Have you done any short sales, loss mitigation or REO work in 2007?

By
Real Estate Agent with Keller Williams Capital Partners Realty 277320
This is a HUGE market and I am looking for your comments on what has worked and not worked to share with the Active Rain community. I have worked with one lender on REO's for 6 years and am seriously considering gearing up to do more. I have done 3 short sales and have 2 pending.
At this time I  am doing loss mitigation work for Titanium solutions. Not much pay on this but I have helped some folks re-cast their loans and save $$$. There are not many short sales or REO's in my market areas of Clintonville or Worthington; however, part of Northand in zip code 43224 and the Ohio State University area, zip codes 43202 and 43201, have lots of foreclosures. How about you?
Merry Christmas!!!-
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Rainmaker
384,961
John Walters
Licensed in Louisiana
Frank Rubi Real Estate
Merry Christmas Joe.  I haven't done any short sales.  My broker has done at least one.  I currently have three buyers with accepted offers.  I'm not complaining.
December 24, 2007 08:13 AM
Rainmaker
55,628
CJ Johnson
Sales Consultant - Build On Your Lot @ DWH
David Weekley Homes
I live near Bakersfield California which is the second highest foreclosure area in California after Stockton.  About 30 days ago I decided to get back into the foreclosure business since I had done quite a bit of it in the 90's.  I now have five saleable listings from two lenders, one open escrow, and am now doing an average of 4 BPO's a day for pay and future business.  My advise is that if there is a foreclosure market in your area JUMP IN.  Merry Chirstmas Eve.
December 24, 2007 08:15 AM
Anonymous #3
Anonymous
Pat
I am in the middle of doing one short sale. How did you get hooked up with the lender??
December 24, 2007 08:17 AM
Rainmaker
1,162,061
Joe Jackson
Clintonville and Central Ohio Real Estate Expert
Keller Williams Capital Partners Realty
Pat
I just googled the ledner, got their loss mitigation department and sent them the contract, a projected HUD-1, a hardship letter and financial statement from-the buyer
Good luck
December 24, 2007 08:28 AM
Rainer
9,056
Chris Giddings
Realty Executives of Nevada

Joe,

2007 completed around 13 or so, landed a bank contract along the way. Best advice I can give in a few words  is 'stay persistant and never give up until it's over'.    ..............................................................Joe, you will find our short sale foreclosure and bankruptcy group helpful, i suggest you join it, articles and discussions happen every week, Best of luck for 2008 Chris Giddings  http://activerain.com/groups/Distressed

 

December 24, 2007 08:30 AM
Anonymous #6
Anonymous
Anonymous
Joe, Because our Bradenton, Florida market is one of the leading foreclosure markets in the US I am now specializing in Short Sales.  I belong to a few short sale groups here on Active Rain.  I have added you as an associate and subscribed to your blog.
December 24, 2007 08:35 AM
Rainmaker
1,162,061
Joe Jackson
Clintonville and Central Ohio Real Estate Expert
Keller Williams Capital Partners Realty

Wow di d I hit on a hot topic! ^ comments in 20  minutes on Christmas Eve.

 

I have joined the short sale and foreclosure group!

December 24, 2007 08:40 AM
Rainmaker
110,618
Mark and Tana Hunt
Tana Hunt, #1 Realtor at Team Price for 2012!!
Team Price Real Estate/Dan Price Broker
Joe, I am an Escrow officer here in Austin Texas... I close about 4-5 short sales a month.  They are alot of work but I started closing them around a year ago... I just picked up another agent last week that had two short sale listings and turned them into me.  I was able to direct him on the process of short sales I guess you could say I have become an expert, accidently.. :)
December 24, 2007 10:18 AM
Rainer
77,666
Jeffrey Dolfinger
NRBA Member
24/7 Realty Inc.

I do only REO in upstate New York and would rather do REO than regular sales.  Just my opinion but the banks do not play games like regular buyers.  However most of the major lenders are not accepting new agents as many agents have switched sides over the past year.  You will most likey have a problem getting into any of the majors.

December 24, 2007 10:30 AM
Rainmaker
1,162,061
Joe Jackson
Clintonville and Central Ohio Real Estate Expert
Keller Williams Capital Partners Realty

Tana and Jeff

 

Thanks for your good points I think this is an area we will be in for 2-4 years so we need to be equipped to dothe business

December 24, 2007 11:32 AM
Rainmaker
110,618
Mark and Tana Hunt
Tana Hunt, #1 Realtor at Team Price for 2012!!
Team Price Real Estate/Dan Price Broker
Thats what I am thinking... Most people don't want to mess with Short Sales but I'm getting a fair amount of business from them....and as far as short sales go... Practice makes perfect....
December 24, 2007 11:58 AM
Rainmaker
1,162,061
Joe Jackson
Clintonville and Central Ohio Real Estate Expert
Keller Williams Capital Partners Realty

This is a real esate Blog not a Patio furniture Blog.....

 

This is the 3rd message I have received this week on my blog that has NOTHING TO  do with real estate

 

any one else getting this crap?

July 16, 2009 07:59 AM
Anonymous
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Rainmaker
1,162,061

Joe Jackson

Clintonville and Central Ohio Real Estate Expert
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