's if you have any questions about the process, what kinds of information they're looking for, etc, I'd be happy to help with that too.
6 votes Thank Flag Link Fri Aug 28, 2009
Hi Sandy, if you want to do REO's just to stay afloat, then the REO business wouldn't be for you. There is alot of tedious work that goes into listing and managing REO's. Just like someone below mentioned, you have to fork out alot of money each month to prepare and maintain these properties, as well as advertise. I have one agent in my office that has an average of 30 REO listings per month and his expenses reach over $30k per month in managing, maintaining and advertising his REO's. Getting into REO's is a tough business, like a business you're going to need some capital start up and some of these banks want proof that you have the funds to take care of their properties, because most of the time you won't get reimbursed for 30 days or more and sometimes not until after closing. You have to do weekly checks, monthly reports, weekly photos of the properties, rekeying/lock changes, trashing out the property, cleaning the property, obtain bids for repairs, pay for repairs, put utilities in your name and pay them, landscaping maintenance, pool maintenance, handle the occasional vandalism, squatters or theft on your vacant properties, etc., pay off any delinquent accounts such as an HOA and maintain those accounts. Then you add all your normal real estate tasks on top of that. If you're an At-Home agent with little ones, are you ready to handle all this.........just to stay afloat? I'm not trying to scare you, this is the reality of the REO business.

My advice to you? Find out about your real estate laws concerning BPO's.....some states prohibit you from doing BPO's because they consider it an appraisal and this is beyond the scope of the real estate license. If your state or local MLS allows it, then I highly recommend doing BPO's. You can make as little as you want or as much as you want depending on how many orders you can handle. I know one person who does over 100 orders per month and makes over $5000 per month and this is all he does. This is all I did after I became a new mom and I brought home an extra $2500 per month - I brought my baby with me to go take exterior photos and worked from my laptop in my pajamas most of the time. I would recommend going online to NABPOP, which is the National Association of Broker Price Opinion Professionals, and get certified in doing BPO's.

Another suggestion.....ask an REO agent in your office if you could be a Buyer's agent for them. Alot of times the REO agents don't have the time to do sign call showings, maybe you can work out a deal with them that you'll give them a referral fee or commission split of some sort for them sending the sign calls to you? These are potential buyers looking for a deal and you could be the one that finds it for them. In this current market, some part of a commission is better than no commission, right?

What about teaming up with a couple of other agents and doing a foreclosure tour caravan of the REO's that are a great deal or in a certain area, etc? These are just some ideas for you to be a part of the REO business without actually getting into the business, you know what I mean? Hope this helps! Good luck with what ever you decide to do!
6 votes Thank Flag Link Sat Apr 26, 2008
Sharon, I find your response beautiful and helpful...too bad more of our peers don't see the value in sharing knowledge and resources...thanks for modeling that behavior beautifully!
Flag Wed Jun 20, 2012
I have a list of tons of BPO's...............what's your fax #?
4 votes Thank Flag Link Mon Aug 4, 2008
Sandy- Finding info online can be challenging. But breaking into the business isn't as difficult as it seems.
I have posted the following advice in other threads on this site with a positive response and I hope you find it helpful too.

DO...
1.) Utilize the relationships you have with loan officers in your area. They can be the fastlane to getting REO listings by putting you in contact with the right people. Our local Countrywide loan officer has helped us get over 80 listings from CW alone in the past 12 months.
2.) Sign up with as many REO and BPO companies as you can. There is a list of over 90 of these companies available at SellMoreREO.com. For $25 they give you the most comprehensive list that I have found on the web of company names, website links and directions on how to sign up with each. There are only a few companies on this list (I think 2 of the 92) that have closed registration. The rest are still accepting new agents. So make sure you register with these companies ASAP!!!
3.) Do BPOs and do them well. Be the first to reply to BPO assignments (often they are sent to a group of agents in the subject area and the BPO goes to the first agent who accepts). Do the BPO in a timely fashion. And be thorough and accurate. Use good comps, give a good estimate of value (inflating the price to try to get the listing will get you nowhere), and be detailed in your comments. Once you have submitted the BPO, follow up to get feedback. Once you do a BPO on a property, your name is linked to it. If you do a good job and the property goes to foreclosure, you have a good shot of picking up the listing.
4.) Once you get a listing, do an excellent job of managing it and marketing it. Follow the asset manager's instructions and meet the timeline they set forth. Communication is key. Once you've done a good job for them, they'll send more business your way.

