Buyer agents face REO 'minefield' 
Part 2: Pitfalls of bank-owned listings
By Bernice Ross, Thursday, January 7, 2010.
REOs (bank-owned properties) will continue to be an important part of the real estate landscape in 2010. Are they a good choice for your business?
Part 1 of this series looked at the downside of working with REOs, including issues surrounding broker price opinions, disclosures and expense reimbursement. Today's column reveals other ways that REOs can be a money pit for your business.
4. Do you have the correct insurance?
Many agents assume that their errors and omissions insurance will cover their REO-related activities. If you are engaging in any type of property management (i.e., overseeing repairs, paying the utilities, etc.) you need a separate policy to cover that activity. In fact, most errors and omissions policies specifically exclude anything related to property management.
more...
Premium Member account.
Premium Members have full access to all news archives & premium content.
Purchase Premium+ Membership for $99/year OR
Premium Membership for $49/year
All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.
