We wanted to share this audio report from an LPS asset manager who has some fantastic first hand knowledge of the REO market and the new REO inventory that's on it's way this year. LPS reports the national delinquency rate hit 8.15% as of last month. A few months ago, we reported to our members that foreclosures had been drying up due to default reviews, loan modification attempts, and new state and federal regulations, and that's precisely what this Asset Manager is reporting as wellin this audio report. The result was a backlog of pending foreclosure listings that were slowed down by these efforts, but as you'll find in this audio report, that's all about to change...
According to the new report, the month to month Delinquency Drop that we experienced in 2011 has come to a halt, and inventories of troubled loans remain significantly higher than pre-crisis levels across the board. Stay tuned for more news on this topic later this week...
Hi Everyone! We wish you all a happy new year and a very successful 2012! So what will this year bring to the market, and how will it affect the REO inventory and industry as a whole?
National REO Statistics
1,750,000 REOs still haven't been listed
3,500,000 Mortgages are in default
15,000,000 Homes are under water
Asset Management companies are busier than ever and looking to new and creative solutions to help liquidate the assets on their books. Have you ever heard of REO Rental Management? (See Article) It's coming. There's also a good chance we'll finally see Short Sale listings being assigned in the same way the REO Industry handles their troubled assets. REO properties are moving faster than ever, with "time-on market for a move-in ready REO at just 10.1 weeks" (See Article) As a friendly reminder, be sure to keep your REO Resumes and Profiles up to date with the new year.
The REO market is beginning to heat up again, and foreclosures will again flood the market in 2012. In fact, HousingWire estimates that REOs will continue to rise for at least another 2 years. Bank of America foreclosure starts alone more than doubled in August from the previous month. (Source: HousingWire) This means more REO professionals are needed every month. We help asset managers find qualified REO agents just like you.
REO Industry Directory Guarantee.
Chase Bank uses dozens of asset management companies nationwide to liquidate their REO inventory. Their goal is to find the most qualified professionals to sell their REO listings for the highest net dollar amount and in the shortest amount of time.
REO Assignment Radius Limits
Want to list REOs for banks? Let’s face it, we all do. After all, foreclosures are the hottest selling item on the market and real estate agents can have a highly successful and lucrative REO business by supporting the needs of asset managers and banks by listing their REO properties, marketing them, and closing deals. Once REO agents prove to be a valuable partner for a bank or asset management company, they can be assigned up to dozens of foreclosure listings per month. The key to winning this business opportunity is to firstly to be given the chance and second to have the right information on how to handle REO inventory for the “Real Estate Owned” industry. This blog will serve as a guide for understanding how to become an reo listing agent and provide links to other useful sites.
Are you in front of the right people?