REO Listings

[Blazo]

Hello,

I am Commercial Real Estate Professional and mostly been on the Lender's side. Just recently started getting into REO's on the residential side and commercial side. I am a Broker/Realtor and have some possible residential and commercial REOs listings coming my way in the near future. I wanted to know if anyone can shed some light on what's next once the Lender chooses me to be the listing Broker. Is the next step to fill out the listing agreement and have the lender sign? How many days should be stated on the listing agreement? Or what is the step by step process? Thanks

[SLP-NYCT]

biting my tongue.

Welcome to the Forum Blazo. Perhaps you can add to this by telling us more of your experience, maybe your company name and such. What experience do you currently have with listing and selling real estate?

[stevetrang]

Just sit back and sign forms. Good luck on dictating any terms. Terms will be given to you, plain and simple.

[Blazo]

Thanks for the replies.

My company name is Prime State Capital. All my experience has been on the Lender side as either and Analyst, Asset Manager, or Sr. CRE Underwriter. I haven't done any listings as if some come through in the near future they would be my first.

[SLP-NYCT]

See now thats what confuses me. How did you get to be a Broker if you have never listed and sold any properties? Realtor sure, you just have to pass a state test and then join the organization, but a Broker, NO.

In the mean time, beef up your sig and profile with your company info. Why would you not want to help your exposure?

[Blazo]

I have been a licensed Broker since 2006. I have had this in my back pocket but never really used it. I just got offered a salaried 9-5 job as an analyst for a real estate attorneys office and i took it. I plan to do the listings or trash-outs on the side on the weekeends or in my spare time. Extra income from another source is always a good thing. Will do thanks.

[jamesegallagher]

The REO Asset Management Companies call all the shots. Just follow their instructions and you'll be fine.

[maryd]

i belive the bank will direct all of those time frames, including your commission

[Puyallup Agent]

Larry is more diplomatic than I am.


What state gives out brokers licenses to people with no experience anyways?

[Joelrunner]

Larry - I've been surprised at how easy some states make it to become a Broker. (Colorado is a single license state, meaning ALL agents are brokers right out of the gate, and all it takes to become an employing broker is two years (regardless of sales volume), and a 1 hour test.

I believe it takes less than that in CA.