Faster REO Sales, Faster Recovery

On Friday, April 2nd, HUD changed the definition of what a foreclosure is – by classifying any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments as a foreclosed home.

This is going to speed up the time that REO homes will reach the market – and streamline the process. Which means there will be another surge in REO listings available to REO professionals – who will be desperately needed?

HousingWire.com says we will need all the REO agent and broker expertise we can get in order to properly sell and liquidate the massive amount of REO properties that will continue to come through the pipeline – and to help along the real estate recovery everyone has been praying for.

March of 2010 is expected to be another record-setting month for foreclosures. REO sales are accounting for almost a third of all home sales in recent months. And the big banks are expecting their foreclosures to balloon once again at the end of 2010, with some reports estimating REO portfolios will double, triple or even be six times as large by December.

Obviously, if the process had not been streamlined, we would have been staring down a lot of bureaucratic gridlock trying to get all these REO listings taken care of. Thankfully, some positive action was taken.

This is an incredibly opportune time for all of us REO agents, brokers and other professionals. At our website at www.ASREOS.com, we are doing everything in our power to keep our members up-to-date on the latest in REO news, as well as help those who want to become an REO agent.

The numbers, as well as the sales, of REO properties are going to hit the roof in the next few months. So let’s all fasten our seat belts and enjoy the ride! And don’t forget to stop by www.ASREOS.com and utilize the great REO resources we have for you there.