REO Sales and Why Banks Need Your Help

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During challenging times, smart real estate agents are looking for doors to open, that magic bullet, new relationships, or maybe just the perfect script for a changed market. After the recent pandemic lockdown that resulted in very high unemployment numbers, you can bet we will see a resurgence of bank-owned(or OREO/REO)properties. We saw what happened in 2008, could it happen again? Probably not to that extent at all, but a percentage of mortgages will go back to the banks if people aren't working. Banks will again need to remove the toxic loans from their books. There will be investors and smart buyers looking to make deals regarding these properties. The distressed property market will grow again. Recently, we have been marketing properties with social distancing, no open houses, and limited showing opportunities. The fundamentals of real estate marketing will shift again.