Future of REO's

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Real Estate Agent with AmeriStrong Realty

I am a REO agent, anyone care to give their opinion what will happen to the REO market over the next 3-6 months?

Mike

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Rainer
258,839
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

From all forecasts, nothing but boom. Banks will be under more pressure to dump non-performing assets.  Those with the means can really do quite well for themselves.

 

Dec 05, 2008 04:22 PM #1
Rainmaker
132,743
Lanette Branch
RE/MAX Components - Fallston, MD
Bel Air, MD REALTOR

I predict that you will be really, really, really busy over the next few months.

Dec 05, 2008 04:29 PM #2
Ambassador
297,125
David M. Childress
Howard Hanna Real Estate Services - Akron, OH
I would love to be your RealtorĀ® in Akron Ohio!

I agree with Mike, as soon as this govt program works itself out, they will see that housing drives the economy and the banks will start cooperating!

Dec 05, 2008 04:29 PM #3
Rainer
41,106
Timothy Butterworth
Taking a break - Portland, OR

Very Simple, Bank owned , no money being made on payments. Banks are requried to set money aside to when they get REO. Investors want to see their money working so the REO must be sold ASAP. If not sold investors pull the money.

So plan on being busy with lots of headaches.

Dec 05, 2008 04:41 PM #4
Rainmaker
476,382
Bill Dean
Haggerty Team St. Louis, Mo. - Fenton, MO
William Dean - Broker, Salesperson

Michael,

Everything I have heard is thumbs-up for Reo agents you should be busy for at least a year and after that you should have more bank connections.  I live in another state so could you share with me the best place to get connected?  I want to do REO's but having a tough time getting replies from them

Dec 05, 2008 04:47 PM #5
Rainer
38,107
Kelly Kilpatrick
Rancho Santa Margarita, CA
Broker-Associate

If you are already in with the banks you may want to see if you can hire someone to ghost-write for you. My prediction is that unless you are only supervising/managing agents who are servicing the REOs, you're not going to have much time to be blogging. Who knows though, maybe you're one of the Evelyn Woods-type of speed-readers who can also pump out original blog posts at 95 wpm.  In that case...my hat is off to you. :)

Dec 05, 2008 05:18 PM #6
Rainmaker
223,489
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

The REO business should continue to be strong.  Same with short sales.

Dec 05, 2008 09:16 PM #7
Rainer
336,210
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

I would say you have a good year coming up for 2009. The numbers are still climbing on foreclosure so keep listing away.

Dec 05, 2008 09:56 PM #8
Ambassador
566,489
Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

How do you spell we will be working..... selling and the market will be booming - Banks will finally have to step back, get some standards and corporate with the economy instead of driving it downward.

Apr 28, 2009 06:44 AM #11
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