BrokerageIndustry News

Jumping on the REO wagon

From The Real Deal

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Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article. By PETER KIEFER NEW YORK CITY -- Major residential brokerages may still snub their noses at the listings, but a growing number of firms, particularly in the outer boroughs, are fighting for a share of the foreclosed homes market. Lenders took back thousands of homes in New York state last year and thousands more face foreclosure this year. Take Staten Island-based Wonica Realtors and Appraisers. Last year, according to founder and President George Wonica, the firm's REO division, which specializes in marketing and selling foreclosed residential properties in Staten Island and Brooklyn, accounted for almost 80 percent of his firm's revenue. "It carried the office," Wonica told The Real Deal. "I've never seen anything like it." The marketplace for these bank-owned properties (also known as real estate owned or REO properties) that did not s...