What is an REO specialist?
Reo Specialists or Real Estate Owned Specialists are real estate experts working with properties owned by a lender after an unsuccessful sale at a foreclosure auction.Click to see full answer. In this manner, what is REO specialist? REO Specialists A bank’s REO specialist manages its REO properties by marketing the properties, reviewing any offers, preparing…
Reo Specialists or Real Estate Owned Specialists are real estate experts working with properties owned by a lender after an unsuccessful sale at a foreclosure auction.Click to see full answer. In this manner, what is REO specialist? REO Specialists A bank’s REO specialist manages its REO properties by marketing the properties, reviewing any offers, preparing regular reports on the status of properties in the bank’s portfolio, and tracking down deeds.Also Know, how does an REO sale work? REO Status. If the home fails to sell at auction to a third party, possession typically passes to the lender and it becomes a Real Estate Owned (REO) property. The lender prepares to sell it themselves, which may involve evicting occupants and removing outstanding liens attached to the property. Correspondingly, what is the difference between REO and foreclosure? There’s one key difference between a house that’s in foreclosure and a house listed as “real estate owned,” or REO. A home in foreclosure is being taken back by the mortgage lender; an REO home has already been taken back, but the lender hasn’t been able to sell it.What does the acronym REO stand for? Real Estate Owned properties
