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As we mentioned last week, Buyers have been dying of thirst in this market that has been drying up in inventory for the last 4 months. Over the last couple of days, We have received some breaking news from several sources that the forecast for next week it looks like RAIN!! Here is how the forecast developed.
It started with a simple conversation with an agent looking to join Exit Realty. As we talked about Exit, she asked a very important questions. She said does Exit Realty have an REO Account and are we ready? I told her that we have been partnering with America Buys Foreclosures to receive listing since January, but the banks keep putting off the releases of bank owned properties due to moratoriums and other business decisions. I told her that we have heard this many times from the rumor mill, and were turning blue from Holding our breath!! She said " Well, I heard from a friend of mine who owns a brokerage in Long Beach that Bank of America will be starting to release more properties into the market next week". We told her that we would certainly hope so as we have many buyers who gave up because they were tired of getting beat out in this market.
So as I went to make some Coffee to wake up, My husband calls me and says " Did you get the email from ABF?". (By the way, that is America Buys Foreclosures). So I said, what does it say - that they are still working on getting us listings. Heard it all before yada yada yada. He said "no this is different!! Come look! read it". So I began to read the email, and it said that they were in FULL LAUNCH and have ramped up their customer service in order to fields questions from REO brokers on the listings they will be assigned...Okay, I will bite...is this just a hook to keep us hanging on a little longer? Then I scrolled down the email. On the left hand side was a list of partners:
Bank of America
Capital Lending Direct
Fidelity Escrow
Fidelity National Title
The one that stuck out for me was Bank of America of course because I just spoke to someone about them. More convincing though was the fact that ABF provided a list of their partners. This list was a hush hush secret that no one had access to or would disclose. Hmmm....maybe there is something going on here?
I told my husband, well if the listings are released then GREAT! We can get our buyers in houses that they have been working so hard to get into, and if ABF assigns us properties to List, then it will be that much sweeter.
Again, I sat down and started working on my To Do lists, and drinking my Coffee. Ring ring ring..."Hello this is Nikki". It was one of our Loan officers who just so happens to work for Bank of America. He was providing us with updates on some pre-approvals he was working on. After getting the updates, he said " Listen guys, I heard from Above - not from the rumor mill - that BofA along with Wells Fargo and GMAC are getting ready to release REO homes next week". As you can imagine...I started getting freaked out. Weird!! Twilight zone!!
Could it be?? Were we seeing rain clouds on the horizon moving towards us!! I sure hoe so because I am going to go out on a limb and forecast that Rain is own the Horizon, and bringing some much needed relief. While the weather man is not always right, when he is - you better have your umbrella with you.
I will close with this Caveat. We are not sure if the banks are releasing slight rain or a full blown storm of properties.My suggestions is to make sure you have prepared in any case. Be ready to act and be ready to move forward so that you do not miss your opportunity.
Until Next week! We wish the you success!!
h success!.
