Posted by Eric - GA on October 26, 2003 at 20:25:44:
Yes, you can do this. First, find out who is listing the REOs. You want to do this by finding properties that say “bank owned” on the signs, or by following foreclosures that you know will go back to the banks (not HUD)…and seeing who ends up listing them. Many brokerages have a few agents as a team that list properties for several banks and institutions. The agents may already be putting together a list of properties, or may be willing to start. You shouldn’t feel like you’re trying to talk them into this…eventually, it should pay off for them. They’ll probably be willing to do this, if you’ll establish a relationship with them, and place offers through them.
Currently, I get a whole list of the foreclosures a certain brokerage will be handling before they even have a price, and sometimes before the properties are foreclosed on. They know these things in advance so they can get the move on once everything is settled. That’s what you want.
Has anyone done this before? if so please respond - Posted by Joe (Oh)
Posted by Joe (Oh) on October 26, 2003 at 17:29:51:
I got this idea from the CRE’s previous radio show, I was wanting to get clarified on what to do in order to get pre-mls listing access to bank owned fixer-up REO’s.
On that show she said to call up a major bank and ask what office in your area do they send the foreclosure listings too, then goto that office and meet a ‘new and hungry’ realtor and basicly sweet talk them into letting you get a shot at the new bank list within the 24-48 hours they have to put them in the mls…
Have any of you successfully done this, and if so- how did you talk the realtor into doing this for you without them saying ‘heh, yeah, you and every other rehabber-’
Also, what are the usual objections that come with asking this and how do I respond to them?
I really want to get this going A.S.A.F.P. Please help if you can, it’s much appriciated.