With the REO business booming, a lot of newbies are trying to break into a surefire business in tough times. That’s where my trade organization, ASREOS (the American Society of REO Specialists) gives its members an unbeatable professional advantage.

Between the advice our REO experts give out, as well as the things you can learn from other REO pros on our members-only forum, there’s a wealth of inside information you have access to that can give you an instant leg up on the competition. And I hope you’re making full use of all that knowledge.

For instance, if you saw my new article, “Button Down Your BPO’s”, you’ll see that I gave out a simple formula for adjusting the BPO price in regards to sold and active comparables in the gross living area. This is just one of the “secret” tricks and techniques I’ve picked up over the years as a very successful REO agent and expert.

And it’s just a small, small part of what membership in ASREOS brings you. There’s also our top secret list of REO sellers, your own professional online profile, searchable by zip code, and other important resources.

If you want to make money in the REO business, this is the time to maximize all your advantages to stand out from the herd. If you’re already a member, make sure to use everything we have to offer. If you’re not already a member, you’re welcome to join and seek out the REO training you’ll need to succeed, if you don’t have a lot of experience.

I invite you to find out more about us and what we do at www.ASREOS.com.

As I saw this “perfect storm” of foreclosures coming, I knew it was the right moment to begin ASREOS (The American Society of REO Specialists) a little over a year ago. Now everyone wants to know how to get REO listings and obtain the inside knowledge necessary to deal with REO properties.

ASREOS was set up to do just that – with our valuable interviews with top REO agents, our members-only forum where REO pros can swap enlightening tips, the online profiles we provide our members and, of course, the top-secret REO Sellers list that only our folks get access to.

For any of you thinking this REO boom was just a momentary fluctuation, think again. Foreclosure rates and mortgage default numbers continue to escalate, because of the horrible jobs picture – and that picture isn’t expected to brighten any time soon.

It’s unfortunate to see all these homeowners in trouble – but, as I always say, the best thing, when foreclosure happens, is to get these REO homes on the market and sold ASAP. It helps the economy, it helps the neighborhoods where these homes sit vacant often for months and it helps the real estate market to stabilize.

When some experts estimate the “shadow inventory” of foreclosures that have yet to be officially recorded in the real estate numbers at 7 million, even I can’t believe it – but that’s just what people in the know are saying. Even I don’t predict that all of them will become REO properties – but if even half of them do, that will be more than the official number of foreclosures recorded in 2009.

The REO opportunity in 2010 will be bigger than the last two years – because these REO homes will need to be sold to help out the struggling banks and financial institutions that own them.

I hope that all of our ASREOS members had a profitable 2009 – and I wish all of you the best in 2010. For those of you considering exploring how to be an REO agent and how to get REO listings, I hope you stop by www.ASREOS.com to see all we have to offer.

Happy New Year and let’s hope 2010 is a good one for everyone in America.

While everyone is anxious to be a part of a money-making business when the economy is in such a bad state, it’s not incredibly easy to immediately be accepted as an REO pro by REO banks and asset managers.

These are big companies who need to sell these foreclosed homes, not just homeowners like you and me who want to move to a different house. That’s why it’s very, very important to conduct yourself in a way that will put them at ease and gain their trust.

Even if you’re just performing BPO’s at this stage, you need to be punctual, thorough and organized with them. If an REO bank can’t trust you with a BPO, how are they going to trust you when it comes to actually giving you REO listings?

Professionalism is something I stress with the members of my trade association, ASREOS (the National Association of REO Specialists). We also regularly feature conference calls and webinars on different aspects of the REO selling experience and I occasionally endorse programs and tools REO agents and brokers can use to give them a head start when it comes to giving them an edge over the extensive competition.

But knowledge and hi tech tools only take you so far. Again, if the REO banks and asset managers don’t view you as dependable and reliable, you won’t get those REO listings. Image is always important, no matter what your business. And that’s never truer than when you’re working with a big company.

As always, you’re welcome to come visit us at our website, www.asreos.com, to find out more about all the resources we provide to REO beginners and veterans alike.

It’s not that the loan modification programs designed by the Obama Administration aren’t working – it’s just that there’s no way they can keep up with the increasing numbers of unemployed Americans that can’t pay their mortgages. CNBC Real Estate Reporter Diana Olick makes just that point in her excellent piece, “Despite Government Intervention, Foreclosure Crisis Is Not Improving” (you can view it at http://www.cnbc.com/id/34038967?__source=RSS*blog*&par=RSS).

