I agree with Janet Nation inasfar as how foreclosed properties are being handling in my area except the agents around here don't seem to really give a crap about the property selling - they'll just wait until the bank lowers it enough that SOMEONE will buy it eventually and they'll still get paid.  I've been to dozens upon dozens of properties and I don't see any of this "keeping the grass cut", securing the property, etc.  Heck, I've left many messages to agents that the windows are unsecure, left open, the door locks don't work, etc.  Not one agent has contacted me and thanked me because, quite frankly, I don't think they give a damn - the property will get sold - even if it's at an even lower price for the damage that will be done from unsecured windows and doors.  They apparently feel NO obligation towards their client, the bank, to make sure that property is secure.  But, now that banks are getting bail-out money - do you think they should care that the property is more so rapidly deteriorating?  I doubt it.

I blame it all on the banks - the whole mess.  Have an 30+ years experienced agents seen such a mess as this?  I know real estate has had its problems before - but was it THIS messy?  Did it cost Americans THIS great a loss of money in every aspect?

 Well said Connie,That was my point I posted earlier,How some of these people got these listings? they dont care or know to.Then they gripe that they arent getting reinburst,etc..I recently closed on one as the selling broker,and listing was a construction worker,that used to be a gopher for reo big player,well man I had to do this and that,wore me out,and he doesnt know how he ended up even getting this.Just amazing to see like you said,these asset mgr have to do some reassignments,for those of us who are focused.

When signing up to be a provider of BPOs you may want to do some background research on the company you are signing up for. Many of the companies do not provide listings, they only provide BPOs and other valuation services. Sometimes the free BPO companies do provide listings. Contacting local banks and lending instituations may be a way to get some listings. It takes time and experience so getting your feet wet with BPOs and other services is a good start.

I've been reading all the posts on this topic, and it seems I've been doing all the right things to get REO listings, but the only benefit I've seen so far has been to receive some BPO orders from time to time.  I used to handle VA REO listings for Ocwen, but they lost their VA contract to Countrywide so that went up in smoke.  I would dearly love to be able to list REOs again - yes, it was a lot of work, but very rewarding.  It seems that 2 or 3 agents in my area get ALL the REOs and are making a killing! Wish they would spread the wealth!

I've been in the REO business for over 12 years.  It is a very interesting part of real estate.  And I agree it is not for everyone but the money can be very steady especially in this market.  You may want to read my blog  I have some good stories and information of how to get your foot in the door.

http://parkercorner.blogspot.com

REO Intelligence has some great asset mgr contacts.