My business today is focused on the REO market and working directly with banks and Asset Managers – taking the REO listings and selling them in our area. What I would like to do here is answer the question of what does it take to break into this business, as I am asked constantly by agents, not only here in Hemet, CA…but Southern California and across the country as well.
First, I should point out that to be a successful REO Listing agent, do not expect this to be a slam dunk walk-in-the-park listing arrangement. It is very expensive and very time consuming and definitely not for the weak at heart.
You next need to understand that REO listings typically do not come from a bank, rather from an Asset Manager which is a third party vendor hired by the banks to manage and liquidate large portfolios of properties. It is the Asset Managers who then hire the local vendors, including Title Companies, Escrow Companies and local REALTORS®. Of course, there are exceptions to this rule, such as Countrywide who manage the entire process themselves.
Requirements that an REO agent must posses to obtain REO listings include a license to sell real estate (agent or broker) in your state as well as an Errors and Omissions insurance policy (minimum policy limits range from $500,000 to $1,000,000). Perhaps the most important and most difficult requirement to have an Asset Manager assign a listing to you is a list of references.
OUCH – How Do You Get a Reference if You Have Never Listed an REO?
That I suppose is the age old question in any business endeavor. I suppose like in any situation, you have to find a creative method that will work for you. Some agents will join a REO team for the experience and then branch out on their own. Others will network and do their best to get some one with authority to like them and give them a chance. Others will start like I did and do BPO’s (Broker Price Opinions) – delivering a superior product and constantly impressing asset managers with my in-depth knowledge and understanding of the local market and impress them by ALWAYS delivering a finished product to the Asset Manager before it is due.
Before I go any further, I should let you know that this series of article is not going to be an in-depth tell all. I can tell you right now, I am not going to be revealing my specific resources. This information I would consider to be a propitiatory trade-secret, so please don’t ask for this information, for free. I suppose, occasionally, I will let a bit slip out and if you read through the entire series I am preparing I am almost certain that I will reveal more than I wanted to. However, please understand this is my business and I do have competitors, just like you do.
I got involved doing BPO’s for asset managers back in late 2006. One company paid me $50 a piece to do them – with the express understanding that all I was doing was BPO’s and that they did not get involved in the REO side of the business. They did tell me that Asset Manager’s were always given my contact information and that I might be assigned the REO from time-to-time. Well that hasn’t happened in a year and a half.
Another company that I aligned myself with, after figuring out the BPO side of things, wanted me to do at least 10 BPO’s for free; that I would be evaluated on the quality of my work and my ability to meet their deadlines.
This was my introduction to REO’s!
It actually started out kind of rough. I had done numerous BPO’s, not really keeping accurate track. They were slow in coming – I think my first month I only did about 2. Then 3 or 4 the next month, and another 3 or 4 in the third month. In the meantime, the BPO Company had me cranking out 20 or more a month.
I recall turning down 2 or 3 in a row, when the assignments came into my email, as I was getting bored with them. Then I got a phone call asking me to please do one of the reports for them and I pretty much told this Asset Manager to take a hike that I no longer wanted to be involved with this company as I no longer believed they really had REO’s to assign and that I felt as if I was being played.
The next week, I got another call. This one took me for the ride of my life. I was told that after my firing of the company, they took a closer look at my collective work before transferring me to an inactive status. My portfolio had then been circulated between a circle of decision makers and was told that I had been selected to accept an REO listing. They wanted to know if I was interested in the assignment.
Duh
What they didn’t tell me was that I had to pay a very expensive subscription to a website that the company uses for the management of their REO’s. Once again, I thought to myself that it was just another gimmick. First they had me do close to $1,000 worth of BPO’s for free and now they want me to spend an amount close to that to subscribe to their site for one stinking REO. How many ways can I get burned by one company I found on the Internet?
