All Forum Posts by: NA Cramb

Looking over FL 501.1377 it sure seems to me that by saying noone except primary mortgagee, can bring default current and continue making payments that this throws sub 2 out. Am I missing something?

Kurt,
I am not really familiar with your market, but just had a builder this week go under on 20 homes that he was in for 375k cost - retail in the $450-500k range. The BPO's took them to a list price of $250-the bank doesn't want them.

Ingrid, counter back at $56k. They haven't said no yet.
And Kevin, I spoke with my reo agent today who had 16 new bpo's for today alone and she said easily seeing 50 - 60% if the property had been listed for at least 30 days. Discounts are incremental at the 30 day marks (30/60/90) with the different lenders. My agent works immediately with the asset managers who also have access to bulk depending on the area. Some areas are easier to obtain thatn others. Bulk reo's means more work for me. My business would need more help, and I don't want that. I have a little niche that works for me.

Kevin,
6 months ago I went into a huge reo brokerage and looked through what the broker closed, dom, and for what kinds of discounts. Solidly, nothing went below 80% I can tell you now, the tide is changing...in a big way. The reo brokers are loaded with properties they can't sell for the banks...they are groaning with inventory. Now, it's easier in my market to buy reo's...bigger discounts. I buy for myself and private investors. I don't work with bundles/packages. I still do shortsales, but those reo's are looking better and better to me. The flipping issue...how to wholesale the shortsales has been a sticking point for me. I struggle with it, and am constantly looking for ethical ways around it.

And Christian, in GA the MLS is not often used as a service called fmls. Same thing really, though.

I don't just work reo's. I do lots of shortsales as well.

Can also depend on the loan type. If it's an fha loan that you are shorting...the seller can recieve up to $1000 from the government depending upon the amount of time the property takes to sell. I have a seller today that is using the proceeds to start BK.. Go figure.

The properties are listed with REO brokers through an asset manager that works through the lender. I have seen these stacks...About 6 months ago, I was finding the banks in my area discounting to about 80%. Now the REO's can be discounted quite deeper. You really don't need to do shortsales to find the best deals. Why aren't the banks discounting further...? There's a great post on here somehwere I just read by a Mr. Tumbarello that explains the banks motivation levels as he learned from questioning the FDIC. Also, I just got off the phone with a Countrywide Loss Mit person earlier today who has 95 untouched files. It's interesting to ask the people as I call into the banks what's happening...different perspectives.

Hi Christian,

I work with a very large REO broker that handles properties in the Atlanta area for numerous major lenders and I can tell you that not all listings are on the MLS. Many are on the fmls, and many are waiting on the assistant's desk in a huge stack to be input. They are so far behind that not even all are on the brokers own website. My best advice for getting the best deals...close quickly and cleanly with a reo agent in your area to establish rapport, then make it loud and clear you are ready to play.