You would be better off calling the banks yourself. What I suggest is going to your smaller comunity banks and get in with them first. Face to face and when you get a couple of theirs and get yourself established, then go to the big banks and show how well you have done doing REO's. It is a completly different ball game! I've now done two properties on the buying end and wow - Not a fun process!

Todd

I am currently on reotrans and have been since I started in RE in 2000. I was put on there by a major lender that called me to list an REO and they still use them for all their forclosures. I have probably listed and sold 50 + for them thru REOtrans since then. I say for the $$s is one of the better ones out there. I pay about $4-5 per month and I currently have 12 listings assigned. However, REO listings involve more than just listing and putting in the MLS, you have no previous owner occupant to talk to for info so any you have very little knowledge of property conditions past and present, you must put utilities in your name and pay and submit for reimbursement, for some you have to get 2 or more bids for any repairs you reccommend or that may be required, you might have to take care of and pay for lawn care also reimbursed, but you are basically their property manager for "free" during the listing period, typically the commissions are lower but, once they decide to use you if the volume is there for your chosen area you will get the assignments which can make up for lower commissions, they also sometimes dictate how you are to split said commission in their listing agreements. I currently have 22 active listings 20 are REOs 12 are from REOtrans. OBW In my experience the majority of foreclosures are from the mega mortgage lenders, and although your local banks will have a few it won't give you the volume you can get from the mega lenders. Ohio is up there in foreclosures too.

An aside not related to REOtrans: If you take any REO listings from asset management companies that are referrals READ THE REFERRAL AGREEMENT VERY CAREFULLY! One referral asset management company I would stay away from is Platinum REO-they take a referral on the buyer side too if listing agent brings the buyer. Shame on me for assuming that is was just a listing side referral. I was burned once, won't happen again I read them very carefully now. For the most part I have enough direct from lenders that I don't take from asset management co. at all anymore. Best Wishes

Hi Virginia:

Very cool. Have you considered offering your REOs at auction? Time is Money, so how about minimizing your turn-around? Think your lenders/servicers would be happy?

Nope....send me the 1.80 per month and at least I will speak highly of you to my friends.

Realtor, Columbus Ga

I signed up a couple of days ago but I will see how my "free" zip code goes before I give them any money.

We are doing our first one right now.  It is easy enough to use but the process is tedious.  We only paid for one extra zip code and have no responses yet.

BEWARE OF THE DOG!  I used to do REO's but learned quickley that their offices' right hand does not know what the left is doing.  Some of their people can be very rude and uncooperative.  Trying to get things done on their "timely basis" can be very frustrating.  Express any concern about it and the dog will bite!  They will blackball you for your efforts to accomodate one of their listings outside the realm of what they perceived to be a "timely basis".

I have received some listings through reotrans not too bad for what you pay for.

Other ways is to go through lenders site and see if they are looking for new agents.

I started paying REOtrans in May 2007.  I use to pay for so many zip codes hoping to get BPOs.  Since I have been with then I performed 12 BPOs and haven't received a call about listing a property.  About a month ago, I accepted a BPO for exterior & interior photos.  I contacted the agent who was due to list the property to access the inside.  She told me i was the 5th person to perform a BPO on the proeprty.  For all the aggrevation, the $75 wasn't worth it.  The property was trashed, and full of animal droppings.  That day I decided not to do anymore interior BPOs.  Why should I put myself in harms way.

I can't believe I pay for this service.  I know they pick and choose who they send BPO request too.  At the beginning of 2008, i reduced my coverage area.  At $50/BPO I am considering terminating paying them at the end of first quarter.  

By the way,  when I check properties listed by REOTrans, it is always the same agents each time I check.

Don't waste your time unless you just want the baseline experience like I wanted.  You properly want get a listing unless you are a highroller in real estate.  

Re: REOs and REOTrans.  I agree with Ohio/Realtor/Appraiser. I  learned that the hard way.  I was working with a very difficult trashed property with the former owners as squatters.  The property was condemed by the bldg dept and I was getting inspectors and town attys calling and screaming at me because I was the contact person.  When I tried to press upon the lender HSBC (my client) that they needed to get the trash out of there immediately and clear up the condemnation to protec THEIR butts, I got a nasty response from the asset manager as if I was the bad guy.  PS. No more listings from HSBC after that.  

