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foreclosures: GSE's Don't Use GPS, Mapquest, or Maps For That Matter - 10/04/11 07:17 PM
It appears as though technology has escaped our Government Service Enterprise vendors at Fannie Mae, Freddie Mac, and HUD. Why are they still by passing qualified Brokers & Agents that would do a far superior job servicing their REO's in favor of Brokers and Agents from over an hour from the property? Yet their spokesman and women tell us all at 5 Star, REO Insider, AREAA/NAHREP, REOMAC, etc conferences that they do not allow listing agents to be more than 10 miles from the property and promise to add more qualified agents to their selection process only to have us fill out countless applications … (1 comments)
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foreclosures: Is The Government Stealing Our Equity? - 09/17/11 09:21 AM
Recent reports put the shadow inventory of foreclosures at near 6 Million units. Of those the Governments Service Enterprises Fannie Mae, Freddie Mac, HUD, and alike own approximately 48% of those foreclosures.
What I have seen in the past 30 days is alarming. Those houses are flooding on to the market at between 20-30% below the last sold comparable in the same neighborhood. They are not trashed beat up fixers. On the contrary if they are in poor condition these agencies are hiring contractors to put in new appliances, carpet, paint, and do many other repairs to meet minimum FHA … (2 comments)
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foreclosures: Fannie Mae has over 160,000 REO's - 03/19/11 05:36 PM
Fannie Mae has over 160,000backlog of REO Inventory
"Fannie Mae repossessed more than 262,000 single-family homes nationally last year, and as of Dec. 31, its inventory of single-family REOs was almost 163,000". Source RIS Media 3-19=11
Many agents ask me if there is really a shadow inventory of REO properties being held back. If Fannie Mae has over 160,000 how many do you think Freddie, Ginnie, and HUD have? Now add all those in the lenders and investors inventory and we are looking at 3-5 more years no matter if defaults fall off to zero, which is not going to happen … (3 comments)
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foreclosures: Bank of America Back in Foreclosure Mode - 12/10/10 10:14 PM
Bank of America Back in Foreclosure Mode
While Fannie Mae and Freddie Mac take the holidays off the second largest lender servicing over 500 investors along with their own REO portfolio who pulled out all the stops to stall the foreclosure procedure are now back in the game. No surprises here. Mystery solved in AZ, CA, NV, OR where they ceased foreclosures in non-judicial states during the so called MERS/Robosigning controversy. Why? There is still so much dual shadow inventory they can hardly keep up. It also makes the numbers look better to wall street and main street both when there appears to be a drop … (3 comments)
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foreclosures: NEW NUMBERS DO LIE - 06/17/10 10:25 AM
Many blogs are now being written about the dip in foreclosure numbers in hardest hit states like California, Florida, Arizona, and Nevada. Problem is that sometimes the numbers do lie. Sure the amount of properties canceled (postponed) in California have risen due to all the government intervention. Does not mean these will not become foreclosures in the next 90-120 days? Not from what the history I have tracked.
The thing that smacked me in the face two days ago while searching the new listings in my MLS was that of the 14 new listings, 11 were either HUD, FANNIE, or FREDDIE. … (3 comments)
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foreclosures: WHAT THE H WILL THE GOVERNMENT THINK OF NEXT - 05/25/10 10:57 AM
HOPE, HAMP, HARP, HAFA, maybe HAHA is next. I know I should not be saying I TOLD YOU SO, but.....HAMP just cancelled 80% of all the applications in their pipeline. Loan Modifications are not working. A majority of the borrowers were either under qualified for the program or were just trying to use the program to stall foreclosure. In addition is was reported that over 60% of the permanent modifications re-defaulted within 60 days. A bad debt is a bad debt after all.
I have written several blogs on these so called government interventions. My feelings remain the same. The congress … (1 comments)
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foreclosures: HAFA Foreclosure Alternative..Maybe? Maybe Not - 04/05/10 10:11 AM
HAFA Foreclosure Alternative...Maybe? Maybe Not
Originally Posted on my Silver Lining Workshops Blog on AR.
I recently attended NAR and REBAC's SFR Designation Course to learn more about Short Sales and Foreclosures which was what they advertised in their flier for the course through a local Association of REALTORS. While the instructor was very well versed at reading the Power Point and discussing the materials I must say if I was a new agent I would not have a clue as to how these segments of our business actually worked. Nothing wrong with attending this course as an elective and getting … (3 comments)
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foreclosures: TALE OF TWO FORECLOSURES - 01/31/10 09:14 AM
TALE OF TWO FORECLOSURES:
This past week I had two assignments from one of my REO lenders in the same neighborhood. Both homes had gone through the complete foreclosure process. When I contacted each of the prior mortgagors they both said that they had attempted a loan modification. Attention Federal Government loan mods are a dismal failure! Here are their completely different ways of dealing with a bad situation.
OWNER #1:
We tried to do a loan modification but my business has dropped off to nothing and they told us we did not qualify due to lack of income. The only good thing is that … (0 comments)
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foreclosures: REO AGENTS BEWARE...Buyers are up in arms! - 09/13/09 06:32 PM
If you are one of the big gun REO listing agents that are not returning buyers agents calls, not submitting outside agents offers, not marking your properties pending or at minimum using the MLS to alert cooperating agents that the property has offers accepted subject to ratified contracts, removing keys or not placing them in the lockbox in the first place, or any of the other completely unethical practices we are now seeing out here...BEWARE we have long memories and so do the buyers. We also have boards and associations that have professional standards panels that would love nothing more than to … (7 comments)
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foreclosures: HE WHO GIVES BUSINESS GETS BUSINESS - 08/17/07 08:09 AM
The longer I am in this business the more I am amazed at the big guys that make big mistakes. I just saw that Countrywide has taken a 11.5 Million dollar bail out loan to protect their assets and avoid bankruptcy. Ok so far, but wait, the next sentence said that they will sell their REO's through auctions and not use real estate agents. Well I don't know about you but I certainly will consider that when I assist my clients in looking for a loan in the future. As you all know we have been instructed to give the clients a list of at … (3 comments)
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C J Johnson, Broker Owner-REO Manager CRS, ABR, SFR, NCHS, CBRS
Tehachapi,
CA
More about me…
Directors Realty
Office Phone: (800) 257-3557
Cell Phone: (661) 972-4401
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