REO, or foreclosed property, is property which the mortgage lender has foreclosed upon. Usually foreclosures occur because the property owner has failed to make payments to the lender on the mortgage which was issued to purchase the property. However, it could also be due to the owner's failure to pay property taxes, maintain hazard insurance, or having allowed the property to be used for illegal purposes, any of which endanger the lender's position in the property as collateral for the underlying mortgage loan.
Since coming to Pacific Union, Peter has established a separate REO identity within the firm's overall real estate activities. Relying on his 25 years' experience in the lending industry, he has developed and maintained an excellent relationship with mortgage lenders and outsource REO management firms across the country. It is this relationship that allows him to best oversee the listing and final sale of any foreclosed properties that a lender may have in portfolio. Furthermore, if the property is not within the geographic area that is covered by Pacific Union's offices, Peter has created a large network of agents in other areas of the country who specialize in REO sales in their respective regions.
Most people when talking of REO refer to residential properties. However, frequently, a lender may foreclose on non-residential properties. Peter has overseen the listing and sale of not only homes, but also industrial, office, and warehouse properties, as well as undeveloped land, and, in one case, a cemetery in active use.
Peter's knowledge of the regulatory requirements regarding REO make him, and the system that he has created at Pacific Union best suited to handle all details for the listing and ultimate sale of a lender's foreclosed assets. With Peter managing your REO, you will quickly be able to tell your board and the regulators, "It's SOLD!"
For further information on REO, visit our foreclosure blog: http://foreclosureupdate.blogspot.com.