| As you know, the market is flooded with foreclosures. | | | | the greater chance they take with the FDIC coming in |
| Once the properties fail to be picked up at an auction, | | | | and taking over the bank. |
| they go back to the bank or lender that made the loan | | | | The REO Specialist was brought in order to turn the |
| and are classified as a Bank REO property. Prior to | | | | tide and move these properties into the sold column as |
| the economic downturn, dealing with banks to buy | | | | quickly as possible. The basic reality is that even |
| these properties was like pulling teeth. But with the glut | | | | though prices have been slashed by nearly thirty |
| of properties held by the banks they are no longer | | | | percent, and investment and income opportunities for |
| snubbing their noses at investors or potential | | | | smart buyers and savvy investors presented by Bank |
| homebuyers. How do banks move these properties? | | | | Owned Foreclosures are phenomenal, the properties |
| They utilize the services of an REO Specialist. | | | | are not finding buyers without a specialized effort. |
| How has the REO specialist become such a hot | | | | While traditional real estate brokers and agents |
| commodity? It was once believed that only middle | | | | struggling to rebound in this tight market, the REO |
| class Americans would be impacted by housing bubble | | | | Specialists are having to deal with increased demand |
| burst. They were the first to take the blow, but once | | | | and subsequently their incomes are soaring. Once the |
| the market went into a meltdown mode, neither the | | | | property goes back to the bank after a failed |
| wealthy nor the rich were spared. Some put their | | | | distressed property auction, the REO Specialist kicks |
| hopes in bankruptcy laws to thwart the impending | | | | into high gear to evaluate the property to come up |
| foreclosure but that only proved to temporarily stave | | | | with a BPO Broker Price opinion. The BPO helps the |
| off the inevitable. In the end, banks have foreclosed on | | | | bank to understand the actual potential sale price of |
| properties from the middle income to the wealthy. With | | | | their Bank Owned Foreclosed property. In times past |
| this glut of properties on the books, the banks realized | | | | banks wanted and demanded FMV Full Market Value |
| they had to get someone who could put a special | | | | and were willing to wait until they got their price. In |
| emphasis on selling their Bank Owned Foreclosures | | | | today's market, banks can expect to take $275,000 |
| RIGHT NOW! The problem they're dealing with is the | | | | and less on a $500,000 property. As you can see, the |
| fact that they have to move fast because the more | | | | potential for someone who specializes in Bank Owned |
| Bank Owned Foreclosures they have on their books, | | | | Properties is incredible to say the least. |