REO Specialist, Frank Patrick, Discusses How Faster REO Sales Lead To Faster Recovery

Frank Patrick, Foreclosure Trash Out and Property Preservation Specialist, writes how REO sales and opportunities for REO agents and brokers are soon to increase, due to new HUD classifications. 

Scottsdale, Ariz. – May 4, 2010 – According to a recent blog post by Frank Patrick, foreclosure trash-out and reo specialist, the time it takes for an REO property to hit the market is likely to speed up in the coming months.  This is due to a new classification by HUD of what defines a foreclosed property. 

In the blog on, called “Faster REO Sales, Faster Recovery,” Frank Patrick explains how HUD recently changed the definition of what a foreclosure is – by classifying any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments as a foreclosed home. 

Frank writes, “REO sales are accounting for almost a third of all home sales in recent months. And the big banks are expecting their foreclosures to balloon once again at the end of 2010, with some reports estimating REO portfolios will double, triple or even be six times as large by December.” 

“Obviously, if the process had not been streamlined, we would have been staring down a lot of bureaucratic gridlock trying to get all these REO listings taken care of. Thankfully, some positive action was taken,” Frank continued.  “This is an incredibly opportune time for all of us REO agents, brokers and other professionals.” 

The entire blog 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