How Get Listings With Bank Owned Homes

[Mark Z]

Looking to hear from agents who list a lot of bank owned homes or foreclosures, on how they got their foot in the door. I know a couple agents here in Michigan who sell 15-25 homes a month that are bank owned. I want to know how to get my foot in the door to list bank owned homes?

[REOagent]

Hey Mark, i started by doing bpo's, which took about 2 years before i started getting reo's, it also depends on how many reo agents are in your area.

Another thing is sign up with different reo directories.

[RealtorKenneth]

It's not easy. Take a BPO training CE course to get started, start by doing BPOs.

Once you have been doing BPOs for 1-2 years you'll be able to start learning about short sales, foreclosures, and break into the REO business, which is bank owned homes.

REO sales are more complicated because you have to go through a whole bank instead of just 1 seller.

After you learn what BPOs are all about, I would go on eBay and get a BPO company list and sign up with all of those and get started.

[Mark Z]

So the conpanies I am doing BPO's for are the same companies that have access to throwing me a listing? I thought there were BPO companie and then the asset managers are the ones who handle listing the property?

[RealtorKenneth]

Good question.

Sometimes the companies do both. I was saying to do BPOs because you get experience with them to be able to start doing REOs, and you can use the BPO companies as references when applying for the REO companies.

It's important to be a BPO pro when doing REO listings because you sometimes need to do several BPOs for the duration of one listing to assist the asset managers in pricing the property.

My first REO listing I did a BPO for $61,500 and it sold for $61,000. That would have never happened if I didn't have the BPO experience that I did.

Just start with BPOs, trust me. The REOs will come in time.

[Mark Z]

Great Information, Thank You. Do you have some info on how to get in touch with some BPO companies. You can PM me if you would like, rather than have it posted all over the web.

[Detroit Progress]

Great Information, Thank You. Do you have some info on how to get in touch with some BPO companies. You can PM me if you would like, rather than have it posted all over the web.

Mark,

Hello, we are about to start our first 75 home REO deal...We do indeed have access to several banks through our contact...It is possible we can work together especially if you have interested parties...We are working on Detroit, Michigan so it may be a perfect fit...Check out our site in my signiture...

[Mark Z]

I'm sure we could do some business together.

[Detroit Progress]

Certainly, shoot me an email sometime this week to get the ball rolling...

info@detroitprogress.com

[Mark Z]

Do you have a Real Estate broker that is going to be listing homes on the MLS for you as of yet?