Ginger Harper, Your Southport~Oak Island Agent~Brunswick County! (Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team)

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Rainer
155,541
Ken Jones, Commercial Real Estate
Kenneth J. Jones, Inc. - Toms River, NJ

Ginger Harper Why would there be "100's of 1000[sic] of foreclosures" AFTER the eviction moratorium ends?

 

The property owners who haven't been collecting rent will now have the opportunity to remove the squatters and get rent-paying tenants in the properties which they can then use to repay their existing lender or use as the basis to refi their existing debt with another lender.

 

This lawyer may be good at doing foreclosures. But, I don't think he/she understands all of the dynamics involved in this situation.

 

But, hey. That's just my opinion ...

Jul 30, 2021 07:18 AM
Ambassador
3,058,818
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Ginger, Why do you want to contact Wells Fargo and other mortgage holders?  Are you looking for assignments to list foreclosed homes? 

Jul 30, 2021 08:19 AM
Rainmaker
4,104,487
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Are you "predicting" this will happen?  Maybe you should consult your crystal ball for possible answers.

Jul 30, 2021 07:51 AM
Ambassador
3,039,280
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

There's a lot you are confused about.  Evictions are tenants, not owners.  Next the end of the moratorium for evictions has nothing to do with the one on foreclosures, next big banks do NOT deal directly with agents they deal with asset managment companies that hire agents.  And if you aren't already in the business of listing foreclosures it's unlikely a big bank would ever hire you.  It's not an easy or pretty job to deal with foreclosures.  I've been doing it for 20 years.

Jul 30, 2021 03:55 PM
Rainmaker
912,336
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I have been on the receiving end of emails inviting me to take advantage of the wave of coming foreclosures. Somehow, I have resisted signing up and paying for those classes.

Personal opinion: the wave of oncoming foreclosures will be, at best, a ripple.

Jul 30, 2021 12:25 PM
Rainmaker
5,593,979
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Ginger,

If I wanted to do that, I would walk in to a branch and ask them.   I know that this one of the "buzzes" going around.  And there are other "buzzes" also.  A

Jul 30, 2021 09:29 AM
Rainmaker
885,744
Peter Mohylsky. Broker -BRIX REALTY
Miramar Beach, Florida - Santa Rosa Beach, FL
BRIX REALTY -DESTIN

There used to be clearing houses that handled these events.  Not sure what they are gonna do tomorrow,  

Jul 30, 2021 08:47 AM
Rainmaker
2,642,512
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Your question is a well-sought out IN and people would do well to begin a profitable relationship with lenders and banks. However, you must prove you can perform or offer them a value. The selling/buying of mixed portfolios requires investors or ready cash also called performance. Random Opportunity works too. Now is a good time to hand-out door to door flyers for people facing the unknown & how to help them & yourself?

Jul 30, 2021 07:00 AM
Rainmaker
1,723,835
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

Not my prediction at all. 

Jul 30, 2021 12:11 PM
Rainmaker
1,233,739
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

No there's not. Here's why:

Too much equity in properties. Over 50% of American homes have over 55% equity in them.

Too much demand for properties.

Too many jobs available.

There may be a flood of properties for sale, but why would you foreclose on properties with equity?

You'd simply sell if you couldn't stay.

If no equity, you'd short sell.

Maybe North Carolina does things differently,

but in CA, you'd be institutionalized for claiming

what that lawyer said in our 2021 market; especially with 2022 forecasts of more market growth met with comtinued demand.

More want to buy thatn want to sell.

This lawyer sounds out of touch although Carpet Baggers did come from the East.

Jul 30, 2021 09:04 PM
Rainer
135,173
Jerrill Ewing
N & J Lake Properties, LLC - Eatonton, GA
Builder

I believe currently on the table it's on landlords who can evict, not banks foreclose, and don't think they won't kick the can down the road if they can.