We have been active in REOTRANS for several months now.  We have been offered 7 listings and have accepted 4 of them.  We learned that each member/lender has its own listing agreement.  One of them, First American REO Servicing, is a referral outfit, charging 30% of the listing side AND passing on a $75 REOTRANS fee on each transaction.  They signed our State contract and a week later produced this "listing referral agreement" after the fact.  GRRRR.  Now we review everything before accepting the listing.  

I have been signed on with ReoTrans since late 2005.  My name has been accessed 108 times, but I have only received 3 listings.  The Banks that own the properties want you to have repairs done and they want to wait at least 45 days to reimburse you. In one case, I have already waited 45 days and now they tell me it will be another 45 days.  If you do use ReoTrans and are approached by a California mortgage company, be careful about putting out any money for "approved" repairs. Also, there is no instruction as to how to use the web site (entering information) and calling or sending a email to their tech help does no good.  You might have to wait a while, maybe never even get an answer.

Janann Packer

Harrington Watson Realty

Had good luck getting listings and bpo business. Some banks require that you use the site to manage your listings for example countrywide.

how does a bpo work?  what is involved in the process? is there a fee  and how are you paid?

Brenda, I signed up for REOTRANS and they take $5 from my account every month. I think I have done 3 BPO's and got paid for zero. Someone here said they have gotten listings doing it - I think I have been wasting $5 every month.

Regarding doing BPOs and getting listings:  I've done about 2 dozen bpos for various companies including reotrans.com.  Most were completed within the last 3 weeks.  I never got any listings from them.  What has been your experience as to the length of time between bpo and listing?  Thanks!

Janet, I have done several BPOs for companies provided by the ReoTrans dot com. I have been paid for zero never mind the hope of getting a listing. I had them cancel my account a few weeks ago. I was paying them to get business that paid me nothing in return. I would be very careful with that group. Good Luck.

You guys have it all wrong. REO real estate is what everyone is trying to get into. I have a lot of listings through Asset maneger companies. I did about 60+ BPOS before I got my first one, and now I cant stop them from coming in. REOTrans is one of the best sites out there. FYI doing one free zip code wont get you anything. These asset managers look at your profile and if they see you havent done anything for REOTrans, they wont assign you anything. THere is an auto post BPO feature on the site, you should be trying to get as many as those as you can. If everyone got listings after only 12 BPOS then everyone would be an REO agent and that cant happen, YOU HAVE TO ACTUALLY WORK FOR IT!!!!!

Steve, I'm glad it worked for you. It didn't work for me and I don't recommend anyone to give their credit card number to REOTrans. And, don't take that tone with me - I do WORK for everything in the real estate market.

I had already been on REOTrans.com for several years, receiving 2-3 listings/month from this one source.  However, since expanding my coverage area of zip codes on their site, I have not received additional assignments.  I have, however, discovered which competitors and agents are on the system listing properties in my area. This gives me a competitive advantage in soliciting their future business by soliciting my contacts immediately after the foreclosures on the first Tuesday of the month. I can present my statistics, i.e. DOM, LTS ratios, etc. to the asset managers, which may or may not get me additional assignments, but it definitely gives me an opportunity to stay at the top of the list for consideration before and at the time assets are assigned.

Hello fellow agents!  Do know if E&O Insurance is required in order for the lenders to select you on REOTrans?  If so, do you have any recommendations on an E&O Ins company?  Thank you so much!

Most likely, you have E&O with the Broker where you hung your license. Why not ask him/her - they would love to have someone to talk to. ;-)

REO Trans is the #1 gateway for lenders and asset managers to assign and manage their reo inventory.  If you are looking to build your reo business fast and strong this site is where the largest lenders are moving their inventories to.  The downside is the rating system runs 7 days a week, when tasks move into the red your rating moves with it.  Expect to spend 200 t0 300 per month if you are looking to manage a inventory of 50 to 75 reo's per month.  In 2008 we have received over 2500 views alone and our inventory is in the 50 -75 range each month, we are investing a minimum of 250.00 per month for area coverage.  In response to the E & O question most lenders will require a minimum of 2 million in coverage.