How to get REO Listings in 2025

Pursuing REO listings can be a wild-goose chase, or it can be a rewarding method to expand your portfolio and grow your company. This short article covers the basics so you'll understand how to get REO listings the proper way.

What Are REO Listings?

REO (" Real Estate Owned") listings are residential or commercial properties that were foreclosed on by a bank or a lender and have actually not been offered at a foreclosure auction. Instead, the lender now owns these residential or commercial properties, and they want to sell them to recover the cash they provided for the residential or commercial property.

It is necessary to discover the distinction between foreclosures and REO listings.

Foreclosures: The property owner defaulted on their payments, however the bank does not own the residential or commercial property (yet).
REO Listings: The residential or commercial property has undergone the foreclosure process, and the lending institution, bank, or government firm now owns the residential or commercial property.

Both circumstances present fantastic methods to generate genuine estate leads because they include extremely motivated, "distressed" sellers who would love to hire a representative like you! (Learn other methods to discover determined sellers.)

How To Get REO Listings: A Quick Overview

These are the 4 strategies we'll cover in this short article:

1. List yourself on REO directory sites.
2. Deal with government agencies.
3. Offer BPO services to asset supervisors.
4. Work directly with banks.

How To Get a List of REO Properties (for Free!)

One option is to be proactive and nab foreclosures before they technically become REO listings. To find foreclosures in your location, take a look at listing services like Auction.com or Foreclosures.com.

Otherwise, here's how to get REO listings:

- Look for bank-owned homes directly on bank sites and make a deal. You can try the big banks such as Wells Fargo, Bank of America, or US Bank. But you're more most likely to be effective if you pursue regional banks, loan providers, and smaller sized credit unions in your location.
- Search for listings on REO asset management company sites such as HomePath.FannieMae.com.
- Check out federal government company sites like HUD.gov.
- Visit your regional county's site. (Google search" [your county] reo homes," [your county] residential or commercial property search," or" [your county] foreclosures for sale," for instance.).
- Lastly, you might even discover REO listings on Craigslist or within your local paper's classified ads.

Now, let's get more specific and dive into the four finest strategies for getting REO listing leads.

Strategy # 1: List & Advertise on REO Directories

Listing yourself and advertising your services on REO directories can be a reliable method to get in touch with banks, lenders, and asset management companies searching for property agents with know-how in handling REO residential or commercial properties.

For example, you could join the REO Network.

The drawback to this technique is-you're not actually "discovering" leads. You're putting yourself in a position to be found by leads. To put it simply, you have to depend on luck.

Is a network or directory site going to be your best source of REO seller leads? Probably not. But it's not hard or time-consuming, and it might really well be a "passive" way for you to get REO listings.

Strategy # 2: Work With Government Agencies To Get REO Listings

In many cases, a bank owns a foreclosed residential or commercial property. (We'll cover that in Strategy # 4 below.) But other times, it's a government agency.
So as you're trying to find ways to get more REO listings make sure to explore ...

- The Department of Housing and Urban Development (HUD), which acquires unpaid Federal Housing Administration (FHA) mortgages (Note: a Single Family Acquired Asset Management System [SAMS] certification is required.).
- Veterans Affairs (VA) REO residential or commercial properties for sale.
Fannie Mae.
Freddie Mac

Pro Tip: Consider getting particular qualifications and accreditations, such as NAR's Short Sales and Foreclosure Resource certification, to reinforce your own self-confidence and increase the likelihood that prospective clients will see you as a trustworthy expert.

Strategy # 3: Offer "Broker Price Opinion" (BPO) Services

A BPO is a professional estimate of a residential or commercial property's value. Don't think of it as an official appraisal. It's more similar to a relative market analysis (CMA). Learn more about how to craft a strong realty CMA.

BPOs are often utilized by banks, mortgage lending institutions, and asset management companies to determine the present market price of a residential or commercial property, particularly when they are included in transactions like refinancing, brief sales, or foreclosures.

So the technique here is to reach out to the decision-makers at the banks, loan providers, and possession management business (not their administrative assistants!) and use to provide a BPO as a kind of realty networking.

If you can establish relationships with those who deal with REO listings every day, you set yourself approximately become a go-to representative for your area who can deal with the sales procedure on their behalf. (As a side-benefit, obviously, you'll get payment for your services.)

Strategy # 4: How To Get REO Listings from Banks

Step 1: Discover Who You Can Speak with

Create a list of banks and property management business in your target market who regularly offer REO listings. Do your finest to get all of the contact details for each.

Again, attempt to identify who the decision-makers are so you can speak straight to them rather of their assistant. Your success at this moment will depend on how well you can develop a relationship with those who remain in a position to pass REO listings on to you.

Step 2: Make Connections

Go through your list and ...

- Submit your application (if relevant).
- Connect to them with a call.
- Follow up within the week (and any weeks that may follow) with an additional call and an email. Be persistent. Showcase your proficiency, and make it clear why you're the very best real estate representative who can help them move REO residential or commercial properties.

Step 3: Prepare

Meanwhile, as you're constructing relationships, get ready for the moment when you make your pitch to handle an REO listing.

Conduct research. Familiarize yourself with the regional housing market (specifically any information related to foreclosures and REO listings). Also, learn more about who they are, just what their business does and represents, and about how numerous foreclosures they usually work with throughout any given month.

Prepare a scripted presentation. A well-crafted script will help you sound more like yourself, point out all of your crucial talking points, and strategically direct the discussion. As part of your presentation, make certain to include ...

- Your special selling proposal (what sets your real estate brand from the rest).
- Exactly how your service can benefit them.
- How you prepare to offer REO listings (and how that differs from what your rivals and they're current go-to agent are doing)

Step 4: Ask

Once you're positive that you have actually established some degree of connection with the asset supervisor, bank representative, or whoever it may be you're dealing with, it's time to make your pitch. Ask if you can arrange 15 to 30 minutes to discuss your presentation and detail your approach to offering REO listings.

If they state yes, blow them away with a fantastic first impression! This is a crucial chance that might assist your business grow for years to come.

If they're not thinking about dealing with you right now, you may choose to continue fostering the relationship or merely proceed to another prospective organization where you may be a much better fit.

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