Such information made Dwight realize the importance of REO or real estate owned. REO works as follows: A bank forecloses on a house, and then tries its best to auction it off. When the auction fails, and believe you me, a lot do, the bank looks for qualified agents to handle the selling of the said property. Consequently, a successful sale leads to a generous commission for the agent!
And my search on the Internet for REO led me to www.reo-reo.com, which offers a simple guide to enter this niche market. www.reo-reo.com features a step-by-step system for listing and selling bank foreclosures. A quick browse of the site reveals that the site owner got his real estate license in May 2000, and has realized over 100 transactions per year for the last 7 years! And get this, in his best month, he closed 23 transactions and earned $69,813 in commissions! He is also currently on a roll and is on track in closing over 197 transactions this year for an anticipated $750,000 in commissions! Wow! That is a ton of money in my book! But we’re not done yet! www.reo-reo.com features similar stories and more at its REO Training Success Stories page!