What is the best way to get REO listings?

Asked by Heidi, Sacramento, CA Sat Dec 1, 2007

I am a new agent in CA and there are thousands of REOs here. I would like to get in on the action, but no one can tell me how or where to get started. I have made many calls to the mortagge companies and they dont offer much information, just keep passing me to a different ext. Any suggestions would be appreciated. THX

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Mr.P, , Arizona
Sat Dec 1, 2007

Breaking into the REO business now is tough, any listings you get, you may not want.

Go through your MLS looking for lender owned property`s. Generally in the remarks it will say "REO, Lender owned, NOT a Short Sale.

Check out the property first!!!!,
Make sure it is not a rat hole, only choose the good ones.
Call up the listing agent. Tell them you would like to hold their REO as an Open House, in fact you would like to take some pictures, maybe a movie and advertise the Open House on the Internet, Craigslist, backpage, anywhere you can.
I like to put flyer's in Starbucks, Shh, don`t tell Starbucks, In fact don't tell your broker either.
Your Broker doesn`t need to know.

Start a Blog about the REO property`s you are holding open, include pictures. Future opens, etc...

Then go have some signs made
Lender Owned
Open House
555 cell phone
www, your website

Hold them open on afternoon drive times, and weekends. 4 or 5 a week, keep advertising each one, and holding opens. Don't forget the chair, snacks, and wireless laptop.

Make a list of all the REO`s, and Short Sales, ( 90% of short sales become REO`s ) WaLa you are now an Virtual REO Listing agent.

No doubt about it, you are starting your real estate career at a "challenging" time.
It`s like you bought the last ticket on the Titanic.

Learn social media, web2.0, and blogging.

Finally the sooner you learn to get your clients to see a lender, the longer you will stay in business.

Good Luck.
8 votes
Thanks for the info. I really appreciate it and will do what you say. Any other tips for todays market? You can reach me at teamannblanco@gmail.com
Flag Thu Oct 10, 2013
Scott Godzyk, Agent, Manchester, NH
Thu Aug 27, 2009
Everyone should know there is no reason to pay for any of this infomration, it is all available for free. There is no short cuts, there is no magic wand or secrets worth paying for. Simply put it is hard work building your experience level by completing bpo's. There are companies that just do bpo's that do not assign listings, they will have more bpos available, get your name on them therefore out there to more potential asset mamagers. Then there are the companies who do the bpos and assign listings. On average it is about 13 bpos to obtain a listing. depending on your area it could be higher or lower. If you want to list reo properties makse sure you have a seperate account of money to be able to pay for the upkeep, repairs, utilities and maintenance of these properties. i recomend at least $5000 to$10,000 as you will have to wait 30-90 days to get paid back. The real expensive costs come from repairing home inspection items. You will need to have a large network of contractors who can get your free estimates usually same day as they request and complete work for you when needed. In conclusion there are no short cuts, dont waste your money on lists. Get out there make a name for yourself by hard work and avoid teh short cuts, they lead you to a dead end and a lighter wallet.
Web Reference:  http://www.ScottSellsNH.com
7 votes
Julie Real E…, , Rancho Cucamonga, CA
Thu Jul 9, 2009
I must say I am so happy to see that there are many Realtors out there that are willing to share information with others. As one Realtor said, "there is enough business out there for everyone". There is! Never be afraid to help another. We are in an industry that has sustained for years regardless of the rollercoasters. Greed is poison and we should never visit it's path! Kudo's to all my fellow nationwide Realtors who give of their experience here on Trulia and elsewhere! Our reward is great!

