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Broker Profile
The eXp REO Team provides your REO properties with best-in-class exposure to get them sold in the shortest time, for the highest return, with the least amount of aggravation. eXp Realty Certified REO Specialists are highly trained and dedicated to delivering exemplary service to you for each asset during every stage of the disposition process.
Our mission is to ensure the quality of our real estate owned (REO) property maintenance services. The majority of our clients don't want to hold onto their REO properties because keeping them on the market means they lose money. As a result, REO property owners seek our assistance with immediately marketing and selling their portfolio of properties. Depending on the scenario, obtaining our services can potentially save our clients thousands of dollars, if not more.
Moreover, eXp Realty has over 87,000+ agents and offices in 27 countries, making it a global household name in residential, commercial, land and luxury property sales. As the world’s first and largest cloud-based brokerage, our footprint, "white-glove" service, and network of certified REO agents allow us to assist our clients across across the globe while meeting their budget and timeframe demands.
In October 2022, eXp Realty launched Revenos, a new buyer and seller referral engine that combined several existing and new real estate service departments and programs under one umbrella. These departments and programs include: eXp Relocation, eXp REO (Real Estate Owned), eXp Affinity, ExpressOffers, Making It Rain, eXp Honor Military Rewards,
eXp First Responders, Bundle Select, Institutional Investment Services.
The goal of Revenos is to streamline referral opportunities for eXp agents by creating industry-leading programs and connecting them with ready, willing, and able buyers and sellers through a robust network. || Source: eXp Realty
Why Use Our REO Team?!
Credentials
To ensure a well-equipped team, eXp Realty mandates that all its agents complete comprehensive training in real estate owned (REO) properties through their REO Certification Training Program. This extensive program covers essential services, reflecting eXp Realty's commitment to the professional development of its agents and its aim to exceed expectations in the real estate industry.
Expertise
eXp Realty stands as "Your Trusted REO Partner" because we bring the specialized expertise, honed skills, and dedicated focus that Real Estate Owned properties demand.
As Certified REO Specialists, we possess a deep understanding of the unique requirements of financial institutions like banks, asset managers, and hedge funds in navigating asset management and disposition.
Our comprehensive team is equipped to seamlessly support a diverse range of REO services, spanning residential, multifamily, and commercial properties, ensuring a smooth and efficient process for our valued partners.
Piece of Mind
When you choose eXp Realty for your REO needs, you're not just getting a real estate service; you're gaining peace of mind. eXp Realty has invested heavily in a dedicated back-office support team for REO properties, bringing together decades of experience to ensure a smooth and efficient process.
Our national presence, spanning urban, suburban, and even traditionally underserved rural areas, means reliable support is always within reach.
Furthermore, our commitment to accessibility is clear – the eXp REO team is readily available with a simple call or email, making the entire experience easier and more reassuring.
On-Demand Service
On-Demand Service
Real estate often presents situations demanding swift action, risk mitigation, and proactive problem-solving. Recognizing this need for on-demand service, the eXp REO team offers the expertise of certified agents ready to tackle any challenge. These dedicated professionals are available seven days a week to guide clients through the process, ensuring a smoother and less stressful experience. Weekend assistance is also available by appointment, demonstrating their commitment to providing timely support when it's most needed.
One-Stop-Shop
On-Demand Service
One-Stop-Shop
We've got you covered!
eXp Realty offers comprehensive REO solutions, positioning itself as a convenient single point of contact for all your needs in this area. Leveraging its membership in multiple listing services (MLS), eXp Realty ensures maximum exposure for REO properties by listing them where they reach a wide network of both investors and homebuyers. This streamlined approach, coupled with the guidance of experienced professionals, aims to simplify the REO process for clients, making it more accessible and significantly reducing stress.
ABOUT REO
REO, or Real Estate Owned, refers to properties that a lender, typically a bank, owns after they have been through the foreclosure process and haven't been sold at auction. Essentially, it's a property the bank now holds title to because the previous homeowner defaulted on their mortgage and couldn't repay the loan.
Here's A More Detailed Explanation:
❖ Foreclosure Process: When a homeowner falls behind on mortgage payments, the lender initiates a foreclosure process to regain ownership of the property.
❖ Unsuccessful Auction: If the property doesn't sell at the foreclosure auction, the lender becomes the owner of the property.
❖ Lender Ownership: The lender now owns the property and is responsible for its upkeep and management until it's sold.
❖ Lender Sale Options: Lenders can sell REO properties through various channels, including auctions, direct sales, or by partnering with real estate agents.
❖ Sold At Reduced Price: REO properties are often sold at a reduced price compared to their market value to attract buyers and recoup the lender's losses.
❖ As-Is Sales: Purchasing a REO (Real Estate Owned) property "as-is" means the buyer accepts the property in its current condition, including any defects or issues, and the lender (typically a bank) won't make repairs or renovations before the sale. This means the buyer is responsible for any necessary repairs and improvements.
❖ Negotiation and Offers: While the purchase price is generally fixed, buyers can still negotiate with the lender if they discover significant issues during inspection.
Important Considerations
I. ADVANTAGTES:
❖ Potential For Lower Prices: Banks may be willing to sell REO properties at a discount to recover their investment quickly, as Investopedia states.
❖ Less Competition: REO properties may attract fewer buyers compared to traditional properties, potentially leading to a smoother purchase process.
II. DISADVANTAGES:
❖ "As-is" Condition: REO properties are typically sold "as-is," meaning they may need repairs or renovations.
❖ Limited Time To Make An Offer: Banks may have a limited time frame for making offers on REO properties.
❖ Complex Purchase Process: The purchase process may be more complicated than buying a traditional property.
❖ No Contingencies: "As-is" sales often mean no contingencies are allowed, meaning the buyer can't back out of the deal based on inspections or other issues discovered after the offer is accepted.
❖ Potential For Hidden Costs: REO properties may have issues that are not immediately apparent, and the buyer is responsible for any repairs or improvements needed.
❖ Thorough Inspection: A thorough property inspection is crucial to identify potential issues and estimate repair costs before finalizing the purchase.
❖ Negotiating With Banks: While REO properties are often sold "as-is," buyers may still have some negotiating power with the bank, particularly on price.
How REO Works
1. Foreclosure: When a borrower can't make payments on their mortgage, the bank or lender initiates foreclosure proceedings.
2. Property Acquisition: If the property is not sold at auction to cover the outstanding debt, the lender takes ownership of the property.
3. Property Management: The lender may hire a property manager or REO asset management company to oversee the property, including repairs, maintenance, and marketing.
4. Marketing and Sale: The property is then listed for sale, often at a discounted price to attract buyers.
5. Closing: The sale is finalized, and the lender recovers its investment.
Learn More
If you are a Bank, Lender, Investor or Asset Manager who needs assistance with selling your properties in a timely manner, be sure to contact us today so that we can better understand your needs and align you with the right services.