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#452164 - 04/28/16 04:53 AM Is it possible to break into the REO business anymore?
Granta Omega Offline
Member

Registered: 05/01/15
Posts: 160
Loc: Cleveland, Ohio
Last time I was in real estate I had 4 of my own REO listings, 3 which sold over a period of about a year and a half. No matter how many companies I signed up for I couldn't get them, and in my market area there are about 5 or 6 agents that are getting all the listings.

I went to some of the lender websites to find out where they outsource their listings to, and most of then state they aren't accepting new applications.

I did about 3 free BPOS for res.net, but it appears to be considered for listings I also will have to pay 700 dollars, which may not even be covered by the commission of one listing.

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#452168 - 04/28/16 07:54 AM Re: Is it possible to break into the REO business anymore? [Re: Granta Omega]
Newton Offline
Member

Registered: 04/04/07
Posts: 450
Loc: Ohio, USA
No, not in any kind of practical sense. I'm in the same market area as you and I used to list them too. I got out of it when they started paying less and requiring more. Since then the reo market has tanked. Several years back all the reo agents in your area were busy, now most have moved on. You got a couple agents there (you know who they are or should know) who get a lot and several more with almost nothing. And bpos are all but disappearing as everybody here should realize. It is what it is.

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#452177 - 04/28/16 05:09 PM Re: Is it possible to break into the REO business anymore? [Re: Granta Omega]
Granta Omega Offline
Member

Registered: 05/01/15
Posts: 160
Loc: Cleveland, Ohio
I had 3 listings with MD Webb back in 2008-2010, and they aren't in business anymore.

My BPOs were nearly all coming from Land America and Clear Capital, and Land America changed to UTLS and then when out of business, and I haven't gotten a single assignment from Clear Capital since I got my license back last August.

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