I remember a husband/wife team in Arizona that used to ell seminars on how to do BPOs, acquire REO, etc etc. Their material was dated and full of errors 4 years ago. DOnt know if they still push it. Agents have not been able to smooze assett managers in the back rooms of lenders for YEARS. Once in a while one can make an inroad to some small area lender or credit union but in eneral ALL the REO goes to the big player real estate offices who can afford to pay out thusands a month to do the upkeep until sold then wait for their reimbursement. Plus, we are seeing the beginning of the end of REO listings---mark my words. REO will be pooled and sold in bulk to remain rentals. We will also probably see several large eBay type portals where all the REO are placed for buyers agents to view. Dont fall for those BPO companies who try to talk you into some 50 mile away BPO by telling you they may give you the listing. I know ONE broker who gets hundreds of REO from Wells. He is very wealthy and pays out thousands a month to keep the power on, clean em up, etc. In one entire section of county including several cities he is the only one with Wells REO.
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I completely agree with what you're saying. I'm seeing the same thing here in southern California.
I believe it is true what Judy Nolin wrote about large companies would buy bundles, fix them up and either hold or sell them. The thing is in California, I believe if you sell more than 4 real estate properties, you have to have a real estate license from the state of California. There maybe opportunities, if you know who are the ones that are buying them, if your state has this type of requirement. I believe your state may have some sort of requirements when selling real estate, otherwise why are we licensed with our states. Does not make any sense, if those companies are not licensed. Things can go bad, if they handle real estate in an unethical matter. Auction.com is one of them. They use unlicensed staff people to do real estate transactions with buyers, and don't follow instructions from an Asset Manager. In California, anyone handling any real estate transaction with a buyer has to be licensed. It does not matter they represent a broker, the salesperson/staff person still needs to be licensed,
I don't believe our states really knows what is going on with these companies that are not or properly licensed. Some of us will probably loose our real estate job because of these companies coming into our state and sell without proper licenses.
Yup. Look ahead to eBays USED HOME section under Automobiles.
REOs??? Are there any still to be had???
With the real estate market slowly turning around and the short sale market all but gone. I didn't think there would be very many REOs available. Have you ever noticed the increasing number of so called flippers on late night and early Sunday morning infomercials? If they were making money buying REOs and flipping homes, they would not have the time to do an infomercial and they wouldn't want to be giving out information on how they find and flip properties. No, the REo trend is just about over and they are looking to get what they can out of those suckers who think it is possible to still buy REOs or other distressed properties for pennies on the dollar.
Agents just need to get back out there and start working again on getting listings.
Marvin, you are so right on all counts. There is a buzz around here that a big company will be buying REO's directly from the banks, renovating them, renting them and eventually selling them. Putting an end to our REO businesses. Ain't that special....
why do you want REO's they are a lot of work, for little pay. You have power turned on, grass cut, trash out and who pays for that YOU and do you get reimbursed in a timely fashion NO...GET real listings and get your commission at closing