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#45013 - 02/07/06 01:40 PM The Process
MD Offline
Junior Member

Registered: 02/06/06
Posts: 7
Loc: Metro Detroit area, MI
The Process. How do you, an REO agent, get the listing? And, what events have happened before you get the house? Is, for example, some of the work done before you get it? And if so, how is that handled? Finally, what is the process once you get it?
I am trying to get "in" with agents like you in the metro Detroit area (for trashout jobs) and I need to understand how things work for them...before I can appeal to them.
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MD
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#45014 - 02/07/06 01:55 PM Re: The Process
OHAgent Offline
Major Contributor

Registered: 02/08/05
Posts: 2783
Loc: Ohio
Many agents here have more experience than I do, but this is how it has happened for me. The bank/asset management company contacts me regarding the property. As a rule, I am contacted before the sheriff's sale so the only thing I can do at that point is an occupancy check and if the property is vacant, do the interior BPO and have the house re-keyed (maybe a couple of other things depending on the time of year, etc.). Once the sale has confirmed and the lender has control of the property, they might have me get bids for work (including lawn service, trashout, repairs, etc.) or they might have a property preservation company handle that and I don't have anything to do with it. In my limited experience, these things have been done before the property was listed. If you want to work with REO agents in your area, figure out who the agents are that are listing most of the REOs in your area and call them. Good luck.

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#45015 - 02/07/06 06:26 PM Re: The Process
LizL Offline
Major Contributor

Registered: 08/27/05
Posts: 1620
Loc: Missouri
As a listing agent, we often need second or third bids for work. Make yourself available to help with those, and eventually yours will be the one chosen.

LizL
_________________________
REALTORŪ, Broker/Salesperson, GRI, ABR
REO listing/selling since 2004; BPOs

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