(In my opinion) DO NOT...
1.) Spend thousands of dollars signing up with websites that promise business or sell you Asset Manager names and phone numbers. ASSET MANAGERS DON'T WANT TO BE COLD CALLED. If you get in touch with one, they will likely refer you to their website registration anyway, so invest $25 in SellMoreREO's list and register with everyone on it.
2.) Blow off BPOs because they don't pay well or not take a BPO assignment seriously. I don't know a single Asset Manager who will give out an REO listing without having you complete a BPO first.
3.) Overlook the contacts you already have. Network Network Network!!! I recently ran into one of my old friends who used to work with me in credit underwriting. Wouldn't you know he is now an Asset Manager at Green River Capital!
Good luck and I hope that helps!
Web Reference: http://SellMoreREO.com
2 votes Thank Flag Link Wed Oct 22, 2008
1 vote Thank Flag Link Sat Mar 7, 2015
Samual below is not an agent he is trying to sell the book ! For Shame! I just reported your answer as spam.
Web Reference: http://www.soreal.biz
1 vote Thank Flag Link Thu Jul 29, 2010
Hello Sandy-


Check this website http://reopro.ning.com/ I've learned so much from it.

Blessing!

Angelica
1 vote Thank Flag Link Wed Jun 17, 2009
Hi Sandy, I've seen the same thing you're describing. I don't think there is really any magic formula or easy way to get endless REO listings. I think it takes a lot of work. Here is the formula that I think most REO agents follow... 1. Sign up with a lot of BPO/REO comanies and begin completing BPOs. 2. Market yourself to those companies extensively. 3. Market yourself to anyone that you think might have some contact with REO listings ie title companies, banks, etc.

Here are a couple of sites that I think have good information:

http://www.reointelligence.com These guys have a list of asset manager comanies for $50 and other products at higher prices.

http://www.reoprofessor Offers a coaching product for $100 and a subcription service.

http://www.LearnToListREO.com has a $25 Stategy Guide that has a list of Asset Managers to register with and advice on converting BPOs in to REO listings.

I think all three have good things to offer.

Jason
1 vote Thank Flag Link Tue Nov 11, 2008
Sandy,

Scott is right thier is not magic to getting into the REO listing biz. The banks are always evaluating thier lists of agents and those that don't perform will be replaced. Just in the last month i picked up a new client IAS, who i never heard of, I got thier web address off a $25 list of websites from http://www.sellmorereo.com. IAS has given me 7 BPO's and 1 listing. It takes being at the right place at the right time. To me the right place is make sure every Asset Management, Valuation Company and Bank I can find has my "business card"

Best of Luck!
1 vote Thank Flag Link Sun Nov 9, 2008
These are some helpful sites.
about.com
realtytimes.com
0 votes Thank Flag Link Sun Jan 25, 2015
Hi Sandy

The foreclosure business is tough to enter.
There are established players that banks have been working with for the last 5-10 years
Even before the foreclosure crisis.

Be very careful about trying to break even while chasing this business.

Good luck.

Ruth
0 votes Thank Flag Link Thu Nov 28, 2013
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0 votes Thank Flag Link Thu Nov 28, 2013
I had to say something else. Aftyer reading this entire thread, I say again DONT PAY ANYONE FOR ANYTHING. Its all available for free. And designations? Its like colleges that are not ACCREDITED. Who are some of these companies? Most were thrown together to just MAKE money. So you get a card for your wall that says you are certified short sale, reo, bpo, whatever broker. WHO is certifying this? Do the BPO companies care? NOT REALLY. I know. Ive spoken to almost all of them.

