REO's and the Bailout

Im pretty new to the REO element of RE but am curious what affects any of you have seen from the announcment of the bailout, or even what you are anticipating from it? Thoughts?

Edited: 06/26/2010 at 06:14AM

Jason T.

Real Estate Investor · Mission, Kansas

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Icon_minipost Nov 19 '08, 07:16 PM

As a rehab and flipper almost every house I buy is an REO and so far I have seen no difference since the bailout. The bailout might slow down foreclosures in the future but it takes at least 6-12 months from the time a foreclosure starts until its available for resale. So, if the bailout does slow foreclosures I don't think we'll see much change for at least 12-24 months. True, banks are re-negotiating may bad loans but it's impossible for them to stop all or even a decent percent of foreclosures.

Edited: 06/26/2010 at 06:25AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

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Icon_minipost Nov 19 '08, 07:21 PM

Jason- I have to add a couple caveats. In my state, foreclosure notice to sale is 21,,,,,,DAYS total. We are the death penalty state in both crimes and foreclosures.

Edited: 06/26/2010 at 06:25AM

Lee Common

Real Estate Consultant · San Antonio, Texas

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Icon_minipost Nov 20 '08, 04:01 AM

Fellow Texan

Edited: 06/26/2010 at 06:26AM

Will Barnard

Rehabber · Santa Clarita, California

7238 posts
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Icon_minipost Nov 20 '08, 04:26 AM

Fellow Texan Investor here as well.

Edited: 06/26/2010 at 06:26AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Jon Holdman

Real Estate Investor · Denver, Colorado

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Icon_minipost Nov 20 '08, 06:39 AM

Nevertheless it's a lot longer than 21 days from the first late payment until a REO is listed on the MLS.

Edited: 06/26/2010 at 06:26AM

Jon Holdman, Flying Phoenix LLC

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4293 posts
43789 Influence
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Icon_minipost Nov 20 '08, 07:09 AM

Still not much time to work on short sales, foreclosures etc. After bank gets the property due to no bids, could be YEARS before mls has it.

Edited: 06/26/2010 at 06:26AM

Will Barnard

Rehabber · Santa Clarita, California

7238 posts
54461 Influence
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Icon_minipost Nov 20 '08, 08:23 AM

Options unlimited today. Much to choose from. Get involved with homeowner pre-foreclosure, short sale with lender, buy from auction, buy from MLS.

Edited: 06/26/2010 at 06:26AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Phil *

Real Estate Investor · Connecticut

119 posts
24 Influence

Icon_minipost Dec 31 '08, 05:26 AM

Thank god for the bail out .. the CEOs almost didnt get there $5M XMas Bonus!

Think about it.. why would a bank who couldnt resist the greed before, all of a sudden resist the greed when handed a $700B check?

Edited: 06/26/2010 at 06:48AM by Phil *