Not sure about the rest of the pros on REOPRO, but as someone who does BPOS, I just got quadruple the requests for them today, in a big, big way. Some requests from folks, I barely get any from. All exterior BPOs... and I live in a rural area.Not sure what you guys will make of it, but to me, it looks like the Summer Flood.
This flood coincides with the predictions made by Richard Hartel, NFSTI resident asset manager trainer (among other contributions that are probably very familiar to everyone at REOPRO) just last week while we did our tele-conference call for REO Masters.
Richard and Scott were discussing a comment made by an executive for an undisclosed asset management company who stated that approximately 70-80% of all bad loans were pulled from asset management inventory at the beginning of the year by the current administration in order to attempt loan modifications. Most of these loans didn't qualify and were set to re-enter the REO blood stream this month (this is actually about 1 week early, but that's neither here nor there).
Be on the lookout for a large surge of BPO's over the next couple of months. The first quarter of 2010 is when Richard mentioned REO listings will be at their peak. It's difficult to guarantee this statement - you never know when the government will intervene, but all else being equal, this is going to be the case.
I was recently on a conference call with an asset manager who made the comment that come July 1st we would start to see a lot of the REO listings roll out. Good news they don't plan to do them all at one time to flood the market. Bad news, by January 2010 we will see a higher number on the market than we have seen in the past as there are many more than anytime before this group to come out. Also in 2010 we will start to see a lot of commercial REO properties listed.
Now comes the weeding out portion though. Do you take all bpos, or only spend time on ones that will potentially become listings? And how do you differentiate? I am getting requests from companies I have never heard of! If they say, "this is a bpo to assist in setting the listing price, but if you or someone in your office has this listing, do not complete", looks like a waste of time if too far away in my rural area...but then again..
Good for you Joshua! I received a lot of BPO requests for May but so far, June has been very slow. Is anyone else experiencing a slow down for June? Is this the calm before the storm?
Suenne et al,
In SF Bay area it is slow. Major players are hardly sending requests. A few mills have reduced the desktop
BPO fee to something close to a basic big mac.... If people still want do them for coffee money they can have those.
I got one request and missed another 2 blocks away.... This is OK 'cause I am busy with regular sales. Most agents at the office chuckle as they rather go after listings and talk to customers....
Geat to hear about Citi, I finished their mandatory REO policy course a few weeks ago. Make since they would have all complete or get cut before the flood gates open. Looking foward to the ride. Everyone put your life vest on!!!!
Comments
This flood coincides with the predictions made by Richard Hartel, NFSTI resident asset manager trainer (among other contributions that are probably very familiar to everyone at REOPRO) just last week while we did our tele-conference call for REO Masters.
Richard and Scott were discussing a comment made by an executive for an undisclosed asset management company who stated that approximately 70-80% of all bad loans were pulled from asset management inventory at the beginning of the year by the current administration in order to attempt loan modifications. Most of these loans didn't qualify and were set to re-enter the REO blood stream this month (this is actually about 1 week early, but that's neither here nor there).
Be on the lookout for a large surge of BPO's over the next couple of months. The first quarter of 2010 is when Richard mentioned REO listings will be at their peak. It's difficult to guarantee this statement - you never know when the government will intervene, but all else being equal, this is going to be the case.
Sincerely,
Dan Waterman
In SF Bay area it is slow. Major players are hardly sending requests. A few mills have reduced the desktop
BPO fee to something close to a basic big mac.... If people still want do them for coffee money they can have those.
I got one request and missed another 2 blocks away.... This is OK 'cause I am busy with regular sales. Most agents at the office chuckle as they rather go after listings and talk to customers....
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