A couple of pointers. Get yourself a TWO MONITOR computer system. Its cheap and easy. I use FOUR. Its amazing how much faster you can do it with multi monitors. Im about 90% paperless. Used to print out all my comps and then read them or have my daughters read them while I inputted to the BPO companies website. Now I keep all my comps on different screens and cut and paste a LOT of info. Im using my mouse on the right and keying with only the left and I sail through these things.

Pay attention to this-----they judge how much workload you can takeby howmany you complete in one day. If youreceive 7 in the morning but only finishe 5, you will loikely get only 5 the next time. After you reach a certrain number oftotal deals accepted, you will move upin rnak and get more. You will also be sent deals directly to youi only instead of having to play ebay bid sniper to get them before others do. At first I spent countless hours just refreshing my screens with EIGHT BPO COMPANIES MAIN SITES ON MY 4 MONITORS TO PICK THEM OFF BEFORE THE COMPETITION COULD. I capped that because its a main method to start building business.

My favorite company used to be Clear Cap. They have some great blogs. See how I use CAPS in general conversation? Always have. In one of their blogs I did it and one of ther employees called and tore me up so badly you would have thought I spit on his mother. I asked for an apology and they 'fired' me, LOL. Class outfit.

Some companies will set you up to receive texts and/or emails. You must have a net ready phone for those. If you are out taking pictures, you can lose new orders that only give you a short time to answer.

Ahhhh here I go writing a book. I have to go to bed. Good luck out there.
0 votes Thank Flag Link Tue Jun 19, 2012
I could write a book here. In fact, I just spent 30 minutes answering then deleted it by mistake with an incorrect key hit!! Grrr.

I'll nut shell it.

One used to get REOs from doing BPOs and contacting asset managers. Long story short---you dont now.

Lenders give Reos to big well financed brokers who can pay OUT OF POCKET for the electricity, re-keying, gardening, cah for keys etc until re imbursed.

There are dozens of BPO companies out there but only a FEW really have the business. Many are SCAMS, especially those requiring paid membership! They claim to put you in front of asset managers.Its a total load of crap, people.

I do BPOs all day long, every day. Have been for almost 3 years. I receive as many as 12 a day. Sometimes its easy and sometimes I have to go like a banshee mrom sunup to sundown without even eating. You are TIMED ON THESE THINGS.

There are many tricks and practices to do them within time frame and receive more. It took me two years to have Fannie Mae tell my main BPO company that they preferred my work, which insured me a larger number of BPOs and at a higher fee.

Some BPO companies are only good for orders from a limited area. You may waste time signing up with 50 and receive orders from three.

You must know how appraisers use ADJUSTMENTS. Go to http://www.nabpop.org for lessons. Most of the BPO companies also give training.

Dont get starry eyed over designations either. They are usually just fluff and not really recognized by the BPO companies.

Regarding what Wendy said below---she is correct. You NEVER EVER need to pay for BPO company lists. All of them are in the net. A few searches will do it. Keep in mind everyone and their brother and llama are after spare money and signing up with the portals. If you manage to get some orders, you have to SHINE to get more. Jeeze---the more I say here, the more I want to say and really could go on for many pages.

If you want to work REO---get in with a big brokerage that has a lot of them and rotates them mto its agents. Except for maybe shmoozing some little S&L or credit union, you wont get them on your own.

How much will you make doing BPOs? They average about $42 for a driveby and $60 for an interior. The interiors pay more but OMG are they a pain. Main pain is trying to get an appointment to get in. Remember again you are TIMED and even if the owner or real estate agent isnt around to let you in, you lose points.

How much can you make? Depending on how many homes are in your area, density, how good the comps are, etc. A reasonable amount is $1,700 a month. Starting out it will be a few hundred. If you learn quickly and do good work, About $2,200 to $3,000 is possible but with a LOT of driving. I know a guy making $10,000 a month but he cheats and uses a lot of help, clearing about 6,000 after paying out 4,000.