Well, at this time, I talked it over with my now partner. Unbeknownst to me, he had been trying to pierce the REO veil for over a year using his contacts and establishing new ones in the industry. The Title Company, with his contacts that he had been pursuing, still has not been able to help us advance in the REO world – so be careful what tree you bark up.
My confident and now partner was all excited about what I had been able to accomplish and encouraged me to take full advantage – heck he even offered to ante up the fee if I wanted. What I had stumbled in, he had been working very hard to accomplish, without any apparent success on the horizon.
So the rest is as they say, history. We have formed a very impressive system for our business, building a team of true professional along the way. Just like working any real estate niche, we realized there had to be a system in place so that we could duplicate our efforts while maintaining our very high self imposed standards. It has taken a lot of time and energy to accomplish what we have. You just don’t wake up one morning and find yourself with 35 REO listings. I may have gotten 2 or 3 that way…but after that my team and I have proven ourselves every step of the way.
If you subscribe to my blog, you’ll have the opportunity to follow along as I document the highs and lows of the last year. You’ll share in our triumphs and low-points as well. We are not without mistakes that have been turned into lessons. I’ll share how we made our mistakes and turned lemons into lemonade.
I look forward to the next article, when I’ll discuss more of the entry requirements into the REO world and some important tips I’ve picked up and trained on about BPO’s.
Blessings to all who read,
John Occhi, REALTOR®
Century 21 Crest - CrestREO
CrestREO.Com
Hemet - San Jacinto Valley
951-927-9473
Servicing THE REO Needs of Asset Managers, Banks and Lending Institutions in the Hemet - San Jacinto Valley, Temecula, Murrieta, Winchester, Wildomar, Menifee, Sun Valley, Perris, Moreno Valley, Romoland, Homeland, Nuevo, Banning, Beaumont, Cherry Valley, Yucaipa, Redlands, Mentone, Loma Linda and throughout South West Riverside County and The Pass Areas of The Inland Empire in Southern California. If you are a buyer, investor, first time home buyer or are just interested in REO real estate, please contact us at the above website or phone number.
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The market has changed and so have I. I am now in my 4th year of successfully working with banks and Asset Managers in the preservation and sale of REO Properties throughout the Inland Empire, CA
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John,
I'm happy you are being blessed with REO's. I am almost finished with my first short sale and working on another. They certainly are labor intensive. I'm exhausted as a matter of fact. I'm not sure if I want to try and tackle REO's, but I will check out your series.
Fran Gatti - Crescent City CA Real Estate
Glad to see you are still around in the Rain and even happier for you that you are near the end of your first short sale. For the time being, I have quit taking on any more new short sales - they are a very long and hard road and in my opinion at this point, not worth the effort - for either the buyer or seller.
Now REO's are a lot of work too, but at least it is profitable work. Follow along with the series and see if it might be more of what you need to survive in this market. I promise not to candy coat anything and I will tell it like it is (as usual).
Blessings,
John
John: I have a similar story only I started a year later than you and I JUST got my first two REO listings this week. Yeah!! Anyway, I also listed my first $1M listing this week that was a short sale referral from AR! Yeah!! Yeah!! There is only one bank and we're not that far off from what is owed. I think I'll be able to squeeze a sale through!! Yeah!! Yeah!! Yeah!! All in all, its great experience and I am learning every step of the way... now if I can afford to pay for all these new signs?!?!!
- Congratulations for each of your major accomplishments. Now that you have your first couple of REO listingsyou need to know that you are being watched very closely. It is imperative that you figure things out RIGHT NOW and get everything done on time and done right the first time. Remember, there are 10 more agents out there in your market who think they want a shot at your business.
If you get busy with the REO market, you won't have time for the short sales - they are a serios drain of time and energy - million dollar property on not. You may want to read some of the articles I have written sharing how to successfully do your short sales. Again, it is not an arena where you get many second chances.
Now Have a Blessed Day,
John
I have the same mindset as you John and I am sure I can learn a from your series. We all have a story.
