The next wave

I received an interesting call today from one of my lender contacts. The discussion covered when the next wave of REO properties would be really coming to market. I was informed that many of the banks holding REO's will need to change their accounting reporting and will actually have to show their non-performing assest on their books. They are also taking this time to clean out their Realt Estate Agent data base. The agents that were not performing to their standards will be removed from their list. So get your applications in and get ready for the next wave expected to begin arriving in the begining of the third quarter of 2010.
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  • I to have been hearing that the Next wave is going to start the first of the year, I work in the field and im doing about 20 to 30 property insptection a week , and the asset manager and Reo agent I work with are tell me to get my crew ready for the first of the year, they'll start comming.
  • Thanks for the updates. Looking like 1st Qtr 2010 that the REO dam finally breaches !!!
  • Bank of America paid off their TARP money, meaning they no longer have to comply with many government mandated moratoriums and loan mod percentage requirements. My contact at BofA told me watch out for big increase in assignments 2nd quarter of 2010
  • I too have heard on several fronts that mid January is when Fannie MAe has a huge release
  • Why do you say third quarter? The asset managers I work with are stating January...... hope they are correct..
  • Third quarter? They are taking way to long! It has already been a year since we had the moratorium placed on foreclosures. That will make it 18 months. Come on already lets get the market going again. Once we get rid of all the foreclosures we can get back to a normal market. As long as we have the high number of foreclosures we all will continue to suffer.
  • I woiuld llike to have my share of REO'S. How do I apply for asset managers. Some REO properties are given to agents that are about 6 to 9 hours away from propperties. IT IS A MESS!
  • It's about time!
  • Maybe they started to notice how the majority of their assets are (not) being marketed. This can only mean good things!!
  • WOOHOO!!..maybe they will finally start contacting me!! :)
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