The REO Specialist (REOS)

"REO - Real Estate Opportunities"

We have over 5 million properties on the market today. From January 2009 through September more than 2,7 million families lost their home to foreclosure and nearly a million homeowners are facing foreclosure in the third quarter. Over 75% of the sales transaction in September were Short Sales and REO, reported by NAR. The REO arena will need additional REO specialist to help with this new inventory. Don't delay learning about this new real estate business niche that will keep you in business this year and into 2010.

Working In the REO Arena

Enhance your real estate business by learning how to connect with banks, lenders and REO 3rd party outsource companies. Attend the REO series provided by American Real Estate University (date, location) and taught by Cathy McDaniel a 16 year REO and mortgage lending expert to learn about BPOs, listing, managing, selling and financing REO properties. The course will cover job descriptions, theory and fundamentals required to participate in the REO industry today. Helpful tools, resume outline, a directory of 200+ BPO companies, 65 REO Asset management companies, more than 14 REO organizations and associations will be provided at the end of the class. Hurry seating is limited.

We will touch on: An overview of a BPO (Broker Price Opinion). You will also learn the job description of an REO (Real Estate Owned) listing agent and what requirements are needed to apply for the job. Everything about the REO business is time sensitive. REO asset management companies do not have job fairs or telephone interviews. They have an open registration at their website.

REO Listing Agent

We will also cover marketing ideas, managing and maintaining instructions required by your REO client in listing and selling one of their asset/properties. Keep in mind that each client or outsourcer manages assets in different styles, interpretations and dictates special handling. Each client’s policy, procedures, timeline and forms will be different. Also included will be a detail discussion on risk management and several federal laws.

Working With Buyers

Also discussed: Working with buyer(s) interested in purchasing a Short Sale or REO property is different from working with a local private seller. You will be negotiating direct with employees that represent the bank, lender or an outsourced asset management company. These negotiators primary mission is to obtain the highest net return in the shortest amount of time in a sale transaction. Each company will have specific policies, procedures, addendums and a specific timeline performance to complete a sales transaction on their property. These instructions vary in the this arena. Buyers must read, understand and agree to these various requirements prior to submitting an offer. Real estate professionals who prepares the contract must be familiar with its terms because they will be held responsible for any mistakes or misrepresentations.

Financing Your REO Property

It is a great day to buy! Interest rates are below 6%, great selection of inventory and sellers are willing to roll out the carpet in buyer concessions to entice them to visit their property. Many changes in the mortgage arena within the last 30 days and more to come effective January 2010. Financing an REO "as is" property today can be challenging. During this course study you will learn many new laws, regulations, qualifications and various "buy and repair" finance programs to purchase an REO home that needs "TLC" or maybe the heating and AC unit is missing plus lender required repairs for financing.