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Greg Gamble - Seattle Washington
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Search for an REO Professional by entering your zip codes in this format XXXXX, XXXXX,
98060, 98101, 98102, 98103, 98104, 98105, 98106, 98107, 98108, 98109, 98111, 98112, 98114, 98115, 98116, 98117, 98118, 98119, 98121, 98122, 98124, 98125, 98126, 98129, 98130, 98131, 98132, 98133, 98134, 98136, 98138, 98140, 98144, 98145, 98146, 98148, 98150, 98151, 98154, 98155, 98158, 98160, 98161, 98164, 98166, 98168, 98171, 98174, 98177, 98178, 98181, 98184, 98185, 98188, 98190, 98191, 98195, 98198, 98199.
I service the following counties.....
King, Snohomish, Pierce Counties.

Have marketed and sold over 60 units of bank owed REO last calender year.

Have cash investors for multifamily projects that are not completed or half sold. All cash, will buy notes. $5 to 25 million.
Enter your state in the 2 letter abbreviation format.
Washington State
I have the following REO Certifications, Designations and Memberships
NAR, SKAR, Bank Letters of Recommendation, Master Builders Assoc. Multi family.
How did you hear about REOPro Default Professionals
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What is your business address? (Postal Format ONLY)
Greg Gamble
John L Scott - Seattle Center Office
Developer Services Group
2601 4th Ave. Suite 100
Seattle, WA 98121
206.448.9600 (office)
206.446.7210 (cell)

Insights from a Special Asset Manager who's bank was acquired. (New construction projects)

There are bank acquistions where the purchasing bank assumes only solid established assets and the balance of troubled assets get funneled to the FDIC. And there are others where it is open for discussion.

I met with a long time friend and Special Asset Manager whose bank was acquired two plus weeks ago. This was not what we are used to here in Seattle. The purchasing bank had three days for due diligence and then has a three week period to go through the bank’s assets troubled or not. Assess the troubled assets (mostly construction loans) factor in value and negotiate with the FDIC as to the value and how the loans will be written down in value. The purchasing bank has three weeks to complete the due diligence for all home loans, all forms of loans, credit cards, deposits, seconds, home loans, and distressed assets. The entire process and purpose for this process is to establish value. And if agreed upon by the FDIC and the purchasing bank, the FDIC cuts a check to the purchasing bank for the difference and they take the troubled asset.

I was somewhat taken off guard by the short time line for the purchasing bank to analyze the net worth of the trouble bank. You have only one shot at it to get it right as I was told. The acquiring bank was a very large, and cash heavy bank. They are not in any way a typical bank one would expect to take over a community focused and local bank.

I asked my friend "so how does one get inside this new bank and who should I contact. He told me once they and the FDCI agree and come to terms, there will be a minimum of three months before the bank itself will make any decisions on the balance of any troubled assets not taken by the government.

The bank would be more open to proposals from Realtors about how to solve their problems and not hit them with the typical "I sell REO's and average 15 days on market". The key is to understand the acquiring bank, the amount and types of assets they have and coming up with the right partners to create and solve the problems for any distressed assets still held by the new bank. I.E. Demonstrate solid and thorough exit strategies for them. Have investors and or cash heavy developers in place and a part of your team to JV a "half completed" project to the bank. Many are not looking to sell the notes at this stage. But want solutions to reduce their risks, have potential to increase value with the right players getting involved in the project.

This is not a get rich quick game. It is about presenting solutions, understanding both party’s wants and needs and how to position and leverage you into the process by solving problems ahead of time and offering reduced exit opportunities. I love project driven REO’s so for me, this was some good insights into setting myself apart from listing a bank owned project and coming in from a different angle.

You have two angles when listing multifamily projects. Either get in front of the process in the pre foreclosure stage which is a different strategy, or come in after the property has been foreclosed on and the bank has been acquired. But again present exit strategies that make sense. Understand that after a bank has been acquired, there will be a three month lag time and period for the purchasing bank to know where they stand. That doesn’t mean you wait, but you do need a fresh approach, the right partners, and can offer solutions in a corporate fashion.

Hope this makes some sense and gives some of you insights into the banks issues that they run into when they have been taken over. It is a intense, stressful and timely process for all parties involved. Love to hear how it has worked in other parts of the country. As I have mentioned numerous times, Seattle is behind the bell curve. We are really entering the national meltdown. We have had a small handful of Seattle based banks go down and two in the last month. And it is projected that another 10 to 15 banks here locally will go under during the course of the next 9 to 12 months. 26 of which are currently targeted by FDIC. Hold on and get ready.

