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Does anyone knows how REO Works?

By Fern S. Hamberger

Real Estate Agent with Corcoran 30HA1040502

May 02, 2008 03:13 PM

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?

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Robin Sherman

www.PensacolaForYou.com - Grand Points Realty - Pensacola, FL

Search Pensacola Homes, For Sale - Pensacola FL Neighborhoods

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!

May 02, 2008 03:26 PM

Patrick Scott

OConnor Title Guaranty, Inc. - Chicago, IL

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.

May 02, 2008 03:26 PM

Stacie Cunningham

Altera Real Estate - San Clemente, CA

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

May 02, 2008 07:11 PM

Fern S. Hamberger

Corcoran - Manhattan, NY

The Fern Hamberger Team

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.

May 02, 2008 10:29 PM

Ron Sosa

Reaction Realty, Inc. - Rancho Cucamonga, CA

MBA

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.

May 03, 2008 01:23 PM

Ron Sosa

Reaction Realty, Inc. - Rancho Cucamonga, CA

MBA

Eric,

WHy are you plugging your get rich schemes? I didn't buy a kit and I am listing REO's just fine...

Aug 10, 2009 04:43 PM