Real Estate

 

Become an REO Specialist and Become Rich!

What Bankers Need is an REO Specialist
As you know, the market is flooded with foreclosures.

Once the properties fail to be picked up at an auction, they go back to the bank or lender that made the loan and are classified as a Bank REO property.

Prior to the economic downturn, dealing with banks to buy these properties was like pulling teeth.

But with the glut of properties held by the banks they are no longer snubbing their noses at investors or potential homebuyers.

How do banks move these properties? They utilize the services of an REO Specialist.

REO Specialists Are Hot Commodities!
How has the REO specialist become such a hot commodity? It was once believed that only middle class Americans would be impacted by housing bubble burst. They were the first to take the blow, but once the market went into a meltdown mode, neither the wealthy nor the rich were spared. Some put their hopes in bankruptcy laws to thwart the impending foreclosure but that only proved to temporarily stave off the inevitable. In the end, banks have foreclosed on properties from the middle income to the wealthy.

The REO Specialist Is a Problem Solver
With a glut of properties on the books, the banks realized they had to get someone who could put a special emphasis on selling their Bank Owned Foreclosures RIGHT NOW! The problem they’re dealing with is the fact that they have to move fast because the more Bank Owned Foreclosures they have on their books, the greater chance they take with the FDIC coming in and taking over the bank.

The REO Specialist was brought in order to turn the tide and move these properties into the sold column as quickly as possible. The basic reality is that even though prices have been slashed by nearly thirty percent, and investment and income opportunities for smart buyers and savvy investors presented by Bank Owned Foreclosures are phenomenal, the properties are not finding buyers without a specialized effort.

Most REO Specialists Flourish In a Down Market
While traditional real estate brokers and agents struggling to rebound in this tight market, the REO Specialists are having to deal with increased demand and subsequently their incomes are soaring. Once the property goes back to the bank after a failed distressed property auction, the REO Specialist kicks into high gear to evaluate the property to come up with a BPO Broker Price opinion. The BPO helps the bank to understand the actual potential sale price of their Bank Owned Foreclosed property.

In times past banks wanted and demanded FMV Full Market Value and were willing to wait until they got their price. In today’s market, banks can expect to take $275,000 and less on a $500,000 property. As you can see, the potential for someone who specializes in Bank Owned Properties is incredible to say the least.

Joel Marks is a Real Estate Investor with extensive experience in REO Properties, Foreclosures and Short Sales. He specializes in helping homeowners avoid foreclosure. For more information on this topic or any other issues related to REO Properties For Sale, Bank REO Properties, Foreclosed Properties, Short Sales and how to start a successful Real Estate investment career, please visit: http://reodr.com/

Source: http://reodr.com/

 

 


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