Involved In Real Estate from Sacramento, California
I have experience selling properties for investors, I'm wondering if it's much different from listing REO's?
Some of my responsibilities were:
-Involvement in the rehab of the home per nearby comparables
-Signing off on completion of rehab/construction, walking property, finding call outs if any prior to listing
-Listing the property on mls and other methods of advertising such as RE websites, open houses, broker tours, etc.
-Walking the property weekly to ensure maintenance and upkeep as well as maintaining pool, lawn, utilities, etc.
I have no REO experience, but I have a great sales background to compensate. Is the job much different?
Mobile Home Investor from Spanaway, Washington
You are looking for a realtor specific answer so might have better luck if this was posted in the real estate professional section. The answers you get in an open forum may not help you!
Home Builder from Houston, Texas
Typically in order to be able to list REO's you'll either need to have a few years in the market you're wanting to list them in, or you'll need to know an asset manager at the bank.
If you get licensed, depending on what broker you work with, may get REOs - or have a foreclosure department. You'll need to do a BPO (Brokers Price Opinion) of the property and get it listed to the MLS.
In order to start doing BPO's, you'll need to get on some BPO sites.. Most of the reputable companies require 2+ years experience.
This is all what I have inquired about / understood from my experiences. I have never listed a REO or worked in the foreclosure department. Hope this helps.