REO Specialist, Frank Patrick, Says More REO Listings On The Horizon

Frank Patrick, Property Preservation and REO Specialist, notes that due to the recent government moratorium on foreclosures, a backlog of home foreclosures will increase the number of REO homes. 

Orlando, Fla. – January 12, 2009 – Last year, the United States government placed a nationwide moratorium on all home foreclosures.  The idea was to promote loan modifications so that more homeowners could possibly stay in their homes amidst an economic recession.  However, as this may have worked for some, the majority of delinquent loans were merely delayed.  “This delay has caused a backlog of foreclosures that will continue to roll out over the next 18 months,” remarked Frank Patrick, property preservation specialist and founder of The American Society of REO Specialists (ASREOS.)

In a recent article on, Frank Patrick points out that, while this is not necessarily good economic news for some, it is a great opportunity for those in the REO industry.  These include REO agents, REO brokers, REO Sellers and other REO companies. 

Patrick said, “The good news is that REO sellers are getting a lot of activity on their properties from cash-rich investors who know a great deal when they see it.  But with many more REO listings coming down the road, REO agents and brokers will still find themselves keeping very busy.”

The American Society of REO Specialists was founded in 2008 and is guided by the following four goals. First, 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.  Second, to enable ASREOS members to network in a professional and supportive environment. Third, to offer ongoing dynamic cutting-edge REO resources to help members grow their business and their own personal performance in the REO marketplace, and finally, to provide 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: Frank Patrick, REO ResQ