The spring Reomac conference in Desert Springs attracted nearly 3,000 real estate agents from around the country as they celebrated the booming business to be had in foreclosed properties.
While the number of real estate owned (REO) short sales has leveled off recently, agents were told not to worry about the loss of inventory as residential foreclosures have yet to peak and the first wave of commercial foreclosures is almost ready to roll in.
More and more licensees are starting to specialize in REO listings, and the added competition is driving these Reomac attendees to take educational seminars on how to handle such issues as vacant, unmaintained properties.
While the question of whether it is ethical to take advantage of distressed homeowners is brushed off in this article, other licensees may want to balance the need to turn a profit and the greed factor which could push an otherwise ethical person to cut legal corners.
first tuesday take: The event reflects well on the ability of Californians to think outside the box as Reomac chose to hold the gala here instead of in Anywhere, USA.
Re: “Homeowners’ Hard Times Are Good for the Foreclosure Business” from The New York Times