Sorry If Ive repeated myself or have typos, its late where I am and Im tired.

SHARON, I gave you a thumbs up, by the way. It would be fun to share BPO horror stories. Ive actually been shot at, and Im typing badly rightnow because a guy had his dog attack me and bit off my fingertip.

FINAL thoughts---dont p[ay for anything. You can gett all the info you want for free. This post started my juices floweing and Im goingto start a blog series on BPOs for all Trulia agents.
0 votes Thank Flag Link Mon Jun 18, 2012
Sandy,

It is a well kept secret! It is almost impossible for a new agent to break into the REO business. Brokers who have those highly sought after relationships with the asset management companies make the CIA look like a woman running a gossip column. Truth is, there are a handfull of brokers/ agents getting 80% or more of the REO listings in certain areas.

Even CALHFA assigns there REO listingsto one of two firms in California.

Just go own Equator.com and search for REO homes, you will notice you will see the same agents over and over as the listing agent.

Do not waste your money joining directories. The best way to sale REO homes is to find buyers for them.

This business has changed, but it can still be rewarding. Start marekting to buyers looking to find deals in the REO market. One nice thing is that some REO listiungs actually still pay 3% to selling agent. I even had one where the listing agent paid 4% to selling agent.

Best of Luck to You,

Kawain Payne, Realtor
0 votes Thank Flag Link Mon Jun 18, 2012
Go to foreclosure.com. They offer training.
0 votes Thank Flag Link Mon Jun 18, 2012
Hello Sandy, its not that easy to become an REO agent. I first started completing BPOs and within a few months a started receiving REO listings. Here's a great article to get you started. http://bit.ly/LtVK41

good luck
0 votes Thank Flag Link Sun Jun 17, 2012
Do not do BPO's for IAS,~ Intergrated Asset Services~~ They try not to pay, and if you email them for 4 months they may respond by saying they have escalated your timeline to accounting, and you may not hear from them for another two montyhs.

Also do not do BPO's for Evalonline~Evaluation Solutions On Line~~They also will not pay for 4 to 5 months, and may only respond if you threaten to put a lien on their assets, (The homes you do BPO's on).
0 votes Thank Flag Link Tue Sep 27, 2011
I recommend joining http://www.REOIndustryDirectory.com, that's the site most asset managers and banks use to find reo agents. You get BPOs too. It's free, you should definitely be on it!
0 votes Thank Flag Link Sun Mar 20, 2011
Corey is not an agent......Go directly to Fannie Mae and the bank sites and register!
0 votes Thank Flag Link Thu Oct 7, 2010
Paul Below is not an agent and is only trying to use Trulia to solicit his book! I have reported it as spam!
0 votes Thank Flag Link Wed Sep 22, 2010
Getting into the Reo scene is very time consuming and difficult, I agree with you it is hard to get information go to the asset manager of a bank on line and post your resume.
0 votes Thank Flag Link Wed Aug 18, 2010
Hi Sandy,

You are right some agents post infomation and they preach that they provide information when in reality they really do not give any information at all. This happenned to me I contacted weeks ago an agent that posted information and that she is willing to assist other agents. I guess what am still waiting for her to contact me but yet I still see her post stuff. Unfortunately, it is a cut throat industry when we should all be assisting each other earn a living.

I will give you what I think about your question.

1) google for companies that perform BPOs and register with as many as you can. Usually if they request one they end up giving you the listing.

2) go to your local banks and speak with the mortgage dept. and introduce yourself and let them know what you can do for them.

3) and if you have an effective website that is marketed excessively well that's a plus because they will find you through the web. I am proof of that.

4) and just to let you know you do not have to pay for the REO banks list . Just do the research yourself.

I am not telling you this will happen over night but if you work at it dilengently you will see you will start receiving them.

