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I'm completed so many application to become a REO listing broker for the Sacramento, CA area. I have experience as a team & tons of BPO experience...& a few promises to get listing, so far none have materialized. Anyone got any leads for me. If so, contact me at WandaCollierAbbott@gmail.com. Much appreciated!
Wanda - Sorry but you probably came to the REO party too late. Almost all REO asset managers have their favorite agents and trying to break in now is really difficult.
There's other ways to get listings. They are there, you just gotta ask for the business. got four last week and still have to make appointments with 3 more.
go through the two page diversity supplier list for fannie mae, freddie mac and HUD as you should be able to meet most of their criteria. However in Sacto and San Joaquin counties other than those three entities REO is over for banks. They've shut down their offices in california and shifted to the midwest and east coast where more problem loans are still outstanding. Only Wachovia is funneling their few REOs only to the original Wachovia listing agents and Wells Fargo would never let WF listing agents have Wachovia assignments. Even a Chinese woman broker in Stockton who is better than the broker/company in Elk Grove that gets alot of the Fannie Mae listings gets livid about the situation to get chosen.
Thank you very much!
It is a tough niche to break into. I have been doing it for 14 years. It took me several years to get in with enough players to stay busy. Now inventory is so low many people have dropped out because of all the high fixed expenses. I am the broker owner and would say if you are not the broker owner don't even try to get in now.
And keep in mind that pay for REO listings has gone waaaay down, and you still have to babysit and do regular BPOs on each REO listing you have. I gave up listing REOs in 2010 because I was losing money by fronting repair costs, sometimes missing "deadlines" to get my invoice submitted to them within 30 days, and commission at closing was half of what the buyer's agent/broker received (and I did all the work; sometimes even the buyer's agent's work!).
Kind of late to be getting into the REO game. I'm in CA also and I haven't seen an REO on the market for some time.
You're right, Willy. I am in the north end of L.A. county and we have very few REO listings anymore. Still several short sales, but even those are thinning out (thank goodness). Most of ours seem to be vacant investor flips these days, which means rehabbed homes that tend to sell. Prices in my market are about where they were in about 2003 or so; the new "normal" it seems, as prices are stabilizing. REO for the time being seems to be a minor issue.
I relocated to CA from Texas two years ago and have just started getting REO assignments. They are out there, just won't ever be at the volume you saw from 2007 - 2011. It shouldn't be though, a normal market never has the volume of distress sales that would be needed to support every Realtor being in the REO game. I'm doing about half the volume for bpo's that I was doing in Texas and it's a real hit and miss, one month heavy volume, the next month almost nothing. Considering all the downsizing of agent rosters in this arena, I'm pleased with new assignments.