REO stands for “Real Estate Owned”. In short, real estate that has gone through the process of foreclosure and auction, but was not sold during the auctioning process due to insufficient bids. Once real estate returns from the auction-house, the lending institution decides to repossess it, refurbish it and then sell it as its own property. Teresa Gordon Enterprises can provide you with a REO Expert’s point of view and training.
Dealing in REO requires a certain degree of grit, shrewdness and expertise that exceeds most conventional real estate deals. There is a lot of legal mud that needs to be waded through, including eviction of the present tenant, refurbishing, value estimation and so on.
And as a broker, one needs to play salesman on both ends – the seller and buyer both need to be convinced that the deal is good for them, even though both have exactly opposite desires and requirements.
An REO Expert can also address specific areas of the process – something that is particularly helpful for firms who wish to have an expert in every sub-niche of their subject. Therefore, an REO broker can also opt for continuing training in listings, leads, referrals, marketing, buyer conversion, showings or sales. One-on-one coaching can also be made available by paid, prior appointment, though this may not be necessary after the intensive group-training programs.