I have been working the BPO for a while. However of recent i could not change my user ID on one of the Monkey auto catch system. Here is my problem if there is a kind techie that may help me.
Lomg ago BPO Fulfillment will allocate user ID for our BPO with their company. Yes, they did and gave me BAYOOS21. Now that User I tried to change to Bayobpo@gmail.com but could not for weeks.
Please if anyone can help me with instructions on how to change the bayoos21 to bayobpo@gmail.com, Thank you
Source: Redfin's Residential Real Estate Report - August 2023
Mortgage rates, as we've seen recently, have reached heights not seen in two decades, and this is ringing alarm bells for professionals in the default real estate sector. For members of REOPro, understanding the potential trajectory of the market is crucial. Drawing insights from the latest Redfin report, let's delve into some predictive trends for the foreclosure, short sales, and default real estate markets.
An Increase in Foreclosures and Short Sales:
With mortgage rates breaching the 7% threshold, a percentage of homeowners will inevitably struggle with their mortgage repayments. Their struggle could lead to a rise in foreclosures, especially among those who recently entered the market and are less financially cushioned. Coupled with the sticker shock and the fact that 15.7% of home-purchase agreements were canceled in August alone, we might see a more considerable number of homeowners seeking short sales as an exit strategy.
Reduced Property Prices in the Default Market:
While the median U.S. home sale price witnessed an increase recently, the potential influx of foreclosed properties and short sales in the market might exert downward pressure on prices within the default real estate sector. This downward pricing pressure could present an opportune moment for investors and businesses focusing on distressed assets.
Sluggish Sales Activity But Higher Demand for Services:
While the broader market might experience a slump in sales activity due to high mortgage rates and economic uncertainty, the default real estate professionals could witness a surge in demand for their services. As homeowners struggle, professionals specializing in foreclosure consultations, short sale negotiations, and default real estate transactions might become even more crucial.
Shift in Geographical Focus:
The Redfin report highlighted specific metro areas where sales, prices, and listings have experienced significant fluctuations. Areas like Boise, ID, which saw a 70.5% YoY drop in pending sales, might become hotspots for default real estate professionals. Conversely, metros like Rochester, NY, where sale prices have surged, could witness a slower influx in the default real estate space.
Increased Need for Education and Community Interaction:
Platforms like REOPro will become even more invaluable. Professionals need a reliable platform for insights, networking, and community advice as the landscape shifts. The platform could look into hosting webinars, Q&A sessions, and other educational initiatives to keep the community informed and prepared.
While the Redfin report paints a broad picture of the residential real estate market grappling with the impacts of high mortgage rates, this might be the beginning of a busy period for the default real estate sector. Staying informed, leveraging community platforms like REOPro, and continuously educating oneself can ensure professionals navigate these challenging waters effectively.
Remember, every challenge in the market brings with it a set of opportunities. With preparation and insight, the default real estate community can withstand these shifts and thrive.
Recent data paints an intriguing picture of the real estate market, specifically in terms of investor behavior. The insights extracted from Dana's article reflect how investor dynamics are evolving, with some key trends standing out:
A Significant Drop in Investor Purchases: The investment world witnessed a remarkable 31% decline in overall home sales this year, with investor purchases dropping by a whopping 45% in the second quarter. This drastic decrease is reminiscent of the 2008 slump. It signals a strategic shift away from the investment fervor experienced during the pandemic's peak in 2021 and early 2022.
Investor Retreat from Hotspots: Places like Phoenix and Las Vegas, which flourished during the pandemic, are witnessing decreased interest from investors. Such Sun Belt metros are experiencing the most significant drop, showing a ripple effect as the housing market temperature dips.
The Quantity and Value of Investment: There's a stark reduction in the number of homes acquired by investors, with figures sliding below pre-pandemic levels. However, in terms of dollar value, while there is a decrease, it's still marginally above figures from a few years prior to the pandemic.
Rethinking Strategy Amid Economic Variables: High home prices, rising mortgage rates, and economic uncertainties are playing a significant role in investor decisions. Such factors are reshaping investment strategies, prompting investors to be more judicious. A resurgence in rental market strength is also worth noting, implying that investors might lean more towards rental properties than home flipping.
Investors’ New Preferences: The data suggests a pronounced interest in low-priced homes, with a significant chunk of investor purchases catering to this category. The focus is on buying low and selling high, considering the current state of the market. Furthermore, single-family homes, despite the dip in their availability, continue to be a favorite, accounting for almost 70% of investor purchases.
Metro-level Highlights: The metropolitan data showcases a clear disparity in investor activity. While investor presence has dwindled in historically popular markets like Phoenix, Las Vegas, and Atlanta, it’s shown a mild uptick in areas such as New York and Seattle. This suggests that investors are potentially exploring new territories that offer better yields.
What Does This Mean for the REO Network?
This data offers crucial insights for members of the REO Network:
Awareness and Adaptation: Understanding the current investor mindset can help in predicting market shifts and adapting strategies accordingly.
Targeting Opportunities: Given the apparent shift towards low-priced homes, there might be potential opportunities in targeting these properties, especially in metros with significant investor activity.
Rental Opportunities: The strength of the rental market can't be ignored. For those considering diversifying their portfolios, rental properties seem to be an avenue worth exploring.
Staying Informed on Metro Dynamics: Different metros are behaving differently. By staying updated on each area's specifics, one can make more informed decisions on where to invest or divest.
In conclusion, while investor activity is witnessing a discernible shift, it's not necessarily a cause for alarm. It's a signal for real estate professionals to adapt, innovate, and navigate the changing waters strategically. The current landscape offers both challenges and opportunities, and with the right insights, the latter can be effectively harnessed.
I just got an email saying REO Pro Network is back. Thank you! I did many short sales and foreclosures "back in the day". Didn't think I would get back into that or doing BPO's but here I am. Looking forward to hearing what everyone has to say!
Watching the foreclosures in my local paper and getting sick. I hate the medias' complete lack of transparency in telling people what is really happening. I know fear does nothing, but this time I am scared. I will once again put forth all of my knowledge and ability to help people stay in their homes or short sale them so they don't lose everything but this time around it just seems so much..dirtier? I am grateful Jesse has kept this site up for us, we are all going to need it. Thanks Jesse.
Cold calling real estate agentsis usually a smart idea between the hours of 04PM and 2PM, Monday through Friday, as this is when they are most likely to be available. Homeowners are more likely to be available and interested in discussing their real estate needs with an agent during these peak hours as they are more likely to be available to do so. As a result of this time frame, there is also less chance that you will be able to reach a homeowner who is already in contact with another agent. In addition, this period allows agents to focus on providing each client with personalized attention and customized solutions that are tailored to meet each individual client's unique needs during this period. There's no question that when calling during this prime time, it's imperative to remain professional and to have a plan in place that includes an introduction, key points about your services, and a call-to-action. Doing so helps ensure that the conversation remains focused on providing value to the homeowner, which can lead to increased success when it comes to closing deals.
