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No luck finding REOs. Do you have any links to offer?

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Real Estate Agent with Keller Williams Realty

So I found out the names of some places that I may be able to get REOs from.  However, after going to the websites of some of the mortgage companies, I had a great deal of difficulty finding out how to "apply" to receive REOs... let alone find a phone or email address to contact anyone within their company.

Does anyone have any better contact info, or sites to offer?  Better yet, can anyone refer me to a link to a blog that may help, or a blog that can help me find the contacts... anything?

I'm a new agent and would love to supplement my sales with REOs.

Thanks,

Dustin D. Nulf

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William Johnson
Retired - La Jolla, CA
Retired

Hello Dustin, it take an inordinate amount of time but you must contact the asset managers. All foreclosures have been forestalled until January 9th and many asset managers are not taking new agents but you should still try. Are you certified for REO's? Many of the banks want trained and experienced agents in REO's listing and sales/ BPO's but you have to start somewhere,right?  Ask your broker about that training and maybe you will be able to  locate one close by.

Dec 13, 2008 05:44 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

I would work as an understudy or intern or for an REO agent for a period of time.  Are you sure you want to do this?  REOs really bite.   I wanted to do them and did them and decided it is not for me.  I would rather do BPOs or work with buyers.

If you want to do them make sure you put a resume with your systems and past listing closes together.  Give them to lenders with major banks that you have closed transactions with. 

Many large banks such as Wells closed out new agents a while back.  Countrywide wants three years of experience so you will have to go with Ocwen or someone like that.

Dec 13, 2008 06:08 AM
Jay Badru
Keller Williams Realty Cityside - Atlanta Naval Air Station, GA
Certified REO/Short Sale/Foreclosure Specialialist

As a new agent, I will recommend you get certified as a REO specialist. Check with your local MLS, they have list of schools you can attend. For stater, how about google REO companies in USA. "am sure you will find tons of lists.

Dec 13, 2008 06:35 AM
Chuck Willman
Chuck Willman - Alpine, UT
NewHouseUtah.com

Does your MLS or county have foreclosure listings? There should be databases in your area showing which homes are in a foreclosure or pre-foreclosure situation.

Dec 16, 2008 10:15 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You can start with HUD and VA foreclosures . They have them on their site as well s list in multiple listing.

Dec 18, 2008 11:27 PM