Colorado REO's 2 posts by 2 users

Posted: 06/27/2008 at 06:08PM

Steve,

I always start something new in this case (REO) or any new arena with a little trick I use...and it works!

I call somebody I know...or has a reason to know me...in your case, start with your own branch bank manager. The bank manager there MUST talk to you...you are a customer.

Ask the receptionist what his name is and jot it down, before she transfers you. Once on the phone say, " Mr. Smith, my name is Steve, and I've been a banking customer with you for about 5 years now...and I wanted to call ...been meaning to do this for a long time...and thank you for running a great branch for XXX bank. Your tellers are the most helpful I've come across...especially that Maria...and I thought you should know.

Then shut up...don't say a word.

He'll thank you and start talking about his work, and how long he's been there, etc.....listen.

And then you can say, " I'm working on a project/writing an article for my blog, whatever. and it came up in a meeting the other day...exactly how REO departments work. One guy thought this and I said that's impossible...who is right?
(he answers)
Okay...just taking a few notes...what about xxxx?

Of course, you'd have the 4-5 things you'd desperately like to know about REO pre-written...and just go down the list.

Make a point to drop a handwritten thank-you card in the mail that day...with your name...and a mention of the conversation....NO Business Card.

Then stop by in the next 48 hours and meet him...shake hands...don't stay...just wanted to pop in and say " Hi" ...but I do have a couple more question for my project, " could I call you later?" ...

You'll know everything about today's REO's straight from a banker himself. After you get to know him, and he you, you can ask intelligent questions about REO...for starters...and it won't appear self-serving.

A source like this isn't only good for REO's...and, in all honesty, in the centralized banking world he probably doesn't even deal with them directly...but what's the first thing a new couple moving to town does?

Open a checking account...then go out and look for a house.

My point is not only will you get an updated education on REO, you'll make a friend out of your own banker (never a bad idea), and a great home-buyer referral source.

Good Luck!

PS: Post back and let me know how it goes...
PPS: I used this exact procedure to build a monster D&B commercial credit rating for an LLC I needed to do REI. The banker knew everything about it...told me what to do...then helped me do it. Now the LLC gets a new credit offer every other day.