WHAT IS A REO ?
REO is an abbreviation for a REAL ESTATE OWNED property-real estate owned property indicates that the property in question has been foreclosed on and has been taken back by the mortgage lender or trustee. When a lender has taken the property back and a buyer cannot be found for the foreclosures sale it is then taken back and sold seperately.Often lenders (mortgage holder) hire a real estate agents themselves through there internal reo department or hire asset management companies who hire the realtors list, market and maintain the properties professionally for them to sell and move these type of homes off the market.
WHAT IS A BPO?
A BPO, or better known as a Broker Price Opinion, is generally used by lenders and mortgage companies to asses the market value properties in situations where they believe the expense and delay of an appraisal is not necessary.Often when completing a BPO a mortgage lender, loss mitigation, or lender will ask you to either do a Drive by Bpo which entails of taking a outside photos of the home, this generally doesnt require the agent to get out of the car. In other cases as the home is in the foreclosure process or foreclosed the lender will ask for interior/exterior Bpo which is more detail.
Help full reo resume tips: When a bank or asset firm assigns a listing to a agent it is not a simple list and sell, some markets however report that these properties sell in less than 60 days on the market! However once you have obtained the listing most banks or asset companies will require you to complete a quick and correctly done Bpo, re-key the property, lawn maintenance, trash outs after the client has been evicted, eviction services, repair estimates if needed, utilities. Those are few key points and services to add in your resume along with a good marketing plan to sell the home quickly.
The time is now to become a reo power lister. With the help of our reoagentbio.com site and the national exposure we provide to the reo industry we want to help you along the way.
If you are interested in reo training, learning how to list homes and bpos fill out the contact form on the contact us for a one on one private session .
Grand & Associates Realty, Inc
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