Has California REO's disappeared for anyone? - REO Property Preservation Forum
 
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post #1 of 10 (permalink) Old 12-14-2012, 01:58 PM Thread Starter
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Has California REO's disappeared for anyone?

It seems that with the rising home prices and political pressures on banks there is a major downturn in REO work in CA. Prices are getting lower, we can't remove hazards on our own, and now grass cuts are down and they are not approving trashouts (even though they demand bids for everything they will never approve). I haven't had a single REO order since June and 90% of my orders are evictions and pre foreclosure secures with no bid approvals.

Two simple questions:
1. Is some other national getting all the good trash out orders in CA?
2. Are properties no longer getting to REO status anymore or are there just not that many defaults anymore?
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post #2 of 10 (permalink) Old 12-14-2012, 02:52 PM
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Something is unsetteling about what is NOT going on in our industry. I was told BOA is selling t eh "NOTES" of their properties to other investment groups or financial institutions. Also a HUGE dnt in our industry is hte Short Sale process. Look it up. If yiou are seeing a increase in Evictions this is more than likely why. Also tennant occoupied properties. Where teh banks are allowing the former owners to stay in the property and "rent" it back. Thenone day the renters are told GTFO and it goes on the market.

I think the fiscal cliff has banks scrambling and uneasy about the unknown future.
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post #3 of 10 (permalink) Old 12-14-2012, 02:53 PM
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Is like to know the same
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post #4 of 10 (permalink) Old 12-18-2012, 10:54 AM
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My wife and I are buying houses, and attended an investment meeting in Orange County a few weeks ago where two women who run a business helping with short sales had startling information:

1) Big banks are paying people $30,000 to do a short sale, even if they are not behind on payments.

2) People who short sell qualify for a new loan the very next day!

It seems that the banks still say they prefer foreclosures, but the reality is that they prefer short sales. They should, as it must be less expensive for them.

Part of this may be the crazy law in Nevada which stopped most all foreclosures, so short sales are the only alternative.

In all of this, you have crazy bureaucracies such as "fannie." We were chasing a vacant Nevada short sales for several months where they had not bothered to tell us that fannie was involved. We would not have wasted our time, and bupassed other deals, if they had disclosed that material fact. While the house has solid comps at $110,000, they insisted on $120,000, so we walked away. Maybe they will find a sucker, or maybe it will sit for many more months. Typical big government (fannie and freddie are government for all practical purposes).
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post #5 of 10 (permalink) Old 12-19-2012, 08:55 AM
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Quote:
Originally Posted by FStephenMasek View Post
My wife and I are buying houses, and attended an investment meeting in Orange County a few weeks ago where twwo women who run a business helping with short sales had startling information:

1) Big banks are paying people $30,000 to do a short sale, even if they are not behind on payments.

2) People who short sell qualify for a new loan the very next day!

It seems that the banks still say they prefer foreclosures, but the reality is that they prefer short sales. They should, as it must be less expensive for them.

Part of this may be the crazy law in Nevada which stopped most all foreclosures, so short sales are the only alternative.

In all of this, you have crazy bureaucracies such as "fannie." We were chasing a vacant Nevada short sales for several months where they had not bothered to tell us that fannie was involved. We would not have wasted our time, and bupassed other deals, if they had disclosed that material fact. While the house has solid comps at $110,000, they insisted on $120,000, so we walked away. Maybe they will find a sucker, or maybe it will sit for many more months. Typical big government (fannie and freddie are government for all practical purposes).
TYPICAL foreclosure costs 40K .
SHortsales are interesting and depending on the area may sell quickly.FAnnie and freddie I was told or read are going after MORE government money. WHY they are on their way out in another I believe 4 years they are supposed to be a (bad) memory.
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post #6 of 10 (permalink) Old 12-19-2012, 12:27 PM
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There is also a huge lawsuit that the 5 major banks settled on 25 billion i think can google it, most going to keep people in there home wiping out something like 60k average on a home. Also they are paying people 10-30 to short sell it, i know people that haven't paid on there mortgage in 4 years wish i could do that, I ask them how they stay in it and there response was the bank sent a letter stating starting to foreclouse i sent one back asking for the note. IDK
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post #7 of 10 (permalink) Old 12-26-2012, 09:52 PM
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Ca REO dried up

I work central Calif coast...haven't had an REO in 9 months. Bid approvals have been unusually high for the last 3 months on PPO though.
I had stepped away of the Presv business for a while but my clients came callin' with these bid approvals, so I've been back in.

One big change is they agreed to coverage area of my making and I have the right of refusal of any work if declined within 24 hrs. SG grass cuts $20 up to 10K sqft...no trip charge.. only do them within 5 miles of the office. So far no one has reneged, but I have agreement in writing. SCVMS has reduced its staff by 40-50%, they are hurting.
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post #8 of 10 (permalink) Old 12-26-2012, 10:19 PM
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Sounds like SCVMS will not be paying contractors if they are hurting that bad.
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post #9 of 10 (permalink) Old 12-27-2012, 01:23 AM
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Good, I hate SCVMS. They owe me thousands from when they were making a killing. I feel sorry for whoever works for them now. If you work for SCVMS you better run and don't look back!!! You have been warned.
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post #10 of 10 (permalink) Old 12-27-2012, 01:27 AM
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I got out from scvms a few months back and have been paid out all I was owed, guess I was lucky
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