What's the latest? Here in AZ, they haven't foreclosed on anyone in over 6 months. Since the moratorium last year, it's been DEAD. We've had a few trickle in (maybe 1 a month), but that's it.I'm hearing different stories out there... the head of the REO Division is saying that the REOs are coming VERY SOON, and us REO Agents will be SLAMMED (I HOPE SO!). Another source tells me that they are giving us Agents LESS REO's per Agent, but hiring more agents to spread it out. Lastly- an Asset Manager told me that the word WAS that they weren't expecting to release more REOs until August, which means we won't have them until mid-September. He then said (in a whisper) that the rumors are they might be bumping it up to June-July, and slowly start releasing them a little at a time.Have you guys heard anything at all? When do you think we can expect to see more released?
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Interest rates are at an all time low, buyers are coming out in droves and the REO's are at a all time 3 month low. First the Banks flood the market, drive the prices down and now there is a slow trickle of available homes here in Riverside County, Ca. The few that are coming out have multiple offers over and above list price some as much as $30-40,000, cash buyers are at the head of the line. Banks are accepting the Highest and Best then have to renegotiate because the appraisal numbers are still low. Then buyers are having a hard time getting the loans because of this. Catch 22 in action.
Houses that have gone thru Trust Deed sales it the last four months, have been sitting vacant and are being vandalized. Further pushing down the values and the Banks will have to spend money on repairs in order to sell. The existing REO available are either in need of major repairs or still priced higher than current market value.
The buying season is here now and yet we don't have available inventory. If the Banks wait until September to list the current REO inventory, will the buyers still be there? Most want to buy in the spring and summer and be moved in by the time school resumes. This is the time for Banks to disolve their Toxic Assets and a chance to help stablize the RE economy. If they would start to clear off the books take deficits and start moving on.
Currently Short Sales are the majority on the MLS REO's are second and third are regular sales. Regular sales are priced at market value and are SELLING! I have several Short Sales with offers I am waiting for a response from CW/BofA word is out they are not going to Foreclose but neither have they accepted offers since Febuary. So what is the master plan? I guess this is the $64 TRILLION DOLLAR question.
We are have been getting about 30 new assignments per month all along (both before and after the moratorium) I have been told that the listings are coming in 3rd and 4th qtr by more than one person. We got into three new banks this month and two or three last month. A couple new listings here and there, but not a lot from any one.
Sorry, I've been swamped this past week. :) It's been a good thing! I know several people asked for my contact person with BoA, but I have to say no at the moment. She is a 3rd party consultant hired by the bank to assist and is not a decision maker. Their division ONLY deals with new construction REO's and that is about to come to an end. I have yet to get a referral from them to their "resale" REO section, but I have my fingers crossed.
BoA is absolutely swamped right now. Their backlog on properties is extensive. The properties they are currently putting on the market were most likely foreclosed on last year sometime. Even if they didn't foreclose on another property intil 2010, they would not get all the property they are holding on the market.
The subdivision I just listed was foreclosed on in August, last year. I've done 3 BPO's and 2 updates during that time on this subdivision. We just got the listings last week. Their "resale" division may take even longer. And until they streamline their process, don't get in a hurry!
On a side note, it took me longer to get the paperwork done on these houses then it did to put three of the 10 under contract, and I'm expecting offers on 2 more on Monday. I received 12 or 14 offers in 36 hours on the first three, and I'm guessing 100 phone calls and emails. This has been a wild and crazy week! But a great problem to have!!!!
Hang in there everyone, there will be plenty of business for all of us for years to come! If you cain't get the listings, go for the buyers! They are coming out of the woodwork right now. Ask someone in your office that has REO's to see if you can sit in the house or subdivision. Or do some advertising for them, what ever it takes to get your foot in the door.
Ranjit Sandhu > Steve AdkinsApril 19, 2009 at 4:51pm
Agree with youSteve. I won't give the contact info either. Yes, I'm busy with BofA assets as well, just finished bpo and hopefully getting more soon. So far got 2 in the past 2 weeks and I heard more flood is coming :)
I've heard everything from Jan, Feb, March, April, May, June- even August & September (from one of CW's own Asset Managers). Funny how everyone has a different idea. I don't think ANYONE really knows if and when they'll start foreclosing...
