REO Agent Wannabe

By
Real Estate Agent with Long Realty SA662761000

I have been looking at the option of becoming an REO agent for some of the various lenders out there, and was hoping to get some help from other Realtors that work with lenders as their respective REO agent. I have a lender I work with at Countrywide that has requested my name several times, but nothing has come to fruition. I have also been looking online, but it costs money to get the list......has anyone else ran into this problem, or maybe have a contact or two?? I would really appreciate the help. My background is in investment property and have suitable experience....I guess I just have to network? Hey, that's why we are here!!! :)  Thanks in advance!

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Re-Blogged By Re-Blogged At
  1. Jan Guerrini 10/05/2012 10:39 PM
Topic:
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Groups:
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Keller Williams Realty Active Rain Bloggers
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REO EXCHANGE
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Rainer
44,424
Sharon Fleming
Real Living Realty Unlimited - Port St Lucie, FL
Realtor, Port St Lucie-Florida

I will tell youthe companies that I have had luck with....LAMCO www.lendersreo.com green river capital www.greenrivercapital.com and OCWEN www.ocwen.com There are many BPO Mills out there at www.bpo4agent.com I did not pay for ANYTHING that I have got, I searched and searched the internet and found them on my own, no one wants to share this information and I dont see why, I myself know that if you help others it will come back 10 fold...right?  If you need any help please feel free to email me with any questions, its tough out there and I know that times are tough as well, but I am not stingy...I will share :0)  I do BPO's and I got one listing from that as well.  So it does pay off, but takes a lot of hard work.  Are you doing the BPO's now?  Good LUCK!!! and GOD Bless!

Jan 30, 2009 10:37 AM #1
Rainmaker
157,008
George Bennett
Inactive - Port Orford, OR
Inactive Principal Broker, GRI

Josh  and Sharon - It is great to see the AR community in action. Good Luck to both of you.

Jan 30, 2009 04:20 PM #2
Rainer
211,341
Jack O'Neal
HomeSmart Elite Group - Gilbert, AZ

Josh

 After you get into the reo business, you will learn more about Real Estate than you dreamed was out there. All the companies mentioned are great to work with, Ocwen is always interesting, Google BPO companies and reo companies for an additional list, and read Activerain. I got into the business 3 years ago with a call to a agent about a post where he used the term CFK, (cash for keys) talked to him and he gave me some names. I only do bank owned now.  Go CARDINALS

Jan 31, 2009 01:57 AM #3
Rainer
20,092
Josh Schlesselman
Long Realty - Tucson, AZ

Thanks for the responses! The issue Im having when filling out the applications online is the actual experience working with lenders/asset managers. I have not actually listed bank or corporate owned property previously, how do I get around that?

Feb 02, 2009 02:26 AM #4
Rainer
2,510
Mark & Patty Pugh
The Home Team Inc. - Keller Williams Realty Central Delaware - Dover, DE

Sharon, thank you for sharing the sources.  I used to do a lot of the REO's here in Delaware for a lender I'll leave anonymous, but ended up letting the relationship go 5 or more years ago because of the difficulty I had in getting them to pay back money they owed me for repairs, clean-outs, etc. that I was required to advance to those vendors.  I would like to get back into this area, as it certainly seems to be the "hot" place to be in this current market.

Patty Pugh, CRS

Feb 05, 2009 01:05 PM #5
Rainer
76,821
Michael Neville
Keller Williams Realty Atlanta Midtown - Atlanta, GA
Intown Atlanta Realtor

Josh good luck with this - you may want to check at Family Reunion with some of the panelists that I'm sure this will be a topic of discussion.

Be ready to have an admin asst. b/c the overload of details I see my broker deal with to handle 300+ sales a year at roughly 40K a pop makes the net commission tough to bare if you don't have systems in place to churn out a high volume of closings.

Feb 07, 2009 09:16 AM #6
Anonymous
ABF Network Administrator

Hi there, 

We are a Nationwide Asset Management Company that is in immediate need of REO and Short Sale Listing Agents across the United States!
The company I work for is a Nationwide Asset Management Company, based in California, that assigns the REO and Short Sale listings.  There is NO BPO work required!
Should you be interested in this opportunity you will be required to sign-up with my asset management company and train as an REO Specialist.
You must be a licensed Realtor in good standing with your local MLS, have previous real estate experience, and be willing to work!

