Are there any suggestions on becoming and REO agent?

Asked by Just Looking, San Jose, CA Tue Jan 20, 2009

I have done several deals representing buyers, but would like to break into REO listings? Good idea?

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6
Kelly Philli…, Home Buyer, 36603
Sat Feb 18, 2012
yes read REO BOOM by Aram Shah and Tim Shah. Dont spend money on seminars or trainings, this book is all you need, they cover everything from zero listing to creating a pipeline of REO listings.
1 vote
Ron Bell, Agent, Reno, NV
Tue Oct 20, 2009
That train has left the station and the lazy Asset Managers would rather lower their prices than interview and diversify to get the best agent possible. Asset Managers can be blamed for a caving of the prices we are seeing right now all the way from how they hire 3% of the agents to handle 82% of the business to not handling their overburdened workload.
0 votes
Joe Salcedo, , San Jose, CA
Tue Oct 6, 2009
In order for you to be an REO agent you should ask this questions:
Can I takecare this listing if just in case I am on vacation.? If you have an
assistant to handle this is one is ok. All the communication from the bank
must be controlled and the selling agent too. Do you have a budget to handle all expenses as mentioned by the previous agents. Be sure to evaluate all those advantage and disadvantages. This is a serious matter.
0 votes
Monica R, , Pensacola Beach, FL
Wed Sep 30, 2009
To break into listing reos you need to get signed up with the banks and asset management companies. I got a huge free list of companies at the website below. good luck
0 votes
Andy, , California
Sun Mar 8, 2009
Rebekah's comments can be the perfect one. What she says is totally correct.

In East Bay, you also have to pay attention on the security issue. If the listing sleeps on the market for a while, you may find a unknow resident or maybe a whole family in the house. Also you may have some safety issue too. If nobody visits your listing for couple days, Some biogas might come out from the drainages in the kitchen and bathrooms. You have to have a schedule for opening door sand windows.

One more thing, the lender would not be closed before you receive your reimbursement. Many of the lenders reimburse the money each three months
0 votes
Rebekah Owen,…, Agent, San Jose, CA
Wed Jan 21, 2009
Hey Just Looking

Totally different ballgame. It is time, paperwork and dollars intensive and you have to pay your dues. ie; thousands of valuations and taking care of asset managers before you get a listing.

Then you take your money and negotiate cash for keys.
Then you turn on PGE
Clean/Haul away debris.
Pest control.
Repairs.
Valuation
List it.
Market it.
Show it.
Train buyers agents on the forms you use.
Get an offer submitted - usually multiple offers and each offer takes about 20 minutes to input.
Negotiate back and forth.
Buyer falls out.
List it.
Market it.
Show it.
Train buyers agents on the forms you use.
Get an offer submitted.
Negotiate back and forth.
Get in contract.
That whole closing process of getting everyone together and get the thing closed.
Pay referral fees to the management companies.
Submit bills to get your money back.
Do it again.

SO, it's a lotta work and your commission gets whittled away but, you get 5 of these a month.

Most Brokers have an assistant or two to cover the reports and paperwork and billing.
It costs me $5- $8K a transaction out of pocket before I get paid.

So, what do you think? Good Idea?

R
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