How do I actually get the REO Listings...Other than REO Trans

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Services for Real Estate Pros with Pacific Servicing

Does anyone have any insight on how to get the banks listings. The other company I work with, Gateway REO Properties, has gotten a couple listings from http://www.reotrans.com/ , But other than that they haven't had much luck. The last 20-25 properties they've sold on the buying side have been REO's so they have the knowledge to find buyers and sell them quickly. But they cant quite figure out who to contact to actually get the listings from Countrywide and the different Asset Management companies. Any insight would be greatly appreciated.

I know there has to be an easier way as countrywide has 3700 REO Properties in California Alone.. And that's just one company.

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Ryan Case - Partner

Pacific Servicing, LLC

Ryan@PacificServicing.com

(800) 313-9050 - Office

(951) 760-3170 - Mobile

(951) 501-2926 - Fax

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Anonymous
Katrina Madewell

I would like to hear specific strategies on what others are doing that are getting their foot in the door for REO's to do a good job.

Not fluff and stuff.  If you can talk the talk, walk the walk send real numbers of what you are depositing into your bank account would ya?

Jan 20, 2009 06:02 PM #14
Anonymous
Anonymous

I SEND MY ASSET MANAGERS STARBUCKS GIFT CARD, DEPARTMENT STORE GIFT CARD, & SEND THEM ON ALL EXPENSE VACATION TRIP TO LAS VEGAS WITH $2000 GAMBLING MONEY.

I AM DEPOSITING $50,000 EVERY MONTH. I HOPE IT HELPS.

Jan 20, 2009 06:39 PM #15
Anonymous
Anonymous

WOW, that sounds bribe to me.

Feb 03, 2009 04:38 AM #16
Anonymous
Anonymous

or just greasing the correct sprocket

Feb 12, 2009 01:07 PM #17
Anonymous
Anonymous

You bet. In this business, "IT IS NOT WHAT YOU KNOW, BUT WHOM YOU KNOW". Ever wonder why the REO market is controlled by a few Brokers? You've got to know how to grease the correct sprocket. You can do BPO day and night but if you don't have the right connection, you will just be a BPO agent.

Feb 12, 2009 04:56 PM #18
Rainmaker
305,345
Dawn Workman
Veracity Real Estate Group, LLC - Camas, WA
Camas Real Estate Expert, MBA, 480-540-8100

Looking forward to following some of the tips! Thanks all. 

Feb 12, 2009 05:09 PM #19
Rainer
325
MAYRA ORTEGA
Keller Williams Realty - Chula Vista, CA

IS SELLMOREREO.COM A VALID WEBSITE,IS WORTH PAYING FOR IT?

THANKS!

Mar 04, 2009 11:19 AM #20
Anonymous
Anonymous

No. keep your money in your pocket. In this economy everyone is trying to take advantage of Realtors because they know we are very vulnerable.

Mar 04, 2009 11:55 AM #21
Anonymous
Carmen

"BPOAgentswanted.com is a recruiting scam - super hard sell - some fat guy wants my money a couple times before they let me in. Then when I did "get in" it was all marketing crap" 

 

Ok, this just goes to show how little research people do. I personally started doing BPOs the hard way and then I found and bought Antony Aires kit ( fyi: he is a legitimate re broker, i did my research), best $ 77 I ever spent. He put together a large list of links directly to the vendor aplication form. Yes, you can do it yourself using google but it would take you ages.

In 2 weeks I made $2000 just from one company I signed up with.

I didn't really get a chance to thank Anthony Aires, I got really busy.

If you want to start working on BPOs, buy his program( the bpo reo kit or something like this)...and NO, I am not making money from it, although he can take me out for a coffee if he reads this. And get ready to fill out forms.

Best wishes to all. Onto the next thing.

Carmen


Apr 11, 2009 12:57 PM #22
Anonymous
Sam

Hey Robert,

Just wanted to know what extactly do you do when you walk into a bank to get those REO's. I know that you have a good rapport with these Assest Managements, but for us first time in this market, can you give us any guidelines or advice on how to approach some of the Assest Managers.

Thanks

 

Jul 22, 2009 05:34 AM #23
Rainer
4,963
Merrie Bessell
Coldwell Banker Prestige Properties - Escondido, CA

Anyone have any information on REOTRANS?  I signed up with them, but have trouble getting assignments.  Even if I'm logged into their site and sitting on the BPO assignment page refreshing nothing comes up. Then minutes later, I recieve emails saying I have REO assignments- but by then it's to late.  Any suggestions?

Sep 13, 2009 10:34 AM #24
Rainer
2,878
Allison Mendez
Tampa, FL

Anyone have any information on REOTRANS?  I signed up with them, but have trouble getting assignments.  Even if I'm logged into their site and sitting on the BPO assignment page refreshing nothing comes up. Then minutes later, I recieve emails saying I have REO assignments- but by then it's to late.  Any suggestions?

