BrokerageIndustry News

Latecomers must scramble for REO listings

Lenders have established ties to agents, brokers

SAN FRANCISCO -- It may be too late in the game for real estate agents and brokers who haven't established relationships with asset managers and lenders that clear foreclosed properties from their books to get listings that way, says one California broker who's doing booming business in "REO" (real estate-owned) properties. "I believe the time has come and passed," said Barry Mathis, broker-owner of Roseville, Calif.-based Intero Real Estate Services. "The (lenders) are consolidating now into agents that have done a good job and know how to work their system." Foreclosures now represent 75 percent of his business volumewise, Mathis said, working with buyers that often start out as Internet leads from RealtyTrac. "I like to get them off the Internet, into my car, and into a house," Mathis said. "I've got to get those leads into a car, writing a contract." RealtyTrac Vice President Rick Sharga told agents and brokers attending...