Crye-Leike Expands REO Bank-Owned Homes Division
Nashville, Tenn. – Crye-Leike, a full service real estate company and the nation’s 10th largest and the largest serving Tennessee and the Mid-South, has re-aligned business operations of its Real Estate Owned (REO) Division to become its own business entity under the name of Crye-Leike REO Division, specializing in bank-owned homes.
Crye-Leike’s new company will continue to specialize in the sale, marketing and management of foreclosed properties owned by banks, but on a broader scale, says company officials.
The restructuring of business operations was prompted by the diligent leadership of the division’s vice president, Cindy Stanton Fey, says Harold E. Crye, chief executive officer of Crye-Leike. “Under her leadership and direction, Cindy and her staff have brought this specialty niche market within the real estate industry to new heights over the past six years within the Middle Tennessee Region.”
In her new role, Fey also will serve as managing broker of Crye-Leike REO Division.
Crye-Leike REO Division has opened its Brentwood office in Maryland Farms at 5111 Maryland Way, Suite 202, making it the 20th Crye-Leike office to serve nine counties in Middle Tennessee, including Warren, County, Ky. Crye-Leike’s other regional REO offices are located in Memphis, serving West Tennessee, and Little Rock, Ark., serving Central Arkansas.
Crye-Leike REO Division is a relatively new specialty business for Crye-Leike that has experienced phenomenal sales growth since its establishment six years ago.
The foreclosure business has changed, observes Fey. “Twenty years ago, blue-collar workers were the largest percentage going through foreclosure. However, in recent years, more higher-end homes are being foreclosed with many properties across the nation being priced in excess of $1 million.”
Fey attributes the ease in obtaining credit as one reason more foreclosures have occurred in recent years.
“Obtaining credit has become too easy and has almost been taken to absurd levels,” says Fey. “So many people are living beyond their means and from paycheck to paycheck. If they lose their jobs or illness occurs, they have nothing to fall back on.”
Another notable change within the foreclosure business, notes Fey, is the way in which banks, asset management companies, mortgage lenders and clients have changed the way they do business.
“The Internet has allowed many of these companies to go completely online,” she says. “With the technological revolution in full swing, a much faster pace is required to accommodate the client. This new technological edge allows real estate owned (REO) properties to be worked faster and in a ?paperless’ medium.”
There are several misconceptions regarding foreclosures, says Fey. “For instance, some buyers think they can assume the former owner’s loan and pay only what they had left owing on the property, which is not so. Buyers of foreclosed homes would need to obtain financing the same way as other properties.”
Another preconceived notion the general public has regarding foreclosures is that they will be able to buy the property way below value. This is not necessarily true as most asset management companies and banks try to sell their properties within 95 percent of the appraised value. The asset management companies obtain a broker’s price opinion from a licensed Realtor as well as an appraisal to determine what the market value of the property is.
“My colleagues and I, who have over 30 years of combined experience in the business, used to say to ourselves how this business couldn’t possibly last long,” she recalls. “But, we have more inventory now than ever before.”
Crye-Leike REO Division (http://reo.crye-leike.com), a division of Crye-Leike, works directly with banks, mortgage lenders and asset management companies to assist in the sale of their foreclosed properties. Crye-Leike REO Division also works with families in financial distress to help them sell their residential properties before foreclosure becomes the last resort as well as assists local investors in finding foreclosed properties available to rehab or rent.
Crye-Leike (www.crye-leike.com), a full service real estate company for 27 years, is the nation’s 10th largest real estate company and the largest serving Tennessee and the Mid-South. It has a network of over 2,800 sales associates and 74 branch and franchise offices located in 40 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida.
As a full service real estate company, Crye-Leike offers real estate and related services, including: residential real estate services; relocation services; commercial business and investment real estate services; property leasing and management services; REO – bank-owned homes; mortgage lending facilities; insurance services; title services; home services; auction services; apartment locator services; franchise sales and builder resource services.
To learn more about foreclosed properties available for sale in the Middle Tennessee Region, please visit Crye-Leike REO Division’s Web site at: http://reo.crye-leike.com, or call its office at 615/373-3456 or toll free at 1-866/678-3456.