REO Speedwagon

[Joe Mammy]

Granted I'm a Realtor who makes his living by closing deals. If I don't close deals I don't get paid.

I like REO's. I can close them in 30 days and my buyer is ecstatic because he gets a great deal. Shorties? I can close them maybe...just maybe in 120 days to over a year----OR NOT AT ALL!

We had a local attorney speak at our monthly sales meeting last week. He wants us to bring him our short sales deals because he is an "expert" at closing them. He also professed expertise in prolonging foreclosure and wanted us to bring him our sellers in trouble facing foreclosure.

I posed my feelings to him: I can empathize with the primary homeowner who lost his job and is facing foreclosure but wants to cure his default. But I think it is criminal for the investor to collect rent while not making mortgage payments and hiring an attorney to prolong the process.

His responce? "It's a double edged sword."

The sooner the lenders foreclose and then sell as REOs the better for this industry- buyers and sellers alike.

 

[SHELLY]

Granted I'm a Realtor who makes his living by closing deals. If I don't close deals I don't get paid.

I like REO's. I can close them in 30 days and my buyer is ecstatic because he gets a great deal. Shorties? I can close them maybe...just maybe in 120 days to over a year----OR NOT AT ALL!

We had a local attorney speak at our monthly sales meeting last week. He wants us to bring him our short sales deals because he is an "expert" at closing them. He also professed expertise in prolonging foreclosure and wanted us to bring him our sellers in trouble facing foreclosure.

I posed my feelings to him: I can empathize with the primary homeowner who lost his job and is facing foreclosure but wants to cure his default. But I think it is criminal for the investor to collect rent while not making mortgage payments and hiring an attorney to prolong the process.

His responce? "It's a double edged sword."

The sooner the lenders foreclose and then sell as REOs the better for this industry- buyers and sellers alike.

So the ding, ding, ding you hear ain't the bottom? I'll bet it's the sound of the attorney's cash register ringing.

.

 

[Joe Mammy]

So the ding, ding, ding you hear ain't the bottom? I'll bet it's the sound of the attorney's cash register ringing.

.

That ding-ding-ding is the bell bouncing on the bottom. And the bottom is an REO or a seller who bought in prior to 2001 who is still making a satisfactory profit and decided it's time to cash out.

I brought two shorties to the same attorney's office last year...neither one closed.

 

[AAbsolute]

Good Thread title.

 

[Miss Critter]

Baby, I can't fight foreclosure anymore.
I've forgotten what I started fightin' for.
It's time to let the market hit the floor,
say goodbye 2004 - forever.

[ame="http://www.youtube.com/watch?v=jgWABKQpvqA"]YouTube - Reo Speedwagon - I Cant´t Fight This Feeling[/ame]

 

[SHELLY]

Baby, I can't fight foreclosure anymore.
I've forgotten what I started fightin' for.
It's time to let the market hit the floor,
say goodbye 2004 - forever.

ding! ding! ding!

/

 

[GoodWitch58]

good one!

 

[Busta Hustle]

I've heard the visionaries at "The Beach" are fighting over this years marketing strategy for an all encompasing name "brand"for the panhandle.
One side of the isle wants to name it Reo de Janeiro and the other The Beaches of Short Sail. Either way their attorneys are giddy about the posibilities!

 

[TooFarTampa]

Baby, I can't fight foreclosure anymore.
I've forgotten what I started fightin' for.
It's time to let the market hit the floor,
say goodbye 2004 - forever.

I've heard the visionaries at "The Beach" are fighting over this years marketing strategy for an all encompasing name "brand"for the panhandle.
One side of the isle wants to name it Reo de Janeiro and the other The Beaches of Short Sail. Either way their attorneys are giddy about the posibilities!

Now all we need is a haiku!

 

[Bob]

geithner will fix everything.....before he's fired