Does anyone knows how REO Works?

By
Real Estate Agent with Corcoran 30HA1040502
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?
Posted by

Fern Hamberger  Associate Broker

Sales and leasing 

Corporate Headquarters Relocation Services

Town Residential

33 Irving Place    New York, NY 10003    fhamberger@townresidential.com  

      Cell: 646.660.0060   

Your Referral is your Best Compliment

 

Comments (7)

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
Anonymous
Thank You Ron

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. 

 

May 03, 2008 01:31 PM
#6
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