Investor · Portsmouth, VA · Member since 2016 · 289 posts · 107 votes
I am just wondering if anyone in Virginia (Hampton Roads), or North Carolina have any experience in marketing REOs for sale? What is a good tool/forum to use? I got a bunch of interest (on BP) and Craigslist but I am just wondering if there are any other tools out here that I do not know about that would be beneficial to selling these properties. I searched for Facebook pages but didn't come across any pages that served my purpose. Does anyone have any suggestions?
Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
9y
REO Marketing? You must be attempting wholesaling a bank owned property in which case IMO you're barking up the wrong tree. No way will the bank participate with that approach.
Investor · Portsmouth, VA · Member since 2016 · 289 posts · 107 votes
9y
No, I meant to put I am not wholesaling either...guess I should have specified. They are straight from the bank. I'm just the middle man. Many wholesalers have purchased them though. @Jeff B.
No, I meant to put I am not wholesaling either...guess I should have specified. They are straight from the bank. I'm just the middle man. Many wholesalers have purchased them though. @Jeff B.
An REO will be at some point assigned to a broker and all offers will be funneled to them as the EXCLUSIVE agent of record.
Your attempt to be "the middle man" is attempting to be a broker and w/o a license.
@tiffany stokley Can you please explain your model more? It reads like you are wholesaling without taking title.
Adam, did you get your answer? (I reckon your question was right ON topic!) Is there some secret method of getting hold of REO's to market off the MLS, that only Tiffany has ever come across?...
@Brent Coombs I don't know of ways to market REO's on MLS.
Of course not. The point was: did Tiffany explain what she was up to, by private message as she said she would? - (It seemed she didn't seem to like the way your question went)...
I don't see how the explanation of "networking" is an answer - if REO's aren't even under contract!
The REAL point is: if a Banks' own Listing Agent can only find Buyers up to a certain dollar amount, how can ANYONE (leave alone Tiffany) promise to find Buyers who will pay more, every time?...
Investor · Portsmouth, VA · Member since 2016 · 289 posts · 107 votes
9y
Why so upset? Chill out dude @Brent Coombs I messaaged him because my topic of discussion was not what you guys are talking about and I wanted to leave the thread open for actual input. Instead of s bunch of people making assumptions about what I'm doing.
Investor · Portsmouth, VA · Member since 2016 · 289 posts · 107 votes
9y
well @Brent Coombs anyone who was that much concerned could've asked nicely like @Adam Schneider did...which got him an answer. Again Adam I appreciate your feed back. I'm always open to learning from those more seasoned than I and I will be marking that phone call.
Charlotte, NC · Member since 2014 · 101 posts · 40 votes
9y
Most REOs are sold as part of a larger portfolio in a sale to institutional investors and high net worth individuals or listed on the MLS. To go after REOs that are listed find a great agent that watches the MLS like a hawk, can answer all your questions, and is intelligent, diligent, and cares more about building the relationship by doing right by you then a quick sale. If your looking in Charlotte, I can point you in the right direction if you private message me. Good luck!
She has posted a property for sale in Florida without ownership, etc. I did post info about chapter 475 and then her response was to call myself and others "trolls" for pointing out violations of laws. Typical! Break the law and blame others LOL!
Real Estate Broker · Manchester, NH · Member since 2014 · 630 posts · 420 votes
9y
Hi @Tiffany S., while I'm not sure what you mean by marketing REO's, I'll clarify here how one is legally allowed to market an REO property:
1) You see the property is bank-owned, put it under contract, close on the deal, and then sell it to someone else. Technically you don't have an REO anymore (because by definition, REO = owned by the bank), but you basically have the equivalent.
2) You are the licensed real estate broker who has an exclusive relationship with the bank who owns the property. This requires a lot of experience, a gigantic mess of paperwork, lots of cash reserves, and usually other employees to manage the listings. Banks generally don't hand out listings to random agents, usually its monopolized by a few mega-agents in the area who control a large amount of REO inventory.
3) You are the bank and are marketing a property where the mortgagor has gone delinquent in their payments.
There really aren't any other legal ways to market an REO property to others. If you're trying to find a buyer for an REO property, then you need a real estate license and control of the listing.
Everyone wants to broker without a license. Fast! Easy! No education! No accountability! Why bother with a license LOL? BP has thousands of unlicensed brokers. Laws? Who cares!
Investor · Portsmouth, VA · Member since 2016 · 289 posts · 107 votes
9y
@Matt Lefebvre thanks so much for your explaination. Number 2 applies to my situation. You know I wish more people were like you! I myself am not an agent or broker. I work for a company who has a relationship with the bank...I am going to message you to explain more and maybe you can give me your opinion without coming off as others have.
Investor · Portsmouth, VA · Member since 2016 · 289 posts · 107 votes
9y
I see I'm really upsetting you @John Thedford inbox messages, commenting on all my post? Getting creepy lol
If anyone else would like to discuss like adults please message me and I will give you the CEOs info. Until then I will continue to post the properties.
I will go under the assumption that you are legally allowed to market a property on behalf of another party.
There are many ways to market a property and which is best is going to be different based on your property and intended audience. REO's can completely run the range from junk to beautiful. That is going to determine who you want to target. For instance:
-House in rough shape can only be cash deal: local ad magazines (people get for free, low cost to place ad) possibly a few newspapers. Courthouse steps for flyers. MLS, (People you know who are investors and this one may fit their needs), friends who have discussed flipping a house.
-lowend retail house: above plus, sign in yard, local newspaper ads
-Mid range retail house: Above plus flyers on bulletin boards at local grocery/retail stores
-Highend retail house: Besides above also possibly a TV spot if you have a place that you can list it
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
For the record: she inboxed me asking how what she is doing is illegal. She didn't like the answer. Sorry, not going to say something to make someone feel good that is not true. My answer was no different than others. Three ways. Own it. Be licensed. Have equitable interest.
Investor · Portsmouth, VA · Member since 2016 · 289 posts · 107 votes
9y
@John Thedford I said "thank you" to your response...after that you started commenting endlessly...then you inboxed me that you were going to report me...so umm yeah
@Mike Cumbie Thank you for actually answering the question w/o being condescending :-)