Bank Reo Asset Managers
In the 17 years that we have done REO listings, short sales and foreclosures we have found that there are several ways to go about getting foreclosed bank listings from banks and REO asset managers.
Unfortunately many loss mitigation departments and asset managers like PAS (wells Fargo) are no longer accepting broker inquiries due to the high level of spam that they get from the REO agent community.
Not to fret however. There are still many ways to get you and your real estate firms name in front of the decision maker with a large REO portfolio that needs to be disposed of.
One of the best is to do a query in jigsaw, this can be productive and you can definitely make some headway. Negatives are the fact that it costs money and the information can be outdated as these asset managers are being fired all the time because the market is moving against them. However even if you can get in front of even one asset manager in your area this could be money well spent.
Also there are several sites that offer BPO services. Sign up for as many BPO Services as possible. Do as many BPO's as possible. When you do BPO's you have a better chance at getting a listing. Go to as many BPO services as possible, sign up with as many as possible and do as many bpo's in as many areas as possible. Bank Reo Asset Managers
Also, there are also several REO list brokers. Some just sell lists of asset mgrs and some that are more sophisticated sell sites that you can sign up on that asset managers frequent. Some charge more than others and some are more accurate than others, so do your due diligence. You will pay some money, and again be careful as some may be outdated, but this can be a good resource.
Last but not least there are a couple of search sites that asset managers frequent. These come in two categories, bank owned and civilian. Many of the bank owned ones are cryptically named... For instance Ocwen's is orm-rmsi or something like that. If you can get on the bank owned sites that can definitely produce listings. Tough to find and many are closed to new agents but be creative and determined in your searching.
The "civilian" or non bank owned search sites vary highly in quality and can be difficult to find as well.
Several have been around for some time and I personally like this method as you can get great exposure for limited expense. Positives are that they are usually not closed and they can work well but the negative again can be cost, however in our 17 years of REO asset listings this method has proven to deliver. Bank Reo Asset Managers