In order to master the REO game, you must first master the nomenclature. Below are the 138 most important concepts and terms for you to grasp. They will help you talk to any asset manager and grow your business exponentially.
You can also download this free REO BROTHERS™ glossary at www.reoboom.com.
6 steps of the REO cycle: The steps that make up the entire REO cycle: Occupancy Check Reports, BPO Ordering, Repair Bids, Listing and Marketing Updates, Offers and Extensions, and Closings and Reimbursements. The faster a listing agent masters the 6 steps, the more REO properties they will receive.
90/10 REO rule: A rule describing the initial phase of getting into the REO market. During the first ninety days after a listing ...