Foreclosure in 90503>Question Details

Alan Crooks,  in Palos Verdes Estates,...

How to get REO listings?

Asked by Alan Crooks, Palos Verdes Estates, CA Mon Jan 14, 2008

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I like David's answer and wished that it were that easy for us. There are thousands of agents looking for the answer to this question too. Many asset management companies have stopped taking on additional agents and closed their interest lists as well.

We have found that the vast majority of lenders are utilising the services of asset management companies rather than dealing directly with agents - brokers. Once a property is placed with the asset manager, their choice of agent can be based on the agents geographic location to the property, relationship with the asset manager, the number of BPOs completed and the accuracy of the data provided, communication skills and performance.

Completing BPOs seems to be they key factor. If you are not familiar with and actively participating in the completion of BPOs for various asset managers, it is highly unlikely that you will have access to listing REO properties. For every 10 BPOs completed, you may get 1 listing. This is changing as the number of foreclosures is increasing yet, every completed BPO is not necessarily going to become an REO. The speed, accuracy and completeness of the BPO will weigh heavily.

There are many companies out there now soliciting agents with the promise of receiving REO listings in exchange for payment of a monthly subscription fee. It is my opinion that most of these "services" are no more than agent directories with no real benefit to agents. References that they provide you may also not be as they seem very wary of any company that calls to solicit your business. Real asset management companies have no reason to solicit your business as they have more inquiries than they can handle already. USRES is one service that is active and I would recommend contacting them. You can also contact other agents, outside of your area (ActiveRain is a good starting point) and ask them who they use.

Once you have started with REOs, you will have, as David points out, the responsibility of bearing the cost of establishing utilities in your name and arranging for clean out, landscaping, re-keying and other requested services of the asset manager on behalf of the "lender". You will also prepare monthly activity reports and updates on area market conditions (Some require more frequent reporting). Each asset management company has it's own requirements and most will require online reporting and submission of accounting. A thorough understanding of the web is paramount!
4 votes Thank Flag Link Mon Jan 14, 2008
Contact the Banks/Lenders directly and ask how to be on thier list for REO. There is an individual responsible for them. You will need to be able to maintain the properties (mowing, electric, water, sewer, trash removal etc...) and the bank should reimburse you. Usually on a monthly basis.
2 votes Thank Flag Link Mon Jan 14, 2008
Be careful about doing a lot of BPO's. They don't guarantee anything and it's hard to track all the payments due. We have been stiffed by Old Republic - and there's no one to talk to about it.......
You can try the list from RegisterREO
Web Reference:
0 votes Thank Flag Link Mon Aug 20, 2012
We bought the list from Register REO for $49-. It's a lot of work to get signed up everywhere but we did just get an e-mail from Old Republic.
One of the big REO brokers here locally just lost all his listings over a deal gone bad - so we're hoping to get some of his business.
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0 votes Thank Flag Link Mon Oct 10, 2011
Equator, Reoprep, Usres etc. Just sign up with them and cross your fingers.
0 votes Thank Flag Link Mon Dec 6, 2010
Alan: Don't pay for any services, and even if you are thinking of doing that check out the "Service", extremely well. Fannie Mae just had a re-registration process, but you may be able to get in on their process if you apply now to be considered.
0 votes Thank Flag Link Wed Dec 1, 2010
REOMAC is coming up soon and is a good educational event for those interested in this market.
0 votes Thank Flag Link Thu Oct 14, 2010
Deborah Madey, Real Estate Pro in Brick, NJ
I have an idea to help educate yourself in the REO side of the business: sign up with REO Pro. It's free. It won't directly bring you business, but you can blog with experienced agents in the REO world, learn a lot, do alot of networking. It all adds up in the end. Good luck.
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0 votes Thank Flag Link Thu May 6, 2010
ReoPrep is great and is great as well, however I do agree with all the other answers that bank asset managers working with there agents are no longer assigning any new listings for new agents.
Web Reference:
0 votes Thank Flag Link Thu Apr 1, 2010
Hello Alan,
looks like you are trying to get REO listings. As an Asset Manager i can tell you that if you are not yet in the game, you're not likely going to become an REO agent at this time. However, I would go ahead and try and work along side an REO agent in the area. THis will give you experience. If i were you, i would become a short sale expert and start marketing the heck out of yourself as a short-sale agent. Next big wave.

Thanks. I am also a BROKER in San Diego.
0 votes Thank Flag Link Tue Jan 12, 2010
There's already a long threat on that exact question.

0 votes Thank Flag Link Sat Jan 2, 2010
Don Tepper, Real Estate Pro in Burke, VA
Best thing to do is register everywhere. Search the forums for all the best contacts or just buy a list from another broker like
Remember, local brokers won't help you as you are potential competition. Find someone from out of state and share your contacts.
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0 votes Thank Flag Link Wed Oct 28, 2009
Hi Alan,
Most banks have strict criteria in place when they consider Agents for REO property. They expect the agent to be experienced and have financial backing in order to rehabilitate the property for sale. There is quite a bit of work involved in the REO business. Some Real Estate Companies already have relationships with the banks and can assist you in submitting your resume for consideration, this is one of the best ways to get started in REO.
0 votes Thank Flag Link Wed Oct 28, 2009
You have to be registered with the reo and asset firms to get them.
I was big listing agent years ago when the banks handled them consistently. I am now in property management and I work with several reo agents who are still heavily in the business. Also reo directories may be another good source. A few of the agents I work with said they have gotten some good training and reo listings and Bpo's from a website called I don't know if they are a reo out sourcer, but several agents have picked up some reo work from there. Get registered with the asset firms, any local banks , look for other good sites dealing with the reo industry and truck on.
0 votes Thank Flag Link Thu Sep 3, 2009
Yes the BPO's are much easier to get. It seems that I have been getting bpo requests from many companies but when I log in it all of a sudden says it is not available anymore. I have a few reo listings direct from the banks which is better so there is not a commission split, the banks gave me the listings through and they said I was on the list. I also have had a few listings from reoworld. I do think the best way for the lsitings is to get your name everywhere. It appears there is a lot of politics and it pays off to be nice and not be a pest. I am going to keep working with these companies and I am adding even more coverage areas to my account.
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0 votes Thank Flag Link Wed Apr 29, 2009
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