RealTown's RealTalk

I get asked this quesiton about 10 times a day. Everyone wants to get in on the
REO train. The only thing I can tell you is to research the web for asset management companies and sign on with them. Banks, mortgage corporations are outsourcing most of their inventory to places such as REOTran, Mark to Market and others. Just plug in search words such as REO, foreclosure and see what comes up. Sign up and take some courses in how to market REO's. You will want to know how to do the tons of reports required and you will need to know the lingo. A rookie that doesn't know the lingo tells the asset manager they don't know what they are doing. You need to know the work involved (and know how to complete the work) or you'll get the boot pretty quick because the asset manager isn't going to train you.

Very true. Everybody wants to get in on this. And on top of everything else there are all kinds of opportunists suddenly showing up with courses and certifications. Big name gurus were the first and now pretty much anyone that can throw together a website is trying to sell REO, BPO, Short Sale and Loan Mod courses. And frankly most of it is kindergarden level and the asset managers know it.

The reality is that you can apply like crazy to every bank and asset management REO site but it will take luck to get in on this. Now luck does happen, but not often. Smart agents are teaming up with existing REO Specialists or going to the national conventions to "press the flesh". Any way you choose remember that you better be in it for the long haul.

Good luck.