Many of use have been known from time to time either conjecture or complain when are we going to see some action in REO's. This is what I have noticed recently in my own sphere and I am not a big name realtor either.Just today, there was a flood (that means 4 ) BPO's released on Equator in my service area, which is a spike. Two weeks ago Asset Valuation sent me a survey that wanted my feelings on where the market was going. I guess it was Litton Loan Servicing wanting to know that.Just last week TITANIUM accepted me as an agent and I got my first assignment to help someone ( I like helping people really...realtors can be your friend), then they tell me that they are hooking up to Excellen and I'd better sign up to get REO's if I wanted them. Of course I had to be part of RESNET too...good thing I am.A few days ago FirstAm SENT ME an email asking me is I wanted to sign up to do BPO's (that was unusal).We all now about me getting a BPO from Absolute REO recently as well.I think something is about to happen. I can even feel the excitement here when Jesse is onto something!Jesus once said to the Pharisees: "You can read the signs in the sky...if the morning has a red sky, the day will be stormy bu if the evening sky is red, tomorrow will be nice. Yet you can't see the signs in front of you"Well I hope I don't irritate anyone by using this paralell but I want to see through the hype and get ready to get down to business, because the WEATHER IS CHANGING for us professionals.
Sorry John, Not happening. Although BPO's are picking up this is just a spot check for servicers. Check some of my posts regarding the change in Mark to Market accounting rules the government granted the banks back in March-April of last year. We will not see any "significant" inventory until mid to late Q3. There is some new rumoring that there might be some new legislation that will counter that, but I hear it is purely speculative at this point. I hope otherwise. My inventory is a 1/3 of what it was just 5 months ago.
Yes, it's changing, BPO's blast emails are increasing, inventory is rising in some areas...Hopefully it's for the better of the community instead of the banks pocketbooks.
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