Join Date: Apr 2012
Location: Your House Soon...Soon
Thanked 2,249 Times in 1,094 Posts
Volume is going to continue to drop but you already know that.
Funny thing is, we get the same response from our brokers that "X is doing everything after the rekey so sorry", yet in the past three weeks we've completed a half dozen trashouts that the nationals can't seem to get done for the lender. In one case of plain stupid, the lender paid a contractor from Ky to go up to southern Il and sheet rock a basement and main floor of a 300k house. The lender paid the contractor IN FULL after materials were dropped off. Once that happened, said contractor apparently came back to KY for happy hour and stayed. They were nice enough to leave the sheetrock not in the garage, but a carport, where it promptly became wet and crumbled.
Back on topic, we are able to get inside on the bidding only because we stay close with the brokers. If it sells beforehand, the lender is just moving stacks of paper to another carrier.
The flippers are heavy everywhere and with 15 years of this mess under their belts are getting good at knowing how and where to find the deals. It's been a long time since I could pick anything up not close to the list price-unless its in a free fire zone.
I've got a son in law in Fort Wayne that works for Wells Fargo and I'll see what he knows next time I go up.