Get REO Offers Accepted
Working On REO Offers and Getting Them Accepted
As an REO agent, we must be able to get a very high percentage of our REO Offer’s accepted by the bank’s. Inmost cases experienced REO Agent’s have no problem getting ALL of there REO Offer’s accepted everytime.
This come’s from year’s of experience and many time’s from going through the process over and over again – with many declined offer’s along the way.
The first thing an Agent should remember is that the lender’s have every reason to unload REO properties. As we already know, the longer these REO’s sit in inventory, the more money Bank’s and lendor’s lose.
So when you are looking to make an offer for an REO take into consideration the circumstances unto which the REO is involved:
- Is it currently listed?
- How long has it been listed?
- Has it been listed with multiple lenders?
- Has anyone else shown interest in this property
Many time’s REO properties will have legal issue’s or safety issue’s that cause lender’s to take back the offer or put it on hold.
When trying to get REO offer;s accepted it’s best to know the complete background of the REO’s. But you must be willing to make contact with the REO Managers.
Many times these REO Managers will use the SAME Broker’s over and over again. (Find out how to become a trusted REO Broker Here)
Your goal should be to become a regular face and/or name with your local REO Manager’s.
Here is a couple of ways to become familiar with the REO Managers:
- Call the REO Manager and ask for updates on REO Properties you are interested in if they arent already listed
- Create line’s of communication in relation to upcoming REO’s- maybe by location or other business
- Offer to take on REO’s that might not be as propfitable as a way to get your foot in the door
Just by making yourself known to the REO Manager’s ,you will put yourself in position for future REO’s. Remember – we are in a people field. Relationship’s go hand in hand with hard work.
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