From this week’s training
He said “Rio” for 20 minutes
REO means real estate owned: a home the lender now owns, usually after foreclosure. Agents who want default work lose credibility fast when they mix up terms like REO and preforeclosure, submitted and approved, or lien release and debt forgiveness, and asset managers and servicers notice.
22 years in the business. Lots of closings. Good attitude.
And for the whole conversation, he kept calling REO (real estate owned, or bank-owned) properties “Rio.”
Nobody corrected him. But everyone noticed.
Here’s why that matters. Asset managers, servicers and title officers hear from a lot of agents. They decide fast who knows this world and who is guessing. The words you use are the first test, and most agents never find out they failed it.
It isn’t only about saying REO right. The bigger mistakes are mixing up words that sound close but mean very different things:
Preforeclosure is not REO. A foreclosure notice does not mean the bank owns the house. The homeowner still does.
Submitted is not approved. Sending a short sale package does not stop a sale date. Get the postponement in writing.
Release is not forgiveness. A lien release clears the title. It does not always clear what the seller still owes.
Those rules vary by state, so check with a local attorney.Get one of these wrong with a homeowner and you can give bad advice. Get one wrong with an asset manager and you may not get the next file.
So we built something to help. The Talk the Talk Pocket Deck has all 272 terms from the training as tap-to-flip cards. You can walk through the path from a missed payment to bank-owned, and there’s a quick myth-or-true check to test yourself.
Use it before your next call with a servicer. Or send it to the newer agent on your team who keeps saying “Rio.”
| Open the Pocket Deck |
Heidi
KW Default Solutions