We've all heard about "Phantom Inventory" and the next "Wave" of foreclosures and subsequent REO's, but right now Short Sales are the thing. In my Market, they're everywhere.
About six months ago we saw a slowdown in REO's due to loan modifications, moratoriums and Short Sales. I sent query letters to all of the asset management companies that I work for to see what their thoughts were about managing Short Sales. I received a mixed review. Mostly comments like,"we've considered handling Short Sales but are not currently interested, thank you for your foresight".
Well, things are starting to change.
Finally......... at least one progressive asset management company IS MANAGING SHORT SALES!
Check out PMH Financial's new site! http://www.shortsaleapproval.com/index.html
I applaud them for being a progressive company. It is a natural transition for them, and I think we all need to catch the current wave, Short Sales.
As far as that Phantom Inventory goes, who knows..........I think we'll be ready though.
Rudy
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