Top Ten Myths to Listing and Selling Bank Owned Properties

By
Real Estate Agent with Keller Williams

 

1. You have to have experience to list and sell bank owned properties.

Not true, All you need to do is have the ability to demonstrate compentancy to the Asset Manager.

2. You have to have tons of money to carry the utilites?

Depending on what state you are in we can teach you how to reduce your monthly carrying costs by 50% and your start up costs by 75%. With this knowledge anyone can get into the business.

3. The banks only list with _____________ Brokerage.

That may be true however the banks only care about their properties being sold. They have no contracts with any Agents or Brokerages.

4. You have to do a ton of BPO's to get REO listings.

In some cases this is true, we can tell you however who the BPO mills are vs who you can actually get a listing from.

5. Banks do not pay a full commission.

Wrong, the banks do pay market rate commissions however some Asset Management companies do charge a referral fee to do business.

6. The Banks do not reimburse quickly.

Banks typically reimburse in 30-45 days. If someone is not paid in that amount of time it usually means the Agent did not turn in the paperwork.

7. All of the REO opportunities are taken.

That is simply not true. You simply have to apply there are more and more opportunities popping up everyday. The question you have to ask yourself is, Am I going to be next to get these listings?

8. Banks do not price the homes to sell.

In most cases this is not true. In our experience the only times the properties are over priced is then the Agent submits an incorrect BPO and over prices the property.

9. Banks will not pay closing costs or assist with creative loans.

Another Myth. The banks will take any offer as long as the terms are within their ratios, based on the BPO,

10. There is no material to help me navigate through the REO and BPO Process.

There is now. Check out  our ebook at  www.reoinabox.com or www.reoinabox.blogspot.com

 

 

 

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