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The real estate market is flooded with REO listings as a result of the economic downturn These houses now owned by a financial institution are being sold at a discounted price in order to find a buyer a quickly and maximize the amount of money they can get for it as quickly as possible. REO listings present a feasible buying opportunity for investors looking to cash in on low priced homes and offer significant earning potential for realtors and brokers trying to wade their way through a tough market with few buyers.
Banks just don’t call agents to list their REO listings. There are far too many agents who want a piece of that business; therefore, you need to know that these listings won’t fall on your laps. But, if you follow these few tips you will increase your chances of getting REO listings
Banks are way too overwhelmed with REO brokers applications. It is important that you stand out of the pack. In order to do so it is critical that you take action and call the asset managers to introduce yourself.
Sign up and get ready to deal with the BPOs: While most companies will require you to sign up with them; This is not an overnight solution but after completing a number of broker price opinions you will demonstrate that you can be trusted. Very few realtors got into the REO business without doing broker price opinions first. If you are serious about breaking into this niche market you need to look at the broker price opinions you are doing as business cards that you drop on the asset manager’s desk getting your name and picture in front of them. While there is a learning curve to doing bpo’s; once you have become an expert it will communicate that you are capable of handling REO listings.
Look for the notice of defaults on vacant homes. This will give you a heads up on what companies are handling REO listings in your area… You probably know that REO agents are rarely willing to disclose their sources for REO listings.
Start by driving aroung and look for notices of defaults posted on these homes; they contains valuable information such as the name of the company disposing of these homes. Get hold of the asset manager in charge of that house and try to get information on other homes they are handling.
www.homeslaes.gov is a fanstastic source of details on all REO homes all over the country. You simply have to click on the state that you are interested in and you will get a list of homes for sale by the US government. Next choose a city and scroll down for details The site also has a feature that allows you to describe the type of property that you are interested in.
Get REO listings through Fannie Mae: You can also get REO listings directly from Fannie Mae by visiting a site such as homepath.com. The site offers information on a variety of property types for sale and you simply have to click on the US map to find your way to REO properties in your area.
Now matter what advice you decide to follow knowing how to get REO listings is critical is this market