Default and REO professionals, or those who specialize in dealing with homes with owners in default or foreclosed upon, have recently been thrown a warning by Michael Krein, President of the National REO Brokers Association. The warning emphasizes the need for these professionals to begin preparing now for a possible increase in REO activity in the future.
REO, or real estate owned, properties can occur when a property has been through the foreclosure process and purchased by a lender or servicer. While the current market for these properties is relatively calm, an influx of inventory could lead to a busy and booming market for default and REO professionals. Those best positioned to take advantage of the potential spike will be those who have effectively prepared beforehand.
Krein urges default and REO professionals to stay apprised of local market trends, such as shifts in foreclosure and mortgage delinquency numbers, in order to be in the best place to take advantage of future REO activity. He also encourages professionals to maintain relationships with their existing customer base, as this can provide a cushion of repeat customers during a time of potential high demand.
By taking the initiative now, default and REO professionals can be in the best position to capitalize on an anticipated future spike in REO activity.
#### Summary
Default and REO professionals are being warned to prepare now for a possible future spike in REO activity. Michael Krein, President of the National REO Brokers Association, has highlighted the need for them to be aware of local market trends and maintain customer relationships, in order to best capitalize should an influx in REO inventory occur. By preparing now, professionals in this field will be able to take advantage of the potential boom in coming years.
You can read this full article at: https://www.housingwire.com/articles/opinion-default-reo-industry/(subscription required)
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