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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  January 7, 2008  |   REO Niche Gains Popularity
Rising foreclosure rates around the country are prompting property agents to enter the real estate owned (REO) niche in order to remain profitable during the housing slump.

These practitioners specialize in marketing foreclosed properties that failed to attract bidders at the courthouse auction. Not only are real estate agents getting in on the action, but the niche also has attracted title lawyers, cleaning specialists, appraisers, and technology firms that offer property-tracking tools to lenders.

Real estate practitioners and others hoping to secure business from lenders might want to consider listing themselves on the REO Hotshots Web site for $999 per year, experts suggest.

However, there are numerous challenges associated with managing and selling REOs that experts urge real estate agents to consider upfront.

According to National REO Brokers Association President Michael Krein: "It takes a certain type of person to clean a crack house. It takes a severe Type A personality. … They understand that you have to follow rules and do what you're told."

Money also is necessary, as agents are responsible for cleaning the properties, making repairs, paying homeowner's association dues, maintaining the home, and covering the utility bills.

Source: Washington Post, Dina ElBoghdady (12/28/07)

© Copyright 2007 Information Inc.

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