This has been an encouraging week for me!
Usually the summer time is our busy season, and it has been a little slow this year due to all the fear and this crazy housing market. It is like fear breeds more fear, and people feel the tide of overwhelming emotions.
May was okay with 5 closings, June was terribly slow with 1 closing, and July has been as quiet as a mouse for me. BUT...the last 2 weeks have been AWESOME! The REO market has been blowing up, and all of my hard work with BPO's has started to pay off big time. This week we did 12 BPO's, and one of them led to a REO listing with a brand new company that I have never worked with.
I now have 9 REO listings (either on the market, in pre-marketing, or on the way in). One of the listings has been on the market for a week, and we already have two good offers on the table. I just received my first REO property in Forsyth County, Winston Salem. So now we are expanding due to the REO market.
Due to the fact that we never had a true real estate bubble, Greensboro's real estate is holding firm! With a 4.9% appreciation across the board, we had a stable rise in property value. The banks for the most part are realizing that to sell these properties in 30 days we need to drop the price and make them accessible for the HOME OWNER! Most are selling well before the 30 day mark, which is a BONUS in my opinion.
If you are trying to get into the Foreclosure/REO market, the best way to start is by performing BPO's. You can go online and search for BPO companies and sign up with ALL of them! I have had a TON of people writing and asking for my "list" of companies since I have been posting BPO info on here. All you really need to do is some hard core research and you should be able to sign up with most of them.
Hooray for a rebounding market.
What goes UP must go DOWN, and what falls DOWN gets picked back UP!!!
Tracey G. Shrouder
360 Realty
