Properties about REO by Angela Kleinertski
REO" is "Real Estate Owned" properties in real estate investment. REO properties are known as bank owned residential property bank REOs house foreclosures etc. "REO companies" are businesses that deal exclusively with these investments. Foreclosure has been all over America for the past couple of years.
This sensation is expected to continue in the next 2 3 years or even longer. As a result foreclosure property investment has become an industry unto itself.
Several homes in different stages of foreclosure. in return companies that are completely dedicated to the acquisition resale of REO bank owned residential property have been springing up all around the United States.
These are called "REO companies" or "REO asset management companies". As foreclosure properties were just beginning to grab headlines various investors real estate professionals began to approach banks lenders for their lists of bank REOs.
When the banks supplied these lists they also provided the selling prices that they would accept for those homes. At the time making a foreclosure property investment was basically an informal process done on a bank by bank house by house basis. However that changed when foreclosures began to sweep across the US like a tidal wave.
Banks other lenders were inundated with foreclosure properties every week began to look for other means to eradicate their losses take away these bank REOs. American entrepreneurial spirit specialized new companies began to take shape.
These new "REO companies" deal only with "distressed" real estate including bank owned residential property homes in various stages of foreclosure homes that are in jeopardy of foreclosure. A lot of businesses that like to consider themselves as "REO asset management companies". However most are not making any money.
This is because they lack one or more of the following experience strong management funding cash flow relationships with banks lenders networks of realtors contractors appraisers etc. However the REO companies those are profitable have ALL of these attributes proven business processes as outlined below:
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