| Flexibility and agility to respond to the dynamic real | | | | that you are looking to purchase several properties; do |
| estate market are the must-have traits for real estate | | | | check-ups on the houses for occupancy; and buy |
| professionals. Buying REO property listings is one of | | | | properties that have been on the market for a while or |
| the top strategies among real estate investors. | | | | ones that they just can't sell. Go to conferences and |
| So how do you get started? | | | | network not just with bank asset managers but also |
| 1) Market yourself to the REO Asset Managers and | | | | with other REO agents. Remember that no one will be |
| REO Realtors | | | | willing to share their contacts with you, without you |
| Be easy to find. They are not going to come looking | | | | offering to help them as well with your contacts. |
| for you but you can go find them. Search the internet | | | | 3) Be an Assistant to an REO Agent |
| to discover the asset managers of banks and | | | | For new investors that want to specialize in REO |
| mortgage companies and REO Realtors. After you | | | | properties, one of the best ways is to learn the |
| find them, you need to contact them and start building | | | | business is to become an assistant or staff of an |
| a relationship with them. | | | | REO agent. |
| Search for all REO agents and strongly market | | | | REO agents are too busy to mentor you on the side |
| yourself when contacting them. Don't just contact | | | | so the best way to get close to them is to work for |
| them haphazardly, but take some time to concisely | | | | them. You will also get to know the systems that |
| specify how you can address the needs of a | | | | veteran REO agents have put in place to handle the |
| particular bank or mortgage company or REO Realtor. | | | | amount of work and deadlines that goes with the job. |
| Highlight your strengths: experience, well-recognized | | | | The best part is that you will get advanced notice of |
| real estate professional in the community, cultural | | | | listings that are coming on the market. |
| affinity with specific buyers, and etc. | | | | And lastly, once you get an asset manager or REO |
| 2) Utilize Your Network and Network Some More and | | | | agent to send you a deal, be patient, communicate well |
| More! | | | | (politely always!), and work hard to get the property |
| Ask the people you know in the bank or loan officers | | | | closed on or before the agreed upon closing date. |
| you had previous transactions before as a buyer for a | | | | Best of luck! |
| referral to their REO departments. Mention to them | | | | |