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So You want to do REOs!

By
Mortgage and Lending with United American Mortgage Corporation 407952

I have had many Realtors ask about getting on the Countrywide's ("CW") REO list.  I am also being open about the best ways to get on the list.  Keep in mind we are not making it easy.  I decided to do some more digging. I asked agents, many who have been approved for years how they got on our list.  Well this is how!

    This advice is in additions to my points before. ( Read my previous Blog: COUNTRYWIDE REO PROGRAM ) .  Prior to this foreclosure boom what the Mitigation Division would do is find agents that worked on previous transactions.  For example: A property is listed by an approved Realtor agent for CW.  You go out shopping with your client and this listing happens to be the one for your client.  You realize this is going to be a difficult transaction so you just happen to know a Countrywide Loan agent.  You get your client approved through this CW agent.  It turns out to be a difficult process but you do ok thanks to the help of your CW loan agent.  At this time (remember prior to the Foreclosure boom) there are very few agents selling REOs.  So the CW mitigation team actively seeks new talent. You did well so they call you up.  You take on the task and now your on CWs Approved REO list. 

   Now in today's market the mitigation dept. is swamped.  They are coming to look for Realtors. They are relying on us, the local CW loan agent.  So think about this.  You have buyers, why not show them a few CW REOs that are for sale and use a Countrywide agent (like myself if you are local to me) and after awhile when we have done a few loans together (hopefully short-sales, REOs, and standard business) I can recommend you to management who will be happy because you are giving his agent business through an established partnership. Also hopefully by the luck of your buyers preferences we sell a few REOs or short-sales and get your feet wet.  Without previous experience and an already established relationship between a CW loan agent I think this is your best foot forward.   

Anonymous
John Marker

Andrew,

I am an associate broker with Keller Williams Realty. We are in Metro Detroit, the foreclosure capitol of the world.  What we have been finding is that REO properties are not being spread out evenly to agents but are being given to a few agents only. These agents are so swamped that it is virtually impossible for them to handle all the business. Why do you think this is happening? 

 

John Marker

Sep 16, 2007 12:32 AM
#1
Andrew Clemente
United American Mortgage Corporation - Anaheim Hills, CA
The REM (Mitigation dept.) would rather provide a few agents with experience a lot of properties. They are trying to avoid over saturation. However they will re-visit those agents that can't handle the amount. I have been told if an agent is not giving back (ie: the only loans we are getting is from the REOs we provide) then they may have the amount minimized or even stopped. If the areas can not be handled because of sheer volume then I am sure they are open to finding more listing agents.
Sep 16, 2007 05:53 AM
Brian Barringer
Century 21 M&M - Tracy, CA
REALTOR- Tracy, CA Real Estate

I got a call last week from a countrywide rep. I really want to get some REO business. We are a team of 3(one broker) with over 30 years of experance.

Begain rant/ 

Banks dont know how to sell homes.  The homes in the forclosure market are pretty much a joke. For example, there is one REO agent in our area that uses only combination lockboxs, no web presents, 1-2 photos of outside on the MLS, and about 180 listings. I always have a hard time getting a hold of him especally on weekends. Now what I do is put the listing in Three MLS services (1 bay area, 2 central valley) Virtual tours, high quality pictures, website with strong traffic(300 a day avr. good for my area) and strong google placement. 

End rant/ 

Sep 18, 2007 08:25 AM
Lynn Pineda
eXp Realty - Boca Raton, FL
Real Estate Promises delivered in SE Florida
Andrew, I'm sure the request to be "THE" REO agent is being felt everywhere.  One agent can only handle so much. So if you want to be a REO Agent, in my opinion, you have to set yourself apart from the competition making sure that you do place numerous quality photos and have a strong internet presence;you need to appear at the top of the rankings by the search engines....so true as Brian above had indicated. You need to say, I'll do more than simply place a sign in the front yard.
Sep 23, 2007 11:31 AM