This is a very exciting opportunity!  If you are interested in learning more, please reply to my email!
 
Thank you for your time,

Megan Combs
ABF AGENT NETWORK ADMINISTRATOR
Realtor/e-Certified REO Specialist
Email: combsrealestate@gmail.com
www.americabuysforeclosures.com

Feb 08, 2009 07:00 AM #7
Rainmaker
300,425
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes

THe problem with getting on the REO list is most banks want agents that have experience since there already have a large number of REO agents.

Mar 13, 2009 07:59 AM #8
Rainer
7,293
Eric Auger
prudential Americana Group, Realtors - Las Vegas, NV

Hey there,

Banks need Real Estate Agents to help list and sell $600 Billion worth of foreclosures.

Well I am getting my share of the pie! I just bought the REO Kit here:  http://tinyurl.com/d2tvnk

I thought you might want to give this a try too. Check It Out...

 

Best of luck ...

Mar 24, 2009 04:58 AM #9
Anonymous
Carrie

Hi

I would like to share some reo information with you.  I have been doing bank owned properties for about 7 years.  It has it good and bad points as does everything!  I have found that asset managers will use the agents that do the best job for them, which is as it should be.  You will find out the hard way that if your work is late or properties are not selling, you move to the bottom of the list for new properties!  If you can get things in early and do not overprice the properties, you move up on the list of agents.  You are being graded on everything you do, even communication. 

In my area I only make the minimum commission though since the properties are ususally low end, like $5,000 or $20,000.  Those of you agents selling the high end foreclosures are very lucky.  A lot of my paychecks are $400-$500 so I must sell at least 5-8 a month just to survive!  Yes, the prices are going up and now some of the bank owned listings that I get are over $100K so not all bad.  I am a single mom though and it seems all I do is work!  I miss being that Realtor I was when I started in real estate 9 years ago.  That girl was motivated, optomistic, enthusiastic, and happy!  I am not sure what this reo business has done to that girl!  :)  I really need to find her again....maybe it will take Florida to do that.  It gets old in the winter to go to these homes with no heat and your feet and hands get numb!

I am also considering getting my license in Florida, west side and would appreciate any advice from those of you doing the reos in that area.   I am still in the research stage and will make a few trips this summer to visit the area and some brokers. 

I WOULD REALLY APPRECIATE ANY ADVICE I CAN GET, GOOD OR BAD.  I am a country girl who cannot live in the big city....and need good schools.  I also need hope that there are enough listings and buyers to go around!  There is a lot of competition in Florida!

I am also new to active rain and still working on profile...and this blogging thing!  :)

THANKS!

Apr 05, 2009 02:14 AM #10
Anonymous
Carrie

I left the above comment but my email did not show up so want it to be here for that advice I hope to get!

carriech08@roadrunner.com

 

Apr 05, 2009 02:18 AM #11
Rainer
6,618
John Conca
CENTURY 21 Select Real Estate - Placerville, CA
Century 21 Select Real Estate

Carrie,

I wanted to share this free list of REO asset managers and there website information that I got.  I signed up with just about every one of them.  Now in less than three months I have plenty of BPO's and two REO listings, one of which is already in contract.  Just do what ever you can to get started and be patient.  Good luck.

 



Company



Link

Accredited

http://www.accredhome.com/

Assetlink

http://www.assetlinklp.com/

Atlas 

http://www.atlasreo.com/index.html

Aurora

www.res.net

AVM

http://www.assetval.com/

Badisso

http://badisso.com/

Bankers Assest Management

http://www.bankersassetmanagement.com/

Bank of America

http://reointelligence.com/uploads/bank_of_america.pdf

Bayview

http://www.bayviewfinancial.com/

Brighton Real Estate

www.brightonreo.com

CalReo

www.calreo.com

(CMS) Carrington

www.carringtonms.com

Chrisley

http://www.chrisleyam.com/

Citi Financial

https://oms.citiresidentiallend.com/oms/jsp/login.jsp

Countrywide

http://my.countrywide.com/BizPartners.aspx

Electronic Mortgage Corp. (EMC)

