What Is A Wellington REO?

On August 4, 2011, in Wellington REO, WinDS, by Katerina Gasset

What is a Wellington REO? We will be going through a series of discussions on REOs over the next couple of months. what is a Wellington REO?


REO is an acronym for “REAL ESTATE OWNED”.

An REO is a term that the real estate industry and the banks, lenders and mortgage companies use for a property that the bank has taken back a property through a foreclosure or a deed in lieu of foreclosure process.

Another term that is used is Bank Owned or Foreclosure when looking on the internet for an REO property.

REOs are properties that the banks have taken possession of and there is no longer a mortgage encumbering the property. This means also that the bank or the mortgage company have to list and sell the properties as soon as they can, this is called, “highest recovery in the shortest period of time.”

If you are looking into buying a Wellington REO property or a Royal Palm Beach REO property- you need to understand the details involved in this type of transaction because it is different than a normal sale or a short sale.

If you are an agent you need to understand what an REO is because the REO market is here for at least the next three years. The more you understand behind the scenes of the listing broker who does REO management and listings the more you will be able to help your clients through the process.

Each state has specific laws and rules regarding the foreclosure process, handling the leases that are in place at the time of the foreclosure and many other local regulations.

The asset managers who work for the banks and lenders have a job description. Their number one priority is to property inspection and the Wellington Home Preservation to protect their asset until we can sell the property. The asset managers do not work in our area, they are working somewhere else in an office and are not real estate agents and are not real estate brokers.

As a Wellington REO Broker we are the trusted advisors of the person who hires us to market and help sell their assets. One of our main duties is to provide the correct and well- researched Broker Price Opinion, which is the “as is” market value of the property that is listed for sale as an REO as well as aggressive marketing practices to the benefit of the seller.

Looking to maximize the profit on the Wellington REO properties for the seller is the main goal of the Wellington REO broker. One of the main goals of our Wellington REO team is to promote and foster home preservation within the Wellington Community.
Contact Nestor Gasset or Katerina Gasset for further information regarding buying or selling REO assets at 561-753-0135.

 

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