Agent seeks advice from the wise

By
Real Estate Agent with Coldwell Banker Intercoastal Realty

I can not tell you how much I love this business. I will say this has been the year of the "test". I know every state is different and every market is different. Some have felt the down slide in the housing market and some have not. I've decided to venture out and broaden my portfolio.

I've decided to test the market of REO's/foreclosures. However, since this is new to me. I need help/advice from those agents that have experience in this field. I've contacted several local lending institutions and I keep running into a dead end. They either don't know who handles their foreclosures or the people they refer me to does'nt have a clue either.

Can anyone suggest the proper channels that I need to pursue so I can move forward with this? I would really like to get involved in this area since I feel that this will be an area affected by our current market slump.

Comments (6)

Sam Miller
RE/MAX Stars Realty - Howard, OH
Knox County Ohio Real Estate Specialist
If you have any relationships with local banks and lenders in your market that is always a place to start.  Most banks love to work with local people that they know and trust and if you are already doing business with them it will enhance an already established relationship.
Sep 27, 2007 12:48 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Erv - I am not an REO expert, but here in my area the lenders look for someone who has experience with REOs (yep, that old Catch 22 - you need experience but how do I get experience if no one hires me?). As Sam suggests, I would get to know the lenders you work with much better - they may have some suggestions. Plus if you can show the kinds of marketing you do, that may be of interest.

Good luck!

Jeff

Sep 30, 2007 01:05 PM
The All Pro Team
EXIT Realty Leaders - Crystal River, FL

Erv, first of all let me start by saying Foreclosures and REO's take A LOT of time.  There may be times where you spend months on a REO and still don't get the listing.  Other times they want you to work for next to nothing.  The bank always wants you to cut your commission when an offer comes in and most of the time you have to pay repairs and bills out of pocket and then wait to get paid back.

I have worked with banks for several years now, every bank is different but try either there loss mitigation  or REO dept.  Hope that helps and good luck!

Sep 30, 2007 01:09 PM
Stacy Magid
Century 21 New Millennium - Woodbridge, VA

You may want to look into Asset Management Companies that do BPO's.  Sometimes if you do a BPO for the company and they are happy with everything they will give you the listing.  

Sep 30, 2007 01:13 PM
Eric Kodner
Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes - Minnetonka, MN
Wayzata Lakes Realty: Twin Cities, Madeline Island
A good relationship with the right person at a Bank is essential, in my opinion.  I've had good experience working on foreclosure properties.  It helps immensely when the decision to accept a particular offer is not made by a committee!  Find someone who can get things done and work with them.
Sep 30, 2007 01:16 PM