If you have been watching with anticipation the "rumored" release of REO's and Foreclosures, apparently you don't have to wait any longer.
Fannie Mae and Freddie Mac - the two GSE's - Government Sponsored Entities, have finished with their hold on the Foreclosure and REO inventory. The loans have been reworked or in process staging them for Loan Modification. But if that does not work out - they will be returned to Active Foreclosure Inventory and placed back onto the Market for sale.
However, remember this - that is not dealing with the Negative Amortization products or the Adjustable Rate Mortgages - those are Future Issues!
Citi Bank and Other large banks followed suit and explained that they have started once again with Business as usual with regard to the Foreclosures and REO inventory.
What does that mean? - we are going see the inventory start to increase once again - and for Southern California, that will be a blessing. Inventory out here has been anything but desirable. This agent is surprised that there has not been more acts of aggression when the multitude of buyers have had their offers rejected.
Strange days are upon us - but to bring this news tidbit full circle - if you do not have quality Real Estate Representation - you might want to re-think your position and find someone that is in your corner, and your corner alone.
If you are a hunter of the Listing Agents only - then you should consider this. Where is the Contract in that Relationship. While you are inquiring, the Listing Agent is under contract with the Seller. But not under contract with you. Can you say "Where is the Loyalty of the Listing Agent?" (Seller me thinks).
The banks with which we work are not too keen on us representing the buyer as well. But maybe that is just the banks we are working with. But I am up front with this in what I write and when folks call that are the hunters of the Listing Agents exclusively.
Others will have different spins on what I just spoke about - That is GREAT, you cannot go too far in life and especially in Real Estate without getting a bit dirty.
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