Slow Trickle of REO Assignments: How Tough are These Times?

By
Education & Training with NFSTI | Dan Waterman Enterprises
First off, I hope that everyone is having a great week and month so far. Amidst the tough economic times it's easy to forget the positive aspects of life. For a starving child in Mozambique 1 meal of rice and beans shared by a whole family is a great day. For a village in Sierra Leone to have education for their children is a miracle. Others in China pray that they won't be martyred for expressing their religious faith today.

I guess "tough times" becomes a relatively less painful term when you value what you do have and hold tightly to it. America is still a great place for us to be.

According to contacts and members of NFSTI around the nation, there still is a slow trickle of REO/BPO assignments around the nation regardless of the moratorium or lack thereof, making things still a little rough on business. Growth is a word that most of us are aching to use, but wonder if it will happen any time soon.

It appears that there is a tightly-sealed valve being placed between defaults and REO assignments - my guess is to keep values up. It seems to be working. Cities around the nation, such as Denver, are seeing values stabilize due to multiple-offer situations as investors squabble over the remaining REO inventory.

There is no publicly-available notice of this decision to slowly leak out REO's. It's something that you have to deduce from calculated reasoning. Although, I was privy to some inside information from a contact at a well-known asset management company who did verify this theory in their case (let's leave them anonymous).

As always, NFSTI promotes the business method which has been successful over the decades throughout several recessions - keep marketing. It has been proven time after time that businesses who continue and improve marketing through a downtrodden market not only survive but come out ahead when the market picks up.

Here are a couple of ways that we've been able to improve marketing:

1. Offer better service.
2. Price reductions.
3. Leverage technology whenever possible to save time and resources.
4. Social Media: Marketing through websites such as www.twitter.com, www.linkedin.com, www.facebook.com, www.trulia.com (Trulia Voices), www.activerain.com, www.ning.com.
5. Understanding the ever-changing needs of our audiences.

We wish you continued success~

Sincerely,

Dan Waterman
CEO
NFSTI
Dan@NFSTI.com
877-REO-7997 x3
www.nfsti.com
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Tags:
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Rainmaker
266,762
Dave Roberts
Healdsburg Sotheby's International Realty - Healdsburg, CA

I think it would be useful to conduct our own national assessment of the market using our ActiveRain network to get data from all the major markets. I can report that in the North Bay just north of San Francisco the REO inventory is drying up very fast and multiple offers are now the rule. Looking at the pool of properties that are foreclosed on, but not yet listed it doesn't appear that we have a big selection ready to hit the market. There might be six weeks worth of inventory off the market, but I imagine a lot of that is still in eviction, clean up, BPO, and other preparation work prior to listing. Whether there's a giant pool of potential REO listings behind that is something I can't tell from the data I get to look at.

 

May 12, 2009 11:18 AM #1
Rainmaker
19,169
NFSTI REO/BPO Networking & Certification
NFSTI | Dan Waterman Enterprises - Syracuse, NY

Dave,

 

Pam Eikleberry was saying something similar in a recent comment on another post by NFSTI.  I'm reading your email now too.

 

Sincerely,


Dan Waterman
CEO
NFSTI

May 12, 2009 03:06 PM #2
Rainmaker
298,489
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes

Hopefully I can show you the benefit of coming to Orlando and getting people to attend so I dont have to worry about missing you guys in Miami :)

May 20, 2009 08:34 PM #3
Rainmaker
19,169
NFSTI REO/BPO Networking & Certification
NFSTI | Dan Waterman Enterprises - Syracuse, NY

Heather - The man you need to get in touch with is Lowell Caro, Jr.  He is the senior instructor who heads up the marketing and instruction in FL.  I highly recommend getting in touch with him about this possibility.  He can make it happen:

 

Lowell:  lowell@lvreamail.com

May 21, 2009 01:04 PM #4
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Rainmaker
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NFSTI REO/BPO Networking & Certification

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