Julie Lozano
Prudential California Realty
Rancho Cucamonga, CA 91701
6 votes
Jane Dough, , Sacramento, CA
Tue Dec 4, 2007
I'm not an RE, so I'm not sure if this is a viable business plan, but... How about becoming a buyer's agent specializing in REO's? For example, I am shopping for a house right now and I am interested in looking at REO's that aren't in MLS, but it's extremely time-consuming for me to search all the various REO sites, and my current agent isn't really familiar with the process either. It would be great for me if I could find a buyer's agent who is willing to dig deeper and find the foreclosed houses that meet my family's needs. I would want that buyer's agent to guide me through the process of finding and buying a foreclosure, and I would be willing to pay for that service, since I would be saving lots of money on the purchase of my house.
What do you all think of that?
4 votes
Steele V. Pr…, , Minneapolis, MN
Thu Jan 14, 2010
Sorry, last link got cut. Here is another one. Free info on BPO and REO companies:

3 votes
J R, , New York, NY
Fri Jul 10, 2009
I looked at the posts from the agents who recommend a certain book and signing with a certain website, and I see all their posts consist of recommending this book and website. And coincidentally, Heidi has only asked one question. I think they are spamming.
3 votes
Kevin Olson,…, Agent, Colorado Springs, CO
Fri Oct 15, 2010
Here is a full list of BPO companies, and a few REO companies I posted on Trulia:


Don't pay for a list, you're only wasting money.
2 votes
Mark Holloway, Agent, Salisbury, MD
Fri Mar 26, 2010
You should take a look at a website ThinkReal.com. Brandon Brittingham has been involed in over 275 short sales and foreclosures. He has a tremendous amount of knowledge that in contained in his site. Good luck
2 votes
Steele V. Pr…, , Minneapolis, MN
Fri Feb 12, 2010
First let me apologize to the list. I just get tired of Jeremy and his colleagues tryng to sell their REO and REO clean up business books. Especially the cute trick of erasing previous posts and putting on new ones to be the latest on the message board.

Unfortunately, Jeremy is completely wrong in me trying to sell anything or having a network to join. Sorry, Jeremy. If you actually did reseach you would know that. Are you somehow mistaking a website name for some kind of organization? There isn't one. And nothing to sell. Just an information site for consumers and lenders.

As a point of clarification, I personally marketed and sold over 35 REO listings last year. No assistants or claiming other agent's work. Just me. I have some 10 active asset management accounts. All earned over time and with hard work. Right now all my listings are under contract. So nothing to post here.

But working on that :>)

Sadly, there is no easy or fast fix for getting into this business. Patience, hard work and sometimes a little good luck.

A lot of good answers and contributions here, though. Even without trying to sell things to fellow real estate professionals.

There, my rant is over. :>)
2 votes
Victor Ferrer, , San Antonio, TX
Sat Jan 2, 2010
REO's May be a ok source for picking up buyers. There are a great amount of work. But know this if you representing a buyer who may want to purchase an REO/Foreclosure home, you neeed to Inform your buyer asap, that it can take up to 90 - 130 days to close. It is a tire some process, and I DON"T recommend this at all for a first time buyers, my last buyer I had to talk him back from the ledge, LOL, .
This process better suits an investor, or for a a buyer who wants a rental property.

Dealing with Bank of America is THE MOST DIFFICULT, and aggrivating out of all of them.

Your a young realtor, ....run .... save yourself...LOL
2 votes
Rubybaker, , Cookeville, TN
Sat Dec 5, 2009
Contact FreddieMac(Homesteps) or FannieMae (HomePaths)
Fill out the information on line and submit. Takes a while but the repo's coming out the first of the year they will need help in all areas.
2 votes
Jeremy Lehman, Agent, Garden Grove, CA
Sun Jul 12, 2009
If you are referring to getting REO listings, don't waste your time. Banks are looking for agents with a history of selling homes and a lot of experience. Instead, work on getting buyers for these homes and start to establish yourself as an area expert. The REO stuff will go away eventually and if you haven't put in the time to market yourself, you won't have any future business.

Good luck,
Jeremy Lehman
Century 21 Beachside
2 votes
Jim Walker, Agent, Carmichael, CA
Tue Dec 4, 2007

the reason why it is so time consuming is that there are very few REO's that are 1. Saleable AND 2. Not on the MLS.

