Frank Patrick, REO Foreclosure and Trash Out Specialist, recently weighed in on Fannie Mae’s recent need for more REO brokers and REO Agents

Scottsdale, Ariz. – September 8, 2010 – Frank Patrick, foreclosure trash-out and reo specialist, recently wrote an article discussing how the REO home inventory is outstripping the current REO broker network. During the recent National Association of Real Estate Brokers (NAREB) conference, Fannie Mae executives revealed that, in many areas, they have too much REO inventory – and too few REO brokers to service these properties.

In the article published on http://www.ASREOS.com, called “More REO Brokers And Agents Needed By Fannie Mae ,” Frank explains that “with REO inventories rising across the board in 2010 – and foreclosures hitting new record rates again – Fannie Mae surely realizes the importance of having enough agents and brokers in place to handle the upcoming overload.”

Frank writes, “Most of Fannie Mae’s REO properties are listed with real estate agents – the remaining homes are run through asset management companies to outsource to brokers.  When the number of foreclosures in an area becomes too much for the existing REO agents and brokers, Fannie Mae hires more…And more will very likely be needed”

“Foreclosures rose in 154 of 206 metropolitan areas in the first half of 2010 over the same period of 2009, according to RealtyTrac.com, which analyzed the foreclosure rates from metro areas with 200,000 people or more,” continued Frank.

The entire article can be found at http://www.asreos.com/articles/more-reo-brokers-and-agents-needed-by-fannie-mae.php

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 (http://www.asreos.com), 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 www.ASREOS.com.

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.

For more information please visit http://www.ASREOS.com