Just as Wall Street was hit by the financial crisis before Main Street, Wall Street is recovering before Main Street. That’s just the way the system works. The recovery will happen, and jobs will come back.

In the meantime, anyone looking for a career or a way to make money should consider training to be an REO agent or starting an REO property preservation company. Again, that’s why I began ASREOS (the American Society of REO Specialists) in 2008 – I saw this REO listings tidal wave coming and knew America would need a heck of a lot more people who knew how to work the REO business.

Instead of focusing all this energy on fighting a losing war against foreclosures, the government and the real estate industry should focus their efforts on making the REO properties process easier and more efficient.

Right now, foreclosures take forever to make it back on the market, and that costs everyone – the REO Seller, the REO agents, would-be homeowners anxious to find an REO bargain and even local municipalities, who must deal with rundown vacant properties that threaten the value and safety of neighborhoods.

Keeping the REO business on track helps keep the economy on track. Training REO agents in how to get REO listings and making it easier for them to do so puts more money in everyone’s pocket.

Let’s not fight a losing battle. Let’s all win by generating more business.

For more about how to get REO training, how to get REO listings, and how to make money selling REO homes, please visit our website at ASREOS.com.

We’re all familiar with Las Vegas, Orlando, Sacramento and Phoenix being “hotspots” of foreclosure activity – but now that scenario is shifting into more formerly stable housing communities such as Provo and Salt Lake City in Utah; Boise, Idaho and Chico, California which saw an incredible 98% year-to-year rise in foreclosures. This is a result of unemployment spreading across the country and people’s increasing inability to keep up with their mortgages.

The other new front in REO property is commercial property. For months, experts have been warning that commercial mortgage defaults were increasing and billions of dollars worth of property were about to become REO listings. That scenario is finally proving itself to be correct – as delinquencies are close to 32%.

As I’ve been saying since the housing crash began, training for a job in the REO industry is a wonderful career choice at the moment. The opportunity right now is incredible and growing by the minute.

ASREOS.com, and our sister site, www.REORESQ.com, are all about making those opportunities available to anyone who wants to find a new way to make money in one of the worst recessions of modern times. I’ve been an REO pro for years now, way before the giant wave of foreclosures hit in recent years – I know the secrets on how to get REO listings and how to deal with REO sellers to make sure you keep getting business from them.

Whether you’re interested in becoming an REO broker or agent – or in becoming an REO property preservation specialist – we can help. And even if you already work in the industry, you’ll get valuable exposure and information about today’s REO marketplace that can only help your bottom line.

This is the time to make the most of working in this lucrative business and help the American economy get back on track. The faster these homes are sold, the better for everyone. So please take advantage of what we have to offer – and make the most of the hottest business sector in operation today.
For more about how to get REO training, how to get REO listings, and how to make money selling REO homes, please visit our website at ASREOS.com

As I noted in my new “REO Listings Trends” article, REO homes have transitioned from being a glut on the market to becoming hot properties.

Yes, believe it or not, we’re back into an overheated housing market – this one dominated by REO listings! The combination of prices dropping by anywhere from 30 to 60% in recent months and the beginnings of a Wall Street recovery has brought about an incredible situation where foreclosures are suddenly the object of bidding wars.

The Associated Press reported a couple of weeks ago on one couple, trying to buy their first home at a bargain price in Phoenix, one of the country’s REO hotspots. This husband and wife were outbid a total of 15 times on different REO properties. In their desperation to snap up one of the tremendous REO bargains now available, they’re now making up to three offers a day on homes they haven’t even seen yet!

Experts are saying it’s a lot like what they saw at the height of the real estate bubble a few years ago – only it’s happening strictly with REO’s. Investors are stocking up on REO homes – often paying cash and buying several homes at once as an investment. Obviously, REO sellers like that, especially the cash part, since credit is still tight for traditional mortgage applicants.

What does this all mean to REO agents and brokers? Well, prices are already beginning to rise thanks to the increased demand for these properties – so it should mean more activity and more profit. And this is the time to take advantage of these fantastic conditions in the REO marketplace.

If you’re already a member of our organization, ASREOS (the American Society of REO Specialists), make sure your online profile is up to date with your latest information so, when REO sellers check you out, you’re making the best possible impression. Also browse the Members-Only Forum for the latest news and tips from REO pros all across the country.