If it is lender owned and not on the MLS here are the primary reasons.
1. Lender is still conducting post acquisition inspections, securing the property against squatters and vandals, and obtaining valuations. - They plan to assign the listing to Realtor when the asset manager determines the listing price. When you identify the property you will just be referred to the intended listing Realtor.
2. Lender is between Realtors. Listing expired with Realtor #1, Lender is in process of transferring listing to Realtor #2. - We can find these very easily because they were on the MLS and will be agian shortly.
3. Property has haz mat, structural red tag, or clouded title issues. - thus it is not saleable.
4. Ownership of REO is being transferred in bulk between lenders. They won't pull a single property out of a bulk transfer.

Your advice is still valid though, because a knowledgeable agent will understand the bureaucratic ways of the banks, and be able to guide you towards the best purchase of a bank owned or a normal seller owned home (in better condition at a price as low as the bank fixer. )
2 votes
Franceakite, Home Buyer, Dallas, TX
Wed Jun 10, 2015
I landed my first REO account via BPO work I'd performed. I focused on making sure i did accurate valuations and one day I received a call from an asset manager regarding a BPO I had just turned in.

He wanted to thank me for a job well done and told me about a pre-foreclosure program they had recently launched. Although I didn't land that particular listing I did take advantage of the contact opportunity and maintained it by checking in every couple weeks. I never asked for business but rather just offered my expertise with local trends and activity when needed. I must have wowed him as he eventually suggested I come on board as one of their Listing Agents and a few weeks later I had my first REO assignment.

Just like any other listing you have to get yourself out there, look for windows of opportunities, and be persistent in your pursuit of your goal.

For anyone that is interested - http://reohomes.org/
1 vote
Portland_Rea…, , 97236
Wed Oct 13, 2010
Start with doing bpos for companies that also list REOs.
Its not going to be easy to get listing now.
Web Reference:  http://bpo4agent.com/
1 vote
Terri Braswe…, Agent, Loganville, GA
Wed Feb 17, 2010
If you are a new agent, go for some listings. You will make FAR more money by pricing resales correctly. A BPO does not pay well, and you are rolling the dice on the listing.
1 vote
Christine Wa…, , Alpharetta, GA
Tue Feb 16, 2010
Hi Heidi-It is difficult to get into the REO business without experience. You may want to find an agent in your brokerage firm already selling in your area and work under them. That maybe the best way to get your toe into the business. Good Luck
1 vote
Chris-and-Ka…, Agent, Laguna Niguel, CA
Sat Feb 6, 2010
Hi Heidi,
Here is my story. I bought two tickets to a Steelers game in Pittsburgh for my wife and I. On the flight to Pittsburgh, I sat next to a nice gentleman who turned out to be an avid football fan from Ohio. After talking throughout the 4+ hour flight about a number of topics, mainly football he inquired what I did for a living. I told him of course we were Real Estate Agents in Orange County. As it turned out, he asked me for my card and then proceeded to tell me he was a V.P. for a major U.S. Bank who was setting up shop in CA. So I asked him if he needed a Solid Husband and Wife team to assist with their Bank Owned properties. He said, heres my card, when you get back to CA, give me a call for an interview. Needless to say, that is how we got in. The moral of the story is...Its all about timing,relationships, and many times who you know. Good Luck!
1 vote
Chris Shaw, Other Pro, Southfield, MI
Sat Jan 23, 2010
I am not in your area, but it is very easy to find the major players in any city or county. I usually drive around and look for a few homes that I see are foreclosured on then I contact the agent or company that has the listing. In many cases this can create a way to get in contact with top REO agents. Another proven method is to go to your local REIA's and talk to the host. They are usually seasoned investors and can give you leads to some top agents that have helped them in the past. In addition to that you can start to build some contacts of possible investors in the area.

One very simple way I have used in the past has been to go to sites such as bargainhomesnetwork and see what homes they have available, in most cases they give you the listing brokers and like magic you have some of the top REO brokers in your area.
1 vote
Steele V. Pr…, , Minneapolis, MN
Fri Jan 15, 2010
Here is the link to another article with some good information on obtaining REO listings without paying a fee:

1 vote
Shaun Anders…, Agent, Rancho Palos Verdes, CA
Sat Jan 9, 2010
Well, I too have been trying to get into the REO game, what I did was sign to do BPO's witha like a list of 200 or more banks/companies and I registered with REO companies. But I can tell you right now you have to make up a resume that conveys that you have like 2+ years experience and bla bla bla. You'll see.

