Hi all:)I've done 20 REO related transactions so far this year, but wow, i need some listings soon!! all 4 of my REO listings are in Escrow and I have 2 Buyers set to close next month....but I have not been assigned a new REO Listing in about 6 weeks............has anyone heard when the backlog of homes that have already gone through foreclosure might start to be put on the market for sale????Of course I realize that the banks and the Administration are trying to work through alternative solutions for some home owners that can't make their payments, but that should be only for a minority of foreclosure situations........and there are certain moratoriums in some states, but still, here in Florida there are no official moratoriams in place......I know that they are thousands and thousands of homes in the pipeline somewhere, but where?? and when will they start popping out??JD Moore, LIc RE Broker, GRITampa Florida areaJD
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First off, Howard is right, the answer to his question is going to depend on who you ask and, if I may say so myself, their political leanings.
Personally, I am in the camp that says, we are not going to see a REO Flood and Carlos Silva did an excellent job laying out why, for more information on his blog, follow this link, http://reopro.ning.com/forum/topics/heres-why-you-wont-see-a.
I also want to elaborate on the pressure for re-election. Let's face it, poll numbers are showing the current administration is hurting themselves by going down the road of socialized medicine and it's killing the democratic party (Not that Republicans are much better). So, the only real saving grace Dem's have to keep thier majorities is to keep people in thier homes. So, along with the financial incentive Carlos pointed out about why we won't see a REO Tsunami I also believe that goes hand in hand with the political strategy of the incumbent party to maintain power.
Truth is, all this debt being accumulated in the name of economic revitilization is to do 3 things. 1, To redistribute wealth, as I outlined in a recent blog of mine, http://reopro.ning.com/profiles/blogs/communist-agenda-in-default and 2, to gain political favor in the upcoming congressional elections. 3,.......well, you have to ask me directly in email for that opinion, it's a bit loaded and maybe too controversial to post here.
Good Question.
Here’s Why You Won’t See A Tsunami of REOs
Thought this was an article worth sharing...what are your thoughts on this?
As you already know, the economy has been in the gutter, with banks fail…
I think we are all suffering right now. All of my listings are sold and if wasn't for all the BPO's I have been doing, I would really be hurting. I have heard that it will now be October before they open the gates. It's anybody's guess but I keep hearing, be patient, it's coming!
Well JD, THAT is the $64,000 question isn't it. Ask anyone and everyone and you will get a different answer. I have been told by some key contacts several times since June "Gear up, it's coming in June....July....Now I am told Maybe November? I spoke to someone at BofA yesterday who said not until after the first of the year! The reality is, anyone who does know isn't saying anything. To top it off every listing we do secure gets between 40-60 offers on it. Makes counters oh so fun. Carlos has a blog post on this topic you can check out.
Replies
First off, Howard is right, the answer to his question is going to depend on who you ask and, if I may say so myself, their political leanings.
Personally, I am in the camp that says, we are not going to see a REO Flood and Carlos Silva did an excellent job laying out why, for more information on his blog, follow this link, http://reopro.ning.com/forum/topics/heres-why-you-wont-see-a.
I also want to elaborate on the pressure for re-election. Let's face it, poll numbers are showing the current administration is hurting themselves by going down the road of socialized medicine and it's killing the democratic party (Not that Republicans are much better). So, the only real saving grace Dem's have to keep thier majorities is to keep people in thier homes. So, along with the financial incentive Carlos pointed out about why we won't see a REO Tsunami I also believe that goes hand in hand with the political strategy of the incumbent party to maintain power.
Truth is, all this debt being accumulated in the name of economic revitilization is to do 3 things. 1, To redistribute wealth, as I outlined in a recent blog of mine, http://reopro.ning.com/profiles/blogs/communist-agenda-in-default and 2, to gain political favor in the upcoming congressional elections. 3,.......well, you have to ask me directly in email for that opinion, it's a bit loaded and maybe too controversial to post here.
Good Question.