The Quick and Dirty Six

Every once in a while people ask me questions about this busines and I realized that there are a few unwritten rules of REO.

1. If someone says,"I don't want to sound greedy" they are about to sound VERY greedy. Don't argue over money before the deal ever begins or it won't ever begin and avoid folks who don't want to sound greedy.

2. If someone doesn't want to give you the name of their buyer, chances are they have no buyer and are on a fishing expedition to see what sort of product you have and if they can shop it to other buyers.

 3. If someone says, "I have a buyer with over 2 billion dolars to spend" be cautious. Buyers with that kind of coin usually don't look for REO sellers on craigslist. There are exceptions but they are rare.

4. If someone doesn't want to sign a NDNC, don't share information with them and then cry that you got left out in the cold. People leapfrog intermediaries, it's not personal, it's business. Protect yourself.

5.If the buyer doesn't want to show proof of funds, odds are pretty good there are no funds. Remember Simple Simon and the Pieman? The Pieman wasn't giving out samples without seeing potential payment, why should anyone else?

6. If it's to good to be true, it probably is. 

REO sales don't have to be hard, but people who take advantage of other people make it hard on the rest of us. Keep your eyes open and don't spend your potential fees in your head before they happen and you will be much better off.