BiggerPockets

Are you just dealing directly with the listing agent? If so, consider getting your own agent. They can get you in on your schedule.

I don't think agents are supposed to give lock box codes to non-agents.

You can always peek though the windows. I actually did buy one REO without seeing inside, except through the windows. I should say I got an accepted offer without seeing inside. I did get in after that, and could have bailed out on the inspection clause.

My guess would be once you build a relationship with the REO agent, you will be trusted with the code.

Until then perhaps a buyers agent would be the way to go.

Originally posted by Jon Holdman

Are you just dealing directly with the listing agent? If so, consider getting your own agent. They can get you in on your schedule.

While that is certainly an option, it is not really the right way to go in dealing with REO's. In order to be successful, you must go direct to the listing broker to offer the opportunity for a double dip on commissions (represent the seller - the bank, and YOU, the buyer) They will always like 6% over 3%!

I would be very upset if my listing agent on my own home was giving the lockbox code to non licensees. The person could steal things, vandalism, or leave doors unlocked or utilities on light lights and a/c which would cost me money. Rich

It seems like one of the doors is open for about 50% of the properties I go too.

I am an agent (just to sell my flips), but like everyone else said it is a big no-no and breaking real estate law to give non-agents a code.

Get your license, it's easy, or buddy up with an agent. You trying to convince them to give you the code, you're not going to get consistent results ever.

You'll soon find that the agents in your area all use the same handful of lockbox codes. In my area, there are 5 codes that will get you into about 95% of the properties...

That said, not all properties have contractor lockboxes. Many of them have the realtor lockboxes that require an electronic key, and you can only get that if you're an agent (or an agent illegally lets you borrow one).

For that reason -- along with the tens of thousands of dollars you can save/make on commissions -- you should think about getting your license.

I don't know any investor who's done it who regrets doing it...

I've had conversations with many listing agents when it comes to time to get the combo, many hesitate if I haven't told them I am licensed already.

Hey guys,

Today, after following some of the instructions given buy Will and others on working with REO agents directly, the following happened :

I contacted an agent and explained what I wanted to do. We had good conversation which went beyond the initial conversation and into our local market, what's happening, what's coming, etc..

It really was just a good conversation and turned into that once she realized I had some good knowledge and knew what I was talking about.

To make a long story shorter, I let her know that I wanted to be as efficient as possible and that I would really be interested in making offers on properties that had not hit the MLS. Her response, "well actually, I have one that just came in this morning and it's not listed yet but will probably will be on Thursday. Take down the address and take a look" I then asked, "Will I meet you there or can I just take a look myself?" She said, "no,.no, I'll just give you the lock box code"

My jaw dropped...lol!

So, it really is very possible even for a newbie like me. I plan on doing this over and over again until I have a solid number of brokers sending me pre-listed REO's

BTW, a great way to find these good REO agents is to go to the bigger bank web sites,,look for the REO property's available in your county and cross reference the REO broker (Real Estate Co) which comes up the most. Call them and introduced yourself and begin to establish a relationship.

I have done this twice already and the second REO broker I contacted I will meet up with this coming Monday for coffee.

Thanks again for all the good info guys...

Why do I feel I have to start paying someone??

That is terrible advice. The listing agent represents the bank and owes fiduciary accountability to the bank alone. The listing agent is NOT your agent. He/She does NOT represent you and is NOT looking out for your best interest. If you are willing to negotiate everything on your own and understand that you will have NOBODY representing your best interests in the transaction then by all means attempt to do it this way. It is almost always better to have someone representing your best interests.

I have purchased many REOs over the last few years and have given the listing broker both sides almost everytime. Agent representation/protection for my best interests is not a concern for an investor who knows what they are doing.

Now, if the investor is green and completely new buying their first REO, then perhaps having someone in their corner would be a good idea (but that could be accomplished by using an attorney!