Jul 30, 2021 03:23 PM
Rainmaker
889,337
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

We need to flip the calendar back to 2008. Bank of America caused the great recession that ended with millions of foreclosures.  That was when we all learned the answer to your question.
Most of the large banks, Wells Fargo and Bank of America have servicing companies that actuaaly manage the banks real estate portfolio including the foreclosures. We also discovered these companies DELIBERATELY took no action to advsnce foreclosures since they are paid on the size of the total portfolio...so they did litte to reduce the size of that portfolio. 
Now the individual agent may find local banks the best place to identify the ASSET MANAGER and discuss their non-performing assets. We learned a new lexicon thanks to Bank of America.
I would also suggest idenfying real estate that is not owner occupied. These folks have may have taken a gut-punch the past 18 monts and no longer like the opportunity to be an unpaid landlord. Build you great big buyers list and strategize how you can get these buyers into houses not yet on the market without creating the circus everyone (buyers & owners) want to avoid. Copy the appeal of the direct buy compaings, add the resources you can bring into play to create the 'that was easy' response.
You may find it necessary to bring one additional operator into the solution to circumvent those who do not appreciate a agent in pursuit of a vision that delivers what buyers and sellers actually want.
Be aware, a short sale is also an option when foreclosure is in the conversation. This means digging into the public records and analyze the lis pendens notifications.
PS: As you know 95% of ALL real estate mortgages are owned by Fannie. Ask this real estate foreclosure attorney the right process for intercepting these foreclosures. Are they 'kicked back' to the originator or do they go to auction resources?
Be aware, this willl be a reality for a season. When the season is over you will find it very benefical to have planed to harvest the ripples of the activity of this season to carry forward your sustainable business. Now is a good time to touch base with your investor/flipper sphere. See if they are willing to equip you with solutions uncommon in the industry.

Jul 30, 2021 10:45 AM
Rainmaker
4,124,651
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

What Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets said.

Jul 31, 2021 04:24 AM
Ambassador
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Ginger

 

   As others pointed out, evictions and foreclosures are two different animals.  Sometimes related, but not necessarily.

 

   Most banks (small and large) have a go-to Broker or Brokerage.  So do HUD, FNMA, USDA Rural, et al.  Find out who those go-to Brokers are.  Take them to lunch, ask them questions about working with foreclosures (don't let them think you are moving in on their turf).   Be sure to pick up the check, and if the advice is good, slide a couple of C-notes across the table and thank them for their advice (yes, I know an agent can't pay a commission, watch out for RESPA if they are lenders or title people, etc. but paying for advice probably won't get you into any trouble.  See a lawyer if you have doubts).

Jul 30, 2021 04:37 PM
Rainmaker
895,835
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

https://reo.wellsfargo.com/agent-info.aspx

If you are interested in becoming a Premiere Asset Services listing agent/broker, please contact PASAGENTS@wellsfargo.com for additional information.

here you go bay-bay! 

Jul 31, 2021 08:04 AM
Rainmaker
1,638,416
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

I don't know about 100's and 1000's of foreclosures, just doesn't sound realistic. I've been listing foreclosure properties for a long time, the last place you would want to contact are the big banks. They have asset management companies that assign the listings to the realtors. The best thing to do is for you to search the tax records and find homes with Lis Pendens, then contact the homeowners to list them as short sales but home prices have increased a great deal so I don't think there are many homes without any equity but they exist, you just have to do the search.

Jul 31, 2021 07:19 AM
Rainmaker
4,216,343
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Not sure the attorney with the crystal ball is correct. Supposing he is, I would follow the path suggested by Ken Jones and search the county records for Lis Pendens. Once you have the current owners name and address, door knocking may be most efficient.

Jul 31, 2021 05:12 AM
Ambassador
5,415,703
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

When and if it happens I will buy a few of them, however I will not compete to work for nothing on reo's.

Jul 31, 2021 04:49 AM
Rainmaker
6,615,473
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Your local loan officer will help you make the needed contacts.

Jul 31, 2021 11:28 AM