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Is Selling an REO property a good fit?



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By : Karim El Sheikh    99 or more times read
Are you looking for a way to supplement your income in a big way? Then selling Real Estate-Owned (REO) or bank-owned properties may be just the thing for you. You may be asking yourself, is selling repossessed homes something I can do?

The answer is yes, you can.

Before you get started, REO homes are normally homes banks put up for sale after a foreclosure has been completed. Agents selling the homes earn commissions from scouting the homes, putting up listings, contacting interested parties and closing sales. This market is not necessarily limited to residential homes, but can also include foreclosed commercial properties, apartment complexes, lofts, condominiums and more.

If you are already a real estate broker with a valid license, all you have to do is contact loan officers, banks or asset managers to get you started. Government contracts require a specific license that you can obtain after some classes and training.

You can sell bank-owned homes and work directly for the bank or take part in short sales and auctions, investing your own cash to make a profit. REO agents earn mainly from commission and often work on their own time, making it an ideal job for someone starting in the job market or looking for a second part-time job to augment income. One way to give yourself an edge here is to read blogs, attend training and be as up-to-date on the market as you possibly can.

If you are a detail-oriented person with great organization skills, this can be a great job for you. REO sales require a lot of attention to the nitty-gritty and a good hand at scheduling. This can also give you a head start when it comes to pricing, market fluxes and other factors that can potentially affect your possible sales.

You are a can-do person with a great attitude, able to see the silver lining, even if the cloud is dark black. Why? Because REO agents are a combination of super agent, cleaner and dreamer. REO agents have been known to come into a property armed with cleaning agents to turn the home from gloom to great in a matter of hours just to make a sale. If you can look at a broken-down home and imagine it spruced up with a swing set on the front lawn, then this is the job for you.

You would be perfect for this job if you love to talk, communicate and mingle with people. This is a great way to work those people skills, not just to close a sale, but to lay the groundwork for the potential sale. This includes meeting with investors, with different people. It can also help you create your own broker price opinion (BPO) that will help you garner more potential sales later on.

Get started now! The lists are getting longer as more and more people realize the possibilities of selling REO homes. Call your local bank and sell REO today!
Foreclosed homes for sale offer amazing opportunities to homebuyers and real estate investors. Search all foreclosed homes in your area for a great deal.

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