How I got started in the REO Business

I have been an REO agent for over 12 years. I got my first REO / Bank owned listing from phone duty. The asset management company called in and was just giving the listing to who ever answered the phone. The company was SPS servicing. So I didn’t start out by doing BPO’s. I didn’t have a clue what I was in store for. The first thing the asset manager wanted to know was if the property was occupied or vacant. When I went to the property to check on the occupancy, I found the property to be vacant, standing wide open and full of miscellaneous items. Not only was it full of stuff but it also had mice and mouse droppings everywhere. The next thing they needed to know was the value of the property. Well this property was out in the middle of nowhere it was run down needed repairs and I had to give it a value. This was my first experience of doing a BPO. And of course in the BPO I got to the section of repairs. Fortunately I had been in the business long enough and had listed and sold many other properties that I had some idea of what it would cost to make most repairs the property needed. This part of the BPO is the agents estimate not want a contractor would charge. Now the bank of course wants to have the property trashed out. Who am I going to get to do that? Good question? Who do you use to clean out a property if you’re new to this business? I happened to know someone that needed the extra cash and had a truck. This started a good working relationship for the future. The bank also wanted the utilities turned on. Here is where I found out that my company would not be responsible for turning on utilities or paying the bill. This is also the agent’s responsibility. The bills have to be sent in once a month for reimbursement. Once the property was cleaned out and on the market and we had a buyer that did a whole house inspection we discovered the septic system was shot. REO properties are sold AS IS right? Not always. Some and most banks will pay for some repairs. The bank paid for a new septic system and we where able to close the deal. That was over 12 years ago and from that first listing I wanted to get into the lender owned business because for some reason I liked it. So over the next 12 years I developed relationships with various asset managers for a number of companies. I have done cash of keys, evictions, moved peoples stuff into storage pretty much I have seen it all. I have even had to go to court to have a squatter evicted from a property I had on the market. The market has changed so I recommend you buy The REO Secrets. Click Here!