Local Real Estate Broker Attends Advanced REO Training
|
|
Home Realty’s Broker/Owner, Dennis Hawes, recently attended advanced REO training in Gaffney, South Carolina. REO stands for Real Estate Owned, the designation banks and lenders use for their foreclosed properties. The REO training was hosted by The National REO Brokers Association, of which Hawes has been a member since 1999.
Classroom instruction was provided by asset mangers, REO appraisers, and NRBA trainers. Good REO Brokers have experience, or at least a working knowledge, of not only real estate, but appraisals, construction, title searches, real estate law, property management, rental markets, zoning, employment conditions, taxes and real estate financing. They provide information on the REO, and the neighboring properties. Bank asset managers often manage 200 to as many as 500 properties at a time. They depend on REO Brokers to provide detailed and accurate information.
Much of the class instruction was dedicated to technology. Everything from listing, marketing, maintenance, offers, to closing a REO property is handled over the Internet. Just like marketing any real estate, REO sales depend on a Broker with computer skills and the attention to detail that providing reliable information requires. Inaccurate or incomplete information can cost the seller or buyer thousands of dollars.
“It is interesting to meet people from all over the county, and hear their methods of managing not only REO’s, but all residential home sales,” said Hawes. We had NRBA members come from as far as California and Oregon to attend this event. In addition to some great classroom instruction, I learned just as much from speaking to NRBA members from at least 25 states.”
Membership into The National REO Brokers Association is limited to experienced REO Brokers. Applicants must have proven experience with REO management, provide a minimum of three references from bank REO asset mangers, and have a proven track record of accurate Broker Price Opinions of assets.
Home Realty has offices in Lexington (540-463-1801) and Buena Vista. (540-261-3302) They provide real estate sales and rental services for residential, land, commercial and industrial property. Information for current REO listings and Information on How to Buy a REO are available on Home Realty’s website, www.rockbridgeproperties.com.
| | | | | |
|