I hope this helps. best of luck.
0 votes Thank Flag Link Tue Apr 20, 2010
Before you spend your money on lists, books, courses, designations, go to the social network that is helping agents. Link below and this is a FREE site.
Web Reference: http://www.reopro.ning.com
0 votes Thank Flag Link Tue Feb 16, 2010
I hope this helps you. I was too was looking for reo/bpo list for quite sometime but personally didn't have the money to spend on. I bumped into this website that offered the reo/bpo list for $5.00. I was defintely skeptical but too the chance and I was fowarded over 100 companies and I registered to about 30 within 24 hours I started recieved bpo orders in my area and it hasn't stoped. After about 6 months of doing bpo's I started recieving reo listings and so far I recieved 7 not bad for spending five bucks. the site is http://flagentbpo.weebly.com/. I wish you the best and I hope with all can stay afloat in this declining market.
Web Reference: http://legrarealty.com
0 votes Thank Flag Link Thu Aug 27, 2009
So is every one else in the business. Few successful agent will give away their trade secret without receiving something first. Get your self a book, go to seminars and trying to get connected. There are a number of certifications and training that you need to invest. It will involve a good 1-2 years FT investment before you realize that there is not much $ to be made.

When you sign up most companies want to talk to your asset manager first see how your last few REO listings went. In other words, they want skilled successful REO agents.... After all that work people realize they do better($) with conventional RE......
0 votes Thank Flag Link Sat Jul 4, 2009
Hi Sandy,

Qualified REO Realtors get these gigs because they have developed good relationships with asset managers of banks. Or their cousin is an asset manager. Try to partner with REO agents in your area and do the dirty work that they do not want and earn your way in. Or you can try short sales and cut in line in front of the REO realtor. Good luck!
0 votes Thank Flag Link Fri Jul 3, 2009
2704 21st Street SW Birmingham AL 35217

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5 Center Place N. Birmingham Al 35216

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824 42nd Street North Birmingham AL 35212




Per our conversation, I am enclosing the list of properties for sale.
Each house is 15,500 OBO , sold AS,IS ,subject to 2008 county city taxes etc

If you have any questions feel free to give me a call ,

Uriel Willis ,
678-510-6447 cell
--
770-971-8125
770-627-3553 fax
http://www.RealtyInvestorBid.com
0 votes Thank Flag Link Wed Jun 17, 2009
Sandy - Here is something that some of the REO agents forgot to tell you. Some Asset Companies reassign the asset if it is not sold within a certain period of time. Keep in mind that you have spent your $$$ repairing, keeping utilities on in your name, weekly visits, etc. and you get absolutely nothing for the $$$ you have spent but a W9 at the end of the year.
0 votes Thank Flag Link Sat Dec 20, 2008
Sandy there are no shortcuts or magic numbers that will get you reo listings. you need to do bpos and earn the listings. dont waste your money buying lists, all that will do is lighten your pockets. start with banks that you give mortgages to, ask them for an reo contact, that way you already have a relationship with them. then sign up with as many companies as you can to do bpos, alot of companies are not accepting new agents so dont pay for contacts as you will get alot of these names. as well you should note that when listing reo properties you have to be a property manager, repairman and be able to pay for utilities and repairs up front and wait 30-90 days to get paid back, it gets costsly ill tell you, good luck sandy
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Oct 24, 2008
I think what sandy is ;looking for is the direct contact information to the asset managers that assign reo listings to agents? Not how to make money investing in foreclosures and short sales. The only company that has this information is REO Intelligence.
0 votes Thank Flag Link Fri Oct 24, 2008
Hi Sandy,

These are some great responses to your question. REO is a tough market and many agents are doing this now. Be prepared for escrows from hell. If you are willing to stick it out, then REO's could be for you. You can also hop into http://www.RealTown.com and get help.

Good luck.

Cherie Young
Online Marketing Strategies
http://www.CherieYoung.com
Web Reference: http://www.RealTown.com
0 votes Thank Flag Link Thu Oct 23, 2008
Best Site to get into the business.

