WHERE ARE THE REO'S

 

Is anyone getting REO's in their areas?  I am in Dallas - Fort Worth area and it is pretty dead here.  Nothing!!  HUD has only 22 properties in the entire state.  One of my clients told me that their business is pretty dead as well and they have now gone to the "Fix & Flip"  career.  Client stated that their banks are keeping REO, refurbishing them and renting them.  I think this may be what is happening to many.

Our auctions are being overrun by flippers.  They are outbidding the banks.  I recently had a property where I dealt with a very weird owner.  The bank was offering him $10,000 CFK.  After a week of dealing with the guy, we got the CFK completed, house re-keyed and it was going to auction the next day.  Bank thought they had bought it at auction, but turns out someone outbid the bank and we lost it.  

Curious if most of the country is in the same boat.  Thanks

 

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Replies

  • Yeah, no REO's in our area either right now and really don't see any coming down the pipeline either with all the equity increases over the past several years (and many people deferred payments too) they can just list and sell so it doesn't even go to foreclosure.
  • wowzer
  • Unfortunately, yes
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