Making Money On REO Properties
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The market for REO properties is just not in the selling of them. With the average cost for unloading a foreclosure is $60,000 for a bank there is a great deal of money on the table in servicing REO properties. The Washington Post has an interesting article discussing the different ways people are making money in the REO market.
“Everybody right now is trying to get into REOs or they’re trying to make a buck off of someone trying to get into REOs,” said Michael P. Krein, president of the National REO Brokers Association, a 10-year-old trade group. “It’s a cycle we’ve seen before.”
When the market is thriving and foreclosures are few, the REO industry shrinks. When the market sours and foreclosures soar, the industry expands because of a lender-driven hiring spree.
The hiring starts in-house. When foreclosures rise, lenders beef up their teams of asset managers. Those managers hire people to handle the logistics of selling those homes. read the rest at the washingtonpost.com.
Click here to for a Free Foreclosure search in your area if you are still interested in getting into the foreclosure game to find properties near your home.
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