Help explaining the REO process and getting listings..

[jamulhern]

Relatively new to this REO thing! Been selling real estate for years - now we want to get involved in this! Can anyone give me the cliff notes version on securing REO listings? Do you have to do the BPO to get the property? How do you get involved with listing REO properties? I have started signing up on some of these websites like emortgagelogic. I want the listings, not just BPO's. What sites offer the ability to get the listings, not just the ability to do a BPO? Thanks - it is always great to get advice from other people in the real estate community. Just my opinion here - now is the time when millionaires are made. The media is getting everyone a 35% discount on home prices!

[DebbieJ]

I'm not sure if each state is different. I had a mortgage friend tell me I need to speak with the individual banks/lenders and tell them I want to list their REO's and foreclosures.

[Discover Davis Homes]

You do need to sign up with each lender. You can probably find out what banks/servicing companies have the most foreclosures in your area by searching public record information. One thing to keep in mind is that you as the listing agent will likely be out money until the home is sold as the agent typically pays for clean up, minor repairs, changing the locks, paying to connect/disconnet utilities, etc.

Right now I would rather work with buyers looking for these types of homes than listing them.

[laurenmgeiger]

I have been working on REOs for a while now and it is a simple procedure if you have the right contact. That is what I learned very early on. Banks will not just give out listings, but they will give their Mandate full control of it. The key is having a contact with a Seller's Mandate as I do. I would love to help any of you out in getting together with the Mandate, he controls two of the largest banks REO properties. Purchasing properties between 27 to 32 cents on the dollar will be a breeze for you and your clients. This is not a scam, I do not charge to be able to talk to the Mandate. Let me know if you need any help!

Thank you

Lauren Geiger
laurenmgeiger@gmail.com

[nathan]

Sorry but what is a Mandate?
Thanks,
Donna

[truehelp]

Can anyone help? I have been trying to do the same thing, become a mandate for the bank or get close to the compiler or something, I have buyers asking for REO packages all the time, and i end up with nothing, help, I want to become a seller mandate. thank you or get foreclosure listings from the bank.

Is there a class you take or something, please advise?

[satxproperty]

Maybe we need someone that speaks Canadian here... But I think Mandate is a Canadian term for Listing Agreement.

Can someone confirm this?

[dtriola]

I have worked on both the bank's side and the real estate side of foreclosures. Banks have no problems handing over their REO lists to agents with potential buyers. You will get a better response if you call the bank with 10 potential buyers as every agent is calling for their REO. Pool your investors and write a letter of intent to purchase bank owned properties. The LOI doesn't have to state specific properties, dollar amount, or dates, just the intent of your buyers and a certificate of pre qualification from each investor.

Letting the bank know you have serious, qualified buyers looking to purchase foreclosures (perhaps even getting a new loan through the bank) will make a world of difference. They will have someone walk you through the necessary paperwork and the process will go smoother.

[REOagent]

Getting REO's from the bank is not easy, what i did was, started working various bpo companies and eventually got some listings, but remember to turn in quality work and on time.

[Portland Real Estate Guy]

Certain BPO companies will give you REO's. I started with Ocwen.