At first blush, the Neighborhood Stabilization Program (NSP) appears to put up significant roadblocks for private investors to purchase bank-owned properties as the best possible price and the fastest possible time.
In an effort to motivate homeowners who have lost hope as their mortgage fall more and more behind, Financial Asset Services, Inc. is employing licensed REO and Short Sale Agents around the country to knock on doors in order to communicate options directly to homeowners in distress.
Separate reports by Clear Capital and Barclays Capital confirm that during the May-July period bank-owned property continued to decline as a percentage of the total homes on the market.
U.S. banks are now holding $41.5 billion of their assets in real property thanks to the foreclosure crisis. This number is up from $11.7 billion in the first quarter of 2008 at the start of the crisis.
A Barclay’s Capital study has determined that lenders are holding a smaller number of bank owned property than previously estimated. Barclay’s warns that this is not to be considered a sign that the housing market is out of the woods as the REO supply is expected to grow over the next couple of years as homeowners in various stages of work out plans begin to slip back into foreclosure.
Most REO Agents will tell the prospective Buyer to make their highest and best offer for every listing. They’ll also tell you that there are a ton of others interested in the property and that the lender is going to accept the highest offer even if it is just a few dollars more than your own.
In the past Fannie Mae would give Lenders 15 days to review the files and find a better offer if Fannie Mae got an offer after putting an REO on the market. Now they are accepting first offers out of the shoot.
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