Thank you for the wise words Papa John, and God Bless You TOO!! :)
Anthony Saunchez~ Inland Empire & Hi Desert Real Estate
Always a pleasure to meet someone with a smiliar mind set - I just need to know if you scare yourself as much as I scare myself. Inside my mind can be a very scarey place....
Couln't tell just wehre you work in the Inland Emopire, - the broker sounds somewhat familiar - but if you make it into Hemet, why don't you give me a call and buy me a cup of coffee.
Blessing to you,
John
Susan Manning -
I just visited your blog and left a comment on your Cash For Keys article. I have my one coming up tomorrow. I didn't realize you were so local. I'm thinking we have even met - I used to be with a mega broker in Temecula until about a year and a half ago - maybe we even did a deal together back in 2005? who knows.
Not sure how wise my words are - but they are mine and I'll take full responsibility for my opinions. I'm glad that you can get something from them.
As far as the term, "Papa John", where did that come from? It is the name my grandkids know me by, but none are local and I do miss hearing it..
In any event, welcome once again to my blog - you are always welcome and if you are ever up here in Hemet, please give me a call and I'll le tyo buy me a cup of coffee.
Blessings,
John
I will keep track of your series. I have been interested in REO's. I bought one but have yet to list one. Thanks,
John
The market you're working is very much a blessing for you and your team.....but as you've mentioned, it takes a lot of time and patience to get established enough to be able to play ball.
I already know great things will happen..I'll be looking forward to reading all about it.......
I was just getting started in real estate in 2005 out here and I don't recall ever working with you.
Papa John just fits. Very well I might add. Thank you, and ditto on the coffee offer if you're ever in Temecula!
Carol Judd , Vernal Utah Real Estate
Congratulations - I hope you got a good deal and worked with a listing agent that knew what they were doing. Please do keep an eye on my series and you will discover for yourself if you want to go down this path - lucrative yes, but not for the weak.
Blessings,
John
Bill Nazur
Thanks for the words of encouragement. Right now I kid around (trying to be serious) that I may not be making a lot of money - but I sure get to spread a lot of it around...so what the heck? Time and patience are just two of the resources you need. I think the real key is to establishing systems that work and can be duplicatable. Right now my goal is to concentrate on my market - but as I get better at what I am doing and have there where-with-all to move on, perhaps I'll be looking at new markets as well. But I can't reinvent myself where I go.
Looking forward to your future comments and insights...
Blessings to you,
John
Susan Manning
2005 was my first year in the Temecula market with KW. Again, not sure where or how, but our paths did cross that year or the next. Maybe I just remember so9me of your listings or something, but there is a sense of familiarity with your name (not so much your picture).
As far as the "Papa John", I just think it is really cool, so by all means, feel free to use it.
Until we have that coffee, have a blessed day,
John
John:
Thanks for sharing your insight on this stuff. I've often wondered if I am just wasting my time doing BPOs. Guess not.
Chris,
No you are not waisting your time - if nothing else ever happens you know the insides of your market pretty well by now, I'll imagine. If your goral is REO listings, then I think you should read the rest of my series on REO's and make sure this is something you really want to participate in. In this series you will learn first hand everything that I have to do (and how I do it) in order to keep my lender clients pleased with my work. Trust me, there is a lot of work involved and very little of it is glamorous.
Blesings,
John
John,
I work out of Fontana. I may just take you up on the coffee sooner than you think. We are a small independent company but the word "summit" always sounds familiar.
It is true that it takes a lot of perserverance to break into this market. Congrats on your success!
John--
Excellent post. I am looking forward to reading more. I have done many BPOs. I had the opportunity to handle 3 REOs in 2007. Two out of three resulted in successful sales. I was looking forward to increased business in 2008. So far it's been slow. I'm sure there are more agents now competing in this business sector. I'm determined to meet my business objectives for the year. I'll just have to work harder and smarter in the months ahead. Your series will be a big help.
