THANKS FOR THE INFORMATION

thank you for post a great piece of information. I enjoyed reading your blog.

I couldn't imagine wanting to be an REO Broker.

This is an interesting Catch 22.  The Countrywide loan officer I worked with a few years ago is gone so don't have someone to start the process for me but I am actually a Countrywide mortgage holder, I would like to do REO's but don't have experience, have the resources/staff and am a top producer but I can't get my foot in the door.  Maybe the rules will change to let a few others get in.  The county where I live has about 35% of the homes are short sales or REO properties.  They are going to need some extra help soon!

Sounds like being an REO is tougher than I need to think about right now.  Thanks for the information for future goals.  It is hard enough working with the short sales!

Dear Andrew, I am located in Northern California, specifically San Mateo. I recently completed a 2 day and then a 3 day workshop and earned the designation of Certified Short Sale Specialist and Certified Pre-Forclosure Specialist from Frontline Seminars in San Diego. Patrick, the Countrywide loan officer I worked with a few years ago is gone. I am interested in being an REO consultant for Countrywide. So I will give you a call and you can recommend someone in my area with whom I can work. Thank you. Carol Sottile, CSSS, CPFS Prudential California Realty 2850 S. El Camino Real San Mateo, CA 94403 650-212-0900

Recently I apply to be a REO agent for Countywide and I received the response below.

1. An established relationship with one of our Countrywide Retail Branches.
2. A minimum of 1 year of prior experience listing/marketing REO properties for major banks or mortgage servicers.
3. You need to be referred through the Branch in order for your application to be considered.  The Branch will be the one to contact the REO Department to suggest your referral. The Branch is required to have their Regional Vice President's approval.

This response reminds me when I first tried to get my first job in the accounting field after I graduated from college. For the first six months going to interviews after interviews, I was told I need experience in the accounting field. No Kidding!

Please tell me a way I can get my feet in the door.

Jameelah- Not sure how qualified you are, but let's assume you are a Realtor with 1-5 years experience and no REO experience.  I would suggest working your standard business with a Countrywide agent to establish a CW relationship. Partner with a broker in your office that has REO experience.  Go to Realtor Advantage webpage (can be found on my website: www.andrewclemente.com)  When you shop your buyers bring them to a few of Countrywide's REO properties.  Doing those key steps will provide you the experience you need to at least get you noticed.

Thanks for the information. I have done business with a local office for many years but did not know about this. I will look into it.

Andrew while this information is very usefull I have to let everyone know that there ARE agents in my office who never worked with a Countrywide lender and have gotten their foot in the door. While they are VERY tight lipped about the "how to's" if you hang around enough you can see what is going on and get more information without asking.  Competitive yes!  I dont understand why agents who are working the REO's are getting so much business from the banks and mortgage lenders that they are swamped to the point where doing "good business" goes right the door.   Cant the mortgage companies spread some of this wonderful business and help those who are sinking.  Even the sinking are good agents, knowledgable, and experienced. I saw a fella get four offers in one day from his listings, while othera are selling their furniture to pay their mortgage.  I dont get it.

Thank you for your information!

Andrew I am wanting to be a part of the team that carries the REO Inventory with the intent of getting it SOLD. I work in Kern County. My name is Gilbert Mendoza My Number is (661) 322-2999. I look foward on talking with you soon.

Although, I can't say that I completely agree with the politics that they require their agents to play-- I do understand.

My goal is to get properties sold-- and it always was.  I excel at what I do-- and every property I had before Christmas -- Sold before Christmas (with the exception of the listing that I got on Christmas Eve). 

Even if I disagree with the requirement of CW to push their own lenders-- I do understand it.

 That being said, I am happy to see that someone is actually willing to post the facts (and try to capitalize on this requirement). 

And if CW asked me to list their properties?  Damn straight I would!  But I would probably be cut from the program fairly quickly, since I want my clients to get the best mortgage -- and if CW can't do it-- I have people that will.

Just my two cents.

-Jason

Jason, again you can lead your clients to water but can't make them drink.  Countrywide has very competitive programs.  Most REO buyers are savy, congrats on unloading by the years end.