Jason Harper > Cash McKnightApril 17, 2009 at 3:30am
I have to imagine with the CW name going away on 4/27 and everything transfering to BofA, that it will take sometime to sort through everything. I was told they will continue to foreclose on vacant property, non-owner occupied, etc. They are great to work with and take care of their agents, so I am sure once they get busy again - we will too.
Daniel Ripper > Jason HarperApril 22, 2009 at 5:07am
I don't know about B of A and Countrywide, but I recently had a meeting with Chase and they informed my group that the moratoriums were quietely lifted two weeks ago along with Fannie and Freddie and were calling May, "Mayday". Definitely expecting to get busy by June.
Ranjit Sandhu > Jason HarperApril 17, 2009 at 3:47am
I hope everything goes well and smooth. I keep getting REO from BofA. That's what I heard from my AM that everything will be done by the end of April.
Cash McKnight > Ranjit SandhuApril 17, 2009 at 3:55am
Yeah, the transition to BofA will be done end of this month- however, that doesn't mean that they will be releasing REOs. From what I understand, just like Freddie/Fannie, they're in moratorium, waiting for Obama's 'Great Plan' on buying these 'Toxic Asset's off of them and then selling to private investors. The Major Lenders are holding off on foreclosing, mainly because they don't want to take the responsibility/liability of owning these properties while they sit and wait for Obama to figure it all out. Once his plan is worked out, they'll foreclose and sell the bulk of the properties to Obama's investors. At least, that's the plan, anyways. So the concern is, how MANY reo's will they retain and release to us Agents once they begin to move forward? My guess is, not many. Again, that depends on Obama's plan, and how financially beneficial it is to them...
Jason Harper > Cash McKnightApril 17, 2009 at 4:54am
And that is the big question??? How financially beneficial is it to them? I for one cannot imagine it being that beneficial and would almost guarantee they will get double their money on the open market - if not triple! It becomes a question of financial stability, can they afford to keep them on their books long enough to sell, or do they need to auction these off in bulk. We will find out shortly!!!
Either way, both CW and BofA have always been good to me. So whatever inventory they do have I will gladly help with and continue to do a great job for them.
Replies
Houses that have gone thru Trust Deed sales it the last four months, have been sitting vacant and are being vandalized. Further pushing down the values and the Banks will have to spend money on repairs in order to sell. The existing REO available are either in need of major repairs or still priced higher than current market value.
The buying season is here now and yet we don't have available inventory. If the Banks wait until September to list the current REO inventory, will the buyers still be there? Most want to buy in the spring and summer and be moved in by the time school resumes. This is the time for Banks to disolve their Toxic Assets and a chance to help stablize the RE economy. If they would start to clear off the books take deficits and start moving on.
Currently Short Sales are the majority on the MLS REO's are second and third are regular sales. Regular sales are priced at market value and are SELLING! I have several Short Sales with offers I am waiting for a response from CW/BofA word is out they are not going to Foreclose but neither have they accepted offers since Febuary. So what is the master plan? I guess this is the $64 TRILLION DOLLAR question.
BoA is absolutely swamped right now. Their backlog on properties is extensive. The properties they are currently putting on the market were most likely foreclosed on last year sometime. Even if they didn't foreclose on another property intil 2010, they would not get all the property they are holding on the market.
The subdivision I just listed was foreclosed on in August, last year. I've done 3 BPO's and 2 updates during that time on this subdivision. We just got the listings last week. Their "resale" division may take even longer. And until they streamline their process, don't get in a hurry!
On a side note, it took me longer to get the paperwork done on these houses then it did to put three of the 10 under contract, and I'm expecting offers on 2 more on Monday. I received 12 or 14 offers in 36 hours on the first three, and I'm guessing 100 phone calls and emails. This has been a wild and crazy week! But a great problem to have!!!!
Hang in there everyone, there will be plenty of business for all of us for years to come! If you cain't get the listings, go for the buyers! They are coming out of the woodwork right now. Ask someone in your office that has REO's to see if you can sit in the house or subdivision. Or do some advertising for them, what ever it takes to get your foot in the door.
Either way, both CW and BofA have always been good to me. So whatever inventory they do have I will gladly help with and continue to do a great job for them.
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