Sounds like there is no free lunch. Good luck with the foreclosure market.
John,
Thank you for the great post. I agree that working the short sale side is definitely a draining experience. I started doing BPOs last year so I could gain some experience and try to get my foot in the door with these REO companies, but so far I have had been able to slide that foot in just yet.
I haven't done much of the BPOs or focused on the REO's this year due to the fact that I switched over to KW at the end of December and I have been busy working the listings and buyers that I have picked up.
I still would like to be an REO agent and hope that after a few more closings I can take on assistant and get back to focusing on networking with Asset managers.
The way I see it, you have to prospect one way or another, so doing BPOs is like getting paid farming.
Fantastic blog article! I really appreciate your detail and honesty.
Can't wait to hear how it developed and read your next entry!
Best,
Rebecca
Thank you for sharing the information; not many would do so. It's your sharing attitude that has led to your success. Keep up the good work.
that's a great blog! Thanks for sharing, it is quite inspirational.
John,
I am just now completing a short sale deal for Wells Fargo... Have you or anyone here had any luck getting any of their REO stuff by asking the Mortgage loan Adjuster? Or do you think that could be a stepping stone for adjuster to recommend to their REO division?
Nice post, thanks for sharing.
John I am doing REOs too and I must say they do require a great deal of micro managing ~ but I like it. Now to get some closings in BULK would be great. Good luck.
Like so many things in real estate its a numbers game. Depending on the amount of effort one puts into the REO game it can take a long time. I was contacted by an asset manager who was disappointed in the agent that they had hired, so even if you are assigned an REO there is no guarantee that the asset manager will not re-assign the listing.
IndyMac is a good company to work with.
John,
This is very encouraging and gives me more hope. I too have gotten frustrated with those who wanted my services for nothing and the empty promises made. However, I'm very greatful so far for what I have and I hope my business as well as yours will continue to flurish.
Thank you for the information.
Most REO brokers are swamped and over worked. AM's need to re evaluate the assignment of their REO properties.
I finally cracked a BPO goldmine last year. I got paid for performing over 1500 loss mitigation and BPO assignments last year. In th eprocess, I was able to help 950 of 1,200 families I met save their homes from foreclosure. I now do work for 26 services, and 54 lenders here in Colorado.
While I certainly don't have any great handle on the whole thing, I get as many assignmetns as I can handle. My record single day included 37 home on assignment, and another 20 previews. It took the next two full days using a program I wrote to complete the reports.
Some of the banks have asked me to do BPOs for them, becaue my reports are more accurate than appraisal reports they have been getting. Currently, I am averaging about $90 per report, and as much as $300, for several homes.
Like you, I will not reveal sources, or my highly accurate valuation methods, since I actually wrote the program, and can verify the statistical accuracy provided by the reports I generate. It took me five years to break into the business to get this many BPOs a year. I am considering adding REO listings to my marketing, but may think twice given the home maintenance now being required of agents in Colorado. Since I cover 1/3 of the state, it may not be practical for me to have to maintain these listings.
All the best...
Thank you for your very informative post. I really enjoyed it! Have a great weekend!
John, thanks for sharing this blog. It is at least an insight for me to know what some respectable REO agents here in my area need to endure. REO is not my niche, even though every walking client wants to buy a foreclosure. They think it's the best thing on earth. Not really sometimes.
John, great post...thanks for sharing.
I'm following a similar path...I too started w/ the BPO's & have been cranking them out.
Great blog on how to get stasrted in REOs I know it seems glamours to most, but like you stated there is lots of work and often little praise.
Great post. As usual I learn as much from the comments as the blog itself.
Great post. Keep up the good work.
Great Post, look forward to reading the rest of them!
Great post - this is an intriguing side of the business. Not sure it's for me, and seems like it would be flooded with people aspiring, but cream always does rise to the top, doesn't it? Also can't wait to read the rest of them :)
Hi John,
I'll be following your blog. I 'm interested in REO ,you sound like I could learn alot from you.Thanks for sharing.
