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Pursuing REO listings can be a waste of time, or it can be a profitable method to broaden your portfolio and grow your organization. This post covers the basics so you'll know how to get REO listings the proper way.
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What Are ?
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REO (" Real Estate Owned") listings are residential or [commercial properties](https://thepropertybull.com) that were [foreclosed](https://google-property.com) on by a bank or a lender and have actually not been cost a foreclosure auction. Instead, the loan provider now owns these residential or commercial properties, and they wish to offer them to recuperate the cash they lent for the residential or commercial property.
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It is necessary to discover the [distinction](https://mavrikoscollective.com) between foreclosures and REO listings.
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Foreclosures: The house owner defaulted on their payments, but the bank does not own the residential or commercial property (yet). +REO Listings: The [residential](https://www.phanganhouse.com) or commercial property has actually gone through the foreclosure process, and the lending institution, bank, or [federal government](https://myholidayhomes.co.uk) [company](https://albineproperty.com) now owns the residential or commercial property.
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Both situations present excellent ways to create property leads since they involve extremely inspired, "distressed" [sellers](https://nigeria.globalpropertycenter.com) who would enjoy to employ an agent like you! (Learn other ways to find [determined sellers](https://squared.ltd).)
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How To Get REO Listings: A Quick Overview
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These are the 4 [methods](https://nigeria.globalpropertycenter.com) we'll cover in this short article:
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1. List yourself on REO directory sites. +2. Work with federal government [companies](https://sharkoss.ai). +3. Offer BPO services to possession managers. +4. Work straight with banks.
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How To Get a List of REO Properties (totally free!)
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One choice is to be proactive and take foreclosures before they technically end up being [REO listings](https://www.propertynetlk.com). To find foreclosures in your area, take a look at listing services like Auction.com or Foreclosures.com.
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Otherwise, here's how to get REO listings:
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- Look for bank-owned homes [straight](https://mycasamyhouse.com) on bank sites and make an offer. You can [attempt](https://muigaicommercial.com) the big banks such as Wells Fargo, Bank of America, or US Bank. But you're most likely to be effective if you [pursue regional](https://vastusearch.com) banks, loan providers, and smaller sized credit unions in your location. +- Look for listings on REO possession management company websites such as HomePath.FannieMae.com. +- Check out government company websites like HUD.gov. +- Visit your regional county's site. (Google search" [your county] reo homes," [your county] residential or commercial property search," or" [your county] foreclosures for sale," for instance.). +- Lastly, you might even discover REO listings on Craigslist or within your regional paper's classified ads.
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Now, let's get more particular and dive into the four best techniques for getting REO listing leads.
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Strategy # 1: List & Advertise on REO Directories
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Listing yourself and promoting your services on REO directory sites can be an effective way to connect with banks, loan providers, and possession management business trying to find genuine estate agents with proficiency in managing REO residential or commercial properties.
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For instance, you could join the REO Network.
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The disadvantage to this technique is-you're not truly "finding" leads. You're putting yourself in a position to be discovered by leads. Simply put, you have to count on luck.
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Is a network or directory going to be your best source of REO seller leads? Probably not. But it's not tough or time-consuming, and it might extremely well be a "passive" way for you to get REO listings.
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Strategy # 2: Deal With Government Agencies To Get REO Listings
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In some cases, a bank owns a foreclosed residential or commercial property. (We'll cover that in Strategy # 4 listed below.) But other times, it's a federal government firm. +So as you're looking for methods to get more REO listings make sure to check out ...
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- The Department of Housing and Urban Development (HUD), which gets unsettled Federal Housing Administration (FHA) mortgages (Note: a Single Family Acquired Asset Management System [SAMS] certification is needed.). +- Veterans Affairs (VA) REO residential or commercial properties for sale. +Fannie Mae. +Freddie Mac
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Pro Tip: Consider getting specific credentials and accreditations, such as NAR's Short Sales and Foreclosure Resource accreditation, to bolster your own confidence and increase the likelihood that possible customers will see you as a trustworthy specialist.
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Strategy # 3: Offer "Broker Price Opinion" (BPO) Services
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A BPO is an expert estimate of a residential or commercial property's value. Don't consider it as an official appraisal. It's more similar to a comparative market analysis (CMA). Find out more about how to craft a strong genuine estate CMA.
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BPOs are often used by banks, mortgage loan providers, and property management companies to determine the present market value of a residential or commercial property, specifically when they are associated with transactions like refinancing, brief sales, or foreclosures.
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So the strategy here is to reach out to the decision-makers at the banks, lenders, and asset management business (not their administrative assistants!) and use to offer a BPO as a type of property networking.
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If you can establish relationships with those who handle REO listings every day, you set yourself approximately become a go-to agent for your location who can handle the sales procedure on their behalf. (As a side-benefit, obviously, you'll get payment for your services.)
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Strategy # 4: How To Get REO Listings from Banks
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Step 1: Find Out Who You Can Talk with
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Create a list of banks and possession management companies in your target audience who regularly sell REO listings. Do your finest to get all of the contact information for each.
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Again, try to identify who the decision-makers are so you can speak straight to them instead of their assistant. Your success at this point will depend on how well you can establish a relationship with those who remain in a position to pass REO listings on to you.
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Step 2: Make Connections
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Go through your list and ...
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- Submit your application (if appropriate). +- Reach out to them with a telephone call. +- Follow up within the week (and any weeks that might follow) with an extra call and an email. Be relentless. Showcase your expertise, and make it clear why you're the very best property agent who can help them move REO residential or commercial properties.
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Step 3: Prepare
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Meanwhile, as you're developing relationships, prepare for the minute when you make your pitch to handle an REO listing.
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Conduct research. Familiarize yourself with the local housing market (particularly any data associated with foreclosures and REO listings). Also, be familiar with who they are, what precisely their business does and represents, and about the number of foreclosures they usually work with during any given month.
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Prepare a scripted discussion. A well-crafted script will assist you sound more like yourself, point out all of your crucial talking points, and strategically direct the discussion. As part of your presentation, be sure to include ...
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- Your unique selling proposal (what sets your property brand name from the rest). +- Exactly how your service can benefit them. +- How you plan to offer REO listings (and how that differs from what your competitors and they're current go-to agent are doing)
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Step 4: Ask
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Once you're positive that you have actually established some degree of relationship with the property manager, bank agent, or whoever it may be you're working with, it's time to make your pitch. Ask if you can arrange 15 to thirty minutes to discuss your discussion and describe your method to selling REO listings.
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If they say yes, blow them away with a remarkable first impression! This is an essential chance that could assist your business grow for several years to come.
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If they're not interested in working with you today, you might select to continue promoting the relationship or just carry on to another potential organization where you may be a better fit.
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