REO Agent Training
A real estate owned (REO) property is one that reverts to the ownership of the bank after an unsuccessful foreclosure auction. Once the REO property is under the bank's control, it is marketed for sale by experienced REO agents, individuals who have special training.
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Kits
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Being a general real estate agent isn't enough to maneuver the REO sector of the industry. There are several training kits that will help you learn about REO properties, such as the REO & BPO kits that include manuals, marketing tools and contact lists.
Seminars
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Real estate agents also attend seminars that are designed to enhance their knowledge of REO properties, and more commonly they are offered online. Chrisley Asset Management, for example, is a company that provides a series of these Web seminars to educate novices and active listing agents.
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Internet
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For real estate agents interested only in learning about the REO market on an informal level, there are plenty of resources to help with basic information. The REO Agents Source, for example, is a blog that caters to REO agents with helpful hints and information.
Significance
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REO training and education are important for agents because REO property is affected by different laws than standard real estate brokerages. For example, banks don't have to file disclosures since they never "occupied" the properties, and it will fall under the agent's responsibility to convey this information clearly and accurately.
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References
- Photo Credit House for sale image by Heng kong Chen from Fotolia.com