HI my name is Joshua and my partner and I have are the direct connection to two banks. When you are dealing with banks and not pre-done tapes a direct connection takes the place of the seller's mandate. If you are looking for a real connection direct to the institution please give me an e-mail. Our protocol is as simple as it gets
1) sign NCND
2) LOI made directly to the bank , NOT ME! , proof of funds ie. bank statement
3) phone call from the bank
Joshua Loeb
J Loeb Inc.
Hi John,
Great post, thanks for sharing your info!
Eileen
Hey There,
Came across this BPO Agents Wanted website regarding Banks Needing Realtor's to help with foreclosures.
I checked it out and signed up and there was a lot of valuable information and it didn't cost me a penny
.
So I figured you might want a crack at it! And sent this over to you.
Here is the link:
http://www.bpoagentswanted.com/?signup=1323
Hope you enjoy it as much as did.
Regards,
Great blog of your trials and trublations in the REO world. I too am working hard at getting my information in front of the right people. I look forward to reading your blogs.
Very nice posting. I appreciate the education.
Great post! Thanks for all of the info. I look forward to your next installment!
Great post!!! Congratulations and thanks for sharing.
I actually got my first REO 2 weeks ago from Indymac. Like Countrywide they handle their own REO's. so far its been a smooth ride (except I had to put few contractors under the bus this week)
I did way too many free BPO's until I started using an REO lead generating system. If I only knew then what I know......yada,yad,yada
List REO Properties For Banks
John, what system do you use to track your REO inventory?
We are the solution for the less-painful process to receive REO and APPROVED Short Sale Listings! We have done all of the work for you! And to quote John's blog "It is very expensive and very time consuming and definitely not for the weak at heart."
We ARE NOT A LEAD GENERATION COMPANY. We are a Nationwide Asset Management Company that has 1,000's of properties! You are required to train with our company and use the e-signing software for all transactions. We are a "green" REO engine!
We do not require BPO's and we put ALL COSTS IN OUR NAME, including but not limited to, re-key, utilities, water and light rehab. How many REO agents do you know that have floating costs out there waiting to be reimbursed?
Yes, there are fees, but they are MINIMAL. There is a training fee, e-signing software fee and we assign properties to Realtors by zip codes. There is a per zip code charge - max of 10 zip codes per agent.
We are looking for Realtors NATIONWIDE - IN EVERY STATE that are in good standing with their local Board and MLS.
Please send an email if you would like to learn more. Thank you!
How do you sign up for your service and how much is the minimal fee. Please email me with more info.
Here is a free list of REO asset managers that I got from my local title company. I signed up with everyone of them and now I have plenty of BPO's to do and I also now have two REO listings. This all happened in less than three months. Do what you can to get started and good luck to you.
