REO Expert, Frank Patrick, Says Demand For REO Agents Increasing As Number of Foreclosures Expected to Increase
Frank Patrick, founder of The American Society of REO Specialists, says that demand for agents with REO training will likely increase in late 2009 and beyond.
Scottsdale, Ariz. – July 28, 2009 – According to Frank Patrick, one of the country’s top REO (Real Estate Owned/Bank Foreclosure) experts, a new onslaught of hundreds of thousands of foreclosures are destined to hit the market in the final half of 2009 and beyond. This onslaught of new foreclosures will create a strong demand for agents with REO training to list and sell these properties.
During the recent nationwide moratorium on foreclosures, it is likely that many REO agents left the business as the inventory of foreclosed properties diminished. From November of 2008 to June of 2009, new foreclosure numbers decreased, due mostly to this moratorium. One of the reasons that may have contributed to a decreased number of REO agents, is that many were no longer able to afford their errors and omissions insurance, and are now ineligible to list foreclosed properties. According to a survey recently released by the National Association of Realtors, only 13% of brokers still maintain their errors and omissions insurance.
“Since errors and omissions insurance is required for foreclosure sellers, those agents that let their coverage lapse, are now ineligible to list these properties. As a new huge tidal wave of foreclosures hits the market, the existing REO agents will be overwhelmed and the banks, lenders and asset management companies will be forced to recruit new REO agents to list and sell these REO properties,” remarked Frank Patrick.
In addition to being the founder of the American Society of REO Specialists™ (ASREOS), Frank Patrick has also recently launched a new property preservation franchise, REO RESQ™. Patrick has recently been featured in Newsweek and USA Today for his expertise and success in the REO Sales and REO agent training industry.
For more information on Frank Patrick and ASREOS please visit http://www.ASREOS.com
The American Society of REO Specialists was founded in 2008 by Frank Patrick, one of the nation’s leading REO authorities, who has personally trained hundreds of REO agents and works with a nationwide network of banks, lenders, mortgage insurance companies, asset management companies and property preservation master contractors who deal with REO listings.
The ASREOS goals are:
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.
To enable ASREOS members to network in a professional and supportive environment.
To offer ongoing dynamic cutting-edge REO resources to help members grow their business and their own personal performance in the REO marketplace
To provide a comprehensive directory of REO professionals for banks, lenders, asset management companies and property preservation companies.
For more information please visit http://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 9 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.