Mike, Benard and Marteina are real estate agents and have submitted questions about listing homes for banks. Each questioned suggested a certain local area or bank that the real estate agent would like to work with to list properties. We’ll address these questions in this post about how real estate agents go about listing homes for banks.
Generally, when a property is foreclosed by a bank they list the home with a local real estate agent. As a bank listing agent, you’ll be responsible for a variety of tasks including confirming vacancy, valuation of the property and marketing the home for sale. Additionally, some banks will require you to do additional tasks such as negotiate cash-for-keys and oversee repairs before the home is marketed.
How it works
Banks usually have a go-to list of local real estate agents they utilize for selling their properties. To become one of these agents you’ll need to be added to their preferred list of agents. There are often some expenses involved such as membership in their asset management portal and enhanced insurance requirements.
Where to start
To get started as a REO agent and become a resource for listing homes for banks, you should identify the banks who have properties in your area. Then, research that bank and their process involved in selling their foreclosures. The REO Agent Society provides some tips for selling foreclosures in this helpful post.
Documents you’ll need
You’ll need some key documents to get started. Almost always the following documents will be requested: W9 form, E&O insurance certificate, your resume and your zip code coverage area. Compile these documents before you begin to contact bank sellers.
Listing homes for banks is not an easy process but can be very rewarding. Once you are established with a bank client you can get additional assignments of listings in your area. The process takes time and patience.