While the pre-foreclosure real estate market tanked homeowners into immediate REO status, governmental halts came quickly to help distressed borrowers save their American dream. The saving graces, while difficult to completely implement overnight, are promising to many homeowners whom are otherwise thrown under the bus. While this is appeasing to the homeowners, the real estate industry is faced with the challenges of immense changes in both approval guidelines and the new apparently REO minded procedures of facilitation demanded by Equator program Servicers. It was announced last month that Bank of America contracted a major portion of its defaults to the use of the Equator system.
Given the complexities of these changes, the entire prospecting map Realtors drove toward fishing out these distressed property opportunities is also on the fast track for change. One of the captivating value propositions of Equator to Agents today is that they believe that by creating an account with the site will automatically grant them assignments from Equators participating Asset Managers. This may prove to be a fantasy driven premise as other 3rd Party ‘Mining the Minors’ entrepreneurs like Mitigation Firms slip in to the process before a Brokerage file can open with the Active listing.
Agents need to “Know what they don’t KNOW” if they intend on getting their slice of this phantom pie referred to as a Short Sale or Pre-foreclosure Sale. The word on the street is that Short Sale transactions will be taking over the marketplace and representing over 60% of the closed transaction comps in every county across the nation. With the combination of Specialty trainings, Designations and higher level education, Agents who resist placing the investment of this education in themselves will have to find a secondary career, while the innovators of common sense will prevail as is often the case.
I teach Real Estate Agents where the Cheese is today! Find out more at:
https://sites.google.com/site/oraclegroupmain/courses
Copyright © 2010 Bryan Ridgley
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