James I. Park
Park Realty Group, Inc.
So we do not expect any "flood" of foreclosures - either into the pipeline or after foreclosure when properties are either purchased by investors or taken back by lenders as REOs.
Orange County home selling markets need more listings and would welcome all possible REOs.
Harrison K. Long, Realtor and broker associate, Coldwell Banker Previews, Irvine, CA.
CA DRE 01410855
as you know most REO brokers have lost the majority of their REO Inventory.
With Banks paying incentives for borrowers to short sale in lieu of foreclosure, you'll continue to see more & more short sales. Especially in these next few months with the "The Debt Relief Act" expiring on 12/31/2012...
Best to you out there!
(714) 269-8775 Mobile
DRE # 01332235
We discover that the banks have been bulk selling this invisible inventory to Goliath investing groups like Blackstone. PK recently purchased 840 homes from Fannie/Freddie in absolute silence.
When the consumer sees an REO listing it has already been rejected by the first tier investors nationally, regionally and locally.
This reality may impose 'what's behind curtain #3" options for the lender, when skilled agents are negotiating and guiding a short sale to conclusion. Why the deal failed may never be revealed to those who toiled so long in futility.