Hello Andrew, I have been listing REO properties for 7 different property managers and banks (all can be provided upon request). I have also performed BPO's, Property Valuations, Interiors, 2nds, occupancy checks, evictions, CFKS and many other various requirements on REO properties. I have a staff of 8 agents and an accounting department to handle the monthly bills. I co-list with every agent to make sure my listings are taken care of. Each assistant listing manager I have maintains the properties on a weekly basis. We replace flyers every week, view the interior of the home to make sure the property is okay. I am anxious to list with Countrywide simple because NO ONE Can DO What Country WIde Can. I know you have to pay your dues and most agents don't understand this concept. Thank You

LOL--- My cynical self is back.

And I thought my nose was brown!!!!

LOL

-Jason

Your nose isn't as brown as ___, Good to see ya bvack Jason!

LOL-- Jeff,

If ya wanna see me being Cynical-- Look at my post in the "Turning BPOs Into Listings"

When someone asks if they can list REOs and complete BPOs working out of their garage-- I get a little irritated--   And that poor fella saw it-- Like you-- I'm starting to see why the pros come-- then leave.

I feel that my IQ has dropped a few points-- and it wasn't from the alcohol last night! :)

A rating analysis issued by Egan-Jones Ratings Co. suggested Countrywide "is severely challenged and might falter if it does not receive an infusion of at last $4 billion within the next couple of weeks"(see full article in times magazine) - sounds familiar?!! Same thing what happned to American Home Mortgage! You are stuck with bad loans(subprime,arm) so you can't resell it to get cash flow and banks would not lend you money! I am looking to buy few houses on foreclosure auction - www.wiseforeclosures.com

Well folks (that is how we talk in the Midwest),

Why don't we pay heed to Peter Chang's comments and look toward sucking up to the new note holders. I am speaking of the new Countrywide- they are called BANK OF AMERICA.

If all goes through as planned, some of the same REO management will be in place, but with new managers pulling the strings, they might need to be the ones you wanna grease!

Did work with a great loan rep at CW.

CW tanked 4 of my escrows in August.

The East Long Beach Manager was rude to our regional director. Basically requiring exclusivity to CW.

That, is a dysfunctional relationship.

I'll follow up with BofA for REOs.

I asked the local Countrywide branch manager to recommend me months ago.  She said she did.  I never heard a word.  I am hesitant to re-contact her as I have nary a buyer lead to give her.  Our market is dead. and I am mainly a listing agent.

I have only been in real estate a couple of years and I thought that lawyers and car salesmen were the lowest forms of life, but again I see a new low in this world.  Loan officers.  Never held accountable and always changing terms at closing.  They can lie whenever they feel it will get the client to commit to them to do the loan.  The loan institution motto for the last 8 years has been "Who cares if they can afford it?  As long as I get paid."  You give a few agents 30-100 listings each.  They take whatever offers they want to push through and summit them.  There is one picture in the MLS and would never advertise the home.  What a joke. 

its the good old boys network

Hello good information, I have a question. how am i supposed to get reo listing if all the reo agency require reo experience. Just a little frustrated...can any one help me ....Jeff

Andrew,

Thank you very much for this info. I'm a Realtor in Burleson, TEXAS just south of Fort Worth. I've been an agent going on 3 years and an doing well. I've been "assisting" a seasoned agent with her foreclosures and learning all the background work; BPO's, paperwork, website knowledge, etc.. I've also completed numerous BPO's for the office knowing the BPO's would not lead to a listing but since it was great experience I continued for several months. My office and I have an excellent marketing plan and I can show that we sell the most real estate in Johnson County.

I've got the experience, I've got the drive and I love the process, I'd really like to get in with Countrywide's REO Program. I've put in a call to the lender I know here locally to see how he can help me. I was using another loan officer but she's no longer there, why, I don't know. But just recently my husband and I decided to refinance and came across this other loan officer. We financed with Countrywide several years ago and have been very pleased.

Any other input would be greatly appreciated.

LOVED THE INFO.

I WILL CALL MY CW LOAN AGENT

THANKS  

Thanks Andrew, this post saved me a lot of time and kept me from chasing bunnies. JW

Thanks for your post.

REOs are interesting and challenging.  I am liking the challenge - I hope to get more REO business.

