REO Specialist, Frank Patrick, Sheds Light on the Foreclosure “Shadow Inventory” in Recent Article

Frank Patrick, Foreclosure Trash Out and Property Preservation Specialist, highlights some facts and figures about hidden REO properties in a recent article. 

Scottsdale, Ariz. – February 10, 2010 – The “Shadow Inventory,” explained by Frank Patrick in a recent article on, are foreclosure properties that have yet to be officially recorded or to become part of the massive amount of REO listings currently for sale all across America.  “There could be as many as seven million potential REO homes that are still in this ‘shadow inventory.’ Those are seven million REO homes that will need agents and brokers who possess the proper training in dealing with REO properties,” remarked Frank Patrick.

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.

In the article, “How To Become An REO Agent: The Shadow Inventory,” Frank Patrick writes, “2010 is going to be another huge year for REO sales, no matter how you look at the picture – and probably another record-breaker. REO homes also continue to be the hot real estate category that buyers are interested in, due to the value they provide.”

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