Carlton Exchange to auction $400 million in REO assets & loans

April 20, 2010 by · 2 Comments
Filed under: REO News 

A Floridan mortgage lender is hooking up with a New York auction house to move over $400 million in inventory.  It will cover various property types in Florida from multi-family, commercial and hotels along with of course many condos.  They will also be selling some notes as well.

Hopefully this auction will go well and more inventory will be taken off the market in such an over-saturated real estate location of South Florida.

Miami, Globest – With so many distressed properties in Florida, a Miami lender with loans on many of them has engaged the New York-based Carlton Exchange to auction off over $400 million of REO assets and loans on multifamily, retail, hospitality and office properties as well as land. Although the properties are scattered in various parts of Florida, most are in South Florida, especially Miami-Dade.

Included among the loan collateral being auctioned by the Carlton Exchange are: a 148-acre former golf course, once known as the California Club golf course in Miami-Dade County, which had been approved for 825 detached and multi-family homes; a new, Class A, 86,000-square-foot-office building in the city of Miami, and three small hotels on Ft. Lauderdale Beach.

According to Joe Korbar, managing director for the Carlton Exchange, the new Class A office building in Miami has 17,000 square feet of retail and 69,000 square feet of office space. Although it was designed as an office condominium, today, most of the office space is being rented, while the mortgage being sold is on 54,000 square feet.

Source

Econohomes Launches Innovative REO Investor Website

February 16, 2010 by · Leave a Comment
Filed under: REO News 

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.

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New York City’s REO Inventory Increases by Six-Fold in Two Years

January 19, 2010 by · Leave a Comment
Filed under: Real Estate News 

The number of REO properties in New York has grown at an overwhelming rate, according to a recent report by the Furman Center for Real Estate and Urban Policy, a joint network of the New York University (NYU) School of Law and the Robert F. Wagner Graduate School of Public Service at NYU.

The report looked at the outcomes of New York City properties over the last 15 years, paying particular attention to trends in recent years. Although only a small portion of properties entering foreclosure ended up as bank-owned, the increased rate at which these properties entered REO status was staggering. From December 2006 to December 2008, the number of bank-owned properties in the city jumped from 290 to 1,830 and dropped slightly to 1,750 in September 2009.

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Fannie Mae opens satellite offices to sell REO foreclosures

August 24, 2008 by · Leave a Comment
Filed under: Industry News 

With the amount of listings that Fannie Mae hold in those two states, this does not surprise.  We did a online review on Fannie Mae REO Property listings.

Fannie Mae is rethinking how it will handle the tens of thousands of properties being repossessed as the real estate market continues to plummet.

To that end, it is opening two satellite offices, one in California and another in Fort Lauderdale, Fla., to manage and sell its foreclosed properties in those states, said Marilyn Kornfeld, a spokeswoman for the Washington, D.C.-based company.

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Washington Mutual (WaMu) REO Department

August 18, 2008 by · 5 Comments
Filed under: Regional REO Banks 

No review for WaMU REO properties as this time.  I could not find any information on their website or a link to a national broker that was handling their REO listings.  Through searching the web I did happen to pull up a phone number you can call that has a automated voice menu.  Enjoy

REO Phone Number:

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