If you’re not already an ASREOS member, please consider it – we can give you the tools to help maximize lucrative REO sales. At ASREOS, we’re committed to helping our membership gain the competitive edge needed to succeed. So, whether you’re a newcomer to the REO business or a seasoned veteran, I suggest you visit us at www.ASREOS.com for more about our organization and what we can do for you.

REO inventory and sales are predicted to stay strong for at least the next two years – so the boom has really just begun!

Foreclosures continue to break all records – with a million and a half homeowners in America facing the process in the first half of 2009. And predictions for the rest of the year are that more potential REO listings will enter the pipeline because of the increasing unemployment rate. One leading expert has deduced that the housing market may not hit bottom until 2013.

Although there are signs that Wall Street is back in the black, it will take time for Main Street to regain its economic health. All indications are pretty obvious that this recession was much deeper and more harmful than that of the early 1980’s – as a matter of fact, many of the numbers are more reflective of the Great Depression.

Yet, one hopeful sign is that sales of existing homes increased in June to their highest level since September of 2008. But that small light of hope comes from the fact that buyers are taking advantage of the price plunge that’s a result of the foreclosure crisis.

The fact is that banks and lenders are having a lot of trouble handling the REO listing overload. And figures show that over one million of the four million foreclosure properties are being listed as “distressed inventory” rather than going directly on the market as REO homes.

It’s not a “business as usual” time for REO sellers; that’s the reason I began ASREOS (the American Society of REO Specialists), as well as REO ResQ™, the nationwide property preservation franchise I recently began with my brother, Scott. I knew that this overflow of REO properties would require both an influx of new REO agents, brokers and contractors as well as new systems to “mainstream” the REO sales process.

As the bulk of REO Sellers are large financial institutions, it takes time for them to “turn around the boat” and change the way they do business. REO sales have always been a very small part of their business. But times have definitely changed, and foreclosures are on track to hit three million this year – with not much relief afforded to troubled homeowners by loan modification programs.

It’s time for REO Sellers to change up their systems to get more REO homes on the market and in a more timely manner. That will also speed up the process of stabilizing house prices and the entire real estate market, by stimulating home sales and keeping neighborhoods from turning into ghost towns.

There is not much to be gained by banks and lenders by waiting for the market to turn around. When economists are predicting that might not happen for four more years, then it’s better to put an REO home on the market now and get something back on the investment, rather than let unoccupied houses and properties continue to deteriorate until they are inhabitable.

At ASREOS, we’re committed to helping our membership gain the competitive edge needed to succeed in the burgeoning REO marketplace. The sooner we sell these REO homes, the better for everyone in the business.

Whether you’re an REO Seller or someone interested in working in the REO industry, please visit us at www.ASREOS.com for more about our organization and what we can do for you.

TLC, the suddenly hot cable channel that brought you “Jon & Kate Plus 8,” is now airing “Stager Invasion,” about a home staging expert helping couples desperate to sell their houses accomplish a home makeover in 8 hours – for less than a thousand dollars.

Yes, when the inability to sell a home is suddenly packaged as reality TV entertainment for America, we know a new age has truly dawned!

Foreclosures used to be a very small niche of the real estate business. When I began specializing in the field, it was because there wasn’t much competition. Who knew what an REO house was – with the exception of real estate professionals and bankers?

Now it’s a whole new ballgame. Foreclosures are out of the shadows and on the front pages. And in prime time as well.

But even with all the recent activity in REO listings and the explosion in the number of REO agents, brokers and contractors, there still are precious few that really know and understand REO transactions and how to deal with REO homes.

I was lucky that I did specialize in this field years before the housing market crash. It gave me the experience and expertise I needed – so I was prepared for the REO boom. And I’m able to pass on my knowledge and inside information to the members of our ASREOS group, so they’re also prepared. It’s exciting to be able to do that.

There are lots of people ready to jump on the REO bandwagon, now that it’s become an important part of the real estate market with no end to its historic growth in sight. Nothing wrong with that – it’s one part of the economy that actually is vibrant and growing.

REO sales are up because investors with cash know that REO homes can be amazing deals. Not only that, but soon, more high-priced properties will be joining the pool of foreclosures (see my article, “REO Agents Bracing For Wave of Deluxe Foreclosures“). Meaning, the REO market will continue to expand and become even more profitable.

