how can I as a realtor, start handling reo properties?

Answer 1

Pick a bank, usually the one you use. Buy ONE stock. Now your a stockholder. Go to godaddy.com and get a url and email address. Your name Jack Doe get www.misterreo.com and your email would be [e-mail] Go to vistaprint.com and get free business cards and they should say your name and under it for a title should be REO Liquidator. You should buy a home with a company. Some banks wont let you close with a company but you can always sell it to the corporation for $1 afterwards (tax write off). Go to corporate.com and start a company. Name shoud be using my example Mister REO Inc. Now your a ceo of a reo liquidating company (REO Real Estate Owned) and your offical with a email address matching your company name. Oh I forgot. GO to onebox.com and for $17 a month you can have a toll free number, fax and voicemail. (email too if you need it, thats included) So on your business card your official and in your case you add Licensed Real Estate Agent #5551212. Email, fax, toll free number, company ceo. Call the bank ahead of time and ask who do you speak to, to purchase REO's from the bank. Let them know your a stockholder. Find the name and when they are off, work, and usually have lunch. take them out to lunch for $20 and more then likely they know you. Its your bank. Tell them your a reo liquidator and your looking for deals. You can buy homes for .60 cents on the dollar or less. Built in equity. In case they ask, but its not needed but to insure them your serious you should have your current credit report (680 or above is best for best rate) make sure nothing on there is 30, 60, or 90 days late in the last 12 months. Also have tradelines like 2-3 credit cards. Just make sure you dont owe MORE then 50% of the credit limit. (High Debt Ratio) Maybe have some assets ($5K, 10K, 20K) always better if they know if something happen you could pay a few months ahead of time or be good for a few months. There ya go, buying homes like your in a 99 cents store served to you on a platter. Will take some time for your confidence to grow but soon it will turn into a business. Buy a home for $60K, and sell it for $85K and its worth $100K. Quick money. Get your credit up, get 3-5 credit cards with $500 credit limit each. Go to a bank Monday morning and get a cash advance on all of them, say $200 each. Five cards will get you $1000. Tell them to put the cash in your account, walk out and mail off 5 checks with $200each going to the respective credit card company or do it online by Wednesday or Thursday. By next Monday the money will be there again. Do this every Monday for 1 year and you would have charged $48,000 and your credit will be great!! Adds about 100-200pts easy to your credit score and about 45 points for opening them.. Good luck, I hope I helped you. Now use this example and buy 1 stock in citi, wamu, boa, etc etc. Enjoy..

Answer 2

You need to establish a relationship with the banks that have REO properties in their inventory. Contact the person handling the REO properties at the financial institution and pitch them with your marketing plan, experience, ability to assist in refurbishing the properties, etc. Most banks / lenders already have these types of services available to them but you may be able to wiggle your way in and if you can perform they may give you more business.

Good luck.

Answer 3

Meh, this can be a difficult technique to move. Some creditors do not desire to pay squat, the shoppers consider you're shady considering that it takes two - four weeks to get an reply on a agreement, loss mitigation depts are busy and do not go back calls, it is going on and on. When you first connect with a lender, they're going to supply you the crappiest REOs to promote. But if you're pleasant and effective, you're going to get extra. If you're headquartered and watching to opt for up a few bonus listings, OK. If you're watching to get headquartered, this could now not be easy methods to move. It is difficult paintings, but when you'll manage it and the have the persistence, there's definitely no scarcity of them in the market.

Answer 4

Contact the lenders. Follow up. You may have to be persistent, as many already have established relationships. If you do get in, expect to get the crappiest properties first. But if you are friendly and efficient, you will get more.