REI 015 » Behind the REO Curtain: Foreclosures, Agents and Shadows…Oh My!

Foreclosures Behind the Curtain

It’s no mystery that we’re in the midst of the biggest foreclosure wave in history. Duh! FHA foreclosures alone went up 60% in the second quarter of this year — FHA now has over $100 Billion in delinquent loans!

But where are all the deals?

Hmmmmmm… Some folks say they’re everywhere…just acres of diamonds all over the place. While others can’t seem to snag a foreclosure deal to save their life (or their shirt)…

So what’s the dealio? Well that’s what we’ll unravel together…

Today I’m thrilled to bring you along with me in an unscripted, brass tacks conversation with a real expert in the foreclosure arena, Sylvia Lunsford – REO agent, Rehab investor and founder of REO Perfect Storm.

Add her fix-and-flip experience to the 650 REO / short sale transactions her office has closed over the years, and it’s as plain as the pope wearing a funny hat that this Sylvia gal is clearly somebody worth listening to when it comes to the short sale and REO markets nowadays.

You’ll Learn…

  • The Real Skinny: on the shadow inventory situation — where’s all that inventory?
  • Behind the Scenes: What’s really going on with Fannie/Freddie, FHA/HUD and the all the big banks
  • Actual Numbers: of shadow inventory and why they’re holding back
  • Ssshhhhh: Fannie’s upcoming secretive bulk sales, and what it does/doesn’t mean for mom-and-pop investors
  • Realtors: How do the Realtors play into all this?
  • Upcoming: Opportunities with REO’s and how to effectively capitalize on them
  • The Value: of tapping “REO Power Brokers”
  • And more…

Bottom line, this episode’s all about putting our finger on the pulse of the foreclosure arena of 2012, and how to respond to it as real estate investors. As always, we’re entirely unscripted, and I extracted every bit of awesomeness I could for you from poor Sylvia’s mind.

Listen Now

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REI 015 » Behind the REO Curtain Foreclosures, Agents and Shadows…Oh My!

Fun Facts About Sylvia Lunsford:

  • Sylvia LunsfordFounder of REO Perfect Storm
  • Successful REO broker and fix-and-flip investor
  • Licensed in AZ and CA, working the short sale and foreclosure markets
  • Ranked consistently for last 15 years in top 10% of all active agents in local MLS
  • Certified Distressed Property Expert
  • Has been REO listing agent for Freddie Mac, Fannie Mae, BofA, Wells Fargo, Chase, Citibank and whole heap of other big banks as well as smaller community banks and credit unions
  • As an investor, she’s banked a tidy $1.7M in profits buying REOs (foreclosures) at below market value, rehabbing them and then reselling them for top dollar over the last few years

Stuff Mentioned in This Episode

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6 Responses to “REI 015 » Behind the REO Curtain: Foreclosures, Agents and Shadows…Oh My!”

  1. Hello! JP MOSES

    I LOVE THE SIMPLISITY IN WHICH YOU SHARE WITH US…..ALL THIS WONDERFUL THINGS
    RELATED TO WHAT’S GOING ON AT THIS PRESENT TIME….I KNOW YOU ARE VERY VERY SAVY PERSON MY RESPECTS TO YOU SR. MOSES…

    GOD BLESS YOU AND FAMILY

    ARMIDA

  2. Tammy Grassi

    Agreed ..there is quite a bit of shadow inventory in my market here in Western Pennsylvania. Many properties have been sitting for 4 years now.

  3. Dan Todd

    Great Info.

    Thanks, J.P.

    To your success,
    Dan

  4. JP as always you give the information in which we all can absorb. I really appreciate how you dig deep with each interview and get out all the necessary information needed to further develop our business. I look forward to each and every episode and look forward to my first deal in which you my friend will have had the biggest impact. I look forward to the next episode and pray to get out of the rat race!!!
    Thanks

  5. Another great podcast, JP. I have a home in my neighborhood that has been vacant for about 5 months. I believe it has been foreclosed on. How can I find out for sure and if so, how can I find the bank that owns it? Will I need to wait till it is listed or get make an offer prior? Thanks
    Eric

    • Hi, Eric – thanks for the warm words. To answer your questions, there’s not a super easy way to find out if the bank owns it. You could search the county tax assessor’s website for the property and see where the tax bill is being sent. If it’s a bank, then bingo. But it’s also possible the tax assessor’s records online might not be all that up to day that quickly. Ultimately I’m not aware of a way to get access to foreclosures between the time they’re foreclosed and the time they’re listed. Even if you know what bank owns it, when you contact them they’ll simply tell you, “Wait until it’s listed”. I’ve done it before, which is how I know. There may be ways I’m not aware of, but that’s my experience. Try the tax assessor’s website for clues…and if it’s bank owned, you’re probably best just to wait it out.