More later. Thanks again,

Greg

Greg Gamble - Seattle Washington's Blog

FDIC and East West Bank take down another Seattle based bank. Article via the FDIC

Posted on June 11, 2010 at 9:29pm 1 Comment

The story continues in Seattle. Another local bank that has had troubles dealing with Special Assets related to their new construction loan departments has gone down again. This bank as many before it fails to recognize that they need to make changes with regard to how they are handling these distressed assets. Many properties are in the wrong hands of Reators who simply do not have the band width or knowledge of how to dispose of these properties. The bank…

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Top 10 Banks that could fail in 2010

Posted on May 29, 2010 at 11:12pm 6 Comments

The overall message is that the FDIC is on pace to close 200 banks this year.

Sterling Financial is in the top 10 and is a Spokane WA based bank. The State of WA will most likely continue to see a few others go down as well. See attached link.

http://investinganswers.com/node/1199?TP=606

14.01% of mortgages delinquent or in foreclosure

Posted on May 19, 2010 at 10:11pm 0 Comments



Appears that mortgage defaults are still a concern.



See article link below from Market Watch via the New York Times.





http://www.marketwatch.com/story/1401-of-mortgages-delinquent-or-in-foreclosure-2010-05-19?siteid=bnbh





Love to hear your thoughts about the steady supply of foreclosures. I think it is… Continue

WaMu’s holding company files another reorganization plan

Posted on May 17, 2010 at 7:04pm 0 Comments

Washington Mutual is still in the stages of trying to work out a bankruptcy plan that works for JP Morgan and shareholders.

Obviously due to these delays, the special assets that were held by WA MU have not hit the market in full force and effect.

http://seattle.bizjournals.com/seattle/stories/2010/05/17/daily5.html


Comment Wall (10 comments)

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At 4:54pm on September 13, 2011, Alain Thillois said…
Not sure to remember, I will have to look in my email. That was not Angie but someone else. Glad (Unfortunately) I am not the only one. Seems to me it is the guys who are doing the all workk, such as BPO, education etc and other are collecting the goodies. Does not matter who nice are other, "family" may be, but they forget we are working everyone is waking up every morning to help each other and support oursleves a family. The last part is often omitted for the benefit of other. I will let you what you are asking. Thanks for the invitation. Alain
At 4:17pm on February 16, 2011, Billie Dalessio said…

Hi Greg,

please contact me @ Billie@SlideIntoHome.com  I currently work with a company looking for experienced REO agents in the following zips-

98661,99218,98335,98260,98902,99016

If you do not cover these area, perhaps you can refer me to an agent that does.

thanks

At 8:33am on June 13, 2010, Narinderjit Singh said…
Hi Greg,
Julie is right, it was too short time to meet everyone within 2 days but the good part is that since we have all seen each other at the conference so that is a good thing. We can certainly have good connection here at REOPRO.
Thank you,
Narinder
At 8:29am on June 13, 2010, Narinderjit Singh said…
Hi Greg,
You're right that we missed the opportunity to talk at Bridge, but it's never too late. I'll call you this coming week.
Thanks,
Narinder
At 2:47am on June 13, 2010, Julie Baldino said…
360-910-3586 or julie@juliebaldino.com
At 1:15am on June 13, 2010, Julie Baldino said…
Hi Greg! I was at the conference.... hard to meet everyone in 2 days though :)
At 1:13am on June 13, 2010, Narinderjit Singh said…
Hi Greg,
Thank you, please buzz me if you need any help for your friends in the San Francisco Bay Area, It was nice to see all of you at the Bridge. It was a great event.
Best wishes,
Narinder
At 7:33am on May 22, 2010, Debra (Debbie) Gayman said…
Hi Greg,
Yes I'm planning on attending. Looking forward to meeting everyone and networking. This is going to be exciting!
Debbie
At 11:40am on May 17, 2010, Denise Stovall said…
Hello Greg,

Looking forward to Networking.

Denise Stovall
At 8:13am on May 17, 2010, Byron Blackburn said…
Thanks for the great tip Greg! Your idea of having scheduled update times with the selling agent is a great time saver and is very Realtor friendly! Thanks!
 
 
 

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