How can I get an REO account?

Question

I've recently left the mortgage business and moved on to strictly real estate.  I've found that when banks take away almost all your tools, it's difficult to get much done.

My understanding is that bank REOs are the thing to have if a real estate agent wants to be successful in this market.  Does anybody happen to know the best way get an opportunity?  I've done a few BPOs, but I'm afraid that my prices were too realistic (lower) than the banks wanted, and they've given the REO to somebody else.  The market is certainly downward here in San Diego, but banks don't want to hear that.

Any suggestions would help.

Dick Green · Answer

Hey Paul,

Got your PM.....Thanx in advance.

Lauro Ruiz · Answer

Amen - Brother

Paul Cordero · Answer

A lot of investors use a servicing company, who then appoint asset managment companies who then appoint agents to sell the property.  You want to get in touch with these asset management companies and see what their process is .  Email me for contact info.

Dick Green · Answer

I know the feeling.  I've started moving most of my focus out of mortgages into real estate as well.  I've done tons of BPO's in the past.  I always felt like it was too much effort for so little profit.  Then the lenders relied on your results as if you had performed a full blown appraisal.

I didn't feel like it was fair to appraisers.  We in the mortgage business are already being squeezed in our professions with shrinking spreads and available sources of funds.  I didn't want to pass the squeeze on to the appraisers.

The way I see it....you have to establish contacts with the individuals who are making the ultimate decisions about the disposition of the property.  I had thought about going to the auctions and trying to infiltrate the attorney network on the properties that don't sell.

Keep me posted on what you learn....I'd be interested.

P.S.  I think Short Sales might be the current wave to ride.