Does anyone have any strong, legitimate numbers showing what percentage of short sales end up as REO's in the end? I have been hearing lately that more properties are being sold through the short sale process but I am just not seeing it in my market area. (Illinois)
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In Northern Cal, South SF Bay, the numbers is ~10%. Many had pending and listing agent did not know they got auctioned off until later told by new reo listing agent to pack and take their sign and lock box away.
The reasons are many. I have seen decent offers($) some are even higher than REO sale price sold later. I have also heard from borrowers that they were into loan mod trial periods(1st /2nd) and told to pack and move out.
These pending sales had to be cancelled.
We are seeing it big time here in Central Oregon. In 2011 the foreclosures went to a trickle and short sales were being accepted much quicker and at below market value prices - really hurt our RMV. Lenders were also contacted defaulted home owners offering to pay anywhere from a couple thousand to considerably more, for the home owners to list their homes as short sales rather than the lenders foreclosing on them.
I hope in 2012, we at least see the back log of inventory waiting for the Trustees Sales proceed through. Much postponing and recissions and re-filing of NODs here last year also. Trickle went to a flow in Nov, Dec 2011 with more foreclosures actually going to trustee auction, but now that has slowed again and is back to a trickle. When the foreclosures do get listed they get multiple offers and buyers/agents are scrapping over them!
Sounds like Illinois has a still strong REO market?
Sorry, John - you were asking for hard numbers and I just gave my opinion of my market.
One of our mortgage brokers just emailed all agents in my area a survey to fill out with the promise of receiving the compiled results. When that comes back - hard numbers for my area - I will post the results here.
Ok that would be great, Thanks!