Foreclosure listings are put up by lending institutions, showing the properties whose loans have been foreclosed, and which will be or have been put up for auction. Some foreclosure listings also feature pre-foreclosure listings, which list properties where the borrower has informed the lender of inability to pay back the loan, but which have not gone through the formalities of foreclosure yet.
For an REO broker, foreclosure listings can be the best place to look for property, as these list properties that are in the earliest stages of being repossessed. An REO agency can therefore conduct the successful eviction of the debtor, evaluate the property for repairs and pre-existing liens, and finally set it up for acquisition by the bank and subsequent resale.
The Internet has multiple directories of foreclosure listings, which are updated daily and available in area-wise division. Some of these listings are free, while others come with a cost of up to $100 a month.
Apart from online foreclosure listings, an REO broker can also use the power of networking to unearth lucrative deals and clients very early on. Keeping in touch with fellow REO agents across the nation can also help in accessing deals that would be hard to find on one’s own.
Networking and marketing skills which you can pick up from our REO agent training course are extremely useful in helping you find the best deals, and get the best prices to help you set up an REO brokerage in no time at all.