REO Foreclosure Specialist, Frank Patrick, Discusses Rising Interest in Buying REO Homes
Frank Patrick, Foreclosure Trash Out and Property Preservation Specialist, writes how buying REO homes are becoming less and less risky.
Scottsdale, Ariz. – July 5, 2010 – According to a recent blog post by Frank Patrick, foreclosure trash-out and reo specialist, although the economy seems to be stabilizing somewhat, the REO market continues to grow by leaps and bounds. Frank also describes how a whole new wave of foreclosures are due hit the market at any time.
In the blog on http://www.ASREOS.com, called “Foreclosures: Not Just Subprime Anymore,” Frank Patrick explains how many of the forthcoming foreclosures do not involve the risky subprime mortgages that helped bring about our current economic downturn. Instead, they are more “mainstream” foreclosures caused, in part, by the current unemployment rate.
Frank writes, “Values have gone low enough where first time home buyers are now seeing REO properties as affordable and a good investment. The problem is that these new buyers are worried about the whole process of buying REO homes – mostly the hidden costs that might be involved in buying foreclosures.”
“A lot of this trepidation comes from the actual physical condition of REO homes. That’s why we can’t ignore the importance of completing proper Property Preservation services on these houses to make sure the buyer is happy with the look of the property,” Frank continued. “I believe REO Sellers, brokers and agents all need to work together to educate the public about the REO buying process so that they won’t have these doubts about whether REO purchases are safe.”
The entire blog can be found at http://www.asreos.com/blog/foreclosures-not-just-subprime-anymore.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