Does anyone knows how REO works. I was told that in order to get REOs, all you have to do is call the bank and they will gladly give you REOs, But what comes after that, now that you got the list. Do you call the owners, do you visit with them?

Fern Hamberger   | Vice President  | Associate Broker

Sales and leasing 

Corporate Headquarters Relocation Services

Citi Habitats

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      Cell: 646.660.0060    Fax: 917.262.7450   www.citi-habitats.com          

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7 Comments on Does anyone knows how REO Works?

MAY
02
2008
 Fern - Go to the search box on the home page and type in REO or Foreclosure. You will find a lot of posts. This is a specialty area like many others (luxury homes, waterfront, military relocation, ect.) and there is a lot to learn if you are interested in going down this road. There are also many classes offered - so check with your Association of Realtors or online. Good luck to you!
10:26pm • #1

Hi Fern,

REO means "real estate owned"...by the lender.  They have already foreclosed on the property. So, if you have already called the bank, you have already called the owners.  If you visit them, they might try to get you to open an account.
10:26pm • #2
MAY
03
2008
 If a bank has given you a REO listing you will be given strict instructions you will have to abide by and do. You are merely a license. You do what they say. The banks here don't even handle their REO's they outsource them to asset managers. Who then give you listing instructions. Good Luck~Stac
2:11am • #3
102,921 Points Outside Blog

Thank you for your response.

I do not have any REOs frpm any banks, I just heard you can get them from the bank.

I do however have a client who is ready to buy REOs. I told him that I do not know exactly how it works, but I will reserch it. When I find out, I will relate the information.

Thank you Stacie Cunnigham, Patrick Scott and Robin Sherman.

 

 
5:29am • #4
I believe that you can also refine your search in MLS for specific Lender owned properties. Also, I think that REO's are a great niche in this declining market. 
8:23pm • #5

I just keep on getting buyers who are very interested in these REOs. I would like to help them, but I do not how. I am currently researching the subject on the internet and I thought ActiveRain would definitly help and I am receiving some tips. The moment I find out a few facts I will upload it on ActiveRain.

I do apreciate everyone's response. 

 
Thank You Ron
8:31pm • #6
AUG
10
2009

Eric,

 

WHy are you plugging your get rich schemes? I didn't buy a kit and I am listing REO's just fine...
11:43pm • #7


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Fern Hamberger VP Asso Broker NY Real Estate

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