Question

How can a real estate agent become part of a bank's list for selling foreclosed properties?

Answer 1

Time in trade. Just takes meeting the right person at a party and being able to network efficiently. No, foreclosed homes aren't all HUD homes, that is something different all together.

Answer 2

I think the homes you refer to are pre-foreclosure homes. After they are foreclosed, I think the properties belong to HUD.. . Go to the HUD web site and read all about foreclosures.. . Then go to all the banks and ask them who handles their distress sales.

Answer 3

I personally got started by doing BPOs for banks. After you give them the valuation they'll list the property with you sometimes. The banks just called into my office and asked for someone to do the BPO. They're not really worth doing unless you get the listings and even then it takes a lot of listings to make any money.

Answer 4

I actually just met someone today who does that for a living. I knew they were out there, but had never met anyone who knew anything about it until today. There are actually mortgage lenders who buy these in bulk, carry an interest only loan and sell it to normal people like us who want to buy it for 30-50% of appraisal. They buy such a large quantity of them that they buy them and sell immediately for about $2000 more than they bought it for. Then they sell them to high volume buyers who usually carry an interest only mortgage while fixing it up and selling it. If you want to just talk to someone who may be able to refer you to someone in your city, you can go to http://www.loanquotelive.com/ . The guy I met was really helpful and willing to explain the whole process to me. He only works in KC, but I'm sure he could tell you how to get involved in other cities. They have a toll free number. . . Good luck! I am thinking of getting involved in the very same thing myself. There are a TON of foreclosures right now because of interest rates going up and all the 3 year ARMs that are coming due!