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How to List REO's

Boy do I ever get a ton of response to these blog post. It seems to me that there are alot of agents out there that want to do more REO. I guess on the surface they appear to be easy money, in reality they are just easy listings. I promise you that they are 90% harder to get to the closing table than most deals. Banks don't care, and don't understand the market here and sometimes it is like pulling teeth to make them understand the conditions... Oh and who does the BPO's for some of these properties... I guess that is for another blog. The best advise I can give you guys out there that want to get in the REO world. go to www.thebankreolist.com and get the list. It is the best one i have seen.

Andrew

Posted by Andrew Johnson on 11/15/2009 09:05 AM

Comments (2)

2 Comments on How to List REO's

NOV

Thanks for the Article. We learn a lot of new things on Active Rain Blogs.

Andrew,

As an REO Listing Agent I discourage people from buying those lists. The banks have more agents than they need and a wait list 10 deep (or more) for every zip code in America.

My advise is to align yourself with an REO Listing Agent and help market the properties in exchange for the leads and perhaps pay a small referral fee.

You also forgot to tell how much money we have out on every property. I figure by the time I am done - I average about $1,000 per listing in float. Yes, I get reimbursed (wonder what will happen if one of my clients goes out of business?) but if I have 20 listings - that's $20,000 in real money I have floating around.

John

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