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REO Electric CompanyREO NEWS! Bank of America (BAC) Listing agents will no longer need to sign up for or manage utility payments for  BAC properties. Safeguard Properties will be taking over the utility payment process.

Safeguard will assume responsibility for utilities on your REO properties that are rekeyed on or after the dates below. Safeguard will turn off utilities once the property is sold.

For more details, contact your BofA asset manager.

Georgia, Ohio and Texas were the first States to make the change back on April 1, 2013. Below is a list of states and dates when the change will occur:

  • June 30: Coming Soon
  • June 15: Coming Soon
  • June 1: Coming Soon
  • May 15: Alaska, California, Connecticut, Louisiana, Missouri, Virginia and West Virginia
  • May 1: Colorado, Hawaii, Illinois, Maine, Nebraska, Pennsylvania and Washington
  • April 15: Alabama, Arizona, Iowa, Michigan, New Mexico and Rhode Island
  • April 1: Georgia, Ohio and Texas


If you are a real estate agent or commercial real estate agent & wish to handle BofA’s REO properties, [ CLICK HERE ] to be learn how to apply online.

NOTE: You will need your Network password. Don’t have one? Enter your email in the “Subscribe Here” box (top right) and request a password. It’s free for Real Estate Brokers/Agents and always will be. Please allow up to 24 hours for a REO Application Network PASSWORD via email. Be patient

SOURCE: Bank of America Agent Resource Center


2 comments for “REO UTILITY CHANGE

  1. Steve Holly
    April 18, 2013 at 11:25 am

    Good morning,

    I’ve been receiving your emails and I’m trying to figure out the benefit to you? Since you market REO properties, wouldn’t you receive fewer REOs if other agents came on board with this?

    Just curious


    Steve Holly

    Sent from my iPhone. Please forgive typos….. And brevity!

    • David
      April 18, 2013 at 12:54 pm

      Opinion: The most successful agents build a network and work with others, not necessarily in the same exact market. If you out there on your own and you don’t wish to communicate with others due to possible competition you may be at a disadvantage. If you network and share ideas and build skills they will put you ahead of your competition anyway. I think the benefit of having a large network and confidence in your abilities outweigh the risk of competing agents.


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