reo listings

Asked by Kim Dice, Mount Sterling, KY Sat Aug 23, 2008

how do you get the reo listings

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Jillian Lopez, , San Diego, CA
Wed Dec 1, 2010
I am a member with both equator and reoprep. I think they are both great. You can process the B of A short sales through equator but reoprep assigns short sales. REO's are available in many places you just have to make the correct contacts.
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Phillip Babc…, Agent, Fort Myers, FL
Mon Sep 13, 2010
All of the answers here are correct. You will find that with the market the way it is, getting into the reo's can be difficult. Only sign up with good companies like reo prep, equator, reo world etc. If they have too many agents they will not even let you sign up. Dont throw your money away.
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Quadrillion…, , Flint, MI
Mon Aug 23, 2010
Why would anybody want to list REOs right now. EVERYBODY wants to list them. Pick up the slack and show the buyers that are getting neglected and turn the FSBOs into listings while everybody else goes after the REOs (unsuccessfully it seems.)
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Ginger Jones, , Yuma Commerce Center, Yuma, AZ
Wed Feb 24, 2010
Hi Kim:) After reading most responses I would probably suggest doing a little bit of everything. I have pretty much signed up with everyone and I have had great luck with reo trans the old system and reo prep which was brought up earlier. I think if you keep your mind focused you will be able to accomplish anything you want so please keep us posted.
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Jerri Palumbo, , Georgia
Sat Jan 2, 2010 the way...if you don't have time to do the registration yourself. I can help. I am a RE Virtual Assistant and have tons of RE clients that I do this for!

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David Hale, , Renton, WA
Sun Jan 11, 2009
Hi Kim,

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!
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Phil, , Guilford, CT
Sun Jan 11, 2009
IF you want to be like those Agents who seem to have all the REOs, they work for Asset Management companys .. or from what I found, just added 'REO' to there business name. (check for occupantcy, do BPOs, change locks, evict, secure property, list, sell)
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The Hagley G…, Agent, Pleasanton, CA
Tue Nov 11, 2008
Just do an internet search of REO companies and asset managers. You'fll figure it out from there. You'll have to do some BPOs to get started. It takes time and a lot of work but you can make it happen!
Web Reference:
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Scott Godzyk, Agent, Manchester, NH
Tue Nov 11, 2008
This question is coming up again and again as people try and sell lists... 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 Kim
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Pam Winterba…, Agent, Danville, VA
Sat Aug 23, 2008 court the banks and lenders. Doing BPO's (broker price opinion's) and had some history of working these kind of properties in the past.
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