4/29/08
I had a closing Monday that went off without a hitch. It was supposed to close Tuesday, but the bank was actually ready to go a day early, which is shocking.
The one that is supposed to close Friday is getting extended for a few weeks. Watson Title was supposed to close it, but then it got pulled from them (haha), and now it's being handling by a title co. in Clearwater. Seems like when the local title companies handle the title work it gets done much faster. It's also comforting to know that if they stop answering my calls/emails, I can just drive right on over and pester them in person.
The supply of REOs continues to dwindle, causing all of us to scratch our heads and wonder where all of the inventory is going. It's a big mystery. I just checked the number of lis pendens that have been filed in my county so far this month: 2077. Last month there were 2153, February there were 2062, and January there were 2022. Yikes. That's a lot of foreclosures...
OK, Gotta run- some asshole took my sign off of the fence, and I'm going back to replace it. I may sit in the tree across the street with my sniper rifle and see if the perpetrator comes back to do it again.
Wednesday, April 29, 2009
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7 comments:
I've got some camouflage you can borrow.
Steph,
How do you get them to let you use your title company, or do you just use theirs? If so, how do you explain that you are flipping the property?
Thanks in advance,
Reesa
Steph,
I agree with others who have said previously that REO inventory will get bigger, and most likely, in large numbers/batches, not just a trickle.
Why?
The lenders are really lost, with all the notes being serviced by third parties, and pools of them put together.
I just talked to a seller today, who has had her house listed for 4 years, and not made payments in over two years. She walked away from the house, because her lender filed FC, and told her there was no stopping it. Last week, she got a letter in the mail from code enforcement telling her she had violations and to correct them......on the house in FC. Guess what? The lender dropped the FC case, we looked it up, and over the phone, just says, "Here is the total to bring it current? Can you pay? No, thanks, click."
Basically, the lender has refused to take her house back, and wants nothing to do with it. We are working on something to do with it, for her. It's worth about $150k now, maybe, and she owes well over $280k, including arrears.
Crazy.....and the lender has refused FOUR short sale offers, as well as a deed in lieu.
I'd heard this was happening, but this house is the first I've had first hand experience with.
Imagine if the majority of lenders just stopped foreclosing for a year or two and left houses sit?
Good job on the close, good luck with the rest,
Jim
Hi Reesa,
The bank makes me use their title co to do the title work and lien searches, but I do the actual closing at my title company. We sign everything there and then FedEx the documents back to the bank's title company and also wire the funds to them.
Hey Jim,
I keep hearing that there is a huge wave of REOs coming, but have yet to see any of them hit the market.
Maybe they are just going to try and short all of them as opposed to foreclosing. That's what I would do if I was a lender.... might as well take a loss now as opposed to going through the whole process and then taking a loss later.
Of course the banks always seem to do what makes the least amount of sense, so who knows.
Steph
Thanks Steph.
Hey Steph--
There was just a community meeting up here in CT, where they are trying to keep the tenants in the homes that are being foreclosed upon. Not sure if you have the same issue, with tenants being in the homes that are foreclosed upon, but up here it is causing a huge increase in vacants, and of course all the lovely problems that follow (stolen pipes, vandalism, etc).
Anyway, the largest owner of homes up here is considering just keeping the tenants in the homes while they are foreclosed upon.
I wonder if FL has some kind of deal that they are trying to work our as well. The other thing they are doing up here is just sitting on them, because the banks are under the impression that the market will come back and do not want to accept the lowest price for the homes.
It would have made a lot more sense to have let the banks fail, have some short term pain, and move on. This is going to last years.
Hi Alison,
I've read a few articles about the banks letting the tenants stay in the homes after they foreclose, but have not run into any REOs yet where the tenants remain. That will make it a lot more difficult to wholesale if they are occupied.
It's going to be interesting to see how it all plays out.
Steph
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