Company
Link
Accredited
http://www.accredhome.com/
Assetlink
http://www.assetlinklp.com/
Atlas
http://www.atlasreo.com/index.html
Aurora
www.res.net
AVM
http://www.assetval.com/
Badisso
http://badisso.com/
Bankers Assest Management
http://www.bankersassetmanagement.com/
Bank of America
http://reointelligence.com/uploads/bank_of_america.pdf
Bayview
http://www.bayviewfinancial.com/
Brighton Real Estate
www.brightonreo.com
CalReo
www.calreo.com
(CMS) Carrington
www.carringtonms.com
Chrisley
http://www.chrisleyam.com/
Citi Financial
https://oms.citiresidentiallend.com/oms/jsp/login.jsp
Countrywide
http://my.countrywide.com/BizPartners.aspx
Electronic Mortgage Corp. (EMC)
https://www.emcmortgagecorp.com/EMCMORTGAGE/
Equity Pointe
http://www.equitypointe.com/
ETC REO
http://www.etcreo.com/
Executive
http://www.executiveam.com/general/registration.cfm?ContentItemID=Registration
Fannie Mae
https://www.efanniemae.com/is/npdcvendors/index.jsp
Fidelity (LPS)
http://www.fidelityasap.com/registration.aspx
First American
http://www.firstamreo.com/application.asp
First Preston
http://www.firstpreston.com/re_broker_registration.asp
AHMSI (First Option)
https://ahmsi3.com/servicing/home.asp
406 Partners
www.406partners.com
GMAC
REOTRANS.COM
Green River Capital
http://www.riocentral.com/prospectivebroker.aspx
Group Financial
http://www.grpcapital.com/contact/index.html
Goodman Dean
http://www.goodmandean.com/
HSBC
http://www.reotrans.com
Home Eq
http://www.homeq.com/reo/reoProperties.do
Integrated Asset Services IAS
http://www.iasreo.com/workwithus.aspx
Indymac
http://reo.indymacbank.com/reo.ext/presentation/BrokerApplication.aspx
Land America
http://www.lendersreo.com/application.aspx
Lighthouse Real Estate Solutions
https://extranet.lrescorp.com/vreg/index.cfm
Litton Loan Servicing
https://www.littonreo.com/litton/DesktopDefault.aspx
Loan Servicing Solutions (LSS)
14
Keystone
https://www.keystonebest.com/agent_login/agent_login.asp
MDWEBB
http://www.mdwebbinc.com/contactUs.aspx
Nationstar Mortgage
https://www.nationstarmtg.com/Realtors/RealtorApplication_Step1.aspx
Metro Pacific REO
http://www.depotpoint.com/news/?p=126
National City
http://www.nationalcitymortgage.com/
Nations Reo
http://www.nationsreo.com/brokers.cfm
National Default NDS
http://www.defaultservicingllc.com/become_broker3.htm
New Vista
http://www.newvistareo.com/app.php
NPR Capital
http://www.nprcapital.com/
NREOB
http://www.nreob.com/Public/Registration/Broker/RegistrationAgreement.aspx
Ocwen
http://www.ocwenbusiness.com/bs_loanservicing_res_bi.cfm
Old Republic
http://www.oldrepublicdefault.com/Default.aspx
Olympus
http://www.olympusasset.com/agent/agentdata.php
Owen REO
http://owenreollc.com/index.asp
Phoenix
http://www.assetonemg.com/Website/coprofile.htm
Premiere Asset Services (PAS)
http://www.pasreo.com
PMH Financial
http://www.pmhfinancial.com/Registration.htm
PNC
http://www.realtyservices.pnc.com/
Premiere REO
http://www.premierebpo.com/premweb/Home/ContactUs.aspx
Real Estate Disposition Corp. (REDC)
http://www.redcgroup.com/index.html
Reo Experts
http://www.reoexperts.net
REO World
http://www.reoworld.com/
REO Financial Asset Services
http://www.reofas.com/
Single Source Property Solutions
https://www.reotrans.com/index.cfm?
SNSC
http://www.snsc.com/ReoPropertiesBroker.aspx
Sun Trust
http://suntrust.res.net/
Tactical REO
https://www.disposolutions.com/clientlogins/dst/default.aspx
US Bank
http://www.usbank.com/
USRES
http://www.usres.com/vendors/real-estate-brokers/
Wachovia
http://reo.wachovia.com/wbreosubscription.aspx
Washington Mutual
http://www.wamuproperties.com/
Wilshire
https://www.wcc.ml.com/Homes.aspx
Megan Combs, of ABF if your company is really legit show the proof that you really have REO's and not merely trying to sell your esign product. My fellow Realtors, Go with the legit companies like IAS, PAS, FAS, First American REO, GOODMAN DEAN, OCWEN, REOWORLD, CAMREO, REOTRANS, RES.NET, ETC. Don't spend your money with new company that don't really have connections or REO Assets. Lots of scammers out there trying to get the poor Realtors' money. Please sell your product? somewhere else.. PLEASE , PLEASE. Realtors are in hard time not and not to taken advantage of. Beware of ABF & Megan Combs. They don't really have REO'S. They will charge you $150 for training, charge you $30/month for their esign software whether you use it or not. $99/zip code. My broker and co agent signe up with them last year and still have to see an REO listing not even an REO mobile home.
