Requests for BPO's on the rise, an indicator in my local Market.

By
Real Estate Agent with Troop Real Estate Inc.

Hi everyone,

In the last two weeks or so the amount of BPO requests I receive have noticeably increased. I don't do that many normally, only a couple per month. Lately I'm getting requests for three a week on average. This represents about a six-fold increase. I can only attribute this to borrowers requesting more loan modifications, Short Sales,  and Deeds in Lieu. Where I live in Moorpark, California there have been over 60 NOD's recorded in a 90 day period, and I'm in a relatively small community of about 30,000. That is one NOD recorded every 36 hours! So where are all the REO's?

According to my asset management companies many of the lenders we service have put self imposed moratoriums, (not to mention the State moratorium) on their REO's. We've all heard the speculation as to why. Mostly it is believed that the lenders didn't want to saturate the market with any more REO's than we had a few months back. Things seem to have changed dramatically as a result. We currently only have around 12 active REO listings and another 14 under contract.

I did a recent BPO on a condominium that appeared vacant. Title showed that it was already an REO and that the Trustee's sale occurred back in May! This confirms what we've all seen and heard about the lenders holding back on their inventory. This condo has been sitting off market for over 2 months now.

I can totally understand the original strategy about holding some properties back, but I must say that the timing has never been better than now to start getting these lower priced properties on the market.

We've all been told that the "floodgates" are going to open soon. That would be nice. In the mean time all we can do is try and stay prepared for when this market opens back up.

I'm still working my REO farm by sending my resume to lenders and asset managers that I have worked with in the past. I've filled in several Master Listing Agreements as a result.

I'd really like to hear from some of you other REO agents about activity in your local markets. Around here, it feels like there is a lot of pressure building and it will only be a matter of time before we are seeing more REO's.

Meanwhile I'll leave you all one more thought...........

As Real Estate Agents we are at the top of the Food Chain in this business. We talk to the clients. We put the deals together. We see that our escrows close. Without us, nobody in this business eats! Not the finance people, not the escrow people, not the lawyers, not the title people, and not our brokers. Many people don't realize how important Realtors are. Not only to our own industry but to the Nations economy in general. Economic recovery depends on the housing market gaining stability. Who would have known?

Keep your chins up and your heads held high, we are BADASS REO AGENTS! That's right, We Bad, We Bad!

Rudy

 
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Fernando Conde

Great posted Rudy! I also sent out my resume to new lenders but have had no luck on anyone call me back. I am not sure if they even look at my email. What are some of the things you put on the subect line and email to get a respond. Thanks,

July 14, 2009 09:58 AM #1
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Anonymous
Miguel

I live in Apple Valley, not a Realtor yet, but the market here has been about how yours is. A few homes a week being listed and several offers being made. Except of course for the homes that are in bad areas and are trashed. One thing I am starting to notice lately are homes won't even make it as active to the MLS. They will go straight to contingent. Is this what we will start to see now, in house deals? I would like to know if anyone has had any luck on making offers on this "ghost inventory"?

August 15, 2009 02:52 AM #2
Rainer
30,185
Rudy Detgen
Troop Real Estate Inc. - Moorpark, CA
Realtor, Real Estate Agent, Homes, REO - Moorpark, Simi Valley

Hi Fernando,

In the subject line I write "Agent Question?". Then just be honest: I'm a Realtor looking to increase my REO business, attached is a SHORT resume. If you have a broker sign-up or application can you please provide me a copy.

Hi Miguel,

People who offer on Fannie Mae owned properties and intend to occupy the property will start to have a better shot at the homes you describe as going to pending in a day. Fannie Mae will not look at investor offers for the first 15 days that the property is listed in order to give owner/occupants a chance at the American Dream of home ownership. After the first 15 days they will entertain all offers. This of course doesn't mean there won't still be multiple offers and bidding wars but at least some first time buyers will get a chance.

August 15, 2009 03:08 AM #3
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Rainer
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Rudy Detgen

Realtor, Real Estate Agent, Homes, REO - Moorpark, Simi Valley
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