Imagine you are in the process of interviewing people to take care of your baby. The first person sits down, is very nice and confidently says, “I can do this job.” Although you admire this person’s confidence, you ask for references, and they don’t have any. You ask whether they have proper transportation, and they say they will find a way to get to the job. You politely thank them and move on to the next person.

The next person you interview is also nice. You ask for references and the person hands you a list of names to contact who give glowing feedback. You recognize some of the day care companies and families they have worked for in the past. You ask about the person’s transportation, and they tell you they have a small but reliable car. So far, you feel good. They even give you a package that includes their CPR certification, pictures of past families they have worked with, and their specialties. Feeling great after meeting this person, you take the time to call the references, do a background check and then hire the person to watch your baby.

See the difference between the two interviewees? Both people might be able to the job, but only one was prepared, appeared to be qualified and seemed more desiring of watching the baby.

Surprisingly, many people come to interviews unprepared, disheveled, unable to respond to common interview questions and are tardy. Maybe no one has taught these candidates how to prepare for an interview. Don’t be that person! As an REO investor, are you ready for your interview with the REO broker?

REO brokers are been approved by a bank to list and sell their REO properties. REO brokers have the opportunity to list some unique properties for their bank clients. They are happy to work with the mold-infested, uninhabitable, structurally unsound properties. They know
how to work with homes that have the drywall kicked out, toilet clogged up and graffiti-painted exteriors. They are used to listing properties that not a lot
of people would want to step foot in, except the investor. The investor can turn that property around and make it a beautiful home for someone.

But, it’s important for investors represent themselves in a professional, ethical and polished way. REO brokers represent the bank. They can’t have any “gray areas” or “red flags” come up during the transaction. It can mean losing their real estate license, losing their REO inventory and losing their reputation.

So, what does the REO broker need from the investor to have a successful transaction? What should the ideal investor provide to the REO broker during their “interview”? Here are some tips from the brokers themselves.