Hi Fabiany -

I just attended the Maryland Realtors annual conference a week or so ago - and took a class on this subject - a little scary as you have to have the funds to put a lot of money up front and receive reimbursement from the bank (to re key, break into the home in some cases, have a company clean the place out (junk junk junk) take care of remediation issues etc.  This presenter works mostly out of Baltimore, so I'm sure what he was telling us were extreme cases - but the way to get into this field is to do BPO's (Broker Price Opinions) and get on the banks lists- the contacts are the Asset Managers at the banks and you have to develop a relationship with them.  He did very well dealing with the REO properties, but has been into it heavily for 8 or 9 years.  I found a site you can sign up to do BPO's for Freddie Mac - it's www.homesteps.com    Try looking into that one, and google BPO and REO properties.  (I signed up for a few, but then found myself on a lot of email lists that wanted to sell me lists....but you just have to weed those out.    www.homesteps.com is free to sign up.

Cindy

A friend of mine in Colorado is really doing great at it but he

goes to seminars and has lots of networking to do it. This is his website

http://www.nrba.com/pwp/02-CO-6666/index.htm  hope it helps and good luck!

On the surface it appears that selling a supposed steady stream of REO properties is the way to go. I have been around for 33 years and seen Realtors who specialize in this market. It is short term, and will not grow your business. If you have nothing else to do, and will put up with bank politics and regulations, go for it. My opinion is that the banks have very little loyalty in the long run. The REO business requires a tremendous amount of paperwork, and they will want to use your money for utilities, repairs, etc. My suggestion is, charge them a monthly maintenance fee for each property to offset the aggrevation. They seem to prefer the accountant type of Realtor who loves to shuffle paper. It may work for some, but I would not spend much time seeking that business. You can do better serving the Seller who is in danger of foreclosure.

Randy Bollig

Randy Bollig, Realtor

randymybroker.com

I'm from MD too Cindy, but doesn't that site cost money to get started out?

Check out this forum: http://www.agentsonline.net/

They have a zillion posts about doing BPO's. Good luck!

Hi Michael - not that I saw - I registered to get on the list to do BPO 's, but I believe there is another place on the site to register for listings - though they say they generally give listings to the agents that are consistantly meeting deadlines doing the BPOs - I didn't go into the listing part yet as they also state on the site that their relationship with listings is only with the Brokers of the companies, and I'm an agent but not a Broker.  I wasn't sure what they meant - and haven't had time to explore that further.  But the BPO registration doesn't cost money on the Homesteps site.  (Although, for some reason when I registered it did generate a lot of spam email to me from BPO mills that wanted me to sign up with them for money...)

Cindy