I have been really slow with few new assignments over the last six months. Anyone else? Any word on when we will smarten up and start taking the homes back?
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Hi Richard
I have had the same scenario over the last year. Listings started to trickle in around June/July and then died again in Septemeber/October. Started working short sales. I am now searching every day submitting apps. Any new ones you can recommend? I keep going back to the pay up front ones wondering if I should take the leap. Anybody out there signed up with CAMREO or LAMCO or taken the traing for Old Republic? I have been trying to get REOs from Old Republic for a while,so I am wondering if the training would put me ahead of the game. I had 15+ asset managers last year & they are even moving around to find work. Also, anyone know of other organizations to sign up with that seem to have an impact on asset managers? I have had an app in to NRBA, but doubt that will happen since it has become so exclusive. Any feedback would be appreciated.
I currently waiting on the next batch of properties for my area. I've been working with the New Construction OREO division for one of the Big 4 and I'm at the top of the list now for anything in my area. That list is now over 50 houses and almost 100 building lots. I've been told their mine when they release them, but the bank filed court action against the builders last year seaking a judgement for the losses. We have no idea how long this will take to complete. :(
Meanwhile, I keep trying to get the REO managers at the bank to refer me to the "resale" division, but they are in different states and do not talk to each other. :( I'm down to one last house and 26 lots, with the listings expiring this weekend. The house has some minor issues and permits to complete (which of course the bank will not complete) and the lots have not had any calls. Not many builders buying lots at the moment.
All we can do is wait and keep throwing out them fighing lines to see what bites!
Tony Linton > Steve AdkinsJanuary 28, 2010 at 7:33am
Geesh! I feel sorry for you Steve for the lots, Thats a lot of listings and work that will probably never pay off. My company was born out of a builder and shifted towards the regular and distress market when the new builds stopped. We are still an active builder but the Real Estate company is making the money now. In the hayday it was not uncommon to have 80 homes at one time coming out of the ground. We are now sitting on 40 lots and 11 specs that are rented and 3 model homes of which only one is used for our offices.
Sounds like your'e in a good position when they release the homes to you, are they all finished or partial?
Steve Adkins > Tony LintonJanuary 28, 2010 at 1:10pm
Both, but most are finished from what I can tell. Don't have keys yet so I haven't been able to get inside, only able to peak in the windows.
I agree, with all the foreclosure there just seems to be a bubble somewhere waiting to hit. With the failure of most lender to sucessfully refinance the trouble loans out there and the fustration level of most homeowner/ I can't see any improvement in the near future and I think a lot of homeowner are ready to walk.
Good sales increases in Southwest Florida for overall properties sales but REO assignments are coming in waves, I can get 10 listings from the same company in a weeks time then nothing from them for 2 months. I personally am up dramatically since this time last year when all the moritoriums hit, but some of the older REO agents are still down. 2009 was a tough year to be an REO Broker but 2010 seems to have much more promise.
I think the biggest reason that I am up is I took advantage of the slow times when everyone else was sulking. Everyday I worked on increasing my market share by researching and signing up with new companies. I have double the amount of asset companies than I did in 2008 that have put me on preferred status.
I hope Michael is right and it does seem to be the popular opinion that the banks will do a more organized release this year, if the banks unload all at one time it will set many areas back 2 years in recovery. It is nice for me to get a property right now and pretty much know it will be under contract by the end of the week, thats because the inventory levels are much lower than last year. January 2009...going into our winter selling season we had a 28 month supply of homes (Saturation) This year we have a 6 month supply. SW Forida usually doesn't line up with the rest of the nation because this is our season, up north it's more towards the summer.
Hi Richard. See my prior post on the change in mark to market accounting the banks were able to secure last April. We will see a slow trickle until Q3 of this year. My inventory is down 65% from 6-7 months ago and I have had to lay off several staff members.
Replies
I have had the same scenario over the last year. Listings started to trickle in around June/July and then died again in Septemeber/October. Started working short sales. I am now searching every day submitting apps. Any new ones you can recommend? I keep going back to the pay up front ones wondering if I should take the leap. Anybody out there signed up with CAMREO or LAMCO or taken the traing for Old Republic? I have been trying to get REOs from Old Republic for a while,so I am wondering if the training would put me ahead of the game. I had 15+ asset managers last year & they are even moving around to find work. Also, anyone know of other organizations to sign up with that seem to have an impact on asset managers? I have had an app in to NRBA, but doubt that will happen since it has become so exclusive. Any feedback would be appreciated.
Meanwhile, I keep trying to get the REO managers at the bank to refer me to the "resale" division, but they are in different states and do not talk to each other. :( I'm down to one last house and 26 lots, with the listings expiring this weekend. The house has some minor issues and permits to complete (which of course the bank will not complete) and the lots have not had any calls. Not many builders buying lots at the moment.
All we can do is wait and keep throwing out them fighing lines to see what bites!
Sounds like your'e in a good position when they release the homes to you, are they all finished or partial?
I think the biggest reason that I am up is I took advantage of the slow times when everyone else was sulking. Everyday I worked on increasing my market share by researching and signing up with new companies. I have double the amount of asset companies than I did in 2008 that have put me on preferred status.
I hope Michael is right and it does seem to be the popular opinion that the banks will do a more organized release this year, if the banks unload all at one time it will set many areas back 2 years in recovery. It is nice for me to get a property right now and pretty much know it will be under contract by the end of the week, thats because the inventory levels are much lower than last year. January 2009...going into our winter selling season we had a 28 month supply of homes (Saturation) This year we have a 6 month supply. SW Forida usually doesn't line up with the rest of the nation because this is our season, up north it's more towards the summer.