The REO Expert Believes in Home Ownership

Frank DeNovi, Broker, Northwest

Make no mistake about it, the REO expert is critical in assisting in the stabilization of the housing market and increasing the opportunity of home ownership.

The REO business is a specialty business. It is a a unique segment of the real estate industry that requires special skills, talents, training, and work ethic that is not for everyone. It requires organization, state of the art marketing and management systems and a skilled professional sales and property management team.

We are the Marine Corps of the real estate business. “First In, Last Out”. From pre- foreclosure until closing. The thousand dollar property to the multiple-million dollar one. The rodent, flea infested hole in the wall to the country estate.

When we take an assignment from a client, we have no idea what condition this property is in. Just like our client, we have no idea if it’s vacant, occupied, a crack house, meth lab, or the house of our dreams.

The REO experts carry the tools of our trade in the trunk of our cars from various types of lockboxes, kwickset locks, hasps, padlocks, and a complete set of tools. Not to mention our IPad, camera and cell phone.

We have to be an expert in property values, repair estimating, code violations, marketing, advertising, and be responsible for all utilities, lawn maintenance, snow removal, and potential hazards.

We inspect our properties weekly to insure they are maintained to local codes and standards as required by our client. Often we act as general contractors and oversee repairs and renovations. In many cases we front the repairs and submit invoices for reimbursements.

All of this is what differentiate the REO expert from the real estate broker. We wear two hats, twice the responsibility and liability, and nearly half the commission and several times the volume as the average real estate agent.

Why do we do it? We love it! We are addicted to the work and the personal and financial reward that come with long hours and hard work. We take a personal pride of being a member of the select few who do make a difference.

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