reo: REO, Foreclosed Properties. Slowing down?
- 06/08/09 05:37 AM
The REO listings seems to have slowed WAY up and/or almost stopped. I'm guessing the banks are trying to work out loan modifications and/or short sales more and more. I keep hearing there are a large amount of foreclosed homes waiting to come into the market, in the area where our office is located. At first I heard it would be the first part of May, then it was the middle of May. Then it was June 1st. Still nothing. I received a couple of homes but both are still occupied and it will take 60 to 90 days before they become … (3 comments)
reo: REO, Foreclosure from Washington Mutual, now Chase
- 06/05/09 10:47 AM
If I could have one wish......just one wish, it would be that someone from Washington Mutual, now Chase would call my office from their REO division. Someone that I could tell the following completely 100% true story to. Someone that could make a difference. A senior manager. I will make this as short and too the point as possible. In December 2008, about 6 months ago, I got a listing from an asset management company. A nice home, a higher end home, move-in condition. This house was listed at $1,500,000 just a couple years ago. When I got it, it was … (1 comments)
reo: REO, Foreclosed Properties and Email
- 05/13/09 05:15 AM
I'm curious as to what others think about people that use YAHOO, HOTMAIL, GMAIL, or other on-line free email accounts for their business. Personally, I really think it is UN-PROFESSIONAL to use a YAHOO, GMAIL, HOTMAIL or another of these free accounts as your business email. I have my email set up to automatically direct any email I receive from one of these accounts into my junk file. I do look at it once in a while but for the most part, they get deleted everyday. 99% of the junk I get (SPAM) comes from these type of accounts. I get about 200 … (1 comments)
reo: REO and Foreclosed Properties - Out of area agents.
- 04/19/09 06:50 AM
Our office has not had a new REO listing in about 2 months. A headline I just read states "FORECLOSURE NOTICES SOAR, FORECLOSURE SALES DROP". Interesting. I have noticed that many REO listings in our area (OAKHURST, COARSEGOLD, MARIPOSA, BASS LAKE, AHWAHNEE, RAYMOND, etc.) are now being assigned to agents from out of the area. This is very common with Fannie Mae and Freddie Mac properties. The agents typically come from Fresno, Madera, or Merced, some 40 to 80 miles away. Some things that are common with the agents that receive assignments for our local area: 1) Many of these agents DO NOT place the … (7 comments)
reo: REO Companies, Asset Management Companies, etc.
- 06/02/08 06:46 AM
Here is something new. I have been selling REO's for quite a while now. And for many different companies. But one company recently gave me a task and I said "no more". The asset management company assigned me a property. I sent my crew to do the trashout and paid them their $500 and submitted my invoice for reimbursement. Then we did the interior clean. I paid them and sought reimbursement. Same with the yard care. Etc., etc. So then this asset management asks me to get "2 bids to remodel the kitchen, paint the interior, replace the flooring, etc., etc. … (55 comments)
reo: REO/Foreclosure business continues to be good.
- 04/08/08 01:01 PM
You know what most people first say to me when I tell them I sell forclosed homes? They ask, "don't you feel sorry for the people that lost their homes"? Of course I do. I would not wish that on anyone in this life. But.....let me say this. Almost every single home that I have been able to learn the history on the prior owner tells me two things. #1 is they had nothing (no money) into the home. They took out a 100% or more loan and simply walked away with nothing much to loose. A big "ding" on their credit … (4 comments)
reo: Foreclosures/REO's/Foreclosed Properties and the current market.
- 01/25/08 01:31 PM
It's been a while since I have had time to write much of anything. In the month of January I got married. I started my own real estate company, REO Properties in Oakhurst, CA. It snowed and our truck is stuck in the driveway right now! That's another story. Anyways.....I decided to stop giving away a part of my commission to my business partner since I was doing 100% of the work and I was already a broker myself. The only reason I went to work with him in the first place was I thought I'd market one or two properties and … (3 comments)
reo: Trashouts at foreclosed properties
- 11/27/07 01:59 PM
Recently I have seen some real interesting properties. It's amazing what people leave behind when they loose their home. I've seen more than one pool table. Several spa's. Homes full of furniture, pots, pans, dishes, etc. What I'm seeing is the lenders and banks are being extremely generous in giving people time to remove all their personal items. Some people take everything out quickly while others just walk away from everything. Recently I was retained to market a very nice property. It was nearly a million dollar home a few years ago which for this area is on the high end of value. The … (12 comments)
reo: Foreclosure and REO's.
- 11/27/07 01:32 PM
Sorry for not writing anything lately but I have been so busy I just have not had any time. I currently have over 20 active listings, all foreclosed properties and up to 4 in escrow at any given time. Plus I'm still doing 1 or 2 appraisals per week. And all the BPO's and inspections, and etc., etc. Busy is good. I usually start around 8 am and often find myself working until 7 or 8 pm at night and I have been working on the weekends too. On December 6th, I'm going to be the guest speaker at our local … (3 comments)
reo: REO & Foreclosure with Wells Fargo
- 07/01/07 03:21 AM
I enjoy working with Wells Fargo and doing REO listings for them. Everything is done through their Internet portal and their system is very good. Doing REO's is a lot of work and sometimes I wonder why I like doing them. As an REO agent, you have to "front" a lot of your own money and then you get reimbursed, usually within 30 to 45 days. You need to put the utilities in your own name or your business name. You generally don't make as much commission as you would on a "normal" listing. You also need to pay for and … (13 comments)
The REO listings seems to have slowed WAY up and/or almost stopped. I'm guessing the banks are trying to work out loan modifications and/or short sales more and more.
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