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Next REO Wave

Inventory seems to be drying up and yet, there is so many NOD's being filed. When is this next wave coming??? I keep hearing May/June.

A REO agent with out any listings is like a painter without a paint brush.

-Kim

Posted by KIM WHITE on 05/08/2009 06:16 PM

Comments (20)

20 Comments on Next REO Wave

MAY

thats what everyone is claiming that we will get a new wave of REO listing, its quiet now because of the hold from the federal goverment in Washinton, but in CA the governer is talking about another extention

MAY

Hi Kim,

I am down on REO listings as well. One asset manager that I have worked with before told me that the "flood gates" were going to open after the "hold" was removed. I have yet to see this new wave of activity.

I have been doing more BPO work these last couple of weeks, and you're right about the amount of NOD's being recorded.

I'm kind of enjoying the lull, I hope if/when this new wave of properties hits, they don't all hit at the same time!

Meanwhile I would encourage everyone to stay in contact with your AM's and stay sharp.

Rudy

Hey Rudy... It's been awhile. I'm ready 4 the rush. I work best under pressure. I miss the late night of being @ the office until 2:30am and back in the office by 6:30am. 2 me that's when real estate is fun. I keep trying 2 get more certifications hoping 2 impress some1 when its time. I 2 have been doing BPO's. I keep hoping they are asking me cuz they are getting ready....and they will give me the listing later. I love a few of those price points. I'm bored right now and my highlight 2day was negotiating my assistant's offer for a house and getting it accepted in 10 minutes...lol...so true. Alls I know is real estate....I WANT MORE....its my life :)

MAY

Hey guys.....I'm just geting into the game. A few agents here have given me some help. And Kim I sure appreciate the list you sent. Seems like everything sold fast here..........waiting for the next batch.

MAY

I am so sorry for that...........how did that happen????/

MAY

Thanks to the new administration and so many problems with the mortgage industry, there continue to be delays. We beleive there will be a new wave in June based on our Asset manager's current bundle load. Also keep in mind that this past week Banks were forced into the Landlord/Tenant Business by the Obama Administration! Good intentions create yet another roadblock to liquidation of inventory.
http://www.azstarnet.com/allheadlines/294263.php

JUN

The mortgage mess was artificially created and is being artificially managed. REO agents need to be ready to re-tool at any time. Short sales, loan mods, investor/buyers, 1st time buyers, etc. Whether the next wave is fast or slow and steady, we all need to be ready to respond quickly in order to thrive is this ever changing market.

JUL

I believe the wave is here. Eight new listing assignments in the past two weeks. If it isn't the wave, I'm going to need a bigger boat.

AUG

Kim,

I received an e-mail from a repitable company a few days ago with a request on over 5,500 BPO's for just their company in Northern California alone. The e-mail went out to all BPO agents in our areas. This company usually only sends out a request once in a while. So this will tell you that something is about to happen... As an REO agent I am sure you know how many BPO companies there are out there! Do the math ;-)

Doing BPO's is a smart way 2 get in w/companies that have the assets. Just make sure that if ur doing the BPO...ur following up 4 the REO biz as well. U already have a contact by the requesting person. Ask 'em how 2 get in and what needs 2 b done 2 start getting the listings. U will find some companies have a certain # of BPO's u need 2 complete 4 their company b4 u can be assigned assets. Work the biz...don't let the biz work u!!!! Extra $$$ 4 BPO's is good and it keeps u up on the market trends. Yet, we are all want the "account". So follow up...follow up...follow up!!!! Consistency is the key factor 2 success!!!! Kim White

AUG

I am in Concord, California. Would anybody share their Asset Managers contact, pls.? I had signed up with 100 lenders, paid some to companies, but not even one listing or BPO. Your help would be appreciated. Remember, when you do good things, it comes back to you double. Thanks

AUG

July was supposedly one of the highest months of record for foreclosure filings. Expect to see this wave start hitting this Winter 2009.

OCT

We are still waiting. I do not think the banks will flood the market. It is not in their best interests.

OCT

Hello Everyone, I just joined and am from Michigan. I do see the reo biz start to pick up but not to the extent that I thought it would. I just came back from the 5 star and we are in for a lot of short sales and property management on reo properties. The interest rates are supposed to go into double digits. Anyone going to REOMAC?

OCT

Hey Girl!

Seeing any activity yet???

We're still pretty dead out here in Simi Valley/Moorpark.

Moorpark currently has around 20 REO's and 14 of them are under contract.

Rudy

Heeeeelllllooooo my Rockstar REO agents. Time to put on a new hat and change with the market!!! REO's are still in the pipeline! Yet, the government's first press is to try to save these homes with modifications or sell as short sales. I encourage all of you not to keep one toe in the REO market but to start moving towards getting Short Sales listings. Banks are now getting incentive money on the back end for every short sale they close. It is becoming easier to get these deals approved. Offer to do a few loan mods for free. Often times these will turn into short sales as they can't qualify for the MHA (making homes affordable program).

Good luck to you all and make sure you keep me updated on your success!

Kim White

I still am not seeing many REO properties up for sale. I only have 5 potenial listings coming up and 3 pending. Not enough!!! So, I am doing short sales and so far the banks are forgiving the debt. I also signed up with a company that is supposed to give me REO listings with tenants in the home. They have predicted to keep me busy by mid December, we will see!!!

Awesome! Would u mind sending me an email of the company u signed up w/4 REO's w/tenants?

NOV

Hi Kim,

I remember writing query letters to all of the asset management companies that I work with about managing Short Sale transactions. At the time they told me that there had been some discussion and thanked me for my foresight, but they were not considering doing any Short Sales at that time.

Funny how things change! Now less than six months after I queried them, I've received a query letter back asking if I would be interested in doing Short Sales. They also wanted to know if I was interested in Loss Mitigation. I just thought it would be a logical thing for an asset management company to do. With moratoriums, loan modifications, and Short Sales, their business has to be suffering. If the banks are overwhelmed, and they are "farming out" their REO sales anyway, why not farm out the Short Sales?

There are several policies out there now regarding Tenants staying in the property while being sold as REO. It is an option given to Tenants only, not prior owner of record.The ones I've seen are on Fannie Mae owned properties. Just a guess but I'll bet Freddie Mack is offering the same thing.

Who ever thought we'd all be fighting over Short Sale listings. I remember going through our broker's training classes and being told to avoid Short Sales. Now the managers are all for it.

Rudy

NOV

Though I am not an agent (property preservation technician), I have seen many new properties come on to the market. We are working at least ten initials (initial secures) on new REO properties a week. The asset manager I work for sees probably 200 throughout TN monthly.

I think the new wave that everyone is talking about is not going to be a flood, but it will be a very nice flow. I think also that alot of what will be seen will come from the commercial sector. Bank closings are holding up quite a bit. That paperwork still has to be shuffled before we see it on the market.

All of you who hadnt yet signed up with Asset managers, I would advise you do that. www.biggerpockets.com has a decent listing of them for free. Also Google asset managers.

See you next time

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