An asset manager can mean many things depending on what industry you refer to (and no, we’re not referring to your computer operating system’s asset manager in this blog post). Even in real estate, it can mean different things — someone who manages rental property can sometimes go by the title of asset manager.
For the purposes of buying and selling real estate (and the sub-plot of understanding foreclosures in the secondary market), an asset manager is neither someone who collects rent on a property or sorts out the different processes that Windows is running. An asset manager is the person that controls a bank’s REO listings and properties.
(And if you didn’t know, REO stands for Real Estate Owned — it’s the term given to properties that have gone through foreclosure, failed to sell for cash at the foreclosure auction, and reverted back to the lender.)
Now, why should you know what an asset manager is? More importantly, why should you find out who asset managers are?
Simple — they’re the people that you can negotiate with if you want to buy these properties. And because these properties come in such wildly varied states — some in good shape, some in bad; some in pricey neighborhoods, some in cheap homes; some are mansions, some are tract homes — getting in touch with an asset manager will help you zero in on the exact type of home you want, all while educating you on just what it would take to pry that home out of their hands.
How can you figure out who is an asset manager at particular bank or lender? Thanks to the internet, we’ve got a number of ways to determine these things. You can try searching on a professional networking site like LinkedIn or you can go with the more direct approach and use Jigsaw to figure out who holds that title at a specific bank.
Update: For clarification, please note that this post is designed to
help you learn who the major players are as you educate yourself on
the process. However, it's best to work with the REO agent whenever
you involve yourself in a potential transaction. Not only are REO
agents experts in bringing a deal to close, the asset managers will
probably thank you -- they're often juggling 200+ case files at once,
which means they've got a lot on their hands!
Search for foreclosure homes www.bestreohomes.comThe views published here are the opinions of the writer and are not a substitute for legal counsel.