ast week while we did our tele-conference call for REO Masters.
Richard and Scott were discussing a comment made by an executive for an undisclosed asset management company who stated that approximately 70-80% of all bad loans were pulled from asset management inventory at the beginning of the year by the current administration in order to attempt loan modifications. Most of these loans didn't qualify and were set to re-enter the REO blood stream this month (this is actually about 1 week early, but that's neither here nor there).
Be on the lookout for a large surge of BPO's over the next couple of months. The first quarter of 2010 is when Richard mentioned REO listings will be at their peak. It's difficult to guarantee this statement - you never know when the government will intervene, but all else being equal, this is going to be the case.
My work history spans over 25 years in the REO industry and successful management of several thousand REO properties, which includes:
• Arizona Real Estate Sales License: 1983
• Arizona Real Estate Broker’s License: 1987
• First REO listing: 1984
• Associate Broker with RE/MAX Integrity REALTORS® and Realty Executives
• Designated Broker for GE Capital Asset Management Corporation
• HUD REAM contract administrator in Arizona and Colorado
• Real Estate Marketing Representative (Asset Manager) for Western Savings and Loan Association
Member in good standing with:
• National Association of REALTORS®
• Arizona Association of REALTORS®
• Arizona Regional Multiple Listing Service
• Phoenix Association of REALTORS®
Services include all facets of residential REO broker property management including pre-foreclosure broker price opinions, property inspections, periodic reports, utility management, cash for keys/eviction support, marketing, and closing. I am well versed in managing REO properties through Equator, RES.net, and proprietary online data management systems.
Service Area (Cities and Zip Codes):
Anthem, Cave Creek, Carefree, North Phoenix, North Scottsdale, North Glendale, Peoria, and New River.
85024, 85027, 85050, 85054, 85083, 85085, 85086, 85087, 85255, 85262, 85308, 85310, 85331, 85377, 85382, 85383
or them over the past couple of years, which is most likely warranted as it appears there are many brokers and appraisers that will get the short end of the stick (probably me included) and I wish everyone the best in recovering what they are owed. However there was a time when IAS was a stellar company with great integrity. For many years I rarely waited for over 30 days for payment. Their initial executive management team, asset managers, and supporting staff included some of the best talent in the industry, who I will miss working with. I see it as good bye to an old friend that fell off the track and wish all the employees that I got to know over the years the best in their future endeavors.…
hen I was the President of REOMAC in 2008 and 2009, the market was huge for REO's. As an Asset Manager at that time, I was always looking for agents. Now, it is time for all agents to build on other opportunities. I spoke with Freddie Mac recently and their inventory is continuing to drop. Depending on where your market is will determine the opportunity to get into REO. But never give up on traditional real estate. Now that I am the Executive Director of WinDS (Women in Diversified Services) I know how hard some of our members are struggling. At our conference May 3-5 at the Marriott Newport Beach, Newport Beach, CA we are bringing a varied array of speakers that will give other ways to grow your business. We also have Asset Managers that are still looking to add to their data base. The REO field is not dead, just clinging to life right now. But as is the nature of the business, all cycles come full circle, so who knows when the REO market will pick up again. If you are interested in finding out more about the WinDS conference go to www.windsconference2015.com Conference is open to both men and women.…
el from one of our asset management contacts and it's been confirmed that loss mit and short sale are being emphasized like never before in the AM industry. For those of you familiar with AM you know that this is unheard of...a proverbial fish out of water in this case.
Secondly, there have been executive decisions at the governmental level to initial loss mit at a higher level (this is also how the current administration is able to claim such positive stats and results while we're all looking around wondering how they can be so upbeat about foreclosure, job loss, and the economy). Unfortunately, loss mit has a very little known characteristic trait that will perpetuate the current housing dilemma - RE-DEFAULT. The re-default rate of these loan mods is upwards of 60% within the first 6 months sending them back into foreclosure...thus returning to asset management/REO.
Finally, we do have a loan modification and short sale expert as part of our coaching network. I went through the loan mod presentation by Lauren and it's amazing to say the least. I was inspired by her understanding of the law, the ethical aspect, the involvement of attorneys (loan mods MUST be done by an attorney-based firm otherwise you're putting the homeowner in a vulnerable position), and the exact marketing method that she employs. It's a true revenue generation machine while loan mod and loss mit are practically a requirement at the government level.
Again, congratulations! Keep making a difference!