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R.E.O Market Growing ever Bigger!

Here's evidence of where the R.E.O Market is going.

FAS (Field Asset Services) is a REO maintenance and service provider for many Lending institutions. Their main focus is to increase their return on defaulted properties sold for their clients.

Recently, they've just added new clients like Fannie Mae, Indy Mac and Keystone to their list of service providers. They are based out of Texas, but services extend Nationwide.

Well, I've read they are moving from a 23,000 sq.ft. building to a 40,000 sq.ft. building and they are expected to hire another 100 members to their staff!

If this doesn't make us aware as to where the economy is headed and the state of the Lending industry, what will???

Lenders are going under by the second, Many business all over our nation are perishing and yet (FAS) is at the height of their business growth.

Hold onto your seats, this is going to get worse before it gets better!

Posted by Clark Garrison, "LOAN MODIFICATIONS" on 03/19/2008 03:23 PM

Comments (28)

short sales, reo, foreclosure, fas, mortgages, lending institution

Post is included in group: Investors
Post is included in group: REO
Post is included in group: Foreclosure Talk
Post is included in group: Short Sales Specialists
Post is included in group: Short Sales Pre Foreclosures Bankruptcy and More!

28 Comments on R.E.O Market Growing ever Bigger!

MAR

2008

Mr. Short Sale, all I can say is YUCK! Please oh please let this pass and pass quickly.

MAR

2008

If only it would Gena. Perhaps we'll all wake up to find out it was all a dream...

MAR

2008

I've had this sinking suspicion that the lending market is due for another wrong turn...scary stuff.

there's almost no way to avoid it, i'm afraid! Thanks for the comment Chelle

There is an old saying that keeps up to its word, It's going to get a lot worse before it gets better.

Gary your famous quote rings true to its origin!

MAR

2008

Well, thanks! Now you're going to have to pull me out of the pit of despair!!

Let's look on the bright side, here. It couldn't POSSIBLY be a better time to be a buyer's agent! Go out and spread the word that it's a fabulous time to BUY!

Once we get this inventory grabbed up we'll all be better off. Let you advertising be a major CALL TO ACTION!! NOW is the time to BUY !

Don't get me wrong Jacki/Jerry, I am buying REO's myself each month. this is the best time to buy!

I would agree with you that if you are in any position to buy real estate now is so the time. But it will only get better for the buyer so just keep buying.

What a crazy fact! I believe it will be a bumpy ride for awhile. You have a great blog too - I'm glad that you found mine cuz I'm happy to mark yours on my page.

Thanks Lindsey! It's sure to be a bumpy ride indeed! :-(

MAR

2008

It is very interesting to look at the preservation companies out there to predict the future of the REO business.

I think it is really CRAZY the the National Governement and State Governements are NOT RAISING THE AWARENESS of ALL the help that there really is out there for these troubles homeowners! We are doing seminars every week and one on one counseling too to SHOW people how to save their home!!!! There were 7,000 foreclosures in GA in Feb and only 2,500 sold in Feb!!!!!

The market conditions are not getting better and the Gov. is not into awareness. It' going to be up to us to educate the public on their options...

APR

2008

I have a client who is a tenant caught up in one of the foreclosure nightmares. She has been contacted by Field Asset Services. Would you mind explaining to me what this company does for tenants who are currently living in a property that is in foreclosure. It would be greatly appreciated.

NOV

2008

my concern with a company like FAS growing so fast is that there is almost no control over the field contractors in the local markets. i deal with Indymac and they use FAS and they have performed a few questionable repairs for a property. i hope that someone monitors this at both the bank end and FAS so that there is no unnecessary repair work being billed to the banks.

NOV

2008

Mark,

In complete agreement with you. I think that this must be chanalized through local companies which may monitor closely these tasks.

NOV

2008

The scary thing is that they are getting bigger, this is by far the worst field service company that i have has the "pleasure" of working with.

The problem is that banks are shutting the doors and the banks that are left are outsourcing more and more so companies like this are expanding because they are the "experts". This trend will contiune until we are though the issues with supprime loans and the increases in the unemployement and also people having their pay reduced when they change jobs.

NOV

2008

DEC

2008

Well if this is an indication that REO's will be with awhile, I guess some of us might as well step up and do our part to help. Thanks for the tip on this new service that's growing. Here's to everyones success.

DEC

2008

DEC

I agree - there's always an opportunity!

DEC

Yes, I agree it will get worse before it will get better.

Kind or scary. I really fear that more REO will lead to more negative equity for many homeowners, which will then lead to more REO, talk about a vicious circle.

JAN

I agree with you completely! Its time to ride the wave of REOs until we get back to a real estate market that has a more attainable valuation for our current economic state. Instead of fighting it, you might want to check out a few resources at <a href="http://www.reoleadsource.com">www.REOleadSource.com</a>.

JAN

I agree they are going to continue to be around for a while, I have been listing REO properties for over 3 years and each year the number of assignements keeps climbing.

MAR

Hey, great news for me! I should see my business expand! I love REO's...

MAR

Yes, I believe we have not even seen the 'crest' of the foreclosure market yet...People are still trying to use credit cards and what's left in the 401K to pay their mortgages...even when some homeowners should just give up....

The other aspect of REOs is that about 20% of the agents are listing 100% of the properties...how does this work? Moreover, I think REO sales are where the action is at! Over 50% of all Broward County sales in Fort Lauderdale are REOs or short sales (however, about 1 out of every 3.5 short sale actually closes)!!

JUN

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