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Carole Davis, Real Estate Pro in ,

how to list reos?

Asked by Carole Davis, , Mon Apr 21, 2008

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There is no short cuts, there are no secret lists, save your money... The best and virtually only way to list reo's is to earn it. you need to do the bpo's to get the listings. Right now most companies have shut down taking new applicants, they do have a waiting list in case the need arises for new agents in the area. You first need to start with the banks and mortgage companies you bring your buyers to to get loans. talk to the loan officers and ask for referrals. Once you do get in with a company they will rate you on your bpos and gove out the listings acordingly, on average it is 13 bpos for a listing. sometimes less, sometimes more. your bpos need to be on time if not early, you are rated on timeliness. you are also rated on your comments, they do not want canned comments, they want detail. you are rated on correct value and also on the quality of the pictures you take. NOW once you list REO's you need to know some things. You need to be able to manage the property, arrange evictions, lock changing, clean outs, lawn care, snow removal, maintenance, repairs and inspections. You will need to have cash on hand because you have to pay for eveything upfront and then wait 30-60 days to get paid back from the bank. It is not easy. good luck carole
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2 votes Thank Flag Link Tue Nov 11, 2008
Hi Carole,

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 and they will never send me an REO listing. However, SummitValuations 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 work with. 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. FannieMae, 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!

PS: Check out
1 vote Thank Flag Link Thu Jan 15, 2009
Hey Carole --

For anybody seeking coaching & training, I'd suggest attending the Agent REO Secrets webinar at Harris Real Estate University, which is focused entirely on how to list REOs, make money from BPOs, and how to become a HREU Lender-Preferred Agent.

There are also a lot of other great free resources online - I'm the volunteer coordinator for the REO Pro agent network, and I see lots of discussion & advice there on a regular basis about REOs, BPOs, companies, and who's got volume at any particular time.
0 votes Thank Flag Link Sat Mar 16, 2013
REOs are actually an easier transaction than a short saoe, Carman, in her haste to have multiple postings is wrong, again.
0 votes Thank Flag Link Mon Dec 19, 2011
REOS are not very profitable. You get below market commission and have a lot of out of pocket costs. You may want to think again whether you really want to list reos.
0 votes Thank Flag Link Mon Dec 19, 2011
Is anyone working with Absolute REO Solutions that can give me a referral to this company? Good or Bad?
0 votes Thank Flag Link Wed Jun 16, 2010
Great Info, thanks for sharing!
0 votes Thank Flag Link Thu Feb 18, 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:
0 votes Thank Flag Link Tue Feb 16, 2010
I don't think you'll like my answer... it's a lot of hard work.

I started by searching for asset managers and banks online. Not easy but I made a couple of contacts. I offered to complete BPOs for each company and soon was assigned BPOs regularly.

I tried to impress asset management and BPO companies with my fabulous BPOs -- not being sarcastic. I worked hard at this after I registered with Homeq and SummitValuations. I got some ideas on making my BPOs stand out from a "BPO strategy Guide" I bought at More pictures, personal contact with the asset management company... etc. Worth it for me becasue I was just getting started. Seemed to make a difference because I was assigned several REO listings. Yeah!


0 votes Thank Flag Link Sat Nov 8, 2008
This questions has been extensively answered in the Trulia string at the link below. I hope this helps you with your quest, Carole.…
0 votes Thank Flag Link Tue Apr 22, 2008
You need to apply and good luck. The line is about 100 miles long....It took me a long time to get into it. Best of luck to you. Get your resume in order and start submitting.
0 votes Thank Flag Link Tue Apr 22, 2008
I am not sure if that is what Carole want's but I would like to know hoe to get on the list.
0 votes Thank Flag Link Mon Apr 21, 2008
Do you mean how do you get on a list so that you are considered for the listing of foreclosures?
0 votes Thank Flag Link Mon Apr 21, 2008
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