1 of 4 The Inside Scoop Into Foreclosure (REO) Realtors / Brokers

First understand that Realtors / Brokers do not buy up all the good deals. Only a small percentage of Realtors even know the details about REO’s or are in the investing business. Second there are enough investment possibilities available for anyone and everyone willing to make the effort to pursue them.
Buying an REO is not like buying from any other seller. REO’s for the most part are only available through a Local Realtor. Because of their ability to be local to manage and provide easy access for marketing through the local MLS service.

Listing Realtor /Broker – is the one that gets the REO assignment right after the bank takes ownership. They manage the asset through the closing. Some also work with buyers and some prefer to let other Brokers do the selling. I for one always liked working with buyers also.

Some Selling Realtors / Brokers prefers to not list REO’s because of how much is involved with REO’s and prefer to focus on just selling them. They also may have traditional seller listings.

Working with a Realtor not experienced with REO’s is a disadvantage for you, VS working with a Realtor who is experienced with REO’s. Realtor’s are made aware of foreclosures and REO’s in their training, but they are not taught the finer details of how to deal with them. There are now additional courses available to Realtors to get them started and give them insight on operating an REO business. When I started it was a self-taught specialty.

Then there is the perspective of working with a Realtor who has the experience of buying homes for themselves as well as investment properties, remodeling to sell and rent, is a Landlord and also helps others do the same. There are things that only a Realtor who has been through the experience can share with you.

Many Realtors choose not to list on the market or even sale REO’s because they simple prefer the traditional / retail practice of real estate. Plus the fact there is a lot of task to be performed on REO’s that are not needed with traditional real estate.

Test Your Knowledge:

All Realtors can equally service your needs in your pursuit to buy an REO.

T    F

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June 20, 2017

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