How does a Foreclosure Work?
REO stands for "Real Estate Owned" which is a term used on a Bank's Financial Statement.
Once we receive a new property assignment from the Bank or Servicing Company, we begin with 'Initial Services'. We report to the bank the condition of the property, turn utilities on, etc. The Bank or Servicer will have the home cleaned, mowed, and sometimes repairs will be made prior to listing the home (Repairs are more commonly done on Fannie Mae properties)
It is important to understand that when assigning a property to a real estate agent, the bank or servicing company has no previous knowledge of the condition of the property. It is our job as the listing agent to inform them of the current condition of the property as well as the current market conditions in this area.
As the listing agent, we will then complete a Brokers Price Opinion (BPO) on the property. We evaluate the home and comparables and let the bank know our opinion of where the home should be priced. The bank also orders additional BPO's from other agents so they can have a clear picture of the value.
Normally, the home will be Active on the market within 30 days of receiving the assignment.
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What our clients have to say
"You were both so helpful and honest with us."
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