The Moratorium
Well it was officially over at the end of March and things still are not where they should be (REO Listings wise). I know this is older news but I wanted to wait a few weeks to see if I noticed a change in the inventory. Just stay patient and these REO listings will come eventually. I have been tracking the auction properties to determine how many properties were either postponed, sold 3rd Party, & which ones reverted back the bank. The numbers are just as high as they have ever been for Banks taking back the property at auction. So what are the banks doing with this stacking inventory??
There will be a burst of properties that hit the market but there will be an attempt to stagger these waves. Anybody knows for the last four months it’s been nothing less than horrible for trying to obtain new REO business. The only ones who were getting anything were agents that already been established. So don’t panic if you have been busting your butt out there to get REO work and it’s not happening. Things will get better and all you have to do is keep grinding away and pushing forward.
When these properties finally do hit the market, the first one’s that will benefit from this will be of course the already working agents. Shortly thereafter, the abundance of REO’s will be even too great for all those agents to manage all of the properties. It will be the rookies that then will get first stab at their very first listing. Once you do get your first property, impress the asset manager with your best work possible and continue to do so.
It’s going to be a hot summer and you better believe that it’s gonna rain REO’s. Keep getting your name out there, call these asset managers, and think outside the box. It will happen for you if you remain patient and be consistent. I have some students who are finally seeing the light 5 months. It really does take that long and nothing good comes easy.
A special shot out to Eric Green, David Quintanar, Sam Xavier, and Ryan Rivera for sticking through all this slowness and never giving up!! Hard work pays off!!
Here is an article that further explains the Moratorium:
Thomas Moore
702-580-0125 cell
Comments(11)