Agent Niche & Questions

6 Replies

1. Can agents submit bids for themselves to purchase REO homes such as HomePath and HUD? I believe that I heard that if you are registered to place bids on these sites you can't buy them yourself.

2. I was listening to Mark Fergueson's podcast about specializing in REO and short sales. How does an agent go about start to make this their niche?*

About number 2? Are you talking listing REO and short sales?

I think you are restricted as to listing properties. I think with HUD, you couldn't bid on it if you were listing it. I can't get the @ function to work, but Mark Ferguson would be a good person to ask about this.

Originally posted by @Joe Conklin:

1. Can agents submit bids for themselves to purchase REO homes such as HomePath and HUD? I believe that I heard that if you are registered to place bids on these sites you can't buy them yourself.

2. I was listening to Mark Fergueson's podcast about specializing in REO and short sales. How does an agent go about start to make this their niche?*

1. Yes agents can submit bids on those houses if you are just registered on their sites, but not listing them. As a hudietary listing agent I cannot buy any huf homes at all. I can't buy any of my own rep listing from any bank. If I was not the listing agent I could buy most other ones that are not hud. 

2. Lots of hard work and dedication. Start with completing bpps. I also have a few articles on my site about it. 

thanks for the feedback, that clears things up

@Mark Ferguson, a couple of questions related to question #2. Would a person who wanted to get started on REO listing still need to travel to conferences to network asset managers to get started like I've heard was happening a couple of years ago? And do you still front a lot of money for a properties expenses (like utility bills). I worked as a buyers agent for a foreclosure team, and the Realtor had a person who's job description was to track expenses and make sure the realtor was paid back from the asset managers.

Originally posted by @JOAN DICKIE :

@Mark Ferguson, a couple of questions related to question #2. Would a person who wanted to get started on REO listing still need to travel to conferences to network asset managers to get started like I've heard was happening a couple of years ago? And do you still front a lot of money for a properties expenses (like utility bills). I worked as a buyers agent for a foreclosure team, and the Realtor had a person who's job description was to track expenses and make sure the realtor was paid back from the asset managers.

 Yes and yes. I still go to a fee conferences a year and we have to front money for many banks. Some banks have their own crews and pay them. Others don't. 

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