WHEN IS THE TIME TO BECOME AN REO AGENT? NOW!
ASREOS an Important Resource for REO Training
One in four mortgages in Florida is either past due or somewhere in the foreclosure process. California foreclosures grew 22% this past October from the previous month – and are up 21% from the previous year.
And the biggest danger sign that the REO boom is very far from over? A new survey from the Mortgage Banker’s Association shows that the mortgage delinquency rate across the country is just about 10% – a record high since they began tracking this figure in 1972.
One final alarming figure – if you put together all loans either in delinquency or foreclosure, it breaks the 14% mark – also a record for the MBA survey.
This demonstrates that the surging unemployment is fueling yet a third giant wave of foreclosures that might end up being the biggest one of them all. For the most part, the homeowners that are now in trouble are homeowners with good credit and solid mortgages who are unable to meet their house payments because of sudden unemployment or under-employment.
The smart way to move in this kind of economy is with it, not against it – and to join the ranks of other REO agents and brokers who are cashing in on the enormous amount of REO properties that REO banks are selling with great success. Another statistic points that out – over 25% of all Americans who are in the market to buy a home want an REO deal. They know the price will be lower and they’ll be able to afford a larger home or one in a more expensively-priced area.
That means REO Sellers need more REO pros than ever before to help service and market their homes for them. To help meet that need, ASREOS, the American Society for REO Specialists, was created by nationally-recognized REO expert Frank Patrick in 2008. Patrick saw that the huge amount of REO listings was going to dominate the real estate landscape and that REO sellers would need a whole new army of REO agents with the proper training to handle the incredible amount of properties.
“There’s never been a resource like this for both beginning REO vendors and experienced ones that’s been run by REO professionals,” Patrick says. “Fortunately, I began specializing in the foreclosure niche years ago, before it was such a substantial portion of the housing market – so I saw the challenges that were coming before most people in the general real estate profession. I specifically created a trade association that was designed to hopefully meet everyone’s needs in every conceivable way.”
ASREOS’ array of exclusive member benefits include a members-only forum at Patrick’s website, Asreos.com, where ASREOS members can swap tips on how to get REO listings and deal with REO banks, post an online profile searchable by zip code so REO Sellers can find qualified agents instantly and easily, access to free interviews with top national REO agents, and other comprehensive resources. ASREOS also features an exclusive database of financial institutions that control REO listings.
Find out more about this thriving trade association devoted to REO training and education by visiting their website at www.ASREOS.com.
