REO Brokers Prosper In Hard Times
For some real estate agents, these are the best of times. For those that specialize in selling foreclosed properties. it’s one of the few booming sectors in a deeply troubled housing market.
Agents specializing in bank-owned property often have more work than they can handle. More than 1 million homes are in foreclosure, the highest number ever recorded, the Mortgage Bankers Association said last week. Agents are signing up in droves to join the National REO Brokers Association, which focuses on real-estate owned properties, as foreclosed homes are known.
Selling foreclosed property doesn’t require any special licenses, but it does take connections, coordination and cash. It’s hard for newcomers to break into the business since banks tend to list homes with agents they know or those with several years of experience.
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