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Foreclosure in Provincetown : Real Estate Advice

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  • Home Buying10
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Activity 2
Sun Oct 26, 2014
Scott Godzyk answered:
An asset management company is usually hired by the bank to manage and sell their REO homes. The company will have a list of approved agents and contractors, will assign a home to a local agent after the foreclosure, if the home is occupied will commence eviction, when empty will clean it out, get foreclosure deed, appraise it, set a price and get offers through the agent., ... more
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Sat Dec 27, 2008
David Hale answered:
Hi Len,

Here are several things you can do to get REO listings:

1. Call local credit unions and banks. Ask if they carry portfolio loans, if they do, they will have at least some bank owned properties. Offer to complete BPOs for those institutions as your way in.

2. Sign up with REO and BPO companies that you find on the web. But not subscription services. Too many Realtors pay a monthly or annual subscirption fee hoping to magically get a call one day and be asked to list their 1st REO property. This ususally doesn't happen without alot more work.

3. Start completing BPOs for the companies you've signed up with. Try hard to promote your name on every BPO you complete (not unlike in a listing presentation). The good news is that you should receive a $40-$60 stipend on each BPO you complete.

4. Title companies are next. Most real estate offices have title reps (salespeople) that constantly approach the office. As that person if s/he knows of anyone at their company that is involved with trustee sales and/or bank owned properties.

All top REO listing agents complete BPOs. As you complete BPOs you will begin to create credibility with banks. When they do need to have bank owned property listed, you will be one of the first people they call.

Good Luck!
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