About Us – Overview
COMPASS REO INC. is a minority, woman-owned business dedicated to the listing and sale of traditional real estate and the management and sale of REO properties. Owned and operated by Marisa Barragan, the company has over a decade of experience handling any and all facets of the REO industry and 25 years of general residential real estate experience.
Compass REO Inc. has become known for providing assistance to troubled homeowners looking for advice on their real estate needs. We proudly support and donate to The Make a Wish Foundation, St. Therese Catholic Church and various local schools.
311 N Locust St
Suite Number 2
Aurora, IL 60506
Our office is located on the second floor of 311 N Locust Street. The door on the left side of the building closest to the rear will give you access. There is usually plenty of free street parking on Locust Street and West Park Avenue.
About – REO
Among our REO priorities, keeping all of our assigned properties safe, secure, and clean are at the top of our list. Through our repeated experience with the foreclosure process we have established a firm understanding of all of its aspects including completion of exterior and interior BPOs, negotiations with occupants and the enforcement of evictions. We oversee every step of the process from preliminary assignment to funding and closing. Along with a personal evaluation of every property, we provide direct communication with designated banks and handle all negotiations.
Given the complex nature of the REO business, we have made it a priority to continually adapt our procedures and best practices to ensure our success as an REO brokerage. As supervising broker, Marisa Barragan oversees all departments and makes it a point to personally carry out initial inspections of all properties under our management.
Weekly inspections are performed on a rotating basis with the assistance of sales agents on staff from that point onward. It is vital for each member of the Compass REO team to have an in depth knowledge of each of our listings so that we can collaborate to design the best marketing plan for every home.
Along the years we have developed strong working relationships with a variety of local vendors and independent contractors that are kept on call at all times to handle all REO needs from winterization and snow removal to property preservation and full landscape maintenance. We recognize how crucial their expertise is for the sale of these types of homes and because the properties we sell are expected to be maintained, it is the firm belief of COMPASS REO that passersby and neighbors should never be able to discern an REO property by its appearance.
INTERESTED IN LEARNING MORE ABOUT REO? UNLOCK A WHOLE NEW WORLD OF HOMEBUYING AND INVESTMENT OPPORTUNITIES BY CONTACTING COMPASS REO INC. TODAY!
FREQUENTLY ASKED QUESTIONS (FAQ)
What does REO mean/stand for?
“REO” stands for Real Estate Owned. When a property has been reclaimed by the bank or government agency which financed their mortgage after failing to sell at a real estate auction it becomes an REO. Other terms that are commonly used for these types of properties include: foreclosure, bank owned, and lender owned.
Is COMPASS REO a typical Real Estate agency?
Yes! Our company is a Residential Real Estate brokerage but with the added benefit of a specialization in listing and selling REO properties for various banks and the U.S. Department of Housing and Urban Development (HUD). We work with ALL types of residential real estate buyers and sellers and we also have a strong pool of cash buyer investors/investment companies that we work with regularly.