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

There is no additional compensation for Listing REO properties for all the extra work Realtors perform, just the brokerage commission* upon closing. That commission is also discounted from what is normally paid, by 1% or more on the listing Broker side. What is perceived as a smaller pay check than what is considered the norm is a big discouragement for some Realtors to get involved with listing REO’s.

Plus a listing Realtor has to pay bills for utilities, mowing, snow removal etc. out of their pocket, then invoice the asset management company (which is a tedious process that requires paying a book keeper to stay on top of what is owed back or the pay back never happens.) and wait 30 to 90 days for pay back. What makes all this worthwhile for the listing Realtor is repeat and quantity of listings of properties to sell.

You deserve to work with a Realtor who has the ability to get you the best possible deal.

So how do you locate an experienced and knowledgeable REO Realtor?

You need ask around among Realtors you contact if they specialize in REO’s. Do they list them and if so how many do they currently have listed. If they just sell them ask how many they have sold over the last year.

* brokerage commission – Typically 6% percent is the standard market commission, 3% to listing company (except with REO’s the list side is 1.75% to 2.5%) and 3% to selling company. (except with online auctions they only pay sale side 1% or $400) Which then gets split between the Broker owner of the company and the selling Broker. 50/50 or as agreed.

Test Your Knowledge:

Realtors are trained extensively in their license training about REO’s.

T     F

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June 20, 2017

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