Hello fellow or future agent. I am writing about REO Proeprties , the bank lender’s, and a great REO Training Program that me and my Foreclosure group have been studying. I will assume that you already know about the current foreclosure number’s in America and how they have provided us with this huge number of REO properties. (If you would like more info just follow this link:)
Usually those that are interested in REO’s are either looking to invest for profit’s or get a great deal on a new home themselves. If you are ready to invest in REO Properties it’s important to know your local foreclosure number’s and other such information. many time’s this information can be obtained from the Bank Asset Manager’s. Which bring’s me to another, very important point:
Anyone that know’s what properties will be foreclosed on BEFORE anyone else, or the people that see the actual REO Property List’s as soon as they come out are the people that can make all the difference in your career as an REO Invester. These people range from the Lender’s to the asset manager’s. For you it is best to know how these relationship’s are built.
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Use the REO/BPO Business Training Guide to Learn EVERYTHING you need to know about REO Property Investing. This REO online training program will explain REO’s and foreclosure investing to you as if you were talking to an actual Loan Officer or Mank Manager.It would be like one of the decision maker’s telling you EXACTLY what they want, how to complete REO form’s, and how to make sure that your REO offer’s get accepted EVERYTIME.
Once you begin to invest in REO Properties you will see how eager the bank’s are to unload these Real Estate Owned proeprties as soon as possible. If you have seen those ad’s that say “Banks NEED Your Help!” – well, it’s trtue in a way. I mean, dont go believing that the bank’s will turn up at your house BEGGING you to take all there money. But – they really do need to get these REO properties sold.
You see, the bank‘s are even willing to break even or less someyime’s just to avoid these fine’s. Some say that when bank‘s keep getting fined they build bad reputation’s with the federal Government, and that lead’s to future problem’s. So it’s not too hard to see why the bank’s sell these REO Properties for such low prices. They will even pay 6% of the final sales tax due to the structure of REO‘s, Bad Loan‘s and overall Federal Rules/Law’s. I am sure you have seen the countless Infomercial’s with those guy’s that make those too-good to be true statement’s about buying home‘s for next to nothing.Well, I am not saying that everything they say is true, as I have never actually seen there product’s, but it stand’s to reason that these claim’s could be related to actual truth’s in the foreclosure market‘s. O.K., I’m sure that you are ready to learn everything you need to know about REO Property Investment’s and how to succeed right away, so here is the link to the REO Business Kit that many have used to begin successful career’s in the REO Property Investments:
Watch the video related to reo properties
How do you get on the list of agents/agencies to list REO properties in Monmouth County? Do you need special designations?
Well this is somewhat of a tricky subject. A lot of agents do not want this info getting out because they know how difficult it can be for new agents to get into the REO market. As you are correct there are usually only a handful of agents in each city that get all of the Bank Owned Listings… In my area i have seen agents with as much as 20-30+ New Listings Each month and probably 60% are closing escrow within 45 days.
I just did a google search and found this info that will probably get you to where you need to go.
http://theamazingsource.com/real-estate/how-to-list-reo-properties/
I first got started into this business about 4 years ago and had help by a company called Realtor Revenue. I believe their site is still at http://www.theamazingsource.com/realtor
They aren't going to negotiate with you.
You need to have a broker do it.
REO stands for real estate owned. It is a name that banks use for property that they own. They have normally repossessed it.
Hud also owns homes and they also normally get them thru repossession.
Neither of them are often in good shape. They are normally both difficult to do a good inspection because you have no history of disclosure on them. No one knows anything about them so they can't disclose anything. They could have been a meth house or anything could have happened to them.
I would suggest to you that you should get a buyers agent and look at the REO's the HUD's and the "regular" inventory. In North Texas they are all in the MLS. Compare them all and decide for yourself which give you better value for the money. (you will likely be surprised).
Do you know anyone who has done this recently, or at all? It’s an interesting idea, but does it really work?
why do you think it’s worthless??
You need to send your broker, if you are just an agent they will not talk to you, you do not have the authority to negotiate a deal with your brokerage.
Try hud.gov they have all of the information that you need regarding help. You are not likely to manage a foreclosed home.
Email me and I will hook you up with a good real estate broker (much better then any agent). He will help you with finding a home and a good loan. Very honest man with high ethics. He will make sure you get the best that you can. are not in over your head and make sure you understand everything that is going on (why most people are loosing homes, they have no clue what they are doing).
This is not and won't be spam, I just want to help.
dutchshepherds@yahoo.com
About the only thing the banks contract out to do is to maintain the minimum requirements of the property to not violate city codes. So, mowing, cleaning debris, replacing or securing a broken window, etc. These services are done through contract labor.
Banks know better than to pour more money after bad, and since they have no idea how long the property will sit, or what will happen to the vacant property, they don't invest anything in it in order to sell it.
There is an old technique I use to use in purchasing REO from banks before they start using real estate agents for this purpose. Things were so simple then.
Go to your nearest large bank, ask to speak to the Vice President as you have a problem that you think he and only he can solve.
When you get a chance to speak to him, Tell him "I know that you might not be able to help me but I am looking for the person that handles your REO list of properties that he Realtors could not sell, who in your bank handle this department? If he is not at this branch can you give me the telephone number of the branch he is located?"
I am not guaranteeing this will still work, but it worked in the olden days or yore. It might be worth a try.
You might also try pre-foreclosures. They work also, that is what I do and very successful.
You might also go to the foreclosure sale, not to bid, but to see if the property sell. If it does not sale, find out the lender. You already know the minimum bid. Fire off an offer for the minimum bid along with a check for 10% with a letter indicating how you are gonna come up with the rest.
I have been successful with this method also. As long as it does not take a month or more to come up with the remainder of the funds.
You might also send a copy of your credit report and ask if you can take over the existing loan as long as you bring it current.
You might tell the lender that the funds will be over nighted to them. I have had 3 of these work, but then I have only applied for 3. In the 3 that I applied for I offered to pay a 1% fee to take over the existing loan, so they would have an incentive to do it.
I hope this has been of some use to you,good luck.
"FIGHT ON"
worth less
Networking with the bank and performing BPO's are the way's I've seen. I suggest asking this question on The Active Rain Real Estate Network for better answers from agents working REO's.
Bank REOs can be tremendous deals right now, especially if you're in some of the hardest hit markets (or going after the hardest hit markets).
As an investor, you just have to know that it's a numbers game. There are a lot of factors as to whether or not they'll accept your offers now – or in the futures. Here are a couple of things to note:
- Get a good Realtor to help you so you don't have to try and contact the lenders on your own. They sell banks through REO listing agents. You can work with any agent really and often it's helpful to work with one that's NOT the bank's listing agent. Although if you have a track record of closing deals, then they may giv e you a heads up on really killer properties before anyone else knows about them on the MLS.
- You can get some GREAT deals on fixer uppers. So if you're looking to buy-fix-sell or buy-fix-rent, then you can get some really good discounts.
- Some banks, depending on their situation may or may not be willing to negotiate that much. It all depends on what their portfolios look like, how long they've had the property, and several other factors that they may take into account.
If you're looking to find an easy training on bank REO properties, this is a really affordable one that I found to be pretty straight and to the point. It's at http://www.RealEstateTrainingAcademy.com/REOs.php.
Great advice