My First REO

I was wondering what others have done to get started out there with REO's. I work for a Brokerage in the Midwest that specialzes in Short Sales and Reo's but have not personally,as an agent in the office, done an REO yet.It seems like most of the companies require personal REO experience. Are there any other companies that you would reccommend to put in an application. I have signed up for various BPO companies, but I'm not sure if this is the route to go.Any suggestions or help would be greatly appreciated.Thanks in advance

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  • Oh yesss short sales are growing just like REOs are! Just a different animal, if you have a "team" then I feel you can take on both, but a single agent I believe you need to tackle one or the other.
  • That is hopeful thx. But Rose has a point as well. Short Sales is an avenue and I will look into lis-pendants list and market to those potential sellers.

    Thanks so much everyone. It’s good to hear from so many knowledgeable folks with sale pitch of a product.
    • Hi Aldo....
      I didnt say reo's was "waste of time".... maybe some folks mis-interpreted what I wrote above.... What I would like to express is that the reo market is very hard to just walk into.... Doing bpos is the only way.... and do lots of them... but, I was hoping to make a point that you shouldnt sink all your eggs into one basket.... thats all......Ive been in reos for 8 years. my business is down 75 % and I have no negative incidence- no late actions... and am a preferred agent in all my companies. MY business is down as well as many others w/ experience. I never would have believed it,, till it happened. so, my decision was to spread my work out into a few other areas in order make it.
      I do short sales, I do bpo's, I do "old-fashioned real estate sales...... and I work w/ investors. After the drop I experienced.... I wouldnt rely on any 1 thing anymore. Thats all......The lenders, asset managers and all those "teaching" webinairs... etc --- EVEN our REALTOR BOARDS--- have all realized that we realtors will spend money for any certification that will bring us the dangling carrot- "A LISTING".... its dangerous because no one lender honors the certification of the other--- or even of our realtor didnt used to be that way.... now its all about money from us...... I quit spending on anything that hasnt produced for me previously.
      All these new cert's and classes, webinairs...... I could teach most of them...... They try to make me believe I can t function w/out them.... BULL-ONEY....--- so.... old republic (free)- first american ( 99-150?? I dont remember), emortgage logic ( idont remember if there is a fee)- all give me lots of bpos.... and they pay on time.... 1st american has a very good certification program that you must take beforehand... but it's worth it.. they send lots of all depends on your area...... Those are the ones I would sign up w/......They all paid me back in a few days...... Hope this helps....its hard earned knowledge..
      Take Care!!
  • I completely disagree with Rose Mencia, it is not a waste of time and yes you can still get into the business. I just started last May 2009, and all I heard was I couldnt do this and couldnt do that. Well it took me a year to get my first property and less than a month later I have just gotten my 2nd property and have been contacted by a national bank to work for them.

    In the meantime over that year I have made lots and lots of money doing BPOs, I havent became rich but I have made good good money on a daily basis, now the listings are seemingly coming. So if you listen to people like Rose then yes you will never make it. Just stick with it, it will happen. If it was easy and fast then there would be more REO agents in your area!
  • I see most of the services “clear capitol, old republic, resnet, insidevaluations” have a fee to be listed in their service company. Is it worth the cost to be listed in these companies?

    Will the BPO request come in? I know spending money makes money but I want to spend smart.
    It sounds you make sense in what you say, so would you say the “Short Sale Network” training and their lead program be worth it?

    Thank everyone for being open and honest.
  • Well, in my humble opinion...... if your not already "in" the reo biz..... you won't be..(for now anyways)

    I believe that for now... most lenders are receiving more benefits by not foreclosing ( as our govt has asked...) and to offer short sales instead. Therefore the market is moving heavily towards servicing shortsales.Lenders are moving heavily towards speeding up the process, and new programs like hamp/hafa are attempting to make themselves usefull......
    If I were you, I would still do lots of bpos. (THEY ARE the ONLYway in to REO's) this will at least get you started and w/ a toe in the door. Go to some bigger formats and apply--eg: clear capitol, old republic, resnet, insidevaluations......sign up and do bpo's there...( you may get lucky and receive an reo eventually ) but do other stuff... short sales, regular old fashioned deals , etc.......dont avoid other opportunities!!
    Warm Regards!!
  • Like a mad man, I have been signing up for asset management companies. For some reason I feel work that will not be rewarded. I am assuming it is a numbers game. My thoughts are home many have assets in my area of NY, home many agents are all ready doing the BPOs, etc etc. But I will persevere.

    Question: how do I know my energy is spent wisely what asset management companies or offer BPO’s to new agents for a fee, in my area, and may offer the REO?
  • Hi Todd,

    I have been doing REOs for over a year now and the best advise I can offer you is to team up (co-list) with an agent in your office who is receiving REOs if you can. Then you can list that experience on the applications as having worked REO properties. Maybe you will have to offer to do the work with the listing agent for no commission, or a small % of the commission in order to gain the knowledge and experience involved with REO properties.

    There is a lot of work involved representing REO property, so know that going in. If you are serious, plan on giving up your social life. : )

    BPOs are a great way to get started in the Bank Owned properties industry, so sign up with sites that need BPOs done BUT also offer REOs too, not just a BPO house.

    REOTrans is a great place to register yourself and also Disposolutions. Both are low or no cost.

    Hope this helps get you on your way.

  • Hi Todd,

    First Preston is accepting new agents in certain states, hope this helps.

    HomeTracker | Real Estate Asset Management
    HomeTracker creates unique Web-based software solutions for managing and marketing single-family homes and other real estate assets.
  • Many REO/asset management companies are not taking on new agents..In fact some are downsizing their agent network. I believe, due to all the bank mergers.
    With that said, BPO's are your best entrance into REO listings. Most companies select their listing agents based upon BPO performance. So, remember that you are graded on everything...turn around time, responsivness, accuracy and willingness to take the rural and poor listings/BPO's.
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