BrokerageIndustry News

There’s still time to break into REOs

Experts advise agents to tailor services to investors and asset managers

SAN FRANCISCO -- With the vast majority of bank-owned properties not yet listed for sale, there is plenty of opportunity left for real estate agents and brokers to break into or delve deeper into distressed properties, according to panelists at the Real Estate Connect conference in San Francisco. Estimates of real estate-owned properties (REOs) held off the market by lenders after repossession -- sometimes called "shadow inventory" -- varied somewhat among the panelists. Foreclosure data site RealtyTrac estimates there are about 600,000 REO properties total nationwide and about 85 percent of these are currently off the market. RealtyTrac vice president Daren Blomquist noted that only about 22 percent of Fannie Mae REOs are on the market. "There will be REOs coming on the market but they're going to trickle into the market, not flood," said Rick Sharga, executive vice president of communications at Carrington Mortgage Holdings and formerly senior vice president...