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REO Specialist Training

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A lender usually attempts to sell a real estate owned property through a broker.

Real estate owned (REO) is a class of property that a lender owns after an unsuccessful sale at a foreclosure auction. REO specialists train to understand real estate market developments and help lenders sell REO properties.

  1. Education

    • Most REO specialist positions require a high school diploma or GED certificate and a real estate broker license, according to the U.S. Bureau of Labor Statistics (BLS). REO specialist supervisors often have a bachelor's degree in real estate management.

    Training Themes

    • According to the BLS, a new REO specialist receives on-the-job training. Most employees need one or two years of experience and training with proficient real estate brokers, indicates O*Net OnLine. REO specialists learn how to obtain agreements from property owners to place properties for sale, generate lists of properties for sale and arrange for financing of property purchases.

    Tools

    • According to O*Net OnLine, a REO specialist training program helps attendees gain acumen with tools such as personal digital organizers, measuring tapes and accounting software. Trainees also learn about customer relationship management software and office suite software.

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References

  • Photo Credit real estate contract image by Keith Frith from Fotolia.com

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