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  #1  
Old 10-07-2009, 07:54 AM
DuxValue DuxValue is offline
 
Join Date: Sep 2008
State: Massachusetts
Professional Status: Licensed Appraiser
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Unhappy Fannie REO's What's going on?

I'm a Fannie Mae Appraiser in MA and have worked for Fannie direct completing REO appraisals. Suddenly in the last couple of weeks the orders stopped coming! I checked with Fannie and all is ok with my profile...no problems with late reports or quality of reports...they assured me it's all ok. I heard from a Fannie Broker that they are holding back until the last quarter. It's the last quarter and still just crickets...a few have come...but nothing to speak of. Anyone know what the deal is? All the Fannie brokers in my area area are saying the same thing but no one knows why or when it will end. Help please??
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Old 10-07-2009, 08:23 AM
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NC Appraising NC Appraising is offline
 
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http://www.realtytrac.com/

Sign up with them, and watch the market.

The banks are holding back a huge amount of inventory in my area. In some areas bank owned properties are 50 homes, but only 4 are currently for sale. Indicating that banks are indeed holding on to the inventory for some reason.

Also, look at the "auction sales" on the map. These are homes that are going to be sold on the "court house steps". In my area, they flood the market. There is going to be a huge flood of bank owned REO properties coming to the market. So sit back, and get ready. That is if all the work doesn't go to BPO's, and bank don't hold them back.
  #3  
Old 10-07-2009, 03:01 PM
LadybugLover LadybugLover is offline
 
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I talked with a real estate agent yesterday while doing an inspection of an REO property - we were discussing the next flood of REO's and when they would hit - he had just come from a meeting regarding REO's and was told that many banks are now going for the PMI because they can recover more on a property as opposed to short selling or foreclosure. Just a thought? We're still doing quite a few REO's but have noticed not as many active listings of REO's the last few weeks.
  #4  
Old 10-07-2009, 03:18 PM
mike32716 mike32716 is offline
 
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State: Florida
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No, the PMI companies are already in the foreclosure loop. The delays are for many reasons, and not a cabal of lenders/servicers trying to hold property off the market. Most delays are from bottlenecks in the administrative process and aborted government rescue plans. One relatively new delay seems to be the PMI companies trying to prove lender loan fraud which will negate part or some of their required payouts. PMI companies have to agree to any sale (or buy the loan outright) in order for a lender to collect. This is why there are so many of the forensic underwriting companies popping up. But the flood is coming. Put on your waders...
  #5  
Old 10-07-2009, 03:41 PM
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Lloyd Bonafide Lloyd Bonafide is offline
 
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In this area, almost all foreclosure sales are delayed at the last minute by the lender.

Of the properties that do get sold on the courthouse steps, private investors are often outbidding the lender, and buying a much larger share of the total auction sales.

The result is that there are not that many new bank REO listings these days.

I have an REO agent friend that lists mostly GMAC REOs, and they are not really getting anything new anymore. They used to have a steady inventory of 10 to 20 listings, and now they are typically down to one or two listings.
  #6  
Old 10-07-2009, 03:43 PM
CSP 49 CSP 49 is offline
 
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I'm very busy with REO appraisals right now although I don't do any direct Fannie work.

I am also wearing my R.E. brokers hat part time working exclusively on REO listings. Our primary asset management company is slow and expects to be until the first of the year. The banks have enough bad press without putting people on the street as the holidays near.
  #7  
Old 10-07-2009, 04:08 PM
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jtinmichigan jtinmichigan is offline
 
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No need to worry per my contacts at Fannie. Several states have changed the way that the foreclosure process works. In many cases giving the borrower extra time to contact credit counselors and time to get loan workouts. This has lengthened the time it takes Fannie to actually get the property. From what I hear it shouldn't be long. Just got the first one in 2-3 weeks today, after a strong spring and summer. Frankly I needed the break. Hang in there.
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  #8  
Old 10-07-2009, 04:13 PM
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NC Appraising NC Appraising is offline
 
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Here are some good links on the issue with blog coments
"what banks are really doing with reos"
http://www.cnbc.com/id/32646359
http://www.cnbc.com/id/32630317
http://www.cnbc.com/id/32782085#
  #9  
Old 10-07-2009, 04:24 PM
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Tim Hicks (Texas) Tim Hicks (Texas) is offline
 
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I have heard...soon, or maybe already, the Fannie Mae computers will be ordering REO appraisals based on their grade scoring, turn times and other issues. The entire REO ordering process will no longer be controlled by humans.

I hope I heard wrong.
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  #10  
Old 10-07-2009, 05:40 PM
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Lloyd Bonafide Lloyd Bonafide is offline
 
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Quote:
Originally Posted by Tim Hicks (Texas) View Post
I have heard...soon, or maybe already, the Fannie Mae computers will be ordering REO appraisals based on their grade scoring, turn times and other issues. The entire REO ordering process will no longer be controlled by humans.

I hope I heard wrong.
Is that code for "cheapest fee"?
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