According to Wikipedia, the world’s largest, most reputable free encyclopedia, an REO Specialist is defined as:
“Once a property is REO, the bank or lender will try to get rid of the property by either selling it directly themselves or through an established broker. Many larger banks such as Bank of America and Wells Fargo have REO/asset management departments that will field bids and offers, oversee upkeep and handle sales. The majority of REO properties that are on the open market should be listed in MLS by the broker who performed the BPO…Other similar companies provide services that connect Asset Managers to experienced Realtors that can help sell the REO home. A myriad of REO websites… have been created recently to connect Asset Mangers with qualified REO Realtors.“
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As an REO Specialist Team, CNYREO.com commits ourselves to a higher level of standards, operations, and detail than your average real estate professional. We are considered the “triage team” of the Subprime Mortgage Meltdown – attempting to assist all of the American homeowners and financial institutions to get back on their feet and back to normal.