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I use to get REO's from Land America, IAS, Servicelink, USRES, LAMCO. It seems now everyone wants you to pay a membership fee in hope of receiving REO listings. For several years, I've paid from $200-$500 in fees and have not received one REO. But, I continue to see REO's all around Colorado. I know IAS and Land America are out of business. I feel, I'm being hassled when I'm required to pay a fee in hope of getting an REO. I have an excellent track record. I've even run adds in DS News to no avail. I use to manage all preservation task (trash out, rekey, clean, lawn cut, cash for keys, winterization, board/secure, etcetera), for all my clients with REO properties in Colorado. Every REO, I received went under contract within days of the listing and closed accordingly. I specialize in getting the highest possible market value for REO properties. Ninety percent of my business was REO and now, I don't receive any REO properties. I went from receiving 20-25 properties per year to nothing.What am I doing wrong? Most of my old asset manager contacts are gone and/or the company closed. Who has some good advice??????
It depends on the state and location. Right now in Ohio there is very little inventory across the board. I had a call last night from a buyer who wanted a newer build in two zipcodes and there were almost no properties and what I could find did not fit her needs. It is very tough. REO is still good to have in your arsenal. In fact when my REO is up, I often sell more fair market and short sales and work with buyers more. when everything is down, everything is down. .
That's all well and good if you have an area where sales are doing well. In SW Missouri and rural areas, it is still very slow. I market myself all over the place and hope this year will turn around. After 33 years at is, I'm still staying positive.