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Ecar Members:
C L I C K H E R E T O R E G I S T E R
B A C K B Y D E M A N D !
(Reos) Reo Specialist course hosted by ECAR
Over 20,000 Real Estate Professionals
have completed this dynamic course nationwid e!
Center of Responsible
Lending - "A new foreclosure starts every 13 seconds, equaling nearly
6,500 a day … CRL estimates that by 2012 at least 9 million new foreclosures will cost
$1.9 trillion in lost home equity to 92 million families".
One out 10 homeowners are past due, in default or in some level of
foreclosure today. Over sixty percent of these homeowners have yet to contact
their to learn options available to avoid foreclosure. Over fifty percent of
loans modified last year are now back in default.
The Reo Specialist (REOS)
"REO - Real Estate
Opportunities"
We have
over 5 million properties on the market today.
From January 2009 through September more than 2,7 million families lost
their home to foreclosure and nearly a million homeowners are facing
foreclosure in the third quarter. Over
75% of the sales transaction in September were Short Sales and Reo, reported by
NAR. The Reo arena will need additional Reo specialist to help with this new
inventory. Don't delay learning about this new real estate business niche that
will keep you in business this year and into 2010.
Working In the Reo Arena
Enhance
your real estate business by learning how to connect with banks, lenders and
REO 3rd party outsource companies. Attend the Reo series provided by American Real Estate University (date, location) and
taught by Cathy McDaniel a 16 year Reo and mortgage lending
expert to learn about BPOs, listing, managing, selling and financing REO
properties. The course will cover job descriptions, theory and
fundamentals required to participate in the Reo industry today. Helpful tools,
resume outline, a directory of 200+ Bpo companies, 65 Reo Asset
management companies, more than 14 Reo organizations and associations will
be provided at the end of the class. Hurry seating is limited.
We will
touch on: An overview of a Bpo (Broker Price
Opinion).
You will also learn the job description of an Reo (Real Estate Owned) listing
agent and what requirements are needed to apply for the job. Everything about
the Reo business is time sensitive. Reo asset management companies do not have
job fairs or telephone interviews. They
have an open registration at their website.
REO Listing Agent
We will
also cover marketing ideas, managing and
maintaining instructions required by your Reo client in listing and
selling one of their asset/properties. Keep in mind that each client or
outsourcer manages assets in different styles, interpretations and dictates
special handling. Each client’s policy,
procedures, timeline and forms will be different. Also included will be a
detail discussion on risk management and several federal laws.
Working With Buyers
Also
discussed: Working with buyer(s) interested in purchasing a Short Sale or Reo property is different from working with a local
private seller. You will be negotiating
direct with employees that represent the bank, lender or an outsourced asset
management company. These negotiators
primary mission is to obtain the highest net return in the shortest amount of
time in a sale transaction. Each company will have specific policies,
procedures, addendums and a specific timeline performance to
complete a sales transaction on their property. These instructions vary in the
this arena. Buyers must read, understand and agree to these various
requirements prior to submitting an offer. Real estate professionals who prepares the contract must be familiar with its terms because they
will be held responsible for any mistakes or misrepresentations.
Financing Your Reo Property
It is a great day to buy! Interest rates are
below 6%, great selection of inventory and sellers are willing to roll out the
carpet in buyer concessions to entice them to visit their property. Many
changes in the mortgage arena within the last 30 days and more to come
effective January 2010. Financing an Reo "as is" property today can be
challenging. During this course study you will learn many new laws, regulations, qualifications and various
"buy and repair" finance programs to purchase an Reo home that needs "TLC" or maybe the
heating and Ac unit is missing plus lender required repairs for financing.
MARKET UPDATE
September 2009
· Bloomberg - 2,264,194 foreclosure filings since January 09
· By mid 2010, loans in foreclosure will reach 3.2% and delinquencies will rise to 8.0%.
· Fitch Ratings determined $134 billion of loans which will recast in 2011. This “payment shock” a hike often 63% higher than the minimum payment, indicates a greater risk of default.
· Over 94 FDIC Mortgage Company failures this year
· Over 30 million Americans are out of work today – 19% of the overall work force
· 9.7% Unemployment rate highest 1983
· Over 6.88 million are collecting unemployment
· Over 4,000 bankruptcy filings per day across the nation
· Over 70% of real estate transactions in August were Short Sales and REOs
Hosted By:
Emerald Coast Association of Realtors ®
10 Hollywood Blvd Se | Fort Walton Beach, FL 32548
(850) 243-6145 (Main) | (850) 243-6147 (Fax) | www.emeraldcoastrealtors.com
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