Industry Seminar Articles
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The REO market is strong. You still see mortgage brokers with dozens of foreclosure listings. Now you can learn their secrets, get their 'connections'. Currently, most banks are using asset management companies to list and sell their REO properties. (Chase Bank and Wells Fargo do not directly list their own properties - they use REO Asset Management companies). |
You need to get registered with the major Banks and Asset Management companies to receive REO listings in your market area. Banks and mortgage lenders are still seeking local real estate brokers to list their properties. Mostly, this is because of a high level of dissatisfaction with the current REO listing agents. Have you ever tried to submit an offer on an REO listing and never heard back? Asset management companies often cancel non performing brokers and assign their listing to new brokers in the area.
REO properties are properties that the bank or lender has acquired as a result of the non-sale of the property at the conclusion of the Foreclosure Listings process. REO is an acronym which stands for Real Estate Owned, in this case by the financial institution. |
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