listings: Asset Management Companies are jumping on the Short Sale "Bandwagon"!
- 12/02/09 04:28 PM
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 … (7 comments)
listings: WHY NOT USE LOCAL TITLE AND ESCROW COMPANIES ON REO's?
- 11/18/08 08:54 AM
Why not use local title and escrow companies, I've been listing REO's for a while now and one thing I still don't get. If my local escrow company will match the discounted price of the lender's preferred company, why not use a local company? Price would be the same to the seller. The local company has people that we have dealt with successfully before. Much quicker movement of paperwork, deposit checks, etc. Saves more money by not having to Fed-Ex paperwork overnight. Keeps the local economy alive. Here's one scenario: My last buyer lived in Santa Barbara,CA; was purchasing a property … (9 comments)
listings: Appraisal VS. BPO
- 07/12/08 12:32 PM
Pricing of REO properties is critical if the bank is seriously trying to get it sold in 30 days. This statement may seem obvious to those of us in the business but it's not as easy as one might think. When a Lender assigns a property, one of the first tasks to perform is a Broker Price Opinion or BPO. This requires pulling comps in the area of both listed and sold properties and coming up with an opinion of value. This is a full BPO with interior and exterior photos. The agents need to take into account any repairs the property may need and … (16 comments)
listings: What is an REO finder? and other thoughts.
- 07/03/08 06:17 PM
A finder is an outsource company for a lender. Some of the larger lenders use finders to manage their REO assets. In my experience I have received listings in two ways. Either I'm engaged by the lender or I'm engaged by a finder. The finder is an independent asset management company that the lender outsources properties to. The reason they do this, is that right now some of their asset managers have 400 properties in their portfolios. They simply can't handle the workload so they "farm out" some of the business. If you are an approved agent with one of these … (1 comments)
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Rudy Detgen
Realtor, Real Estate Agent, Homes, REO - Moorpark,...
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.
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