Area Foreclosures

[AAbsolute]

One of the Sowal poster's was saying the other day that they knew of a group (who maybe worked with Countrywide) and bought 25,000 REO's. What's your take?

 

[TheSheep]

One of the Sowal poster's was saying the other day that they knew of a group (who maybe worked with Countrywide) and bought 25,000 REO's. What's your take?

Cwide's two largest lending geographies were FL and CA where they had a total of 5-6,000 REOs; I seriously doubt that they could have REOed 25,000 by now even if they had that many to go and get, clean them up, wrap them into a bundle, push it through bankruptcy, get all the creditors approvals, etc.

 

[conched out]

One of the Sowal poster's was saying the other day that they knew of a group (who maybe worked with Countrywide) and bought 25,000 REO's. What's your take?

I was the poster. It wasn't Countrywide. It was the FDIC. They didn't "buy the REO's.....they
contracted with them to sell their foreclosed properties.

 

[TheSheep]

I was the poster. It wasn't Countrywide. It was the FDIC. They didn't "buy the REO's.....they
contracted with them to sell their foreclosed properties.

That may have been an IndyMac deal. Restructuring; won't work.

 

[AAbsolute]

I was the poster. It wasn't Countrywide. It was the FDIC. They didn't "buy the REO's.....they
contracted with them to sell their foreclosed properties.

How does it work? Who has the salespeople? Thanks

 

[TheSheep]

Started several moons past by a friend (one of the Founders), the King and repository of the greatest, most accurate knowledge on all things credit.

http://creditboards.comhttp://www.credit

 

[JoshMclean]

Just added Panama City Area Foreclosures-

http://www.joshmcleanhomes.com/buyer_mistakes.asp

There are some good deals, especially for gulf front condos.

 

[conched out]

How does it work? Who has the salespeople? Thanks

Sorry I'm late in getting back...knee deep in wedding planning for daughter #2 with a 3 month
notice. Per daughter #1...she's overworked and exhausted but relayed the following.
The structure of how they are going to do this in simple terms is basically this. 1. Portal (virtual office) for management and distribution of all 27,000 REOs has just been built for that company alone. My daughter is the supervisor and will be hiring 300 asset managers to handle roughly 300 listings each. There is also a system in place that sole job is to get brokers all over the U.S on board and ready for their use. So basically the asset manager assigns a property to the closest broker and then the tasks start pouring out until the home sells and everyone profits.

 

[TheSheep]

Sorry I'm late in getting back...knee deep in wedding planning for daughter #2 with a 3 month
notice. Per daughter #1...she's overworked and exhausted but relayed the following.
The structure of how they are going to do this in simple terms is basically this. 1. Portal (virtual office) for management and distribution of all 27,000 REOs has just been built for that company alone. My daughter is the supervisor and will be hiring 300 asset managers to handle roughly 300 listings each. There is also a system in place that sole job is to get brokers all over the U.S on board and ready for their use. So basically the asset manager assigns a property to the closest broker and then the tasks start pouring out until the home sells and everyone profits.

 

[conched out]

Whatever, Sheep......Are you sure you're a SHEEP and not an ASS?

So all knowing and negative in your posts. Why is that necessary?

A bit of an "old boys club" ...this realtor group, with lots of pats on the

backs to blogging male counterparts. Some very useful posts by those

who really are trying to help others so I'll just pretend you don't exist.