Represent REOs with caution

Dirty little secrets lurk in lender listing agreements

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Up to 50 percent of all transactions in many markets are foreclosures, short sales and REOs. Like it not, these types of transactions are part of the landscape. While you’re busy protecting everyone’s interest, are you taking the necessary measures to protect yourself and your brokerage?

Back in the early 1990s, I specialized in representing REOs (properties that the banks had taken back in foreclosure).