https://www.emcmortgagecorp.com/EMCMORTGAGE/

Equity Pointe

http://www.equitypointe.com/

ETC REO

http://www.etcreo.com/

Executive

http://www.executiveam.com/general/registration.cfm?ContentItemID=Registration

Fannie Mae

https://www.efanniemae.com/is/npdcvendors/index.jsp

Fidelity (LPS)

http://www.fidelityasap.com/registration.aspx

First American

http://www.firstamreo.com/application.asp

First Preston

http://www.firstpreston.com/re_broker_registration.asp

AHMSI (First Option)

https://ahmsi3.com/servicing/home.asp

406 Partners

www.406partners.com

GMAC

REOTRANS.COM

Green River Capital

http://www.riocentral.com/prospectivebroker.aspx

Group Financial

http://www.grpcapital.com/contact/index.html

Goodman Dean

http://www.goodmandean.com/

HSBC

http://www.reotrans.com

Home Eq

http://www.homeq.com/reo/reoProperties.do

Integrated Asset Services IAS

http://www.iasreo.com/workwithus.aspx

Indymac

http://reo.indymacbank.com/reo.ext/presentation/BrokerApplication.aspx

Land America

http://www.lendersreo.com/application.aspx

Lighthouse Real Estate Solutions

https://extranet.lrescorp.com/vreg/index.cfm

Litton Loan Servicing

https://www.littonreo.com/litton/DesktopDefault.aspx

Loan Servicing Solutions (LSS)

14

Keystone

https://www.keystonebest.com/agent_login/agent_login.asp

MDWEBB

http://www.mdwebbinc.com/contactUs.aspx

Nationstar Mortgage

https://www.nationstarmtg.com/Realtors/RealtorApplication_Step1.aspx

Metro Pacific REO

http://www.depotpoint.com/news/?p=126

National City

http://www.nationalcitymortgage.com/

Nations Reo

http://www.nationsreo.com/brokers.cfm

National Default NDS

http://www.defaultservicingllc.com/become_broker3.htm

New Vista

http://www.newvistareo.com/app.php

NPR Capital

http://www.nprcapital.com/

NREOB

http://www.nreob.com/Public/Registration/Broker/RegistrationAgreement.aspx

Ocwen

http://www.ocwenbusiness.com/bs_loanservicing_res_bi.cfm

Old Republic

http://www.oldrepublicdefault.com/Default.aspx

Olympus

http://www.olympusasset.com/agent/agentdata.php

Owen REO

http://owenreollc.com/index.asp

Phoenix

http://www.assetonemg.com/Website/coprofile.htm

Premiere Asset Services (PAS)

http://www.pasreo.com

PMH Financial

http://www.pmhfinancial.com/Registration.htm

PNC

http://www.realtyservices.pnc.com/

Premiere REO 

http://www.premierebpo.com/premweb/Home/ContactUs.aspx

Real Estate Disposition Corp. (REDC)

http://www.redcgroup.com/index.html

Reo Experts

http://www.reoexperts.net

REO World

http://www.reoworld.com/

REO Financial Asset Services

http://www.reofas.com/

Single Source Property Solutions 

https://www.reotrans.com/index.cfm?

SNSC

http://www.snsc.com/ReoPropertiesBroker.aspx

Sun Trust

http://suntrust.res.net/

Tactical REO

https://www.disposolutions.com/clientlogins/dst/default.aspx

US Bank

http://www.usbank.com/

USRES

http://www.usres.com/vendors/real-estate-brokers/

Wachovia

http://reo.wachovia.com/wbreosubscription.aspx

Washington Mutual

http://www.wamuproperties.com/

Wilshire

https://www.wcc.ml.com/Homes.aspx

 

 

