I just got an email from my best client to take all properties off the market, continue the preservation maintenance and freeze on the closing. It is a good thing I haver some short sales and regular sales.
Will keep you posted and please share your experience if you have any.
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The bank is PNC and the property is in Riverbank Ca. I also noticed another proerty in escrow on hold by them with another agent in Stockton.
I'm also working with Buyers, so I'm not putting all my eggs in this basket... I was hoping that this would have been closed before the end of 2010. I know that other Banks have done the same thing, like BofA, but they released their hold on the states where going to court is not necessary for the foreclosure process.
I looked at the tax records for my REO, and it's been an REO since July 2009, and might have been vacant at least a couple of months before that! I'll need to speak with the neighbors to confirm on that.
To keep a house vacant for this long is just ridiculous!
Angel Caso > Jennifer BristolJanuary 21, 2011 at 9:52am
i work in reo listings in miami/ft.lauderdale and in atlanta area and have had over 12 pulled in the past year for various reasons.
stay on top and be ready. i suggest in discount selling as bonuses to buyers agents can get quick cash offers once listed on your local mls, and or advertise the property as pocket listing prior to actual mls listing to internet savy investment buyers ( and there are a million of them know) that way you have a locked in buyer or group of investors ready to jump on your listing before you actually list it!!
Most of the Buyers I've been working with a first time home owners, due to the massive drop in price we had between 2007-2009. We finally hit the bottom of the market for price about Jan 2010, and inventory bottom was Aug 2009. Stockton was Ground Zero for Foreclosures, so it's been a crazy roller coaster ride here.
My Only REO is also on hold. I got the email one week after it went into Escrow! Now the Buyers are chomping at the bit to close. They also made the mistake of giving notice on their rental, so now they're trying to put "pressure on the bank" to move forward! Crazy!
Still on hold! An appraiser hired by the bank just went out to do another appraisal, and they asked for a second BPO... I'm hoping this is a good sign...
From my understanding, all HLS properties under contract will be placed on hold during their blackout period, at which time they will resume all transactions, and move forward with closing. Per my previous asset manager, I needed to forward a request for extension of escrow during this blackout period. The extension was granted by the existing asset mgmt co, then forward to the new asset mgmt co, where they recognized the extension, and sign-off. At this time we are in a waiting period until the end of the month, and will continue with the transaction as planned.
Replies
There is nothing to do but do it.
try to not put all your eggs in one basket (asst. mgmt comp) cause this is becoming a common occurance.
the lenders are being scrutinized by uncle sam and they get frozen from court orders and it trickels down to you!!
good luck
can you tell us what comp or bank and what area, i am doing extensive research on reo listings for bpo-university.com
thanks
The bank is PNC and the property is in Riverbank Ca. I also noticed another proerty in escrow on hold by them with another agent in Stockton.
I'm also working with Buyers, so I'm not putting all my eggs in this basket... I was hoping that this would have been closed before the end of 2010. I know that other Banks have done the same thing, like BofA, but they released their hold on the states where going to court is not necessary for the foreclosure process.
I looked at the tax records for my REO, and it's been an REO since July 2009, and might have been vacant at least a couple of months before that! I'll need to speak with the neighbors to confirm on that.
To keep a house vacant for this long is just ridiculous!
i work in reo listings in miami/ft.lauderdale and in atlanta area and have had over 12 pulled in the past year for various reasons.
stay on top and be ready. i suggest in discount selling as bonuses to buyers agents can get quick cash offers once listed on your local mls, and or advertise the property as pocket listing prior to actual mls listing to internet savy investment buyers ( and there are a million of them know) that way you have a locked in buyer or group of investors ready to jump on your listing before you actually list it!!
good luck
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