I am seeing BPO orders surge this two weeks. I was expecting no orders due to the Thanksgiving week. Maybe a lot of agents went on vacation and I am able to get more orders. Whatever the reason, I am happy to make the extra money!
Banks are faster to respond to short sales, which is great news. I still don't know how the bailout plan will help, or hurt, homeowner trying to short sale their home. Can anyone out there shed some light? Thanks.
Kathy,
The bailout won't save everything. There are many short sales being done right now. If we, as investors can continue to work them, the banks are happy to keep the homes off their books. This is their biggest concern. This is one reason why you are seeing the surge.
I have been seeing a surge in bpos also..and it's about time banks look at shorts sales as a viable option..
It is real tough out there... :-(
I have been talking to a few people I know...who are behind in their mortgage payments and one of them was able to renegotiate their interest rate to 3% Fixed rate for 7 years and re-amortize the loan over 40 years...they are real happy about that. We are talking a house that has a $650,000 mortgage ... so that is really going to help them....But their lender said HARDLY anybody is calling to re-negotiate the original terms of the LOAN...and the Lenders are Open to it...so that could be GOOD news... I really HATE to see people lose their homes....it is really sad...
I have seen a surge, but it seems to go in waves. I get alot, then things slow down. I have never figured out the rhyme or reason to it.
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