Madia Atwell answered:
Madia,
From what I have seen with agents that I work with that are dealing almost exclusively with REO's is that they are required by the Bank to handle all the maintenance of the listings - paying utility bills, getting properties cleaned out of any garbage, any lawn care or snow removal, and they are not getting reimbursed until weeks later (sometimes not until the property is sold)
With all that responsibility they are out-laying alot of money and are required to check on the properties and report in weekly. If you are interested in handling this, you most likely would want to network with local banks first, start small, so you don't take on more than you are comfortable with.
It's not all that glamorous.... I've seen the condition of some of these properties, and it can be quite disturbing.
Personally, I'd rather bring in my Buyers and sell them..
From what I have seen with agents that I work with that are dealing almost exclusively with REO's is that they are required by the Bank to handle all the maintenance of the listings - paying utility bills, getting properties cleaned out of any garbage, any lawn care or snow removal, and they are not getting reimbursed until weeks later (sometimes not until the property is sold)
With all that responsibility they are out-laying alot of money and are required to check on the properties and report in weekly. If you are interested in handling this, you most likely would want to network with local banks first, start small, so you don't take on more than you are comfortable with.
It's not all that glamorous.... I've seen the condition of some of these properties, and it can be quite disturbing.
Personally, I'd rather bring in my Buyers and sell them..
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