REO" means "Real Estate Owned" properties. REO properties are known as bank REOs, bank owned residential property, foreclosures, etc. "REO companies", on the other hand, are those who deal exclusively with REO investments.
For the past couple of years, foreclosure has been all over the United States. This trend is expected to continue in the next 2-3 years or even longer. This resulted to Foreclosure Property Investment being an industry.
There are several homes in various stages of foreclosure. As a result, companies that are completely dedicated to the acquisition and resale of REO & bank owned residential property have been springing up all around the United States.
These companies are called REO Asset Management Companies. As foreclosure properties increased in number, most real estate professionals would want to take advantage of bank reo listing.
Selling prices of each house is included in the REO listing provided by the bank. Buying foreclosed properties used to be an informal process but soon change when foreclosure become prevalent all over the country.
Banks and other lenders were literally being inundated with foreclosure properties every week and began to seek means to cut their losses and unload these bank REOs. American entrepreneurial spirit, specialized new companies began to take shape.
These specialized companies deal with "distressed' real estate including bank REO, foreclosed and soon to be foreclosed properties. Several companies consider themselves as "REO Asset Management Companies". However, most of them do not make any money. They lack one or more of the following: experience, funding/cash flow, strong management, relationships with banks and lenders, networks of realtors, contractors and appraisers, etc. Profitable REO companies have all of the mentioned attributes and proven business processes.
For the past couple of years, foreclosure has been all over the United States. This trend is expected to continue in the next 2-3 years or even longer. This resulted to Foreclosure Property Investment being an industry.
There are several homes in various stages of foreclosure. As a result, companies that are completely dedicated to the acquisition and resale of REO & bank owned residential property have been springing up all around the United States.
These companies are called REO Asset Management Companies. As foreclosure properties increased in number, most real estate professionals would want to take advantage of bank reo listing.
Selling prices of each house is included in the REO listing provided by the bank. Buying foreclosed properties used to be an informal process but soon change when foreclosure become prevalent all over the country.
Banks and other lenders were literally being inundated with foreclosure properties every week and began to seek means to cut their losses and unload these bank REOs. American entrepreneurial spirit, specialized new companies began to take shape.
These specialized companies deal with "distressed' real estate including bank REO, foreclosed and soon to be foreclosed properties. Several companies consider themselves as "REO Asset Management Companies". However, most of them do not make any money. They lack one or more of the following: experience, funding/cash flow, strong management, relationships with banks and lenders, networks of realtors, contractors and appraisers, etc. Profitable REO companies have all of the mentioned attributes and proven business processes.
About the Author:
Successful Real Estate Gurus share their secrets in REO Investing and offer a complete listing of Bank REO that can make you earn millions in REO.
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