How Do Real Estate Brokers List Reo (Foreclosure) Properties?
Thursday, February 11th, 2010 at
12:43 pm
I AM NEWLY LICENESED REALTOR AND I WOULD LIKE TO KNOW WHAT PROCEDURES ARE NECCESSARY TO BEGIN LISTING REO PROPERTIES. IS THERE A LIST THAT I NEED TO ADD MY NAME OR DO I HAVE TO CONTACT BANKS IN REGARDS TO MY INQUIRY? NOT SURE…
THANKS
Tagged with: real estate
Filed under: REO Brokers
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Your Broker will explain all to you. But in most areas the real estate company(s) that get the REOs are long time tried and true professionals. It’s is pretty difficult to compete with them when you are new. While REOs are a lot of business coming into the market, it is pretty well tied up. You will be able to graduate to that sort of business activity once you have a few years under your belt.
Very best of luck
I don’t know how you would go about that. I suggest you be a buyers broker. Join a local REI(Real Estate Investors) group and find some Investors that want to make offers on properties. Another way would be to do the work on the MLS to find REOs that are very good deals. Then email them to your investors. Before signing them up on your mailing list, make sure that they will use you as their buyers broker. I have several Realtors that send me properties all the time, and yes if they bring me a deal I use them as my Realtor even though a family member is a Broker. They not only bring me REOs but motivated sellers and we make many offers. This is also a good way to learn how to do some of these yourself, which is way better than being just a Realtor, according to the bank account of the agent in my family.