I have Lonnnng list of BPO+REO companies for you if you like. It's in PDF form though, so email me at ashaun3@yahoo.com and I will send it to you. Out of the 100's of companines I signed up with and was accepted only like 9 of them are active and actually send me BPO orders.

Good luck
1 vote
Steele V. Pr…, , Minneapolis, MN
Wed Jan 6, 2010
Let me also follow up on Susan's comment about costs in doing REO work. You must also factor in that commissions are usually lower on REO properties and that you will usually be paying a referral fee. As an example, one asset management company pays a total of 6% commissions (this is not to suggest what should be charged, rather a fact for this company). They require that the buyer rep get 3%, the listing rep get 1.8% and they keep a referral fee of 1.2%.

Then add to that the fact that most of the properties are on the lower end of the price scale...

Not to discourage but know the facts before going into this field. It's what the gurus selling you courses don't tell you up front.
1 vote
, ,
Wed Jan 6, 2010
I'll add my 2 cents, although with 102 answers, you've had your questions answered.

Register everywhere, this won't guarantee anything, however, it won't hurt. It does seem that the tried and true are going to continue to get the bulk of the REO listings. Keep in mind most REO agents inventory is significantly lower now than it was 18 months ago, so these agents are stepping up thier game to keep and get more accounts also.

Second - be sure you have the reserves and staff to handle and REO account. Most banks will want you to cover expenses, it can take up to 60 days to get reimbursed. I was out $8,000 on ONE property. This only happened once, however, you'll be expected to cover these costs.

It is a lot more work than most people imagine. Be ready for it.

Good Luck.
1 vote
Steele V. Pr…, , Minneapolis, MN
Tue Jan 5, 2010
I'll respectfully say that BPOs will most likely NOT get you a foot in the door. I know it's much touted and may have been true at one time, but not anymore. As mentioned many of these companies are BPO mills. That's all the do. And even if it is a name company the BPO may be ordered by someone in a totally different department.

Try it, sure, but be aware it is a long shot. Do BPOs for the sake of the work itself and the bit of money it makes. Also you will greatly increase your market knowledge.

Apply like crazy to the many lenders and asset management companies and you may also want to seriously consider going to one of the many regional and national distressed property conventions. Meeting people in person can really make a difference.

I would also second the thought of a previous writer. Think about short sales. That is wide open right now.
1 vote
Cindy Babcock, , Charlotte, NC
Tue Jan 5, 2010
Experience. Assist an REO agent in your office to gain the experience and contacts. REO companies want to work with experienced REO agents so it is difficult to get started. Be prepared to have several thousands of dollars in expenses each month once you get listings. Mortgage companies have you pay expenses up front (clean out, utlties, lawn maintence, etc.) and they wil reimburse you 30-60-90 days away.
1 vote
Ron Scott,GRI, , Milton, MA
Mon Jan 4, 2010
To get statrted hit your local banks get to know the loan officers and managers you will learn alot from them
1 vote
Barry Dunn, Agent, Fort Lauderdale, FL
Sat Jan 2, 2010

Even as a new agent, you can trade your work as an agent doing BPO's to get SOME REO listings. Don't expect to get a ton of them like the older agents who go play golf with the asset managers on the weekends. Expect to work hard, pay the rent, and have a low expense/low profit business if that is the approach you decide to take.

That being said, register for those companies who either trade free BPO's for REO listings http://(www.usres.com for example) or other companies that will pay you for BPO's but give you REO listings after a year or so http://(www.goodmandean.com for example).

Since you are a new agent in an area that seems to be flooded with REO's you may want to rethink your independent agent strategy. Consider approaching a busy REO agent and asking to join his or her team as a buyer's agent.

You can keep track of your buyer sales and build them into you own personal database over the next couple of years, and then consider entering the market as a single agent when the listings that are actually selling aren't dominated as much by a handful of top REO agents.