You need the Bank / BPO contacts and the systems to market to them and follow up:
How to Become a REO Agent
0 votes Thank Flag Link Tue Oct 21, 2008
Hi Sandy,
I hear you loud and clear. I found a fantastic site that has helped me grow my REO business. This is was the quickest way to break into the REO business. I went to http:// http://www.REOSHORTCUTS.com and I started geting BPOs within the 3 days and now I'm growing my REO listings. Check it out and let me know what you think. I've two more REO listings closing this month so far.
Web Reference: http://www.ReoShortcuts.com
0 votes Thank Flag Link Tue Sep 2, 2008
Sandy,

Try to find other agent in the area that you are working in that are REO agent. Check MLS sheets for bank owned properties, contact the agent listing these properties and offer to take them out to lunch. While at lunch get the scoop on the REO business.
0 votes Thank Flag Link Thu Aug 14, 2008
Hi Sandy,
Many of us know how you feel. I certainly felt the same way when I first got started. Many new and experienced REO Agents and RE Invesetors have recently found a great method to work with REO's and Short sales. Take a look, I think you will be pleasently surprised what may be available for you.

Be sure to click on the video which goes into great detail on a new method of working with ROE's and Short sales. Note with this concept there is ZERO risk on your part...

To Your Success
0 votes Thank Flag Link Thu Aug 14, 2008
This may be an alternative for your staying afloat! It has saved my life!

https://www.weprovidethecash.com/index.php?id=Chrissy

The best of luck to you!
0 votes Thank Flag Link Thu Aug 14, 2008
Check out REOintelligence.com. Its a database of Asset Managers that assign listings at most of the lenders and asset management companies. You can the contact them directly to offer to do BPOs and listing assignments.
0 votes Thank Flag Link Tue Aug 12, 2008
It's not easy to be a REO agent. When this mortagage crisis hit, brokerages who had established relationships with banks were given that business. There are many agents who would like REO listings, but many of the banks are not accepting any more agents to work with. One thing about REO is that the bank expects you to handle all repairs and property management until the property sells. This can be very expensive and you will not get your investment back until that property sells.
0 votes Thank Flag Link Mon Aug 4, 2008
Sandy,

Get involved with a good coaching program like Harris Real Estate University (HREU). My wife & I have been coachng students of Tim & Julie Harris for some time now specializing in short sale and REO properties. Although I believe their coaching programs and online resources to be worth the investment, they also allow prospective new students to sit in on free conference calls each week that are loaded with relevent, real-time information pertinent to Realtors and agent's in today's market. For more info on HREU, see the link below.

Best wishes for success! - Ted
0 votes Thank Flag Link Sun Aug 3, 2008
TED SHOOP, Real Estate Pro in Buford, GA
MVP'08
Contact
Sandy

send me your contact info and I will work with you and provide some alternatives that may work. I believe in enpowering people with info.... and then its up to them to take the next step...
Web Reference: http://www.centuryside.com
0 votes Thank Flag Link Sun Aug 3, 2008
I am a member and Certified REO Specialist through the National Foreclosure Sales Training Institute. The training is highly beneficial when starting out and when you join (it is not expensive at all) you also get the list of all the REO companies to sign up with. I did just this and have started receiving TONS of orders. You do have to be quick with the internet to accept the orders before other agents in the area, but it is great extra income. I typically receive $40 - $75 per BPO (Broker Price Opinion) that I do and get offered sometimes as many as 10 per week. I usually am only able to accept 3-4 because other agents beat me to them if I'm not right at the computer, but anything is helpful. After you sign up it can sometimes take a few months before you actually start receiving the orders, but it is worth it. I would do the training that they offer on the website and email with any questions about what to write when signing up with the companies. NFSTI is really great about helping you with questions and is a great resource. My mom lives in CO and actually did their class and she gets 25 or more BPO's per week! That's in addition to the listings she gets from the local bank! If you have any other questions about all of this I'd be happy to answer them. I am a really agent (not paid by NFSTI) and also have small children and needed some supplemental income, so I understand where you're coming from and would love to help in anyway I can. NFSTI's website is http://www.NFSTI.com
0 votes Thank Flag Link Sat Aug 2, 2008
Sandy
You should talk with your broker, net work with with other Realtors that ARE working with REOs, also talk with your network of lenders.

