What's the latest? Here in AZ, they haven't foreclosed on anyone in over 6 months. Since the moratorium last year, it's been DEAD. We've had a few trickle in (maybe 1 a month), but that's it.I'm hearing different stories out there... the head of the REO Division is saying that the REOs are coming VERY SOON, and us REO Agents will be SLAMMED (I HOPE SO!). Another source tells me that they are giving us Agents LESS REO's per Agent, but hiring more agents to spread it out. Lastly- an Asset Manager told me that the word WAS that they weren't expecting to release more REOs until August, which means we won't have them until mid-September. He then said (in a whisper) that the rumors are they might be bumping it up to June-July, and slowly start releasing them a little at a time.Have you guys heard anything at all? When do you think we can expect to see more released?
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Cash McKnight > Jason HarperApril 17, 2009 at 3:46am
They have been quietly doing some foreclosures- even on owner occupied. Just got a couple in the last month. But it's nothing like it had been before, or, the kind of volume they need to do to get rid of the ones they have in inventory. Just in Phoenix alone, they have around 120,000 houses NOT ON THE MARKET..
I think that THEY the Government and the BANKS are still trying to figure out the TOXIC ASSET PROGRAM and that they are going to Flip the Problem to the FDIC to deal with. We are still have major problems in the market that could put us under water. Bottom line is that the BANKS CEOS can be fired by Geithner , he has said this more than once. So the Banks CEO's are just figure heads. The "Banks" are not in charge so trying to get them to tell us what the plan is , well it could be valueless. We need word from Geithner and Bernake who just keep printing money and acting like there is no problem.
Jason Harper > George KennerApril 16, 2009 at 4:17am
BofA & Countrywide are not foreclosing on owner occupied properties until June.
I just received 35 new REO listings today from BoA, all new construction and lots. More coming in a few weeks I hope. They are just absolutely overwhelmed right now and cannot process all the paperwork fast enough. These I got today were from a BPO I did in August, that's how backed up they are.
Hang in there, there's more work then know about, just right around the corner!
Ranjit Sandhu > Steve AdkinsApril 15, 2009 at 7:10pm
That's great Steve. I got 2 this month so far and I'm happy with that. Did you get directly from them or thru Cw or FP?
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Hang in there, there's more work then know about, just right around the corner!
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