Getting REO listings is Not so Hard - OR IS IT?

Real Estate Broker/Owner with Nikki Aguirre - Broker 01731793

Last month, our office was approached with an opportunity to List REOs. Can you believe it? The office told us that we were going to be HANDED REOs to list all it required was a few things:

  • Get REO Certified through the Asset Manager $119
  • Go Green - use their software to Electronically send and receive contracts $39/mo
  • Successfully complete 25 eSigning ( test or real)
  • Wait for the REOs to Roll Out

The listings will be coming from 5 major financial institutions over 5 States - CA, NV, AZ, TX and OR.

As you can imagine, my wife and I jumped out of our seat, grabbed our checkbook, and said were do sign?? The Certification took a few days to complete, and took about a week to really get the hang of E-signing. By the way - we do all our contract, disclosures and anything we can. Be on the look out as the software is going to be part of WinForms.

Back to what happened. We looked around and some people were sitting on their hands. For the last year, we had heard them complaining about how hard it was to break into the REO Listing market. Like us, they spent the last year laboring over $60 BPOs - hoping to get noticed. Here was opportunity looking them straight in the face, and they were frozen in their seats.

Can some complain that they do not have opportunity, and simply turn the other way when it stares them in the face? I think like most agents right now - Cash is a little tight. I lost sleep over the next couple of days wondering what was the rationale, and then it hit me. Spending the money on something that you can get immediate satisfaction or results is NOT AS RISKY as spending on something that you do not know will come to fruition. For $150 dollars - these agent were going to let opportunity pass them buy. I do not know where you are from, but that money will get me a Weeks tank of gas, or A nice dinner out with the family, or one month's payment to cell phone carrier and then it is gone. I have nothing else to show for it. Spending the money on things that have the chance of paying for themselves is usually a much better than continuing to flush it away!!

The other response was that "Unless I can get guaranteed listings, I do not want to sign up". Does this make sense? How many REO listings did they have before - ZERO - if they get NO LISTINGS there merely out the $150, and still in the same boat they are in now.  Anything other than that not only brings them a "Guaranteed Sale", new Buyer prospects, and most importantly - REO LISTING EXPERIENCE!! Isn't that what we all want. Without it, try to approach an Asset Manager and request to service his listings - You guessed it. They laugh you out the door - unless of course - you know them personally.

I never thought breaking into listing REOs would be such a challenge for people? Our office began to recruit agents across the five states in order to fill the spots.... and wouldn't you know. We experienced the same kind of response from them - Skepticism. As we quickly approach the end of January... I simply look at these agents that we have come across and wish them Farewell - as yet another opportunity passes them by. It goes back to my BLOG about mindset. If you have time - please read it.

If any of you have ever been to the beach or watched surf competitions - you would take notice of something very simple that we overlook. Those that are ahead of the waves - Win. Those that are behind miss it - well you know what happens.

Be on the lookout for us to make waves in the industry!!

Comments (12)

Pat Tasker
Shorewest Realtors - Germantown, WI
Your Milwaukee Metro Area Agent (WI)

I've been doing bpo's for YEARS, and have gotten l listing!  I do the reports for fun money....I have heard that the pay isn't that great for listing agents on reo's, like 5 or 600 bucks!  I would think you have to do a TON OF VOLUME to make enough money to put up with all the hassles.....It isn't for everyone...

Jan 10, 2009 02:35 PM
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!


Love the attitude.  Hang 10, Dude!

Jan 10, 2009 02:41 PM
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate

It's nice to see an REO company approaching agents proactively, and I think you're wise to take advantage of it. In the Las Vegas market we're expecting a lot more REOs in 2009 and 2010. Which REO Asset Manager is offering the training?

Jan 10, 2009 02:43 PM
Nikki R Aguirre
Nikki Aguirre - Broker - Temecula, CA

Hey John,

The company is called America Buys Foreclosures. It was first a team working REOs...they decided to expand...which is what I have been wanting REO agents that I knew in a different county to do.  In any case, they approached corporate to get the rest of the states and franchises on board to support their volume. We work for Exit and just like Keller Williams , we believe in the win-win...


Jan 10, 2009 03:00 PM
Nikki R Aguirre
Nikki Aguirre - Broker - Temecula, CA

Hey Mike,

Hang 10!! Like it.I just do not know sometimes people are in the business to succeed, or to say they are in a profession that can yield them THOUSANDS $$ per check....we have some agents like that in our office!!! Take and make it a great year!!

Jan 10, 2009 03:02 PM
Michelle Shick
Chartwell Realty - Lee's Summit, MO

Thanks for sharing this information! It would be great to step out of the BPO's and into REO's. 

Make it a great year!

Jan 12, 2009 12:24 PM

I am trying to get into the REO business here in San Francisco. I heard that you have to be recommended by a loan officer,write a letter to the lender and let them know about your company. We have not done any BPO's in our office. Can you give me advice on how to to this? I get so many vagure answers and no one will give me any sound advice. Can I just call America Buying Foreclosures and connect with someone out there? Thank you in advance !!!

Jan 21, 2009 08:03 AM
Sherry Chastain
Hendersonville, Nashville, Old Hickory, Lebanon Tennessee - Hendersonville, TN
Realtor, Selling Homes, Lake Properties,Luxury Homes,Short Sales

Hello there in Sunny Cal! Hope it's sunny there, it's cold here 5 degrees here this am. I would love some sunshine. Any how is there a link to sign up for America Buys Foreclosures? Thanks for the info.

Feb 05, 2009 03:10 AM

I'm curious how many listings you have received since this post.  I have been approached by this same company.

Thanks, Robin

Feb 24, 2009 07:25 AM
Lynn Moles

Has anyone who signed up with AmericaBuysForeclosures  got REO listings??

Mar 06, 2009 01:11 AM
Megan Combs

Hi there, this is Megan with America Buys Foreclosures, I am an Administrator with ABF who is recruiting agents in multiple states. 

First of all I want to thank you Alex and Nikki for saying the honest truth about this opportunity with America Buys Foreclosures!  There is some negative feedback, but you nailed it on the head, this is an incredible opportunity to receive REO Listings!  Unfortunately we do get the negative feedback but as you pointed out 'yet another opportunity passes them by'. You either get it or you don't, and you guys get it!

I also wanted to address some commonly asked questions, like the last post from Lynn "has anyone who signed up received any listings".  The answer is that once ABF has enough agents that have completed our training and e-signing program, we will be able to release the listings. Believe me, we are all just as anxious to assign the listings as everyone is to receive them.

Also another important part about the program is that agents will not incur any monthly maintenance costs for our listings (NO cash for keys, NO utilities, NO repair/re-hab costs, etc.) ABF puts all costs in their name. ABF has partnered with a nationwide property preservation company that will complete any necessary repairs, change the utilities in ABF's name, contact locksmith, and manage the eviction process.  It really can't get any easier.

Please email me with any additional questions, I will be happy to answer them.  If you would like to view our pre-recorded Webinar that explains the program in detail please send me an email.

Thank you!

Megan Combs

Mar 14, 2009 12:36 PM
Megan Combs

My email is

Mar 14, 2009 12:39 PM