Seeking REO/Forclosure listings

[Lanaki Kine]

Can anyone give me guidance on the best way to solicit listings of REO/forecosure properties from lending institutions? I have spent countless frustrating hours on the phone with corporate offices of banks with very limited success. I have been doing bpos for mainly 2 companies for years, and no real leads have panned out from that. What is my best bet for soliciting thes listings? Most of the web searches I have done involve pay sites involving list of repos that are already listed.... Can anyone give me some informed guidance?

[ColoradoHomeHelper]

Can anyone give me guidance on the best way to solicit listings of REO/forecosure properties from lending institutions? I have spent countless frustrating hours on the phone with corporate offices of banks with very limited success. I have been doing bpos for mainly 2 companies for years, and no real leads have panned out from that. What is my best bet for soliciting thes listings? Most of the web searches I have done involve pay sites involving list of repos that are already listed.... Can anyone give me some informed guidance?

I dont know if you would even want this listings. I know in Colorado most of them are a total pain to deal with and they usually just offer you a flat 500 dollar fee for the listing. My best advice would be to keep pluging away and trying to get in good with a certain bank. From what I understand once you have established yourself with a bank it's all cake walk from there.

hope this helps, not really a solid answer sorry!

[Memphis]

Do you fo BPOs for GreenLink? Which is Wachovia. I have been getting quite a few listings from them recently in our area. Of course our area is the foreclosure capital of the world.
www.greenlinkbpo.com

[W. Peterson]

Signup with as many REO companies as you can find. Join REO membership sites.

And here's the important tip.
Signup for small unheard-of communities and towns near you. i.e., If an asset manager needs an agent for the city of Bithlo Florida, he/she may not know that this is actually a city within the Metro-Orlando area, so he/she is less likely to call on their regular REO agent.

Then sit tight and wait. If you signup with enough companies, there will be a need for an agent in a small unheard-of area near you, and you may get it.

This will get you in the door. Do a really good job, then discuss a large area like Orlando or Chicago with your asset manager. They have regular agents, but any agent that makes his/her job easier, is an agent that they would love to work with over and over again.

W. Peterson

Florida REO Broker
Florida Real Estate Brokers

[johnmagic]

I am getting started in the REO business as well. Where in Michigan are you located?

John

[katie777]

Hello,
I can certainly understand how this would be a frustrating task. It is very difficult to break into the larger banks, I would try your local branches. I found great success with my local branch that I do most of my loans from. I think you will find that you will make more money from other types of listings because as John mentioned they like to pay flat fees. With as much experience as it seems you have you would do great to start investing in the REO you are trying to list. I have been investing for years and most of my deals come from the homes before they hit the bank.
Rebecca Kay
http://www.find4close.com

[ryson Vacation rentals]

I worked at Keller Williams Realty for 4 years with an agent and all she did was foreclosures for Banks and Relos. She made quite a bit of money but it came with lots of hard work. You usually contact a bank fill out paperwork and get on thier preferred list once a spot opens up. Laura always had a headset on and was pretty much behind the desk answering the phone all day. Banks want a full time staff handling their stuff and a quick responder too. We do get 3% here in Texas but you may only get paid $50-$100 for the BPO, especially if the banks goes with another broker on the deal. Usually you need to have an agent in the field to get the BPO done quickly, so that you can handle the bank calls and offers coming in.

[Memphis]

She made quite a bit of money but it came with lots of hard work

Nice to see someone understands that side of the fence. Most seem to think REO's just fall in your lap and a payday comes some 30-45 days later.

[Jnazareno]

hardest part of getting Foreclosure/REO's listing is that you need to be in the banks good name list ...after that it get's easier as they trust you more (lol)
I can imagine that list has probably grown 10 fold by now.

[realtor247]

Try www.Ocwen.com or RealTrans.com