Constantly we get calls from buyers looking at one of my long sold foreclosures viewed on an internet site they paid a considerable sum to participate in and/or subscribed to. Many times the public is wanting to make a good purchase (which is possible and perfectly reasonable, if you know how and are correctly connected with the local REO expert). Generally, these unwary callers have paid from $72.00 to $150.00 (or considerably more) in yearly subscription/membership fees and many times excessive monthly fees I'm told.

    There are also sites whom target real estate agents luring them to get in on the "Easy Bucks and Free For Doing Absolutely Nothing Listings" that have no experience, knowledge or connections with the sources of the foreclosed properties, which just ain't the way it works! These sites are just another way of gettting money from the unwary and boy do they come in sheep's clothing! The bank doesn't give the listings to just anybody! The bank wants serious, experienced and dedicated professionals who have earned their place inthe REO business to sell their properties. Make sense?

    I got another one last week from a site that doesn't deal with the public. It's a site that services REOs for a bank and does give out listings. Their "new to them" scam is "pay me $395.00 and I'll teach you 35 years of the REO business in one easy sitting. After all, the course can take up to 30 minutes to complete, online. Doing this worthless nonsense rubbish while they can't even run their own shop with any intelligence. After five or more years of dealing with them, we still constantly fix their forms and give them information they don't even know they need. However, agents and brokers can pay them $395.00 and see if that gets them any REO business from the other 1,100 bankers across the nation we deal with and have dealt with for well over thirty years........ You call and take their course, "real estate professional", I'll save my money. Oh! Yes! They will even let you do a BPO for them at a price so cheap it stinks, not to mention it won't even pay for the gas it took to get the pictures........... They feel they have a captive audience and are trying to "strong arm" the hardworking decent realtor™, nothing less.

    The unfortunate thing is, on the "foreclosure sites" people always (more often than not) call on property that has been sold and sometimes closed several months ago, or worse yet, never were a foreclosure (see my book). In my opinion these sites are a scam and a sham. These sites will many times tout real estate people that are supposedly professionals in the foreclosure (REO) business that have no appreciable knowledge or experience, of the foreclosure process simply because they also paid to "get listed as an REO professional". (If you want to know the real pros, give us a call, my staff will tell you how to find them across the country, for free!) Read my book and find out what a "foreclosure" really is? 99.9% of the loan servicers don't even know......

    My advice is to you and Realtor™ “REO wannabes”: save your money don’t bother with any these sites, much less pay them money for information, courses or whatever. It is possible to find a true “Foreclosure Expert” on your own based upon his or her "provable" experience, track record and property that is a bonfied "steal". Search Dogpile.com Yahoo.com, Ask.com and Google.com using these key words: Promised Realty, Incorporated to find a people experienced in REO. What do you know, our site will come up. Imagine that! And we didn't pay $395.00 for the course!

    As a special note to the “boiler phone room” people that work for these questionable sites, please quit calling me, I don't want to be listed with you, I value my associations and clients greatly!

    Thanks much,

    Ron Stacey
      A Certified REO Specialist
      Multi-Million Dollar Producer
      Experienced Since 1972

P.S. Some paid sites are very worthy for buyers and investors to stick with. CountryMLS.net was created for the professional real estate practitioner. It's a great one to join. CountryMLS.net is also great if you want to find a truly professional real estate agent to work for you. I’m the kind of guy that works well consulting investors, while my wife is the absolute best at working with REO sales. Thousands of other agent aren't quite able to handle foreclosures, as they are way to time consuming for their market nich. I would almost say foreclosures are a man's world, except I might get criticized greatly and the fact that there are some women I know personally that are very good at it, including my wife who tops the list. - Not bragging - Fact!

As for myself, when I consult with my investor clients we think money in and money out. How much will it cost? How much will be returned? Hold or sell? How quick will the returns come? The bottom line is always the money honey and how are we going to get there? That is another story. However, if you want the big bucks get registered on the Promised Realty, Incorporated investors list. Who knows, maybe you'll make an extra $445,600.00 net like one recent client did to put in your pocket and go home with??????

True wealth is still in real estate, you walk on it everyday, don't miss it.........