"Brighter Side to intelligent REO" is one man's dedicated mission to provide real estate professionals with the information they need to increase their production and run a successful REO business. My list is the most up to date, accurate and is already helping real estate professionals to dominate their respective REO markets all over the country.
I offer the most comprehensive REO ASSET MANAGER and BPO ASSIGNER databases that exists. I will give to you the ACTUAL PEOPLE that assign the REO listings and BPOs. I am one of a few to offer such list.
I will provide you with the direct contact information (Name, Job Title, Email, and Phone) to the Asset Managers and other key REO department personnel at 70 REO listing companies. These include lenders, servicing companies, and asset management companies. There are over 1,300 total contacts in my database.
These databases allow brokers and agents to directly contact these REO and BPO assigners, build relationships with them, and ultimately earn their business. Seasoned REO professionals know that this business is all about building relationships with Asset Managers and BPO Assigners, but you need to know who they are and how to reach them first....Correct?
If you are ready to expand your business and build your career contact me directly
stevenprat10@hotmail.com
Accredited
Assetlink
ATL Pacific
Aurora
Bank of America
Brighton
Calreo
Carrington
Citi
Countrywide
EMC
Equity Pointe
ETC
First AM
First Option
406 Partners
GMAC
Greenriver
Group
Goodman
HomeEq
HSBC
IAS
Indymac
Lamco
Lrescorp
Litton
LSS
Keystone
MDWEBB
National City
Nationstar
Metro
NationsReo
NDS
NREOB
Ocwen
Old Republic
PAS
Phoenix
PMH
Premiere
REDC
ReoExperts
Saxon
Single Source
SNSC
Sun Trust
Tactical
US Bank
USRES
Wachovia
WaMu
Wilshire
Stevenprat10@hotmail.com
believe it or not, I just found this post... :) Thank you for all your insight and information... :) I have been listing REOs for a year and a half...still feel like a rookie..always looking to learn.
I need a good list of reo's. how can i get this list please let me know.
Yanni Raz.
http://www.homesinsale.com
I spent 2 days signinging up and registering with a list of Banks and Asset managers I found here: http://www.bpoleadsystems.com/
It took F O R E V E R, but it was so worth it. I've been recieving 4-6 listings a month.
DO NOT PAY FOR MONTHY SUBSCRIPTIONS! This list cost me $77 ONCE and generates listings every week. The subscription services cost $40 a month and get me nothing.
Spend the time registering on individual bank sites and it will pay off.
I got my list of banks here: http://www.bpoleadsystems.com/
Wow, we just got into this market a few months ago and love all the important information from AR. Thanks to all the great agents that share information with you. Remember the more you give the more you will get
Bryan & Neilla Vargem
Lots of good info on this blog. I work with several REO agents and lenders and am being told by everyone that another even bigger wave of REO's is coming. There are billions of dollars worth of Alt-A and Option Arm loans set to reset in the coming year. They are saying upwards of 50 to 70% of these loans will go into default....wow.
Now is the time to get into the REO side of things. It's where the business is. I'm in the South Florida market and I know that the REO listings are the ones that sell fast so you're pretty much guaranteed a commission if you are on the listing side of things.
Below is a link to a site where you can get a list of over 1,000 asset managers and some strategies to break into the REO biz. Trust me, just signing up won't do it. You need a proven strategy. Check it out...
www.ridetheREOwave.com
Thanks for a good insight.
Grace Keng,Nothern Claif realtor, www.gracekeng.com