Apr 21, 2009 08:01 AM #12
Anonymous
Anonymous

Megan Combs, of ABF if your company is really legit show the proof that you really have REO's and not merely trying to sell your esign product. My fellow Realtors, Go with the legit companies like IAS, PAS, FAS, First American REO, GOODMAN DEAN, OCWEN, REOWORLD, CAMREO, REOTRANS, RES.NET, ETC. Don't spend your money with new company that don't really have connections or REO Assets. Lots of scammers out there trying to get the poor Realtors' money. Please sell your product? somewhere else.. PLEASE , PLEASE. Realtors are in hard time not and not to taken advantage of. Beware of ABF & Megan Combs. They don't really have REO'S. They will charge you $150 for training, charge you $30/month for their esign software whether you use it or not. $99/zip code. My broker and co agent signe up with them last year and still have to see an REO listing not even an REO mobile home.

Apr 25, 2009 07:08 AM #13
Anonymous
Glen Derosett

Does anyone have any new information about REO contacts?  I've been working on this for over a year now with no success.  I flip houses and have bought a lot from the lenders, but can't seem to break through the iron curtain.  Any help would be appreciated.

 

Thanks,

May 29, 2009 05:49 AM #14
Anonymous
LaDawn Menkemeller

Here's a good site regarding America Buys Foreclosures

http://reopro.ning.com/forum/topics/american-buys-foreclosures?id=212247...

It's gets even MORE interesting...
America Buys Foreclosures REQUIRES for agents to stay in good standing with an E-SIGNING company (Settleware).... here is a comment of mine directly to Rick (founder of Settleware)... THIS is another area of potential fraud (Settleware pays either $30 or $50 referral fee per agent sign up to ABF...)
- also... Settleware charges each agent PER MONTH... even though they're not being given foreclosures...
- Rick *eluded* to me...that a portion of this monthly charge also is sent back to ABF....
... read the rest... based on what he told me... we could be taking in excess of 12 mil...
http://reopro.ning.com/forum/topics/american-buys-foreclosures?id=212247...

If you have complaints... send them in NOW to the online better business bureau - here is the information you need:
http://www.la.bbb.org/Home.aspx

Here is the information you will need:
Company Name: AMERICA BUYS FORECLOSURES
Parent Co: AMERICAN REAL ESTATE MANAGEMENT, INC
2302 Martin Street, Suite 475
Irvine, CA 92612
phone: 888-470-4770
fax: 949-756-8450

SUPPORT@ABFNETWORK.COM
www.americabuysforeclosures.com

Best Wishes

Sep 20, 2009 02:05 PM #15
Rainmaker
182,188
Sherry Chastain
Hendersonville, Nashville, Old Hickory, Lebanon Tennessee - Hendersonville, TN
Realtor, Selling Homes, Lake Properties,Luxury Homes,Short Sales

The great thing about AR. Ask and they will share. John has given you a nice list to start with. I registered with alot of banks I found here on AR. No REO business yet, but I have started getting several BPO's.......hopefully the REO will come.

Jan 06, 2010 03:22 PM #17
Anonymous
Glen Derosett

Just read Sherry's comment and would like to ask the AR community a follow up question.  There are tons of scams revolving around REOs and BPOs.  I would like to start doing BPO's in hope to lead into more listings.  What are some legitimate BPO companies?

Thanks,

 

Glen Derosett, Associate Broker                                                                                                 

 

Jan 07, 2010 12:40 AM #18
Anonymous
David Potter

Don't work with Chrisley Asset Management.  They don't pay agents reimbursements!!  I have to email and call daily and most of the time nobody answers the phone.  They are a scam of a company and can't believe Fannie Mae would do business with them.  What a joke!

Jan 04, 2011 12:35 PM #19
Anonymous
R.E.

I agree completely.  My company has worked with Chrisley Asset in the past but we will not accept any new assignments because they owe us over 10k in reimbursements from June 2010.  Everytime I speak with someone in the office they tell me everything has been approved and they are waiting on Fannie Mae to pay them?  Why do the other asset management companies pay me back within a month, but Chrisley Asset takes over 6 and still nothing?  I have spoken with other agents in my area and this is a re-occuring theme. 

Take caution when dealing with these people!

Jan 27, 2011 01:58 AM #20
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