We’ve heard the rumblings about Bank of America stepping up their foreclosures, and low and behold, I got another REO listing assigned to me today.
I promptly rejected it, which I figured would secure my spot at the bottom of their list, and boom, they sent me another one, which means 2-3 in the last week when I’ve only been getting one a month. Does it mean something is cooking?
Here are the overall results from the last 12 weeks for all trustees:
Cancellations are due to short sales closing, and loan modifications becoming permanent. There have been 2,623 cancellations over the last 60 days, and in the same period there were 925 short sales that closed on the MLS, or 35% of the total cancellations. Can we say that about 2/3’s of the cancellations are due to loan modifications becoming permanent?
Yes, the loan modders might make their way back to market over the next few years, but for now the extend-and-pretend program is working nicely.
Here is the REO assigned to me today:
So whats your rap when you talk to the tenants? Do you give them advice and tell them to stop paying rent? You tell them to just take some cash for keys?
Tell’em “I’m da boss now, pay me da rent”
a recent conversation with another agent about repair requests:
She said,
“Well, it looks like we’re going to be cancelling”.
I said to her,
“I asked you if I would be wasting time to send in a request for a new furance and water heater, plus five-figures as a credit, and you said to send it in. Now you call it ‘ridiculous’?”
She said,
“Five figures is $1,000, not $15,000.”
Jim,
A shining example of realtormath(tm).
Examples in my past include showing me how to borrow $1M with 0 down for less than $1,500 per month (including fully amortizing and escrowed taxes and insurance).
That was some multi-polynomial calculus with imaginary numbers realtormath(tm)
Chuck
She said,
“Five figures is $1,000, not $15,000.”
———————
Oh, Lordy!
So, did it end up getting cancelled?
So Jim… are you driving the new car?
Hey Jim,
Love the videos – until you said “tenant occupied” I was thinking – jeesh foreclosing with two new trucks and an RV in the yard! if that were the case, I would not be surprised. I was set to write a short piece about that on my website – until I heard they were renters not the “owner.”
Keep up the good work!
Chris
“Cancellations are due to short sales closing, and loan modifications becoming permanent.”
Can’t it also be due to going past 365 days from the original sale date? Or would it not show up as “Cancelled”.
http://www.foreclosureradar.com/ca-foreclosure-law/ca-foreclosure-law-civil-code-2924#2924g.c.1
That story is painful, Jim. Even when a buyer finds a capable realtor to work with, they’re still likely dealing with amateur hour on the other side.
Keith,
You’re right that some cancellatins are a result of the 1 year limit, but not a significan percentage.
As for the loan modders, JTR, my anecdotal observation up here in LA is that many of them reappear on the NTS sale list within a matter of months. Alot of these deadbeats are just playing a game and the mod scam is just another trick that buys them more time, same with BK.
Once upon a time, when it cost banks something to borrow from the Fed and when the FASB required them to mark nonperforming loans down to fair market liquidation value, most foreclosure sales happened within 30 days of the NTS. Ah, the good old days of accountability.
BTW, ever tried teaching a dog somthing by waiting 2 years to yell “No” after he does something you don’t want him to do? It’s REALLY not very effective.
Extend and Pretend had me laughing out loud. Is that going to be a new website name for the coming decade?
She said,
“Five figures is $1,000, not $15,000.”
You know what the real sad part is, she probably still firmly believes 5 figures is $1,000 (I guess you count the comma, or is it the dollar sign?). I’m not sure how you cope with your peers some days Jim, they are definitely an uneducated lot.
Six figures is $100
Maybe she meant in metric. 😉
Better ask that 5 figure dimwit realtor for her ID. She may be an illegal alien…..
Bonus Question:
Ask it what her 6% commission is of five figures? Doh.