![]() ![]() How Real Estate Agents Benefit from REO Listings Generally speaking, banks have five years to sell REO assets. Once a property becomes REO, banks start a clock or “sell” timeline, which forces the sale. This scenario is a problem because lending, after all, is how banks make money. ![]() Once a lender buys back a property at a foreclosure auction, the asset begins to “weigh” on their books, which reduces the lender’s available capital for lending. The Best Way to Get Bank-Owned Property Listings How Banks Acquire REO PropertyĪs you probably know, when banks and credit unions foreclose on their loans, sometimes those assets are sold back to the bank through what’s called a “credit bid.” When a lender is the successful bidder at a foreclosure auction, the property that they “book in” becomes REO or “OREO.” This term comes from the lender’s quarterly reports and a line item for “Other Real Estate Owned” (shortened to REO). #CITIBANK FORECLOSED PROPERTIES 2021 HOW TO#How to Get REO Listings as a Real Estate Agent This article will show you how brokers and agents can get REO listings from banks efficiently and consistently. ![]() The coronavirus and the resulting economic disruption is leading toward significant REO listing opportunities for astute real estate agents. ![]()
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