Dear Friends,
Many lenders are moving their lending portfollios around from one servicing co. to another and getting new properties in from other portfolios that other lenders have had. Because of this & other factors, lenders have not been assigning many new REO properties. This has been my experience, at least! I've lost only a couple of listings because most of my inventory was under contract, and I am planning on a huge influx of new REO properties in March. I bet we are all buried with new business!
What are your experiences? I typically carry about 30-40 listings... now all but 2 are either gone to other servicing companies or under contract. I am sold out of inventory!
When the new servicing company takes over, are you going after that business as well? I know I've signed up to be a part of the new servicing company's REO disposition efforts by mapping previous sales, gathering market data and completing new agent paperwork for the new companies, as well as signing up on sites such as ResNet, REO Network, REO.com, and others. I think we should also watch for signs that REOMac starts taking new vendor applications.
Are you coming to the 5 Star Conference in Fort Worth Sep. 20-23rd? Since it's right here in my backyard, I won't miss it! The premier spot to meet & great asset managers and other REO agents from around the country! Consider making the investment in your business. I wish it were this month!
Dear Friends,
The REO (bank foreclosure market) is rocking on in my world! I'm almost out of inventory to sell! Of the 17 listings I'm down to right now, 8 of those are under contract, and I'm working offers on 2 more! This is the lowest inventory I've had in quite a while! Perhaps the market's getting better? Or is it just that the banks held off foreclosing on property in Nov, Dec & Jan? What are your thoughts?
I think there will be a new wave of new REO business in February for those of us helping sell these type of assets. I know there is a lot of bank portfolios being shifted around right now from one servicing co. to the next and expect I'll be busier next month with new property assignments.
Just got back from vacationing in the Caribbean and I'm raring to go!
My super office in the Relocation Center of Century 21 Mike Bowman, Inc., at Town Square in Southlake, just above the Corner Bakery and next door to Rattikin Title, Countrywide Home Loans.
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