A question about REOs for Real Estate Agents

[acanswers]

I am a real estate agent. I was wondering what process any real estate agents have gone through to get these REO listings. I have called the banks and filled out the paperwork for a couple of them to be an agent, but in my community the banks have it pretty locked up with about 4 people. We have one agent in town who has over 50 REO listings and over 20 under contract. He is completely barried and can't even handle all the deal he has. Why does the bank keep giving him the listings, especially when in my opinion he is doing them a diservice.  Any advice or comments would be greatly appreciated.

[fdjake]

Do some detective work.....

I guarantee this guy has a connection to someone in that banks mitigation department.  Or there's some monitary shananigans going on somewhere in that food chain.

Where there's lot's of money, there's usually lot's of FAVORS being handed out to people who can move that money into certain peoples pockets.

Somewhere down the line you'll find out who the REAL players are.  This is a boy's club.  Politics, greed, it's all there.

[allagash]

He is completely barried and can't even handle all the deal he has.

Sounds like a perfect mentor.

Help the guy out....Be valuable to him.

Gotta be willing to get your hands dirty.

-Mike

[Roger J]

If you're trying to get into your local banks, it definitely ain't what you know, but who you know that counts.  Now, if you get into the door, you'll need to produce, but you need to know who you should be rubbing elbows with in order to even have a chance at getting a deal.

Larger lenders will focus more on your production, but it's still a who you know game.

You say that this one agent buried, unable to handle the current workload and doing the sellers a "dis-service."

First, if he has 20 of 50+ listings under contract, how exactly is that a disservice, and second, if he is truly buried, and you really do want to get into the REO business, I'd suggest talking with me about becoming his assistant.  Sounds like he could use one, and it'd get you in the door.

Raj