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What is REO Asset Management?
For us to define what REO Asset Management we first need to understand what REO means. REO stands for Real Estate Owned specifically by a bank and is usually a piece of property the bank has foreclosed and regained control of. REO Asset Management is the upkeep and handling of the Banks REO properties.
Some examples of this would be hiring a real estate agent to complete a broker price opinion on the subject foreclosed property and then getting the subject property ready to get listed for sale. This also includes property maintenance such as garbage clean up, lawn care, snow removal, repairs, cash for keys pretty much any kind of maintenance required to keep the home in a marketable condition. However there are instances when it just doesn’t make sense for the bank to put any more monies into the property and therefore puts the bank reo on the market and sells it as is.
An additional REO Asset Management duty is to accept bids on the properties for sale, counter offering the bids, making assessments on the listing real estate agents, firing the agents, hiring new ones, reimbursing contractors for property repairs, and making price adjustments on the properties.
Big banks like Bank of America or Wells Fargo have their own REO Departments to manage their massive foreclosure inventory. One of the most overloaded and overworked departments in the banks during this economic turmoil is the REO Asset Management. It’s one of the most important jobs in the bank and requires a tremendous amount of skills the asset manager must be articulate with people yet must also contain an analytical type of personality, usually a very rare type of person.
Whether you’re an investor or a real estate agent if you’re looking to have successful transactions with REO Asset Managers then it’s important that you understand their job and the demands being made on them everyday. Be considerate your file isn’t the only one on their desk. Learning to build rapport with these unique individuals will require practice, however if invest time your rewards will be great. In an industry where these people are getting run over by a stampede being considerate will go along way and help get your transaction the special attention it needs for proper execution.
If you’re an investor looking to flip bank REO properties and would like to learn the secrets to making massive amounts of profits without using a lot of money then you need to read about Lee Kearney a.k.a. The REO Rockstar-www.REO-Rockstar.com.
If you’re a real estate agent looking to list REO homes and would like to know the secrets that agents in you’re office are keeping closely guarded then you need to read about Anthony Aires a.k.a. The REO Rainmaker-www.REORainmaker.com
- How to Negotiate on a Bank-Owned Home (findwell.com)