I get asked this question daily. 8 years ago I asked the same question to a well known agent in my office who did high volume and was the father of a girl I played soccer in High school with. He knew who I was but I think he looked at me as an inferior and blew me off. His answer was " It's really hard unless you have a contact person already so don't spin your wheels cause you don't have enough experience." I walked away from him with my tail between my legs and I went to the internet. NADA!!! I found nothing. Well I take it back...I found 2 sites. One for HUD and one for Golden Feather. I was determined that just because I was young (at the time I am much more seasoned now ;) )to beat him not only on google but in the REO world.
It didn't take me long to get my HUD key but the problem I was facing was an upswing in the market. There weren't very many HUD listings in my area. Golden Feather was good to me. They welcomed me with open arms. I sold a couple properties for them and this is how I was introduced to REO's. I loved it but just like I said before they were on and off the market so fast and so little were pooping up that I only had a small handful.
Now, over the past 8 years I think every buyer I showed property to asked to see bank owned homes and they were virtually extinct. Until.......last year. I felt at the beginning of the year last year the market was staring to get soft in Orange County and I sat back and listened to all the talk about "The Bubble" and figured I wanted to stay a Realtor during the down time and how was I to do that??? Hmmmm....REO's!!! I headed straight for the internet. Guess what I saw. Something different then I had seen before. AM's!! Asset manager's. They had the same idea I had and there you have it. BPO's BPO's BPO's. This is pretty much all that the AM's were giving out at the time so to the streets I went. Now after doing BPO's and signing up for as many AM's (2-3 a week) I am REO busy!! Yay ME!! I still find that I am not signed up with all the AM's out there so I try to dedicate one day a week to searching and blogging cause people across the country want some of my info and they tend to share theirs!! Yay me!!
So there you have it!! knock on that REO door by signing up with as many AM's as you can. Do your BPO's. Do them well (take a class Kim class
or join NABPOP
) Be patient and blog. Or at least read them!! Love & Light~Stacie