Question for real estate agents - How do you get Bank Owned properties to be your listing?
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- your real estate should be able to look it up for you
- You have to talk to the local banks and market yourself. If your fees are lower than other agents, the banks will have more incentive to use you for their listings. good luck!
- Talk to your principal broker about REO properties. Some brokerages do not want to deal with REO's, for various reasons. But if your principal is supportive, send a letter to all the mortgage lenders in your area. Follow up with a phone call to who deals with REOs. Outline a list of the services you will offer and your fees. Lenders usually have a specific set of requiremnts, additional forms and such, not a big deal, but just another step that buyers will have to go through if they want to purchase. If they decide to use you, you will get the crappiest properties first. If you are friendly and efficient, the REOs will keep coming. Some Realtors deal exclusively with REOs and do well with it.
- Usually the banks do not talk to agents. You need to have your broker set up a deal with the banks.
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