Feedback from the Five Star conference - REO Property Preservation Forum
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post #1 of 18 (permalink) Old 09-22-2015, 09:37 AM Thread Starter
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Feedback from the Five Star conference



Couple of things I'm hearing.

  1. to keep properties from going into foreclosure, Auction.com and a few others will commission a Realtor with contacting the mortgagor and listing the house prior to foreclosure. Their hope is to sell it before they have to pay all of us. The reality is if the people could sell it they would have done so in most cases.
  2. They are asking the listing agent to take a flat $250.00 commission and the buyers agent to take $300.00. So no money for anyone.
  3. The average property is in foreclosure for 300 days at a cost of $60.00 a day. Wrap your head around that for $21,900.00 each year the average property can just sit there.
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post #2 of 18 (permalink) Old 09-22-2015, 03:24 PM
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RE: Fivestar

It seems like the work has slowed down a lot. I was curious if that topic was discussed at the event. We have been doing major rehabs for the last 8 years throughout GA and FL and it seems like the banks are no longer interested in rehabbing the houses- and so far there hasn't been any explanation as to why.
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post #3 of 18 (permalink) Old 09-22-2015, 05:08 PM
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I have always felt like there is a major correction of some sort coming to our industry. This type of correction would make Wellington look like a picnic. Not good.
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post #4 of 18 (permalink) Old 09-22-2015, 05:27 PM Thread Starter
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Quote:
Originally Posted by JasonFritz View Post
It seems like the work has slowed down a lot. I was curious if that topic was discussed at the event. We have been doing major rehabs for the last 8 years throughout GA and FL and it seems like the banks are no longer interested in rehabbing the houses- and so far there hasn't been any explanation as to why.

I've heard 2 reasons for this. One is they don't get the return on their investment. The other is they get such poor work from the contractors. In many cases they end up having to redo the properties just prior to selling. It also a strain on the asset managers to babysit contractors.
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post #5 of 18 (permalink) Old 09-22-2015, 05:52 PM
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We've all seen the fine quality of the $20 grass cut. The banks are paying top dollar and not getting what they're paying for. I really don't blame them a bit. From where I'm sitting the problem is the order mill regional. There will ALWAYS be someone willing to cut grass or do whatever for bottom dollar.....
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post #6 of 18 (permalink) Old 09-22-2015, 06:42 PM
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Ran into a buddy last Thursday that's still in the National game. He said that nothing is happening in Wisconsin. Told me that Ocwen has 4700 + houses in Wisconsin and they're trickling them out so they don't crash the prices again. Told me most are sitting and they aren't even trashing them out. Selling them as is and sometimes in larger blocks to investors. He told me that Hubzu is the new clearing house for the Ocwen crap. Of course I don't really care or have the time to invest in verifying if any of this is true so take it with a grain of salt.

For me personally, I haven't even been asked to look at a FNMA, PAS or Freddie rehab in the last 8 weeks. I completed the last one I agreed to do on August 13. Nothing since.



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post #7 of 18 (permalink) Old 09-22-2015, 08:22 PM
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Hi

Besides a few grass cuts work has been non existent the last few weeks around here makes you think something is up and of course noones going to tell you anything
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post #8 of 18 (permalink) Old 09-22-2015, 08:37 PM
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Besides a few grass cuts work has been non existent the last few weeks around here makes you think something is up and of course noones going to tell you anything
There is something up, this is when WF contracts renew or get reassigned.
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post #9 of 18 (permalink) Old 09-23-2015, 12:54 AM
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Originally Posted by JDRM View Post
There is something up, this is when WF contracts renew or get reassigned.

Ive seen reassignments from one vendor to the other, but the work hasn't slowed down. Its been quite steady most areas.

SL has been busy with WF, lots of evictions. Also SL has fired vendors in my areas, 2 regionals I know for sure. I'm not going to mention their names because some of their contractors play on these boards. And this just went down 1 week ago. They took me out of GA because of the RFP a few months back because the vendors was raising hell about me being their working and doing 2nd bids and getting them back. But they just all of a sudden started sending me back last week, re-signing work again in GA.. Luckily my contractors came back to work for me again.. man that was a tough sale to get them back.

I'm not seeing where SL has lost any WF work yet. The VA wints are pouring in, and the pay has got caught up in the last week too.

I know they have been busy because the website keeps crashing on us, been like this for days.
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post #10 of 18 (permalink) Old 09-23-2015, 02:11 AM
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Why a 5 Star conference fails just like years ago when they said Forecloser to rent policy that never saw the light of day.

The buyers market is all but dried up. Shadow inventory is just a high as it was in 2010.

Areas that on the map that show a Renters Nation is upon us.

The Charts that dispel common myths about home ownership and where its going over the next few years, Rent inflation is at a all time high.



Kids are locked out of home ownership.




Make no mistake legislation to repeat the housing crash is upon once again.





The charts explain is the unintended consequences of the do-gooders in Washington hard at work.

The charts are complete and up to date explaining what the legacy media will not tell you. What they have done is backed themselves into a corner and have run out of the tools needed to make home ownership affordable again.

For those that don't understand why banks get just a slap on the wrist when it comes to Government intervention into the free market this pic should help explain it visually.



Someone will inevitability "give this guy a ride" and his name is the U.S tax payer.



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