ACQUIRED ASSET BROKER
Acquired-REO brokers are a specialized network of licensed Philippine real estate brokers who are highly trained in the management and marketing of bank foreclosed properties, also known as “Acquired Assets”.
These brokers are referred to as “REO brokers” in which the phrase “REO” means “Real Estate Owned” or “Acquired Asset Brokers”’, which may be more familiar.
Acquired-REO is a division of Dataflo MLS, Inc. which is an American owned Philippine corporation that specializes in real estate related data and products of interest to consumers, brokers, developers and financial institutions.
These products and databases include: internet search and list platforms, broker education, contracts and forms, property valuation data and acquired asset management services to major Philippine banks and mortgage lenders.
Acquired-REO brokers who are members of Dataflo MLS Multiple Listing Service and have completed the prescribed Acquired Asset Broker Training Modules, hold a lifetime position in the Acquired-REO Broker Network.
Network brokers receive acquired asset property listings that are within the community in which they reside and practice real estate. The listings are “Exclusive Right to Sell” and managed under agreement between the financial institution (client) and Acquired-REO (asset manager).
When a bank (mortgagee) forecloses on a property, it is for reason that the mortgagor (or borrower) failed to pay the agreed schedule of monthly mortgage payments and the lender was forced to eventually foreclose on the property, regain possession and sell the non-performing asset.
Acquired-REO is in the business of managing Philippine bank foreclosed properties on behalf of the lender. The Acquired-REO Philippine management team is represented by experienced American real estate professionals having nearly thirty years experience in mortgage default management for the largest financial institutions in the world.
By use of the provided training, the Dataflo MLS system and the Acquired-REO on-line broker Command Module, network brokers have the ability to effectively handle their listings from pre-list to sale earning consistent, high-level sales commissions. The Dataflo MLS system may also be used to manage and sell the member broker’s personal listings independent of Acquired-REO bank client services.
Network brokers also earn additional income by performing BPO “Broker Price Opinion” services which are property valuations that are continually requested by Acquired-REO clients for various purposes.
The Acquired-REO system provides all of the resources required for network brokers to communicate, receive data, manage and sell the properties from pre-foreclosure to sale.
Acquired-REO also provides its bank clients with a separate nationwide network of property maintenance contractors (Property Preservation) and inspectors who maintain the safety, condition and security of each listing.
Acquired-REO regional network broker positions are limited and defined by a “Broker-to-Population Ratio” as to maintain a balanced work flow, while responsibly servicing the bank client. Once network broker positions are filled, the roster is closed. Rarely are the positions available again anytime in the near future. Network brokers who satisfactorily perform their duties, commonly hold the position for the lifetime of their professional career.
Acquired-REO broker training is the most advanced available and is exclusive to the Acquired-REO broker network. The on-line courses are free of charge and available to brokers and salespeople licensed through the PRC “Philippine Regulatory Commission”.