All Forum Posts by: Kristian Peter

Sounds great - we've got a boatload of REOs for sale in south Riverside, mainly Temecula...

When / where are you planning on meeting?

Based on Search Engine Optimization (SEO) techniques - the best website URL has the search terms in the name. Example -a San Diego Real Estate website, would do better in search results if it were, www.SanDiegoRealEstateOnline.com.

Always remember that the best website is only as good as how it is ranked in the major search engines.

I am an REO broker in San Diego County, and the question that is asked - how do I get to sell REO properties by getting in touch with asset managers, is not as easy as it may seem. Asset managers do not usually make the decision on which broker to use. Most large REO Asset Management companies have a vendor manager that keeps track of broker performance, makes sure that license information, insurance, and contact information is current, and then a broker is 'approved' in their office to conduct REO sales. There is then a pre-marketer that assigns an occupancy check on the property, and coordinates a cash-for-keys or eviciton if necessary. After the property is vacant, the asset manager then assigns 1 or 2 BPOs to agents, and then does a marketing plan, and assigns the Listing to one of the agents who completes the BPO. Companies are different, but that is the general practice.

Also, asset managers do not sell 'bulk' REOs, that decision is made on the corporate level. Asset managers have timelines and performance metrics that generate pay bonuses based on how fast and how close to value, each property is sold.

If you are interested in meeting vendor and asset managers, the best place to start is www.reomac.com - they have a conference coming up in October in Ft. Lauderdale.

I'm asuming that you want to negotiate directly with the lender in order to get a better purchase price, or get your offer accepted prior to anyone else getting a chance to make an offer on the property?

Typically the lender will not look at offers before the property goes into the MLS - most wait a minimum time after the property is marketed before they review any offers. Almost all lenders have their properties marketed through a Realtor, and pay a commission. If you know who the lender is, then you can probably find out who the agent is going to be, either by contacting the lender directly, or looking at other properties in the area that are owned by that lender, and which Realtor is marketing those properties.

It may be the most beneficial to forge a relationship with the top REO agent in the area, as they will know which properties will be on the market, and willhave more insight into properties that are pre-marketed.