Mike Costigan's (reorockstars) Blog

As a broker who sells almost 500 REO properties every year, I never cease to be amazed at how "just plain lazy" the average real estate agent can be, about REALLY developing their business. For almost 18 years, I dedicated my entire career to "crushing" my competitors in the traditional real esta...

So many "REO Contact Lists", "Secret Formulas" and "Get Rich Quick Selling REO" programs out there today...Really? It's enough to make a guy like me, who is a big REO broker and REO agent trainer, want to puke up my lunch! Does that mean that it's too late, too tough, or just too "flooded" of a b...

I frequently discuss different strategies, that REO brokers can use, to get REO listings. And because we’re dead smack at the onset of home selling season, I thought I’d take just a quick minute, to share 3 of the best ways to get bank owned properties. First of all, you need to get REGISTERED wi...

I get these questions daily from up and coming foreclosure brokers: “What is happening with bank owned properties?” “Why are the inventory levels fluctuating so much now?” “What can I do to keep from going under?” My explanation is this: The government and the banks are trying desperately to stop...

This was an actual question posed to me by a local real estate broker this morning. Since I’ve heard it a lot lately, I thought I’d go ahead and address it quickly for everyone. Here’s the deal in a nutshell…Actually, the way I see the current situation can be broken down into a couple of simple ...

Short answer: No. At least not usually. You know, there always seems to be this “buzz” in the air that somehow REO brokers make it IMPOSSIBLE for “outside” brokers to get offers accepted on good homes. Many brokers, who write offer after offer, only to have them constantly rejected, believe that ...

Folks, I have seen a lot of wild things in the REO business over the last few years (HAFA, HAMP, etc.) but this one really takes the cake. The government is now apparently using TARP funds, to the tune of some 14 Billion dollars, to assist in providing special refinancing options for home owners ...

Did I say CORRUPTION?!!! You bet I did! If you’ve been selling bank foreclosures as an REO broker for any length of time, you’ve undoubtedly run into a “proposal” that smelled “fishy”, didn’t seem right, or just kinda made you go “hhhhmmmmmm”…. It seems that around every corner there’s a guy or g...

Do you know the #1 killer of an REO business? No, it ain't strong competition bubba (gosh knows there's a gaping hole where THAT should be)! And it isn't bad luck either. It IS the in-ability of lazy, coffee-drinking, sit at their computer all day, whine and moan about the economy, God's gift to ...

I get this question from REO agents a lot, so let me share a bit of free insight on why REO agents and investors buying bank owned homes have their hopes of a golden finish blow out violently, like a speed skater who's shoved into the boards, trying to squeeze out Apollo Ohno on the last turn bef...