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I recently got approved and signed up with First Preston. The have informed me that they are expecting REO inventory in CA from Fannie. Has anyone else heard this or worked in CA with First Preston? I was told by one of the broker coordinators that alot of the current inventory is Freddice Mac. This leads me to belive there is another wave/rush of REO's coming to the market soon.

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Yes Jon, I have heard something similar but, coming from a different source than First Preston. Truth is, the market in many parts of the country isn't getting any better so, as for expecting more inventory, sure........why not, everything else seems to be going to hell in a hand basket so why not REO's....lol (just kiddin)

Truth is, REO inventories are at record highs through out the country and that doesn't look like it's going to be ending any time soon. In fact, I heard a RUMOR....yes a RUMOR, that some banks and lenders are holding inventory off the market because it's just so darn saturated in some areas and, they need to do all they can to tip the law of supply and demand back into their favor. Of course, that was just a rumor and all but, I can say here in these parts, I have seen REO homes setting with no "for sale" sign in the yard. I have also been involved in monthly updates on homes that should have been on the market months ago. Maybe their is some truth about that "RUMOR".

Congrats on First Preston, I read over their requirements for listing agents a couple of months ago and it looked a bit more difficult than I can handle right now. Just curious, did you really have to meet every single guideline that they have on their website to obtain listings and if so, how did the bidding process work?
Yes, the most time consuming was adding them as an additional insured on on my insurance an upping my limits to meet there requirements. After getting all the requirements it took aprox 10 days for me to get set up in thier system. They require a 48 hour turn around for BPO/listings. I have not yet recieved a listing but have been informed by the BC that they are expecting them in my region. The did say this supply is coming from Fannie not Freddie. We shall see...
Hello,

I just got the Master listing agreement for BofA and Fannie Mae, they did not mention Countrywide?? I will call and ask??
I called First Preston today about Cw contract, they don's service in the Calif. area. I also found out they are receiving approx 30-40 realtor contracts a day??? Good Luck
My mistake, when I signed up for the Home Tracker Account through First Preston, it mentioned Countrywide. So were you able to get signed up with First Preston or are you signed up with Fannie Direct? I submitted an ap to fannie sevral months ago and never heard back. What about B of A. As far as countrywide is concerned, you have to be reffered by a loan officer internal. I'm on a waiting list and have been so for sevral months, my contact informed me I should hear something in the next week as they lifted the freeze the had on taking new agents in my area.
Jon,

I hope so, we went through all the hoops to join First preston and still nothing here in VA. They are nice people though...I would think that with the shake up in Fannie, Freddie and CW we should see listings from these companies. I sure hope so, we bought the insurance and the software to do bpos.
Hang in there Susan, I haven't got any new listings as of yet and the initial 6 were all previous listed. Cant be picky, Hopefully you got some by now if not you might want to ask you BC about the Home Telo program. I just got a call about it 2 days ago and it should produce more listing opportunities. In short the program will allow owners to stay in their home mortgage free, so long as they take care of the place, while you market it for sale. Will you be attending the 5 -Star Conference? You First Prest is having a private party Thursday night for all their listing brokers. Hope to see you there. send me an email or give me a call jonburg@code3realty.com
I sure hope so. I am not able to make it to 5-star or REOMAC this year, too many things going on here with building this REO team. Wish I could go to REOMAC. Share with us the news when you come back!
I work in Southern CA and am very interested in selling REO's. Can you help lead me to them?? Show me the way thru the approval process? Tom
Hello Jon,
I was at the FiveStar Conference and Fannie Mae has First Preston listed on their handout that was given at the meeting.

Fannie Mae has about 18 asset mangement companies on the handout. What area are you in. I am in Orange County California.
Raul,

I'm in Sacramento CA, however I have a Satlite office in Riverside CA as well. 5-Star was great, the contacts I made, were well worth the time and money spent. If I could give anyone 1 piece of advice it would be to talk to the AM's like regular people. I took the soft approach and now have a new friend, that I talk to at least 1 a week. So far its produced 1 great listing and more to come. Are you one with First Preston, they are great and boy i tell are they big. I didn't realize the potential I have with them until after and during the Round Up (Private Dinner) they indicated they have 135,000 registered agents and only the preferred 500 were invited to the dinner. This short sale program they roll out with is going to be the BOMB!!! I Can't wait, just hope I can keep up with the Volume.
Would you email me info on being approved with First Preston
coronadorealestate@hotmail.com
James coronado

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