If you are a real estate agent and you have not looked into specializing as an REO agent, now would be the time to do so. In this current financial crisis, REO properties are more valuable than ever. The general trend is that property values are declining and the number of foreclosed homes is rising. You can either sit back and suffer through this slow time in the market, or you can use it to your advantage. A bank REO list can be of great service to you in these trying times. REO properties need to go fast and you will probably have an easier time selling these properties.
REO properties are real estate owned properties, which are homes that have been foreclosed and had no buyers. Lenders, such as banks, own these properties and want to sell them as soon as possible. This is where you come in. If you choose to sell these properties, your target market will change from people who are looking to make a great financial sacrifice to buy a new home, to real estate investors who are looking to invest in these properties and make some money. Because of the difference in motivation and situation in your new target market, you will likely have more success selling REO properties in this economy. In order to get started, you will need to obtain a bank REO list. Find a list of banks that have an REO asset management department and write, email, and call these banks on a regular basis to promote yourself. Soon, you will be bound to have a few banks offering you their bank REO lists.
By now you should be convinced that the additional opportunities that a bank REO list can provide you can only help your career flourish. Keep in good relations with your contact banks and soon you will be using bank REO lists to expand the scope of your real estate career.