Foreclosure-Reo training


Due to the demand of agents who are interested in learning how to do Bpo's and Reo listings and need direction we have created a simplified REO/BPO training manual. This is great two part manual for a beginning or new agent who wants to learn the reo business and also bpos.

In this manual you will learn everything from A to Z about listing REO properties and doing Broker Price opinions. We also share with you all the professional terminology, REO BPO forms and what is required in most cases to list the REO property or handle the BPO. This course also includes other top Asset and Portfolio firms who have the REO's how to contact to start receiving REO listings or BPO'S. We offer this course in a two different ways currently. Fill out the form below and we will have one of our REO training specialist contact you and go over the full details.
 
THE KNOWLEDGE CENTER WAS DESIGNED TO FAMILIARIZE A REO AGENT WITH CERTAIN TERMS AND PROCEDURES WITHIN THE REO INDUSTRY.

WHAT IS A REO?
REO is an abbreviation for a REAL ESTATE OWNED property-real estate owned property indicates that the property in question has been foreclosed on and has been taken back by the mortgage lender or trustee. When a lender has taken the property back and a buyer cannot be found for the foreclosures sale it is then taken back and sold separately.Often lenders (mortgage holder) hire a real estate agents themselves through their internal REO department or hire asset management companies who hire the realtor's list, market and maintain the properties professionally for them to sell and move these type of homes off the market. 

WHAT IS A BPO?
Lenders generally use a bpo, or better known as a Broker Price Opinion, and mortgage companies to assess the market value properties in situations where they believe the expense and delay of an appraisal is not necessary. Often when completing a BPO a mortgage lender, loss mitigation, or lender will ask you to either do a Drive by BPO which entails of taking  outside photos of the home, this generally doesn't require the agent to get out of the car. In other cases as the home is in the foreclosure process or foreclosed the lender will ask for interior/exterior BPO which is more detail.


Lenders generally use BPO- Broker Price Opinion-A BPO, is generally used by lenders and mortgage companies to assess the market value properties in situations where they believe the expense and delay of an appraisal is not necessary.

We can have one of our licensed REO Agents in our database handle the BPO in a quick timely and effective manner. The REO agent can provide a, Interior, Exterior, or Drive By BPO, usually the same day or within 24-48 hours. You can also specify to the agent which forms are needed and bank or Credit Union you are requiring it for and the fee you are paying for its completion.You may hand select the best agent you want from our database of REO professionals on our platform or send us a email with what you need completed and we will get a qualified agent connected with you immediately.


REO Listings- When a REO Agent handles a Listing there are several steps and actions that take place.

From the start to finish the agent can handle all requirements for the asset manager or Bank or Credit Union required to get the REO Property marketed, maintenance requirements, and sold in a quick manner to achieve the shortest time on the market. You may hand select the best agent you want from our database of REO professionals on our platform or send us an email with what you need completed and we will get a qualified agent connected with you immediately.

REO Services REO Agents can provide for REO Listings- You may also ask and let the REO Agent know what services you need completed when handling a REO Listing.
Services are Cash For Keys, Evictions, Occupancy Inspection checks, Winterization, Re-Secure, Debris Removal and any other services that may be required.

Property Preservation Services - Generally, when a property is taken back from a consumer and has become a REO, either residential or commercial, the Bank, lender or Credit Union has certain services that are required. We have qualified property service companies who can handle and take care of the following. Securing a property which includes- Changing the entry lock or entrance key way, securing and locking all doors, windows, and entry ways, This also includes winterizing and maintaining the grounds.

Lawn And Ground Service- Includes cutting the lawn, edging, trimming, and covering maintenance on the grounds.


Debris Removal- Service includes removing either interior or exterior debris, material, junk, hauling away and disposal.



Cash For Keys-This offer is made on behalf of the bank or lender who is taking back the property to make a tenant or foreclosed occupant to vacate the property on behalf of the bank.



The bank or Lender will send the REO Agent to the property to offer and authorize a payment in good faith to the tenant if rented or homeowner (which ever applies) to leave the property in broom swept and good condition. This in turn helps the bank or lender to take the home back with minimal damage in most cases and reduces cost, without the nasty eviction procedures.



Utilities- Often when a home is taken back by the lender the Agent is required to cut the Electric or Heat on inside the property. This makes showing the home a lot easier for potential buyers so they can all the rooms in the home. This also stops pipes from freezing.


Contracting- Often when a property has been vacated and taken back by the lender or bank it may need windows or doors replaced or repairs. If the bank or lender would like to sell the property as is it may do so. In different situations they will have a contractor or property preservation company look at the damages and have the repairs made.


Occupancy Inspection- Once assigned the REO Listing, the agent will go to the property and see if the home is vacant already, or if the home is tenant or owner occupied and give a detailed report to the asset manager or lender.



Evictions- When the current homeowner has been notified the home has been foreclosed upon and they need to vacate the property, the  homeowner will know they have to get out the house on behalf of the bank or lender.  Cash For Keys offers help to lessen last resort nasty evictions.