The key to staying afloat is to lead generate on a regular basis. Pick up the Millionaire Real Estate Investor. Work on Expireds and Unrepresented Sellers (FSBOs) - contact 5 a day, your goal is five listings appointments a week, take one listing a week.
0 votes Thank Flag Link Wed Jul 30, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
The key seems to be experience. Even if you are able to get contact information for an asset manager, the first thing they ask you is experience. Consider working with an REO agent in your office to get the experience first.
0 votes Thank Flag Link Tue Jul 8, 2008
Sandy, the best way to get your foot in the door is to do BPOs for the lenders. I obtained my list of Asset Managers from Margot Murphy http://(www.realestateproguides.com) and signed up with all of them to provide BPOs. While none of these Asset Managers helped me land any listings, it helped me gain experience in providing BPOs. It wasn't until I joined a particular sight that I actually landed some listings (see web reference below). Keep in mind, simply joining these sights does not mean you will get listings, but it is a start.

Personally, I have found listing REOs to be grueling and costly. If you're a single parent, be mindful of the lenders you list property for as some will make you pay for the expense of maintaining the properties upfront, and sometimes reimbursement takes a while. Integrated Asset Services is quite the opposite and a good Asset Manager to work with, so give them a try, too.
Web Reference: http://www.reotrans.com
0 votes Thank Flag Link Fri Jun 13, 2008
A few things to keep in mind with being an REO agent.
1) It is common that you have to put your name on utilies while you are listing the houses and the bank may not be reimbursing in a timely fashion. Meaning, if you don't have a bit of wiggle room in your pocketbook..be aware of this issue. You need money.
2) It is less like Real Estate and more like property management, there is a great deal of work and time involved.
3) I am not sure about LA, but in San Diego over the past few months this is the trend; you have an REO property for 60 days..no offers, the bank takes it to the auction and if you want to financially survive you WILL HAVE TO sit the numerous 6 hour open houses weeks before the auction..if it does not sell, there are no gurantees that you will get the listing back.

If you are looking to stay afloat in the changed market, then my advice is not to try to get REO's. Make your niche as a buyer to the REO's with investors, etc. Learn about the bank process and build your niche as the expert in representing buyers.

In addition many go the route of doing numerous BPO's, with gas prices it may not be worth it and it will take forever to get in that way. If you are really wanting to do this still, I would hook up with an experienced REO agent, see if you can form a partnership as a secondary agent. WHY? Well when you try to get on lists liek REOTRANS and REOMAC a key question is what experience do you have? As well, it will be good to get your feet wet and decide whether it is really for you.
Web Reference: http://www.abellre.com
0 votes Thank Flag Link Thu Jun 12, 2008
I would try contacting the lenders directly. Try their REO departments to get signed up.
0 votes Thank Flag Link Wed Jun 11, 2008
give me a call or email. I work with reo properties, short sales, etc. Better to email me direct so I can answer any specific question
Web Reference: http://www.centuryside.com
0 votes Thank Flag Link Wed Jun 11, 2008
I would check out http://www.REOAgentSource.com - It is a group of bankers and asset managers that have put together a blog with daily updates, list of asset managers contacts and bank contacts and submission forms.
0 votes Thank Flag Link Tue Jun 10, 2008
Hi Sandy, if you'd like to take advantage of the investor market I believe it is a matter of finding the people buying the REOs and connecting them with opportunities locally and nationally. Please email me if you'd like to set up a time to talk about it. Best of luck, Alicia.
0 votes Thank Flag Link Mon May 5, 2008
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