Barry Dunn
Keller Wiliams Realty Professionals
Fort Lauderdale, FL
1 vote
Maya Thomas…, Agent, Key West, FL
Sat Dec 26, 2009
You'll have to do hundreds of broker price opinions to get a couple of listings.
1 vote
Josh M. Boggs, Agent, San Antonio, TX
Sat Dec 26, 2009

Congrats on being a new agent in CA. There are so many opportunities knocking in this economy, if you just get out there and start plugging away and working at it; this is where fortunes are made.

As for the REO's, I have always been asked why I haven't gotten into them as much. There is quite a lot of work, money and resources that are typically required when working on REO's. The best start is to really ramp up your internet presence, marketing policies and strategies and then go over one or two banks only. I personally went on Chase's website and requested the REO application. They sent me the information and the names of where I needed to go and apply bc of course most banks won't even handle their own REO portfolios; they will contract them out to a 3rd party management co.

Anyway you do it, best of luck on your jouney.

God bless,
Web Reference:  http://www.eXposedHomes.com
1 vote
Joe, , Anthony, TX
Fri Dec 11, 2009

I'm not an agent but I am an investor and when I started buying bank owned properties I had the fortune of consulting with a broker that was in the business. He told me about a great "getting started in reo" kit that was the best resource I've ever invested in. It has all the forms, bank info, and process on how to deal with the banks. It also has some extras about getting your name out there.

Wish you the best of luck, Joe
Web Reference:  http://homesErealty.com/
1 vote
Sam Shueh, , San Jose, CA
Sun Dec 6, 2009
Questions asked by these companies:
1. How big is your staff? 2. How many REO properties you have listed last few years? 3. What are your business plans the next five years? 4. How many years have you practiced as a broker....

It will probably take you 2-3 years to pay your due like every other agent and find out the window for opportunity is against you. According to one agent if you have not started years ago and you have no proven track record it will be tough to bring someone in. Suggest you work on the buyer side and get experienced first.
1 vote
Jackie Kyles, Agent, Fort Mill, SC
Tue Dec 1, 2009
I have been trying to get REO listings for a couple of years now. After working and very hard I might add on short sale listings which I specialize in I had one property go to auction. I got the listing a month before the auction date. I did keep marketing it and had an offer come in about 3 weeks after the bank got the property back. I called the bank every day and had to leave voicemails for the foreclosure department. I would send faxes to their number with URGENT typed all over it that I had an offer and someone needed to call me ASAP. Finally someone did which was about a month ago and he has given me 2 more listings and given my name and number to the other foreclosure people in his office. He said he was very impressed with how hard I worked to make the sale. So, if you are looking for the easy way into REO's all I can say is work hard and do a good job because there is no easy way to earn a living in real estate right now other than to work hard for it.
1 vote
Leanne Finlay, Agent, Kirkland, WA
Sun Nov 29, 2009
Ok. I just checked out the BOA "Preferred Real Estate Network", here is the link:

Am I just completely out of touch, or is the fact BOA only lists TWO real estate companies representing them in the entire State of Washington completely inadequate?

Actually, no :-), it's not me that's out of touch, it is BOA who is completely out of touch! Check out their little slogan at the bottom of this website -- if I didn't see it for my own eyes, I'd think this was written as a skit for Saturday Night Live ... or maybe Jon Stewart. Read it and see if you agree ... :-)

"The Bank of America Preferred Real Estate Broker Network® offers enlightenment
and a place of sanctuary for confused seekers of real estate."

Enlightenment and a place of sanctuary, huh ...
1 vote
Jeff Hudson, Both Buyer And Seller, Nevada
Thu Sep 24, 2009
You could check http://www.finestexpert.com they got over 4 million pre analyzed active properties nationwide to provide the most up-to-date statistics on rents, values, expenses, and projected returns.
It was developed to meet the needs of serious real estate investors who would rather know more about a property's financial picture and less about the wallpaper in the family room. In other words, it was created to help investors find properties that feature the best financial profiles, not necessarily properties with the prettiest decorator touches.
Web Reference:  http://www.finestexpert.com/
1 vote
April Rosen, Home Buyer, Orlando, FL
Thu Sep 24, 2009
You could try http://NKrealEstate.com who has been around for over 20 years
Web Reference:  http://NKrealEstate.com
1 vote
Mel Kim Real…, , Miami, FL
Thu Sep 24, 2009
Try Bank Of America now they have a uniqe site just for that
1 vote
Jerri Palumbo, , Georgia
Fri Sep 18, 2009
In my opinion, there is nothing as good as good old fashion follow up. My company Virtually Achieved is an real estate administrative company that will do the leg work for your initial registration...so there's a little "plug" for my company...HOWEVER..

