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Growing Your REO Business
Guest contributor Windy Keefe of REALTOR®Mag says: Bank-owned inventory is slowing nationwide, but markets with higher levels still exist and are in need of REO agents and brokers to service them. According to Clear Capital's Home Data Index, over the last 3 months (December 2013–February 2014) 14.3 percent of all sales were REO. While this percentage has improved, it's still higher than precrisis levels, which hovered around 3 percent. At the metro market level, many still see elevated REO saturation rates. Chicago: 25.6% Detroit: 25.1% Dayton, Ohio: 24.2% Miami: 18.7% Atlanta: 17.9% St. Louis: 17.4% Cleveland: 16.5% Columbus, Ohio: 16.5% Listing REO properties continues to be a relevant, highly sought-after skillset. Brokers and agents with this expertise should make it know to those in need – that might mean a change the way you market your business.
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7 Reasons to Market the Home Affordable Foreclosure Alternative (HAFA) Program
Is now the time to beef up your marketing campaign to homeowners experiencing financial difficulty? Over 10 million residential properties with a mortgage are upside down. Negative equity combined with high unemployment is driving the foreclosure market. REO inventory continues to grow at a disturbing rate. Loss of equity isn't a financial hardship, but when you couple it with high unemployment rates and an increasing cost of living, you have a compelling story for a short sale approval. In 2009 The Obama Administration first introduced Americans to the Making Homes Affordable (MHA) program. The initial program was established to help struggling homeowners. On April 5, 2010 the Home Affordable Foreclosure Alternative was implemented for non-Fannie Mae and Freddie Mac loans. According to the Supplemental Directive which gives guidance to servicers the HAFA program will implement changes to their program on June 1, 2012 that will be beneficial to homeowners--especially those who are investors of 1-4 unit residential properties.
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Friday Freebie: ForeclosureRadar
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