Sell REO for Local Banks
You already know that banks are in control of a HUGE portion of the real estate that’s for sale today. Buyer’s are demanding deep discounts and it seems like half the private sellers today are underwater.
You could sign up with special servicers and use the ‘hope’ method of getting new business or you can do what the best brokers in the business are doing and develop your own bank client list.
Everyone is trying to work with the special servicers, many of their lists are now closed to new brokers. If you’ve signed up with a special servicer you know that they can be difficult (and expensive) to deal with and the only thing you can do is complete BPOs, wait, and hope.
Go Local
Local and regional banks hire local professionals to dispose of their REO. BankProspector gives you the tools, data, and contact information you need to find the right banks and the right contacts to grow your REO brokerage. Right now thousands of banks are selling their REO.
- 3,470 banks selling $9,634,750,000 in commercial REO
- 678 banks selling $2,476,119,000 in multifamily REO
- 3182 banks selling $17,145,108,000 in construction REO (subdivisions, busted condo deals)
- 3,987 banks selling $12,237,731,000 in residential REO (more than $300B in the pipeline)
- 548 banks selling $410,550,000 in land REO
BankProspector is a powerful research tool that takes complex data and makes it simple. The contact plugins will show you who you the decision makers are you need to reach, and our training will teach you everything you need to know about the bank data and what it means.
View the free, instant, online demo now, click the orange button on the right and get started, see why top REO brokers are signing up everyday.
John McCaffrey SVP and Managing Director of REDC, one of the world's leaders in maximized asset disposition strategies and asset management, uses BankProspector "I use it to determine which banks are heavy in the product that we sell and I track the N/A assets sold."