Posts Tagged ‘Foreclosures’
Coaching Call 04-28-2011 - Shadow Inventory: Mystery REVEALED
So why are you hearing about the record numbers of foreclosures every month, but the flow hitting the market sometimes stalls to a halt? On this call, you will learn about one of the big hold-ups that delays the release of REO properties. Not to worry. This is part of the typical ebb and flow of foreclosure inventory, as banks look for solutions to improve their books. The properties ALWAYS make it to the market eventually!
Join the forum discussion on this post
Sure Signs that Banks are Getting Ready to Unleash an REO Tsunami...
Well folks, there's a few telltale signs that the REO climate is about to change.....yep, the clouds are thickening, the skies are grey and the wind is whirling around like a funnel cloud ready to whip out debris across the countryside! The REO storm appears to be right upon us. So hold on to your hats!
Ok, here's what I, and a few of my most trusted colleagues, both brokers and other REO industry "insiders" have been observing:
Why are REO Inventories Swinging Up and Down Right Now? What Can an REO Broker Do to Survive?
I get these questions daily from REO Rockstars subscribers and from foreclosure brokers that I am coaching; "What is happening with bank owned properties?" "Why are the inventory levels fluctuating so much now?" "What can I do to keep from going under?" My explanation is this: The government and the banks are trying desperately to stop this huge flow of distressed properties from hitting the market. The government, of course, wishes to preserve home ownership and neighborhood values. The banks, of course, wish to SAVE MONEY and REDUCE LOSSES. As a result, we are seeing many new programs and strategies implemented, in an effort to keep foreclosures from taking place, and to offset losses, by disposing of bad debt though other means, like short sales. An interesting note that you may or may not know, is that banks are consistently seeing about a 15 point higher return on short sales vs. foreclosures-only makes sense that they look towards these alternatives, as additional methods of property disposition.
Does this mean an END to REO is coming?
How to KEEP Getting REO Listings...What Asset Managers want to see.
Good morning all. Just a very quick post to remind everyone that you will NOT get away with slacking on utility connections. I realize that this may seem to be a post with a very obvious meaning but I have to tell you that this is probably one of the biggest hangups that AMs have to deal with. I would roughly guesstimate that at least HALF...yeah HALF of the REO properties that I visit DO NOT have utilities activated. I also know with absolute certainty that almost ALL Master Listing Agreements contain a special section regarding broker responsibilities, specifically, ACTIVATING UTILITIES. I was reminded of this sore subject by an email received from a client today,
1 Quick and Easy Way to Get HUNDREDS of Extra Man Hours Out of Your Staff.
You know, when you do a lot of volume in REO, you spend a lot of time looking at the big picture and you sometimes forget about the small improvements that could greatly impact the efficiency and morale of your team. Sit here for just a moment now and imagine that you are sitting in your office chair trying to get a little work done. As you stare at the words on your computer screen, words that look a lot like the ones you see on your screen now, black on a white background, you begin to feel yourself tuning in. The more you stare at these words and the the tasks they represent, the more you settle into your place and get so focused that you can almost feel your chest rise and fall with each breath you take. You are in your zone, to the point that you are feeling super energized and ready to accomplish the work of two or maybe even three people. Then all of a sudden...