The beauty of our ASREOS association is that the people behind it have the know-how and years of experience actually working with REO homes. We were in this field before the foreclosures started piling up and we will still be in this field after the housing market recovers. We know the best way to get listings, the proper protocols for dealing with banks, lenders and asset managers, and how to carry out field services for REO properties.

I hope all our members take advantage of what we have to offer at www.ASREOS.com. And if you are already in the REO industry, I hope you’ll consider joining.

Who knows? Maybe we’ll end up with our own TV show!

Some quick updates on the housing market.

First, RealtyTrac, a foreclosure sale site, recently put out their numbers for May, showing that foreclosure filings fell 6 percent from April. But the real story is that REO foreclosures are up 18 percent from last year.

Not only that, but foreclosures in May numbered over 300,000 – they were the third highest ever – and it was the third straight month of over 300,000 foreclosure filings as well. If you were to actually add up REO foreclosures from March, April and May of this year, you’d see that there are already one million properties that are in the foreclosure process.

That indicates that, despite any “good news” you hear about the housing market stabilizing, it’s just not true. Right now, foreclosures are a runaway freight train and REO listings are going to continue to mushroom.

Second, the other “good news” that was recently reported was a 17% rise in new housing starts in May from April. Again, what’s not reported widely was that there was a 49% decline in multi-family units the month before. Some builders are beginning to get back into action – but even then, 50% of these homes that are just beginning construction are being built “on spec” – which means the interested homeowners won’t commit until the homes are finished.

The builders are also rushing to get new homes up in order to beat the expiration of the $8000 first time home buyers’ tax credit, which vanishes at the end of November of this year. Unfortunately, the rise in mortgage rates has already put a damper on this brief flurry of activity.

Finally, the 10 cities with the most homeowner vacancy rates – a sure sign of high REO activity - are Minneapolis, Detroit, Springfield MA, Sacramento, Cincinnati, Atlanta, Tulsa, Riverside CA, Las Vegas, Greensboro NC…and Orlando, FL coming in at #1.

Make sure and stop at www.ASREOS.com, the home of the first trade organization for REO agents, brokers and contractors founded by REO experts, for all the latest on the REO industry, as well as lots of exclusive features specifically created to help the REO pro succeed.

Average Joes like me sometimes think celebrities exist in a different world than the rest of us – so they don’t get affected by mundane everyday events like recessions and foreclosures.

Well, Forbes magazine recently set me straight on that – by publishing an article on the top Celebrity Foreclosures (you can view the article at http://www.forbes.com/2009/06/02/gotti-canseco-dykstra-foreclosures-business-celebrities.html).

Now, most of these aren’t what you call high-level stars. You can understand how somebody like steroid poster boy and former baseball star Jose Conseco might have fallen on hard times – forcing him to walk away from his $2.5 million, 7,300-square-foot home. Or former Mets and Phillies star Lenny Dykstra, who is on the verge of losing his $18.5 million mansion in Thousand Oaks, California after a disastrous investment in a company that published a sports magazine meant only for pro athletes (that’s one way of keeping the subscription list small!).

And maybe you can understand how Victoria Gotti, daughter of the late Gambino family crime boss John Gotti, could fall behind by $650,000 on her mortgage on her $4.2 million dollar Long Island estate – the one showcased in her reality TV show, “Growing Up Gotti.” After all, Daddy isn’t around any longer to rub out the loan officer.

And you can certainly understand how Michael Jackson almost lost his beloved $25 million dollar Neverland ranch – and why he’s launching a European tour to pay back the equity company that stepped in and saved it for him. Too bad – now that would have been the ultimate REO home!

Or so you’d think. The real REO champion, Michael’s giraffes and Ferris Wheel notwithstanding, is the beachfront Florida mansion of Veronica Hearst, the widow of publishing legend Randolph Hearst. That palatial 52-bedroom home, valued at 45 million, was sold at a foreclosure auction for $23 million.

But don’t feel too bad for her. It was a second home.

You know where to meet all the real REO stars – that’s at www.ASREOS.com, the home of the first trade organization for REO agents, brokers and contractors founded by REO experts. All our members are the best and brightest in the REO business – so stop by and check out all the exclusive tips, tricks and tools designed specifically for REO pros!