First, there are thousands of agents so hungry that they will step up to the plate of a dollar. If the servicers/enders/bpo companies can get us to do it for a dollar---good on them? Its smart business , no? We have no one to blame but our own whore industry, to be blunt.
I predict that their will be few future REOs for any real estate people except occaisional small to medium servicers who make deals with a few huge real estate franchises. What will happen to all the inventory? Mostly, I believe it will be sold in bulk to giant money corps who will KEEP THEM AS RENTALS! Its already happening. Second, like some gov auction sites we may see all these houses going into a central sales pool site instead of the trust deed owners having to take time and expense of figuring out which agents with whom to list.
Now we are suddenly seeing more BPO orders than in the last few months, mainly because of new supreme court decisions making it easier to foreclose. Even the horrible, lying, cheating, fraudulent (am I mad at them?) MERS thing is turning out to have judges look the other way. I know people who have been in 'the process' one way or another of being foreclosed on and some have not made payments in up to three years. This cant go on. Lenders/servicers have re-loaded their guns for big bear now and several million more owners will become renters, forcing record rents even higher. Hey, not bad for those big players who will own a lot of what again----Yes class! RENTAL HOUSES. Our world is changing folks. Real estate is changing. I was a combination real estate and mortgage broker since 1980 but closed the mortgage biz in 2009. Now with our MLS membership steadily dropping, I wonder about going to shoe repair school!
Comments
Think about this and laugh your rump off. A NEW specialty!! Fair market listings. What a niche market, eh?
Marvin- You are almost as mad as this Marvin.
I'm a one man shop dealing with rural properties. I don't care what NAR does, or Trulia or any of the rest of them. I quit listing REOs and doing BPOs. I concentrate on list & sell, list and list and list and list. Have about 50 and expect to top 100 by year's end. I want the other MLS agents to run all over and sell, sell, sell and I'll split, split, split.
I do my thing and the world can kiss my butt.
Please excuse minor mistakes in my writing--I know 'their' from 'there' etc. Im always in a hurry on these blogs
Hey Marvin,
I almost completely agree with you, with one minor exception. I think the main reason the smaller banks and lenders are selling their default portfolios to the bigger companies is because they don't have disposition channel set up. In many cases, the cost of disposition is to great and what they could recover doesn't out way what they can accomplish by claiming the loss.
If someone, anyone could figure out a way how to recover more for these small lenders, take the burden of disposition off their shoulders, that individual may win a customer for life.