There is something to be said for placing calls to lenders to introduce yourself. Yes...some of them don't have the time of day for you, but you never know...you could be calling at the very moment that they need an agent in your zip code (far fetched, yes). We are all in the sales business and it takes a bit of elbow grease. BUT once you have that relationship, you should be golden.

Many of my clients like to avoid doing BPO's...they just want the listing (who wouldn't). Just think of it as the dating period with that lender. Romance them and they will come back for more.

FAIR WARNING: Mess one up...and you are done like dinner.

Good Luck Folks!


P.S. Another Plug...don't forget, I can help you get registered initially. (I don't sell lists...you have to bring your own (I can recommend a few for you)...I just do the actual registrations for you so you can focus on your business instead of being stuck behind a computer for 20 hours typing in your service area :)
1 vote
Lexi Clark, Agent, Tucson, AZ
Tue Aug 25, 2009
Each time you do a short sale deal, call that lender and introduce yourself as the agent who brought the buyer or successfully listed and sold the property. You already have the contact info, might as well use it.
1 vote
Orin Sherman, , Honolulu County, HI
Fri Jul 10, 2009
I think this question would have been better answered if phrased "Please explain how you (agents working REO's) got started doing REO's and continue to be successful in todays market? Secondly, what suggestions do you have for new agents that want to get started doing REO's?
1 vote
Summit Realt…, Agent, Reston, VA
Wed Oct 29, 2008
I started selling REO's two years ago and i started with 2 bank clients, now I work with 10. The best way of getting the business from new banks or asset management companies, is old fashioned door knocking. In our new digital age, that is all done online. If you are looking to get started at a low cost the list i downloaded at http://www.sellmorereo.com was a great way to find the "doors" to knock on. It added about 40 potential companies/clients to the roster I already spent hours search the web for. Once you get some revenue flowing from BPO's and hopefully listing, look into joining associations such as REOMAC. Networking with other agents in different markets has been helping in finding the contacts for the heads of the REO departments. Personally, I've found the asset managers are not interested in solicitation and don't appreciate the interruptions in their days. Hope this is helpful...let me know your success!
1 vote
Katie, , Virginia
Tue Oct 21, 2008
Amelia and Heidi,
Breaking into the REO business is not as elusive as it seems...
1.) Utilize the relationships you have with loan officers in your area. They can be the fastlane to getting REO listings by putting you in contact with the right people. Our local Countrywide loan officer has helped us get over 80 listings from CW alone in the past 12 months.
2.) Sign up with as many REO and BPO companies as you can. There is a list of over 90 of these companies available at SellMoreREO.com. For $25 they give you the most comprehensive list that I have found on the web of company names, website links and directions on how to sign up with each. There are only a few companies on this list (I think 2 to 5 of the 92) that have closed registration. The rest are still accepting new agents. So make sure you register ASAP!!!
3.) Do BPOs and do them well. Be the first to reply to BPO assignments (often they are sent to a group of agents in the subject area and the BPO goes to the first agent who accepts). Do the BPO in a timely fashion. And be thorough and accurate. Use good comps, give a good estimate of value (inflating the price to try to get the listing will get you nowhere), and be detailed in your comments. Once you have submitted the BPO, follow up to get feedback. Once you do a BPO on a property, your name is linked to it. If you do a good job and the property goes to foreclosure, you have a good shot of picking up the listing.
4.) Once you get a listing, do an excellent job of managing it and marketing it. Follow the asset manager's instructions and meet the timeline they set forth. Communication is key. Once you've done a good job for them, they'll send more business your way.

