BPO Pros Ultimate Stop for Reo Property Management and Listings:
Foreclosed properties are a big-burden for the lenders (usually banks and financial institutions) if they are not sold off in a short period of time. REO companies looking for agents might find it hard to get the best REO listings agents online. This is where our 20+ years of experience in helping lenders/servicers sell their REO/foreclosed properties come in handy. We ensure that with our cost effective methods and vast network of REO/Foreclosure experts, your property gets sold quickly at the highest price possible.
Real Estate Owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer that has not received payment from their borrower. After a certain period of time, (differs from State to State) if the owner continues to NOT pay their mortgage obligation, the property is set up for a foreclosure auction.
When the lender (in the US, typically through a county sheriff or designee) auctions a foreclosed property, the lender may set the starting price as the remaining balance on the mortgage loan… In a weak market, the lender may set the starting price at a lower amount if it believes the real estate securing the loan is worth less than the remaining principal of the loan. When the remaining mortgage balance is higher than the actual home value, the lender is unlikely to attract auction bids at this price level. A house that has gone through a foreclosure auction and failed to attract any acceptable bids, may remain the property of the lender/servicer. That inventory is called REO (Real Estate Owned). In these situations, the lender/servicer tries to sell it through standard real estate channels.
That’s where BPO Pros comes in!!!
Helping lenders with their foreclosure inventory
A lender (typically a bank, government agency, or government loan insurer) isn’t a real estate firm; it has no benefit in holding these assets (residential or commercial properties). BPO Pros offers a complete REO asset management program that can quickly market, sell and oversee every aspect of the REO transaction. Both the Lender (looking to sell) and the consumer (looking to buy) benefit from our services. A win-win for all!
Professional REO support
Quick turnaround times
Since most foreclosed properties require repairs, you are in the right place to get yourself the best REO service in town!
We’ve got GOOD NEWS! BPO Pros can handle all you property preservation needs.
- Ongoing upkeep,
BPO Pros team of experts REO brokers visit the property, undertake elaborate on-site inspections to assess the property and offer suggestions to obtain the most value out of the sale. Our skilled vendors with years of experience then initiate the repair(s) and maintenance to get the property ready for market in no time.
What are you waiting for? Call BPO Pros now to learn more about our REO/Foreclosure asset management services.
Note: BPO Pros is always on hunt for the best agents for its REO division.