June 24, 2008

Is Your Business REO-Ready?

By Marcie Geffner - California Real Estate

While no one is happy to hear sad stories about homeowners who’ve lost their home in foreclosure, the hard truth is that foreclosures can be an excellent business for real estate salespeople who have the expertise, cash flow, and professional demeanor to sell bank-owned properties.

The incidence of foreclosure has soared so quickly that many lenders are overwhelmed by the number of “real estate-owned” or “REO” properties they have on their books, according to Vicki Carpenter, director of training at Coldwell Banker ABR in Menifee.

“Banks have a very high inventory” of REOs and “the floodgates have just started to open,” Carpenter says.

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