There are a lot of REO agent sites and also you can contact the banks directly. Most of htem have REO Asset Manager (or companies they hire with asset managers) and you sign up to there site and/or call them.
call any customer service # for any bank that is still in business and ask for the REO department or ask for the loss mitigation department. Start with Countrywide.
Most REO listing agents start by doing BPO's. BPO's are lots of work and the pay is usually only $50 - $100. Probably a combination of what the others have suggested with signing up to do BPO's will take you down that path.
If you are interested, right now my brokerage has a list of over 400 REO's and foreclosures in Southern California that we are moving at 65 to 80 cents on the dollar. Almost none of these homes are listed on the MLS as the banks have entrusted us to move them. If you are really looking for some great deals then give me a call and we can chat some more.
As interesting as that sounds I don't have anyone to invest in Southern California. I've got investors in Kansas City investing in Kansas City and Investors from other areas investing in Kansas City. I will keep my ears open for you though.
I know that real estate educate is offering default training which is now being required by REO companies before you can get their REO listings and BPO work.
If you are interested, right now my brokerage has a list of over 400 REO's and foreclosures in Southern California that we are moving at 65 to 80 cents on the dollar. Almost none of these homes are listed on the MLS as the banks have entrusted us to move them. If you are really looking for some great deals then give me a call and we can chat some more.
send me reo's and short sale propertys for my invistors in southern california. they are looking in los angeles and san fernando aria
There's two associations I know of that may be helpful to you. One is REOMAC. I don't know much about them other than the fact that a Chicago broker that I know is a member and he named some REO listing heavy hitters as members, too.
The one I really like is NRBA, which stands for NATIONAL REO BROKERS ASSOCIATION. I learned about them through a local Keller Williams agent that deals with REO's.
What I like most about them is their question and answer (faq) page about what to expect and what skills you need to be an REO broker. I think you'll find their faq's page very helpful.
There are a number of reo confrences each year which are sponsored by REOMAC, NRBA, etc...
They have roundtables and intros to the asset management companies for agents... I do not know how successful an agent is if they show up... but the companies realize the agent spent about 1000 to get there and that they are serious....
Some of the confrences offer great classes and networking opportunities...
I think that is an awesome idea. Usually the personal relationships take you further than anything else and conferences would be an excellent place to develop those relationships. REOs are tough in a lot of ways but they almost always sell eventually so there is a payday at the end of the tunnel.
I've been doing a few BPOs and they are a ton of work, but if I can get an REO account by doing a good job, it'll be well worth the time. Considering all my time and money I've put into making Real Estate work, it's amazing that a bank will pay me anything to do a BPO.
If you are interested, right now my brokerage has a list of over 400 REO's and foreclosures in Southern California that we are moving at 65 to 80 cents on the dollar. Almost none of these homes are listed on the MLS as the banks have entrusted us to move them. If you are really looking for some great deals then give me a call and we can chat some more.
I just passed this info on to the owners of my company. If they are interested they will be calling you.
Im sure we can help.
Craig Ignatowitz
The best company if you are a newer agent looking for reo listings I think is reo prep. (www.*******.com). There are plenty more but they seem to be pretty flooded.
Joe--65% -85% on REO is TOO High --should be Wholeslae price after Rehab --REO should eb under 50% --ARV.
Oops --this is 2 years old ?? what happened ?
65% is a smoking hot deal, although I would not touch 85% with any pole. All that said, this thread is way old and needs to be closed. The OG poster never came back.