Duties of the REO Agents and Why Do Banks Need Them?

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Listing a property for sale and searching and selecting the qualified buyers for this property are the responsibilities of a real estate agent or broker but the responsibilities of REO agents are more from those of the brokers. The real estate agents sometimes jump to sell the REO properties also because these properties are profit earning opportunities for the agents. The agents must not start trying their luck in REO properties before they actually know the duties of a REO agent and the difference between them and the REO agents. The agents must not be only skilled in selling but they must also have the good knowledge of the real estate market of local area.

Duties of the agents

The real estate owned properties cannot give any profit to the agents before they actually do not know what they must do to sell these properties. The major duties of an agent willing to sell the real estate owned properties are listed below.

The agent is responsible to schedule the trash outs and clean the foreclosed property.

If there are any utilities during the listing then the agent has to pay for the utilities.

The agent is also responsible for the tasks like lawn maintenance and snow removal.

The agent is also responsible to negotiate the contract between the buyers and the sellers. This negotiation includes the sale terms and the dates of payment and agreement signing.

Why the lender or banks need agents?

The agents must understand what the lenders or the banks need from them. The valuable knowledge of the agents will not only help to sell the properties quickly and minimize the losses of the bank but will also reduce the dependence of the lender or the bank on other parties such as appraisers and house management companies.

What the banks will do in absence of the knowledgeable agents?

If the banks do not get an agent who know the responsibilities and whose knowledge is good enough to sell the property, the banks will hire the appraisers to know the value of the home that they want to put on sale. The banks will also need the services of a house management company to maintain the house while it is listed for sale in the market.

So to save the expenses in hiring the appraisers and house management companies, the banks or lenders need the services of good REO agents.

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Source by Nitesh Pandey