REI 015 » Behind the REO Curtain: Foreclosures, Agents and Shadows…Oh My!
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.
- 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.
Fun Facts About Sylvia Lunsford:
- Founder 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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