I’m very thankful to have been able to interview one of the top REO agents in San Antonio. Cathy Goodwin, of the Goodwin REO Group, was kind enough to allow to me sit down with her for an hour and ask her questions that a lot of investors, both new and seasoned, wanted to know the answers to.
If you’ve been considering paying for a foreclosure service that sends you lists of bank owned properties, you’ll want to listen to this first. Thinking about asking that agent you’ve never spoken to before out to lunch? You should listen first.
The questions that were asked were gathered from Flipping Junkie subscribers and some from myself.
Listen To and Download the REO Agent Interview
I am asking that you subscribe to FlippingJunkie.com in order to listen to the interview and download the 40 minute interview as an mp3 file. You will also get the ‘7 Crazy Real Estate Investing Stories’ Ebook as well.
It’s all free and I respect your email privacy. I will never, ever share, trade or sell your email address to anyone. The questions that were asked are below.
Here are some of the questions that were asked:
- Can you describe the offer process (process of someone making an offer to it be presented to the asset manager, etc.)?
- What are some of the things that you look for when an investor calls you (what do you use to determine whether they are worth talking to)?
- What does an REO listing agent need to hear or see to make them call me first when they get a listing contract that looks like it’s going to be a deal right out of the gate?
- What are some of the things that you hate to hear? Any funny stories?
- What advice do you have for new investors? What should they do before they call you?
Do you really have enough time to go to lunch with all of the people that invite you to lunch, or are there not that many that actually do that?
- Does the agent have any influence on what percentage of price decrease off the current listed price the asset manager can get approved? Or is protocol just days on market at all times?
- Is there a point where a listing hits a certain DOM (days on market) that the asset manager has more flexibility on price?
- How much of a factor does proof of funds and earnest money make?
- Does a cash offer really hold a lot more weight than a financed offer? How about if it is hard money, but the offer is not contingent on financing? In this case, if they don’t close they will lose their earnest money. Will the bank require more earnest money in this situation?
- Does working directly with an REO listing agent allow them to “double pop” really get your offer to the top?
- From listening to others I get the impression that most high volume REO agents prefer to feed their sweet deals to licensed RE agent / investors because these investors can let themselves into the property, handle some of the paperwork themselves, and save the REO agent time and hassle. What can a non-licensed investor do to offset this apparent advantage?