 
Merrie Bessell (Coldwell Banker Prestige Properties)

Yes I have used them, and they are great, you should also try reoprep.com, they are very similar but a bit cheaper to have a market area.

Also I read about greasing the pockets. This is true. Not that I ever would, or I believe in it but I do have an agent in the office that sends gift cards to their asset manager and they get a whole bunch more listings than I do.

Oct 09, 2009 08:38 AM #25
Rainer
4,622
Anne Baker
Timothy Toye & Assoicates - Cloverdale, CA
Anne Baker

I'm the selling agent for a transaction and noted that REOTrans is receiving a small portion (less than $200) of the commission. That's how I discovered REOTrans. By these and other blog comments responding to the question, "Does REO Trans work." and from my closing, I think buying the zip codes may be doing too little. It seems more of an investment is in order.

Also, I live in a more rural portion of CA. The agent holding this listing is from out of the county, driving a forty minute winding mountainous Hwy one-way to get to the listing. Perhaps there is room for me. But what if the pickings are sparse? I'm more hopeful today than I was before I saw the referral fee.

Thanks for the helpful information everyone! Anne

Nov 15, 2009 01:30 AM #26
Anonymous
Aimee Fukushima

I also signed up for REOtrans and by the time I get to check they are gone.... any advice for getting BPO's?  I have never done one before, so if I am able to get one, is each lender specific about what they require? Format etc? 

Also yes, as a newer agent (mainly work as a Buyer's agent) I would really like to make an attempt to list and get at least one bank to list with me... does anyone have any advice/strategies?  I assume it will probably be hard for me b/c my experience is not there like it is for other agents in the biz for years and years but looking to break into the REO biz now.  But I would like to try... you never know!

Thanks for your advice in advance, appreciate it!! Aimee

By the way... Anne Baker- where in Lake County do you work?  I used to live there!:) Cobb Mtn! Hidden Valley Lake.

Dec 01, 2009 11:06 AM #27
Rainer
9,634
Scott Allen
Scott Allen Realty - Spokane, WA

I'm a Platinum Certified Agent ($499) and pay near $20.00 a month for coverage areas. I have never been assigned a bpo or listing and have been on REOTrans for 1 year.

Dec 06, 2009 02:33 AM #28
Rainer
9,634
Scott Allen
Scott Allen Realty - Spokane, WA

I'm a Platinum Certified Agent ($499) and pay near $20.00 a month for coverage areas. I have never been assigned a bpo or listing and have been on REOTrans for 1 year.

Dec 06, 2009 02:33 AM #29
Rainer
2,878
Allison Mendez
Tampa, FL

The proof is in the puding. www.reoprep.com just made my favorites list!!!!

I think there are plenty of companies and the more important portion of the process is to pray and be friendly with everyone you work with. It shows that is pays off when you practice this way. Well it have been for me:)

Jan 07, 2010 11:01 AM #31
Rainer
21,917
Jeff Rainwater
John L. Scott MPV - Maple Valley, WA

Wow I am really quite disgusted by all these people trying to get us to sign up and pay for lists. There are people here who say they have bought these lists of links and they are legit. If that is you, why not just post the list for us here instead of telling us to go buy it somewhere? If you're going to tell us to go buy it, you may as well just say "Here, save yourself $50 bucks risking a scammer. Here's the links...."

As far as I'm concerned, anyone who says "go here" and its a website telling me to pay for some list looses credibility with me. How about someone who found a good method just post it already instead of trying to drive business to these scammers.

Jan 18, 2010 11:11 AM #32
Rainer
16,276
Freddie Gonzales
WEM PACIFIC Investments, Inc. - Daly City, CA
CRS, GRI, RDCPro

Hi Scott,

After paying $499 and paying $20/month, did you get any BPO/REO from REOtrans? What about short sales? Any business?

Jan 18, 2010 11:44 AM #33
Ambassador
628,186
Jeanean Gendron
The Address Realty - Redding, CA
Specializing in Selling Unique Properties

Jeff, amazing perspective....someone provides you with good information on value and you slam them. I've also used Anthony's product and it is comprehensive. To put his hard work and proprietary work out on the web to you for free.....where are your morals and ethics....dude get some!

Ryan, sorry for hijacking the post...but that comment was too much. Great post and the comments are very helpful. One thing people say is to sign up with REOtrans and you're good. It appears that might not be the case. I think with anything it take deversification, intense perseverance and ingenuity to get the job. Marketing helps and experience working with Asset Managers. You must know market value and have good return on your listings. List it right and sell it quickly is the key to success.

Mar 16, 2010 04:53 AM #34
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