Listing REOs

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Permalink Reply by Victoria Faniyi on October 25, 2009 at 10:05am

Have you seen any positive result? What state are you in? I think it has to do also with the juridiction. Here on the east coast, only view are getting listings, and no one is telling how it works.

Permalink Reply by Arthur Flores on November 2, 2009 at 10:00pm

Hello to all. I have been in this business for several years. I am from Pleasanton Texas, about 35 miles south of San Antonio. I started REO's by completing BPO's. BPO's (Brokers Price Openions or Drive-by's) pay very little and take up some time but are very useful for training others on how to complete a comparitive market analysis. Eventually, bpo's turned into reo's (listings) and that led to the desire to do more. In some cases, I looked up mortgage companies and their websites and asked if I could do their reo's. Some don't come out and ask you to sign up, so I would contact someone else in the company and ask them to whom I could speak to regarding doing their forclosed properties. Eventually, I aquired several companies for whom we do these reo's. Occasionaly, I do loose a company or two when ever an agent moves to another office. Sometimes the asset manager get attached to the agent rather than the office. It happens. We did have a company come back to use because it was too much for the agent to handle. Sometimes the companies will give you several reo's all at one time but expect the same type of service as if you only were given one. I give my agents these reo's just as I'm giving you information about how I obtained reo properties. Hope this helps.

Permalink Reply by Victoria Faniyi on November 3, 2009 at 4:50am

Thanks for the advice, very helpful. I 'll keep you in the loop.

Permalink Reply by Michele Peterson on December 22, 2009 at 10:43am

Great advice Arthur..Thanks for sharing

Permalink Reply by Kimmie Hauver on January 7, 2010 at 3:24pm

Hello Paul and Everyone in the Group,
Arthur gave really good advice on how to get started. Persistants and not giving up helps also. In my area there use to be only a few agents that listed REO's. I was determined to break in and just kept signing up to do BPO's. Doing BPO's is a great way to get started.
When I started doing BPO's, I kept saying to myself that even that every BPO was a chance to get my name, my work and my contact information in front of a Asset Manager. I look at it as I am being paid to market myself. So my advice would be, every BPO you do make it the best it can be! Find a way to make your BPO stand out...And what ever you do complete it accurately and submit it on time (preferably early).
When I got accepted my first listing I thought I was excepting a BPO, but I soon realized it was a REO property listing I accepted. Looking back I wish someone had a recorder on me. I was so excited...
My other advice would be to learn all you can when doing your BPO's, because with every listing comes your intial BPO and 1updated BPO every 60 days the property is listed. Evictions are never easy and some properties are not so good. But you need to take the bad with good, specially when your first getting started. You should have a team or at least one person you can count on to help. Having some $$ to get started with makes things a lot smoother. Establishing Utility Accounts, Grass Cutters, ReKeying, Trashouts, Winterizing, Pool Service, HOA payments all add up quick.
But Most of All Really Make sure you really want to list REO's! The old saying be careful what you wish for! This is a lot harder work or I should say challenging in a different way. Its also more time consuming then you think. Most of the Asset Managers I work with are in Texas or Calif. which is 3 hours behind me here in SC. It suits me but I don't have children or any other outside reasonsibilities.
I hope this helps you and anyone trying to get into the REO Market. Kimmie Hauver