This is a HUGE market and I am looking for your comments on what has worked and not worked to share with the Active Rain community. I have worked with one lender on REO's for 6 years and am seriously considering gearing up to do more. I have done 3 short sales and have 2 pending.
At this time I  am doing loss mitigation work for Titanium solutions. Not much pay on this but I have helped some folks re-cast their loans and save $$$. There are not many short sales or REO's in my market areas of Clintonville or Worthington; however, part of Northand in zip code 43224 and the Ohio State University area, zip codes 43202 and 43201, have lots of foreclosures. How about you?
Merry Christmas!!!-

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12 Comments on Have you done any short sales, loss mitigation or REO work in 2007?

DEC
24
2007
381,187 Points 2 Featured Posts Outside Blog Attended Rain Camp
Merry Christmas Joe.  I haven't done any short sales.  My broker has done at least one.  I currently have three buyers with accepted offers.  I'm not complaining.
8:13am • #1
7 Featured Posts
I live near Bakersfield California which is the second highest foreclosure area in California after Stockton.  About 30 days ago I decided to get back into the foreclosure business since I had done quite a bit of it in the 90's.  I now have five saleable listings from two lenders, one open escrow, and am now doing an average of 4 BPO's a day for pay and future business.  My advise is that if there is a foreclosure market in your area JUMP IN.  Merry Chirstmas Eve.
8:15am • #2
I am in the middle of doing one short sale. How did you get hooked up with the lender??
Pat
8:17am • #3
864,014 Points 5 Featured Posts Hit Router Called Shot Master
Pat
I just googled the ledner, got their loss mitigation department and sent them the contract, a projected HUD-1, a hardship letter and financial statement from-the buyer
Good luck
8:28am • #4

Joe,

2007 completed around 13 or so, landed a bank contract along the way. Best advice I can give in a few words  is 'stay persistant and never give up until it's over'.    ..............................................................Joe, you will find our short sale foreclosure and bankruptcy group helpful, i suggest you join it, articles and discussions happen every week, Best of luck for 2008 Chris Giddings  http://activerain.com/groups/Distressed

 
8:30am • #5
Joe, Because our Bradenton, Florida market is one of the leading foreclosure markets in the US I am now specializing in Short Sales.  I belong to a few short sale groups here on Active Rain.  I have added you as an associate and subscribed to your blog.
8:35am • #6
864,014 Points 5 Featured Posts Hit Router Called Shot Master

Wow di d I hit on a hot topic! ^ comments in 20  minutes on Christmas Eve.

 

I have joined the short sale and foreclosure group!
8:40am • #7
105,259 Points 1 Featured Post
Joe, I am an Escrow officer here in Austin Texas... I close about 4-5 short sales a month.  They are alot of work but I started closing them around a year ago... I just picked up another agent last week that had two short sale listings and turned them into me.  I was able to direct him on the process of short sales I guess you could say I have become an expert, accidently.. :)
10:18am • #8
2 Featured Posts

I do only REO in upstate New York and would rather do REO than regular sales.  Just my opinion but the banks do not play games like regular buyers.  However most of the major lenders are not accepting new agents as many agents have switched sides over the past year.  You will most likey have a problem getting into any of the majors.
10:30am • #9
864,014 Points 5 Featured Posts Hit Router Called Shot Master

Tana and Jeff

 

Thanks for your good points I think this is an area we will be in for 2-4 years so we need to be equipped to dothe business
11:32am • #10
105,259 Points 1 Featured Post
Thats what I am thinking... Most people don't want to mess with Short Sales but I'm getting a fair amount of business from them....and as far as short sales go... Practice makes perfect....
11:58am • #11
JUL
16
2009
864,014 Points 5 Featured Posts Hit Router Called Shot Master

This is a real esate Blog not a Patio furniture Blog.....

 

This is the 3rd message I have received this week on my blog that has NOTHING TO  do with real estate

 

any one else getting this crap?
7:59am • #12


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Joe Jackson

Columbus, OH

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Keller Williams Capital Partners Realty

Address: 100 E Wilson Bridge Rd , suite 100, Worthington, OH, 43085

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