Real Estate Owned (REO) training is invaluable during the current recession, especially in housing markets where foreclosure rates continue to climb. A property becomes an REO if the original owner fails to pay their mortgage and the lending bank is forced to repossess it. The bank then reaches out to qualified REO designated brokers and agents to sell the home and recover their investment. Without access to experienced REO Listing agents, lending authorities must continue to hold onto the foreclosed property as an investment loss.
The Certified Real Estate Owned Specialist Designation has been invaluable as I work with banks and lenders on complicated REO assignments. In Dallas county, more than 2,000 homes are in some stage of foreclosure and it is happening with homes of every price range. It is so rewarding to be able to help banks rehabilitate these homes, get them back on the market, and find eager homebuyers so we can improve the condition of our neighborhoods. My designation has enabled me to work with more lenders, move more properties and get some of these vacant homes sold!!
If you feel you are in need of more information about REO properties, or if you are a lender looking for a certified Bank Owned Property Realtor, contact me for more information, 214-904-9129.