 I have pretty good experience selling real estate in Florida. I currently have a listing of an entire condo conversion project. As we are getting down to the last 50 units, I started to wonder how some of the agents in the area get these bank owned properties and wondered how I can get into this field of real estate. I currently work with a business partner and farm a new area of about 3,000 homes in the Clearwater beach area of Florida. I have been in real estate for 5 years now and can hold my own in this slow market. I am also a loan officer for a mortgage company and have done about 10 mortgages in the past year including some that were sent to country wide. Does this count as sending country wide business? I dont really enjoy doing mortgages and only do them when I am not too busy in Real Estate which is my carrer of choice. I can send country wide the business for the last units at my condo conversion project if it could earn me some points (listings) with their REO department. I have also sold and financed several bank owned properties in the past couple of months (including one that closed on 4/9/08 with country wide)but I have been the selling agent not the listing agent on these, does that carry any weight? If there is someone out there that can give me the right advice on how to proceed or can get me in the door, I would be more than glad to return the favor and give some return business.

 Eric C.

Thank you for the info!

Thanks for the insight into how this process works.

Andrew,

I would like to sign up with Countrywide REO division, our company has been doing REO's with Wells Fargo for over an year now.

Thanks,

-Daman Grewal

Magnum Realty & Investments.

510.468.4960

dgrewals@gmail.com

I am new to Active Rain (just now am ending my second week) but have been in real estate for 20 years.  I have decided to concentrate on the REO market but am getting the old Catch 22:"you can't list our REO's because you have never listed an REO.  Huh?

I have a very motivated buyer who is looking to purchase bulk reo's ranging from 400million to 5 billion.  My client is easy to work with, however needs proof that you actually have the product before giving a LOI.  I am looking to establish a working relationship that way we can do business on more than one occasion.  Please email me at josh@nwlsusa.com if you are able to produce proof of product.  I am tired of jumping through hoops when in the end the seller doesn't have any product.  I am on a deadline because my client is trying to buy up as much as possible so he can pay less in taxes.  Please a friendly reminder do not ask for LOI or MFA before proving you have actual product to sell.

Joshua Loeb

J. Loeb Inc

818-428-1059

I am an independent Real Estate Investor with a good amount of available cash. I am interested in working with you  and would like to meet REO asset Officers at Countrywide and would like to make some offers on hood properties. Please contact me at 310-791-3846 or conatc me at Taherir@aol.com

Countrywide needs some good people to help them get out of what they are in. Country wide approved so many bad loans they are being aquired by the "worst" bank of america. In the paper today countrywide probably has 30-40% of the foreclosures in there. It's b/c of making "mortgages easy" to people who didn't deserve the loan in the first place we are having so many foreclosures. I've seen the "qualified" agents countrywide uses to list their homes here and it's sad. They loss thousands on each one they list with some "one man" operation that has a crappy picture, may or may not put it in the MLS system, lucky if they even put a sign up. They sell b/c they price them 30-40k under what they should have. I would love to help, the local office here didn't survive, if you know who the regional manager in South Georgia is, I would be happy to provide a great resume and marketing plan.

Thanks very much.  This insight into Countrywide's process is very helpful.

thank you for all the information. .

Hi my name is joshua, I work closly with a group that deals directly with a bank and is looking for qualified buyers who can prove they have money.  Their protocol is very simple NCND, MFA, and a bank statement with the account number missing or scratched out.  After this is done then homeland security makes sure your funds are legitimate, following this the bank does their internal vesting then your buyer will directly get a phone call from the bank.  If this sounds like something you are interested in please feel free to e-mail me and we can set up a time to talk.  My e-mail is josh@nwlsusa.com .

Min. order 50million-max order depending on what is currently avialible, will change depending on inventory

If this protocal does not meet your personal needs as a buyer or a buyers mandate, please let me know I also work with a gentleman who can pull product from a compiler.

Joshua Loeb

J. loeb inc.

josh@nwlsusa.com

818-428-1059

Countrywide is outsourcing some of its REO business. Your better off getting it through the asset management companies. I would not trust Countrywide to finance the purchase of a candy bar at this point. Not worth giving them business to possibly get business

Andrew: Thank you for the information. I would love to get started with the CW REO program