First American Offers Flat Fee on REO Management Service
This looks to be a good program for the REO market at the moment. With the large shadow inventory in the U.S. Fees for doing real estate transaction can really become a nuisance if a property does not sell quickly.
First American Outsourcing and Technology Solutions is offering a flat-fee package for managing, maintaining and selling REO property, in what they say is a first for the industry.
The business-outsourcing provider is a member of the First American Corp.. Depending on the mixture and prices of the assets in the portfolio, the fixed price on the referral fee could push down expenses even further, according to First American.
Popularity: 1%
Survey Finds Short Sales Outnumber REO in January Purchases
Short sales accounted for 15.9% of home purchases in January, surpassing the share of other distressed property activity, when real estate owned (REO) properties are measured separately, according to a monthly Campbell/Inside Mortgage Finance (IMF) survey of more than 1,500 real estate agents, conducted by Campbell Surveys.
The share purchases taken up by short sales surpassed the share of move-in-ready REO purchases (13.8%) and damaged REO (13.4%).
Popularity: 1%
Econohomes Launches Innovative REO Investor Website
Interesting website, nice design. They don’t have the inventory like some of the larger websites but they are just starting so maybe they are in the process of ramping up.
Business Wire - Econohomes, a nationwide direct seller of residential REO properties, has unveiled a powerful new website designed to revolutionize the way investors buy REO property. Built on a robust technology platform, Econohomes’ new site combines superior information on its extensive nationwide real estate inventory with the ability for investors to bundle and purchase groups of REO properties at significant discounts.
Registration and use of the Econohomes.com website to search for and bundle REO properties is free, there are not any subscription fees or foreclosure lists being sold. All properties on the Econohomes.com website are available directly from Econohomes and can be bundled for volume discounts or purchased individually.
Popularity: 1%
Fannie Mae Gives 3.5% Discount on REO Home Purchases
This is pretty big news. That is a pretty decent discount on a purchase on real estate listed on HomePath.com. That kind of discount should get some inventory moving from Fannie Mae. I was browsing through the inventory and if you are looking at the areas with the most exposure to subprime loans you are going to find some steep discounts on top of the 3.5% that Fannie is offering.
Housing Wire - Fannie Mae will provide a 3.5% discount to those purchasing a real-estate owned (REO) property listed as part of its HomePath division, according to a company notice. The discount can be used for closing cost assistance or the buyer’s choice of appliances. The offer applies to any owner-occupant who closes on a property listed on HomePath.com before May 1, 2010.
Popularity: 1%