Changing With The Market It could be safe to say that real estate agents were already dealing with a slow down long before the rest of the country.
Before Wall Street and the rest of our economy hit rock bottom, the source of our troubles was already making its presence felt for real estate agents due to the rise in foreclosures and bad loans.
So, while house prices and values were falling off the map, home owners everywhere losing the farm - and the rest of our country would soon follow.
But as of now , it's the bank lenders that are stuck holding the bag in a lot of respects.
And for the most part, they need help un loading all the REO's  or Real Estate Owned properties, that are filling up the account's.
And when I say that they need help, I mean it.
    You see, the bank's are simply NOT ALLOWED  to hold these high number's of REO's.
They actually can and will, be fined by the Federal Government.
Not only will they get rid of these REO's at great price's, but they will also pay 6% of the sales tax as well.
Thus creating the perfect business opportunity for new and experienced Real Estate agents alike.
Here is some information explaining how REO investments wortk and how you can stake your claim in the Foreclosure business before it get's too crowded.
  Types of REO Properties   oResidential Packages: 1 to 4 family houses and/or condominium units oCommercial Packages: Apartment Buildings (5+ units), Mixed Use Buildings, Office Buildings, Shopping Centers, Retail, Strip Malls, Hotels, etc.
oPerforming or Non-performing Mortgage Notes oLocation of Properties: throughout the United States or limited regions, states or cities.
Distressed Properties from Builders/Developers Some properties are newly constructed homes, town houses, entire multifamily condominium buildings, or a block of condominium units offered by the builder, developer or sponsor at a fraction of the prices charged to individual buyers.
Fees on builder closeouts are usually the same as for REO properties.
Required documentation is usually the same as for REO properties.
    For the most part it can take a little experience or help determining your plan of action in deciding just what type of REO properties will suit the average Agent or Broker.
But the main goal should be to introduce yourself to as many of the bank asset managers as you can.
The asset managers that liquidate bank owned properties will be the person that will put you out in front of the action.
They have the insider info that ALL REO agents need to have, and getting these properties out of the bank is what they are paid to do.
  So for you to get the REO Bank Listing's, your should consider going to the source.
There are 1,000's of asset manager's across our nation -  and they arent going to come to you.
Some new agent's buy REO Training programs or REO Lists and Lists of asset managers across the U.
S.
It's all up to the person , there experience and whether or not they already have the connections they need.
And its never a bad idea to get some insider information if you can.
  Why You Should Also Consider BPO's   Broker Price Opinion's pretty much go hand in hand with REO's in the foreclosure market.
And making sure you know about both will greatly improve your overall knowledge and confidence when it come's to foreclosed home investment's.
As an agent or by being in front of the bank Asset Manager's you will have the opportunities to fill out BPO's and even have access to them as well.
Basically they are outside value's of the REO's.
To be a BPO Broker it is your responsibility to complete these forms and have them accepted by the bank's or lendor's.
  I would also recommend keeping up with Short Sales, Pre-Foreclosure Leads, and the Proper Vendor Application completion process.
The more you do the better your income options will be.