I wanted to post up a message to try to address the questions that I’ve been frequently emailed from real estate agents, asking me just how to list REO properties.
I want to start out and say, I don’t specialize in REO listings, although as time goes on, I feel that I will gravitate more towards this field. Right now , I specialize in representing REO buyers….Which is something that very few agents want to do, and so far I haven’t met a SINGLE agent who claimed this as their specialty.
This is by no means, the only way to do this, but I feel it’s most effective, because any agent that wishes to deal with REOs needs to understand the full scope of things, and not assume this is a easy field of work by any means.
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Establish a line of credit at a local bank for NO LESS than $30,000 as operating capital for your new REO Business
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Get a list of properties headed for foreclosure in your area
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Contact the foreclosing lender
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Through phone or physical contact, find the REO department or other asset overseer
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Contact that department or the outsourced asset management
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Send a application to the vendor
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Wait for them to send listings
See , now wasn’t that easy?
I’m not going to provide great details on this, but it should put anyone on the right track, if you follow the steps, you could be listing REO properties in as soon as 2-3 years. It takes time to get a relationship set up with a bank and meet their requirements. Most ask for 2-3 years in the REO business and a # of REO handled assets as listings.
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