Wellington REO- Regional MLS Adds REO Field

On March 3, 2012, in Uncategorized, by Katerina Gasset

Wellington REO- Regional MLS for Palm Beach County added the REO field. 

This will make it easier for agents to search for their clients who want to purchase a bank owned property. 

An REO is “Real Estate Owned”. Most REOs are bank owned properties. But they can also be investors who purchase notes then foreclose on the homeowners and do cash for keys. Then they put the property on the market. They are also considered REOs because they foreclosed on the property and now have title to the property but are not homeowners per se. 

We help a company by listing and sell their properties after they foreclose on the homeowners or property owners. They buy the delinquent notes from the banks and other investors at a discounted rate. Then this company takes on the work of foreclosing on the note. 

Most buyers search for a foreclosed properties by using the terms, foreclosures or bank-owned. Very raraly will a consumer use the term “REO” unless they have some real estate background as that is real estate jargon. 

So having REO as a search field in the MLS has been a long time coming but not a direct benefit to consumers. Rather it is a great tool for agents to have to provide better service to their buyers. 

If you are an asset manager and need specialized Wellington Home Preservation services for your assets in Wellington Florida contact Nestor Gasset at 561-541-9936- his direct line for REO asset managers. 

 

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