Our office has not had a new REO listing in about 2 months. A headline I just read states "FORECLOSURE NOTICES SOAR, FORECLOSURE SALES DROP". Interesting.
I have noticed that many REO listings in our area (OAKHURST, COARSEGOLD, MARIPOSA, BASS LAKE, AHWAHNEE, RAYMOND, etc.) are now being assigned to agents from out of the area. This is very common with Fannie Mae and Freddie Mac properties. The agents typically come from Fresno, Madera, or Merced, some 40 to 80 miles away. Some things that are common with the agents that receive assignments for our local area:
1) Many of these agents DO NOT place the homes in our local MLS. This does the bank/seller a huge injustice. The agents are only placing the property in the MLS where their office is located and the bank/seller gets a copy of the MLS printout and has no idea the property is being marketed POORLY. My office belongs and pays the fees to belong to the FRESNO MLS, the MARIPOSA MLS, the YOSEMITE (YGAOR) MLS, and the MAMMOTH LAKE MLS. *** BANKS & ASSET MANAGERS *** Make certain your asset is being marketed properly.
2) The properties are often valued wrong. The listing agent has little knowledge of the unique conditions that accompany a foothill or mountain property. Many have no idea what a water well is, or a septic tank, or a land survey. Things you do not come across in the city.
3) I have found many homes listed by a Fannie Mae or Freddie Mac agent and the power, water, propane, etc., is not set up or turned on for inspections. How the agents are "GETTING AWAY" with this is beyond me. I was assigned a listing after the originally REO listing agent did not sell it, when I called the water company I found out the prior agent had never put the account into their name and the amounts were adding up monthly. My office sold the house within 45 days, once it was marketed properly.