REO Bank/Asset Manager List
Guide to REO Success
Our Guide to REO Success will support your efforts in becoming a successful
real estate listing agent for REOs (Real Estate Owned) properties.
The first step to becoming a REO Lister is to register with all banks, asset managers and
lenders. This is a very time consuming endeavor, if done on your own. However, if you utilize
our service, you will save hundreds and hundreds of hours sitting in front of your
computer. Think of all the time you will subsequently have to concentrate on what you do
best…selling real estate.
real estate listing agent for REOs (Real Estate Owned) properties.
The first step to becoming a REO Lister is to register with all banks, asset managers and
lenders. This is a very time consuming endeavor, if done on your own. However, if you utilize
our service, you will save hundreds and hundreds of hours sitting in front of your
computer. Think of all the time you will subsequently have to concentrate on what you do
best…selling real estate.
It is important to remember that there are only a few national/nationwide banks in the United
States. Most of these banks only use national asset management companies to quickly dispose of
their REO holdings. It is much more cost effective for the banks to use asset managers than to
try to accomplish this task themselves.
States. Most of these banks only use national asset management companies to quickly dispose of
their REO holdings. It is much more cost effective for the banks to use asset managers than to
try to accomplish this task themselves.
The primary reason REO Lister’s service is so unique is that we will register you with 120+ asset
managers, as well as banks (please see our Bank and Asset Manager List) who are
nationwide. The asset managers found on our Bank List work with thousands of local and
regional banks throughout the United States and search for real estate agents in those specified
locations.
managers, as well as banks (please see our Bank and Asset Manager List) who are
nationwide. The asset managers found on our Bank List work with thousands of local and
regional banks throughout the United States and search for real estate agents in those specified
locations.
Your valuable time would be consumed trying to sign up with local and regional banks and
expect listings directly from these banks since they use asset management companies to locate
listing agents to sell their REO properties.
expect listings directly from these banks since they use asset management companies to locate
listing agents to sell their REO properties.
Once you register with all of the banks, BPO and asset management companies, you will then be
listed as an agent (also known as a vendor) on their site. Some companies require you to log-in
to their site and wait for BPO assignments, i.e., Equator (formerly REO Trans), Mark to Market,
while other companies will email or call with assignments.
listed as an agent (also known as a vendor) on their site. Some companies require you to log-in
to their site and wait for BPO assignments, i.e., Equator (formerly REO Trans), Mark to Market,
while other companies will email or call with assignments.
The next step is very important! Complete as many BPOs (Broker’s Price Opinions) as possible!
(See our BPO Hints.) BPOs are mini appraisals. The banks, lenders and asset management
companies use these BPOs for a number of reasons: 1) to determine whether it makes sense to
agree to a Loan Modification or Short Sale rather than a Foreclosure, and 2) to determine a sales
price once the property has been foreclosed.
(See our BPO Hints.) BPOs are mini appraisals. The banks, lenders and asset management
companies use these BPOs for a number of reasons: 1) to determine whether it makes sense to
agree to a Loan Modification or Short Sale rather than a Foreclosure, and 2) to determine a sales
price once the property has been foreclosed.
Many banks, lenders and asset management companies will require you to complete a number of
BPOs before you are eligible to receive any REO listings from them. This is also excellent
practice, since you will have to provide a BPO with all of your REO listings. And yes, you will
be compensated for completing BPOs.
BPOs before you are eligible to receive any REO listings from them. This is also excellent
practice, since you will have to provide a BPO with all of your REO listings. And yes, you will
be compensated for completing BPOs.