How to get foreclosure listings ? (agents, Realtors, listing, fee)

[alano]

How to get foreclosure listings ?

Now, I know that is a loaded question, but since I won't say what state I'm in, how could I be competetion?...

i see many realtors with these listings..how can I capture some of these REO listings? post or email me...

[Silverfall]

Why do you want to? Are you aware that with many REO listings the banks require the listing agent to take on many additional tasks and incurring a lot of out of pocket expenses?

Do you have the cash flow in order to get the house ready for sale?

[Dallashomes]

If you hook up with a good real estate agent they can forward you all the home foreclosures the moment they hit MLS on a daily basis. At least here in Dallas home foreclosures listings we forward based on our Dallas real estate investor business plan we don't charge for those Dallas home foreclosure listings, we set up an automatic email.

Good luck to you.

[MisterMark]

Originally Posted by Silverfall

Why do you want to? Are you aware that with many REO listings the banks require the listing agent to take on many additional tasks and incurring a lot of out of pocket expenses?

Maybe she should just skip the agent then.

[Silverfall]

Originally Posted by MisterMark

Maybe she should just skip the agent then.

I was answering this question as if the OP WAS an agent who wanted to get REO listings for themselves to sell. Not an investor looking to purchase REO homes.

That is how I interpreted the post.

[Brandon Hoffman]

Originally Posted by MisterMark

Maybe she should just skip the agent then.

Had you read the thread more closely you'd have realized the OP is a real estate agent interested in listing foreclosed properties. I don't think she can skip the agent

[cmsvmom]

And this section is for real estate agents. I used to be one, not right now. Maybe again when I move.

Here in northern NJ, a lot of the agents who do these deals have some business ties with investors and bankers. Often, it is in the family. Some agents I know take their customers who are potential investors to the sherriffs auctions so they can see what is going on, then hook them up with mortgage people who know how to work with this sort of investor. Investor buys foreclosure, fixes it up to flip, and you have a listing. Lots of work to get it, but if there are repeats or the investor has friends, the agent's rep grows with bankers, builders, investors, etc.

[DMenscha]

Sign up with BPO organizations. Occasionally they will give you the listings on your BPO's. You'll have to pay them a referral fee though and as others have mentioned you may have to front some costs like re-keying the place.

[Captain Bill]

Originally Posted by alano

How to get foreclosure listings ?

Now, I know that is a loaded question, but since I won't say what state I'm in, how could I be competetion?...

i see many realtors with these listings..how can I capture some of these REO listings? post or email me...

This is a very tough business to get into. First you'll have to learn how to to BPO's. Then you'll need to get on the BPO companies lists. You may even have to do BPO's for some of the companies who do not pay you, in order to get experience.

Maybe after a couple of months you will get one BPO job. They pay from $35 to $50 for an exterior BPO. You will spend a couple of hours doing the "extensive" paper work, and if something is wrong, it will come back to you. The paperwork is graded through their Quality Control system. Get a low grade and you don't get more jobs. They also have a time limit to get it to them, usually 24 hours. Some will want it same day, and refuse to pay you a rush premium of about $20

You will wait over a month, and longer with some companies for your 35-50, and may have to make quite a few phone calls to get it.

I know agents trying to get into the BPO business because they think they can make extra money during this slow period. But think about the amount of time it will take to go and view the home exterior, take photos, do the paper work and get it submitted "correctly". If it takes 3 hours to do it correctly, and you manage to get one a week, then how much have you earned.

The agents who get the REO listings are the ones who are doing BPO's full time, and doing a super job with a high QC grade. Maybe after doing about 50 BPO's for a company they may get a listing.

You may be called on to do an interior BPO, for about $75, and that home owner may be facing foreclosure. You are not going to be welcome, and may face open hostility. If you don't get the job done, and they have to reassign the BPO to someone else, then you get a ding on your record with that company.

And as has been stated, you pay the up front expenses. You will have to get into the house. It's probably locked, with no key. You will have to replace or re key the lock. You will put the utilities in your name, when it's time to turn them on. Of course you'll have to inspect to see that the plumbing is in tact. Also when the water is turned on, and the electricity is turned on, you'll need to be there just in case there is a hidden pipe break, so the place doesn't flood.

And any other expenses that are required, will come out of our pocket, and you will be reimbursed at the banks leisure.

I'm told that you should have about $100k available as up front money to start listing REO's, once you get to that state.

I have a friend who does full time BPO's and REO listings. He has been doing it a long time and it took him a long time to get to this position. I have studied BPO's and know how to to do them, and how the business works. I know enough to not attempt to go out and try to compete with people like my friend because they are too entrenched.

It would also take too much time away from my regular RE business.

If you want to learn more about this before making a decision, then look for some REO properties; get the listing agents name and talk to him/her to see if you can get some more insight.

[Charlottean]

There is a guy in our office that has been working them a long time. He carries about 15 new listings every month and about $20,000 out of pocket every month sometimes more. He works non-stop and drives an old beat up Toyota 4-runner. Wears shorts, t-shirt, and flip flops everyday and works his butt off! 60 hours during the week, but making a killing at it, and has every weekend off.

Oh and he has picked up a few himself and done very well with them.