Covenant REO in the Works
WaMu is getting a jump on the new year, they foreclosed on 1/3/2011:
WaMu is getting a jump on the new year, they foreclosed on 1/3/2011:
BofA hasn’t sent any REOs my way in over six months, so hopefully they lost my number. But if Shadash and I start a band, we might have a name – and we’d be grrateful that it all started here:
Another day in San Diego, including a drive-by of the beach where Junior ran off the road.
Not every short sale in progress is getting the benefit of the doubt – servicers are dropping the hammer here and there. Will it turn into the trend?
The loan on this house was $3,500,000, and the house next door has a loans for $4,800,000.
(The same doctor owned both)
Next door is for sale for $2,750,000.
Do you care to take a guess at the eventual sales price on La Cucharacha? If it sells fast enough, and the Padres can hold on, the closest guesser will receive a couple of playoff tickets!
This one may not be here for long:
This sounded like a big move:
Eric Friedman is leaving his post as senior vice president of default servicing for OneWest Bank, formerly IndyMac, and will become president of PREO, an online marketplace for REO and short sales. Friedman, who held leadership roles with Fannie Mae and Countrywide, told REO Insider that his last day at OneWest is Aug. 13, and a search for replacement has begun. He has spent 20 years in the mortgage banking industry.
“PREO brings lenders, Realtors, homeowners and buyers together to turn distressed property back into family homes,” Friedman said.
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Is PREO just another website that combines foreclosure activity with MLS listings?
No, none of the properties checked were listed for sale, but all were on foreclosureradar.com’s NOD or NOT lists. Most of them have IndyMac loans on them, and their bid prices are different than the amount owed – and usually well under! It sounded like they have partnered with the lenders to offer these properties to the public, but not sure if it’s a glorified short-sale, or an actual open bidding process before, during, or after the trustee sale.
The website also mentions that it “encourages defaulting borrowers to allow an inspection and interior photographs in exchange for the promise to relocate within 30 days after a bid is accepted.”
This could be the wave of the future – a website designed and run by insiders to liquidate properties directly to the public. If the opening-bid amounts are legit, and buyers can get a peek inside the house prior to bidding, it could take off.
They are realtor-friendly too, put my name down when registering:
When you see things changing behind the scenes, you can’t help but think that it might be worth waiting a bit longer to see what develops – will there be bigger, better REOs later?
Things didn’t quite turn out for the builder of that last RSF estate.
Here are the others they built – all four pictured here were foreclosed:
http://www.kachay.com/luxury_custom_homes/for_sale.htm
Still trying to figure out the goalpost-thingy!