Yes, it has been said, "You Must List, to Last..."
So folks are looking for properties to list, new markets, new niches.. Now, everyone is interested in FORECLOSURES.
Many agents look to referral networks. Some are good. I would suggest a different approach to start:
-check the county records, find out how many actual foreclosure properties in your market (so markets have many, some do not). If you market doesn't offer many, you may be making a large time investment for little return.
-honestly review your own assets. Typically, banks have agents pay expenses then request reimbursement. Reimbursement normally takes thity days, sometimes longer. Sometimes the agent has to chase down the reimbursements for: locksmith (re-key premises), plumber (winterize premises), trashout (clear remaining items), approved repairs (paint, carpet, etc.). The banks often have you set up the utility accounts in your name/your company's name. You pay the bills, and again request reimbursement. If you are handling even a few properties, this money adds up. If you don't handle the reimbursement properly, you could lose the money altogether.
-review your contact list for the above service providers. When you are called to gain entry, secure, and winterize, you had better be able to deliver.
-talk to other REO Agents in your market. Some may give you info, some may not. Get a copy of a bank's counter/addendum (with all their disclaimers and legalese), there are a handful that most use.
-talk to loan officers with whom you have relationships. Ask them how their company handles their REO's. Ask them how you can make contact with their loss mitigation/asset management departments (names, numbers, process info).
-I have had some success contacting the attorneys handling the foreclosure for the bank (obtain this info from the court file on the foreclosure, it is public record). Look for the name of the person preparing and signing the documents. Understand that these guys are busy and get paid by 15 minute increments, when you call, be quick businesslike, find out the name of the contact person at the bank, or send him your info.
-show or preview some of the REOs currently listed in your area. They are usually in poor condition, lots of deferred maintenance, outright damage or vandalism, and they usually SMELL Bad.
-remember, when you list one, many agents don't understand the REO Process. They will criticize you for everything from the condition, the history, the price, the addendum, blah, blah, blah... Just be patient, try to explain how things are, try to mange their expectations, coach them on how to mange their clients' expectations, etc.
If you've got the gumption - GO FOR IT, and Good Luck!!
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