Foreclosure Trash-Out Specialist Frank Patrick: Current REO Inventory Will Take 40 Months To Clear

Frank Patrick, Property Preservation and REO Specialist, recently discussed how foreclosure actions are up sharply in cities across America and how it will take months to clear the current inventory.

Scottsdale, Ariz. – December 1, 2010 – Frank Patrick, foreclosure trash-out and reo specialist, recently wrote an article discussing how a huge amount of REO homes are still held by lenders. With an estimated 7.5 million REO homes yet to be listed, it will take some time for major banks to liquidate these properties.

In the article published on, called “REO Listings: Current REO Inventory Will Take 40 Months To Clear,” Frank explains, “Currently, it takes roughly 18 months for an REO home to be processed and resold, from the date of the last mortgage payment. These numbers all but guarantee that REO listings will continue to account for a huge chunk of all real estate sales for at least the next three to four years.”

“A new spike in foreclosures will also add considerably to the overall REO inventory.  Ongoing foreclosure actions are beginning to experience big jumps in other areas across America.  While most of the attention has gone to Florida, California, Nevada and Arizona – the ‘big four’ which have experienced the biggest surge in REO properties over the past few years – other cities and states are suddenly seeing dramatic increases,” Frank continued.

The entire article can be found at

Frank Patrick is the founder of The American Society of REO Specialists, or ASREOS.  ASREOS is a national trade association founded in 2008 to assist ASREOS members in making contact with banks, lenders, asset management companies and property preservation companies that need competent REO professionals to service their REO properties.  ASREOS also enables members to network in a professional and supportive environment and offers ongoing dynamic, cutting-edge REO resources to help members grow their business and their own personal performance in the REO marketplace.  ASREOS also provides a comprehensive directory of REO professionals for banks, lenders, asset management companies and property preservation companies.

The online home of ASREOS (, the American Society of REO Specialists, is growing in leaps and bounds to help REO professionals gain a competitive edge and get access to these lucrative listings.  ASREOS is the first REO trade association founded by REO experts, and it features advice from top REO agents, access to an exclusive database of over 130 REO sellers, and profiles of its members in an online searchable directory of REO vendors that banks, lenders and asset managers can utilize when looking for local agents to list and sell their REO properties.  Find out more at

About Frank Patrick:

Frank Patrick began his real estate career in 2000 after a 12-year stint in corporate America as a sales manager.  As a new real estate agent Frank knew that he wanted to find a niche within the real estate industry.  After months of research Frank decided to specialize in REO, an acronym for bank owned foreclosed homes.  Frank quickly became one of the top REO agents in the nation averaging over 100 transactions per year for the last 8 years.  In 2007 Frank’s production soared to over 214 sales.

In 2004 Frank and his brother Scott Patrick started a property preservation company to offer maintenance and repair services to banks with foreclosed homes.  Frank’s solid understanding of the REO industry and Scott’s 20+ years in the construction business was a recipe for success.  This year their property preservation business is on track to gross over one million dollars in revenue.  Today Frank manages his REO Real Estate Brokerage, REO Renegades an REO agent training business, his trade association The American Society of REO Specialists and is developing a national Franchise Property Preservation company, REO ResQ.

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Posted Under: ASREOS, Frank Patrick