Are they skipping repo drive-bys this cycle?

[OSU Beavers]

It has been two full years since the SVB collapse. I should be up to my neck in repo drive-by orders in this part of the foreclosure cycle? Instead I only get two or three a YEAR. Are the lenders just using AVM's, sending out PDCs or Realtors and skipping repo drive-bys this cycle?

 

[glenn walker]

They don't fo repos anymore. Most are done internally not like back in the day

 

[Larry Phillips]

It has been two full years since the SVB collapse. I should be up to my neck in repo drive-by orders in this part of the foreclosure cycle? Instead I only get two or three a YEAR. Are the lenders just using AVM's, sending out PDCs or Realtors and skipping repo drive-bys this cycle?

Goood morning, We are working on a Repo drive by now. Source is an AMC. Best Regards

 

[Alsie35]

Have done eight 2055s for asset valuation in March. As always, they come and go, and the bottom line is it's the clients you've got - or don't got.

 

[Bobby Bucks]

Not getting as many as in previous cycles, my guess is there is equity in the the delinquent properties, whereas in previous years that wasn't the case. FHA closeout pre-foreclosures have picked up a little, there seemed to be a Covid backlog and they're now getting rid of them. I long for the good old days of Landsafe sending out 5 a day for properties I'd already done 3 times.....knowing you'll do them twice more before they stick a 1004 fork in them. Thank you Angelo Mozilo and Countrywide Mortgage for that REO carcass that took 3 years to finish off.

 

[Non Sequitur]

Pretty sure this REO cycle is going to staff and desktops.

 

[alebrewer]

It was/is my understanding that most appraisers aren't able to produce credible results unless they make personal inspection. How does that jive with doing drive-bys?

 

[ucbruin]

ale....
Is just asking for a friend....

 

[Bobby Bucks]

It was/is my understanding that most appraisers aren't able to produce credible results unless they make personal inspection. How does that jive with doing drive-bys?

For many/most, especially FHA reverse closeout you can obtain a copy of the original appraisal or at a minimum page one of the original report. They usually send it quickly because it's with the file. If they are hesitant, I explain that I'm on a mission for the Fern and they always cave.

 

[Non Sequitur]

I wouldn't get my hopes up for this REO cycle, AMCs will ruin any chance of indie appraisers getting ahead.