The Hasson Company's Buccola Group Plays Major Role in Selling REO Properties

Portland, Oregon June 30, 2010 – Although recent reports show the housing market beginning to stabilize nationally, residential foreclosure rates in Oregon increased 2.58 percent from a year ago. RealtyTrac, an Irvine, California-based company that tracks foreclosure activity, reported that one in every 517 housing units in Oregon received a foreclosure filing in May, totaling 3,146 for the month and 19,176 year to date.

Real Estate Owned properties (REOs) that have been foreclosed on and taken back by banks or other financial institutions have had a major affect on local real estate markets. Yard signs displaying "Bank Owned" banners are becoming more and more common as the backlog builds from multiple years of a slow housing market and record numbers of foreclosures.

The Buccola Group, led by Gene Buccola with the Hasson Company, developed a strategy to sell these properties in a timely and effective manner as the crisis unfolded. They have closed $60 million in REO property transactions in the last 2.5 years. Gene Buccola, personally, has sold 3000 properties throughout his career. "Knowing the current market is important, but knowing where it is going is also important," says Buccola. "We saw some similarities with the early 80's real estate market and are using that knowledge to navigate today's market".

Buccola's expertise goes beyond residential housing. The group has closed numerous transactions on land, commercial and industrial properties, and multi-family buildings. Public records show that Buccola represented the seller of Awbrey Pines Apartments, one of the largest commercial sales in the past 24 months in Deschutes County, at a sales price of $6,250,000. "We are a resource in the region with national ties that helps the smaller banks deal with a huge problem. The troubled assets are a drain on financial institutions and local communities," said Buccola. "We know the responsibilities involved in being the eyes and ears' for lending organizations. Our team has the local expertise that financial institutions rely on to get REO properties sold as quickly as possible."

A real estate professional for 32 years, Buccola and his team Ryan, Tim, and Cande Buccola, Kelley Solberg, Gail Milton, Catherine Scanland, Kira Bailey, and Jim Cihak have worked with a number of financial firms over the years and understand how to carefully manage the many details of third-party sales like REOs. In addition, Kelley is dual-licensed in California and Oregon, Ryan is licensed in Washington, and they have added a broker in Idaho. Leveraging these relationships, The Buccola Group is able to expand their marketing throughout the Northwest region of the United States.

Having worked with hundreds of REOs for over 30 years since beginning his career in 1978 in Corvallis, Ore., Buccola has assisted individuals and families in the purchase and corporations in the liquidation of REO properties.

About Hasson Company Realtors

Beginning in 1983 with 32 agents based in Lake Oswego, Ore., The Hasson Company today is the Pacific Northwest's leading independent real estate brokerage with 265 real estate agents who closed in excess of $1.1 billion in residential real estate throughout Oregon and Southwest Washington in 2008. Hasson Company Realtors ranks No. 1 in the Pacific Northwest for the highest average sales volume per agent, according to the 2009 RISMedia Power Broker Report.

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For all press inquiries, please contact:
Anya Rosenfield, Marketing Director
Hasson Company Realtors
Phone: 503.534.1514
Email: anya@hasson.com