When you guys sign up with banks/servicers do you even mess with the little guys. Scrubbing through foreclosure notices most of them are from a few big banks and there are some from local little banks. Do the little banks handle there REO in house or outsource to a servicer because they are so small??

Just trying to figure out if you guys only work with a few companies that do volume or do you do business with the little banks as well. I am signing up with servicers also.

I work with the large national banks/investors as well as the smaller local banks. I'm an ex-asset manager from J P Morgan / Chase and knew individuals when they closed down our local REO Dept who went to other Banks in the area. I was a Trust Property/Asset Manager and I got into REO by working for 2 yrs to get the old Bank One Home Equity Business. No different than trust properties some good some bad. People looking into breaking into REO and who are not working local banks may be missing the boat. This may be their ticket into the field when so many larger companies are starting to require a min of 2 yrs experience.

Great post thanks for the info......

I figured some of the other agents/brokers might overlook the smaller banks as well.

I am noticing in my area alot of the smaller banks are foreclosing on builders of subdivisions on houses that haven't sold etc.

You are absolutely right! I have had some spec homes myself from local lenders. Usually the local lenders had tighter underwriting policies in the markets they now and you won't get the volume we get from the larger mortgage companies or banks; but I think that will change. We have a good five years of heavy inventory in REO and we haven't in many area hit the speculator market yet. I also was talking w/one of my AM yesterday regarding having a few days off... and we were talking about how when winter hits and the higher cost of living and more layoffs this could get even worse! heat vs house payment, food vs house payment, driving a car vs house payment. It will be interesting and if you aren't ramping up you should be considering it.....

I work with local banks. Only downside. There is not an onlne system