1.) Spend thousands of dollars signing up with websites that promise business or sell you Asset Manager names and phone numbers. ASSET MANAGERS DON'T WANT TO BE COLD CALLED. If you get in touch with one, they will likely refer you to their website registration anyway, so invest $25 in SellMoreREO's list and register with everyone on it.
2.) Blow off BPOs because they don't pay well or not take a BPO assignment seriously. I don't know a single Asset Manager who will give out an REO listing without having you complete a BPO first.
3.) Overlook the contacts you already have. Network Network Network!!! I recently ran into one of my old friends who used to work with me in credit underwriting. Wouldn't you know he is now an Asset Manager at Green River Capital!
Good luck and I hope that helps!
Web Reference:  http://SellMoreREO.com
1 vote
Jim Walker, Agent, Carmichael, CA
Sun Dec 2, 2007
I emailed you a list of 12 REO Managers: Names and addresses. A lot of it is pure chance. If your letter arrives the moment one of these folks is about to assign a listing in an area where they have no agent or are thinking about adding additional agent because their regulars are loaded down, then maybe you will be consdiered. If your letter arrives the day before or the day afterwards,you wasted the postage.

All the requests for proposals that I see require REO property listing experience. - So typical... how are you going to get the experience until someone gives you your first one? I like Patrick's idea. It might be more rewarding personally and financially to work with buyers who think that they want REO's

Is there anyone in your company who specialize in REO's.? You might get with that person and ask if you can work in their team, if you really want to be on the REO listing side.
1 vote
Gail Hiebert, , KCMO
Sun Dec 2, 2007
Hello Heidi. I know how difficult it is for a starting agent to get into the business of making sales in real estate, but trying to get into the REO business from the start is really asking to get into the lion's den full of alligators. It's just a pleasant. If you're a realy person now, use the MLS to sort out all the REO properties that you see and view them. this take time but its a necessary step for you if you've not had that experience. Get familiar with the market, get familiar with the lenders that have these REO AGENTS, (lenders as a rule will not answer the zillion of calls they get from the public and from every realty person out there who wants to 'get in' the business - as you can well understand.) Some REO agents will share their information, but not their sources, with you. Some will not, but try and find a compatible person in your area who can help you reach your goal. Above all, continue to get educated on the subject, and don't give up your dream. Hope this help.
Web Reference:  http://www.9723nflora.com
1 vote
normathomas97, Both Buyer And Seller, Sacramento, CA
Tue Jul 30, 2013
Try contacting smaller bank asset managers. Not the big banks like BoA, Wells Fargo or chase, they are extremely difficult to work with to begin with. Also, try your local Real Estate Investing Club for plenty of information.

Gabi Thomas
Patterson, Ca
0 votes
repofinder, , 84790
Thu Dec 13, 2012
For local CA bank and credit union listings go to http://www.repofinder.com

For nationwide listings go to http://www.repofinder.com/reofinder

Don't fall victim to pay sites. The information is all free if you know where to look ;)
Web Reference:  http://repofinder.com
0 votes
Buyer, Both Buyer And Seller, Houston, TX
Wed Nov 28, 2012
http://www.thebigreo.com is a great site to find reo listings
0 votes
Maryc21, , Los Angeles County, CA
Sun Jun 17, 2012
From my personal experience, I first started doing BPOs. Make sure to complete them on time and provide good quality. WIthin a few months of completing bpos the banks started sending me REO listings.

here's a great article to get you started. http://bit.ly/LtVK41
0 votes
Homes, , Lubbock County, TX
Wed May 23, 2012
0 votes
Chris and Kim…, Agent, Medford, OR
Tue May 15, 2012
http://www.AgentLinkus.com has a lengthy list of REO and BPO Signups.
0 votes
Johnhughes59, , Seattle, WA
Thu Aug 4, 2011
My suggestion would be to try reolister.com. I tried to go the route of cold calling mortgage companies and banks and was getting no where fast. I took a chance and subscribed to their service, and they approved and registered me with like 100 banks and asset managers in only a week or so, and then my phone finally started ringing, and I started collecting the listings. Hope this helps! Good luck in CA!
Web Reference:  http://www.reolister.com
0 votes
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