3,349,404
Ginger, Why do you want to contact Wells Fargo and other mortgage holders? Are you looking for assignments to list foreclosed homes?
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Nina Hollander, Broker
Charlotte, NC
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Susie Kay
Plano, TX
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Fred Griffin Florida R...
Tallahassee, FL
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John Juarez
Fremont, CA
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Michael Jacobs
Pasadena, CA
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Ron and Alexandra Seigel
Carpinteria, CA
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Kathleen Daniels, Prob...
San Jose, CA
4,582,184
Are you "predicting" this will happen? Maybe you should consult your crystal ball for possible answers.
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Nina Hollander, Broker
Charlotte, NC
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Susie Kay
Plano, TX
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Fred Griffin Florida R...
Tallahassee, FL
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John Juarez
Fremont, CA
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Lyn Sims
Schaumburg, IL
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Ron and Alexandra Seigel
Carpinteria, CA
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Kathleen Daniels, Prob...
San Jose, CA
3,167,614
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.
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Jerrill Ewing
Eatonton, GA
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Nina Hollander, Broker
Charlotte, NC
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Susie Kay
Plano, TX
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
1,323,044
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.
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Susie Kay
Plano, TX
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
5,772,581
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
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Susie Kay
Plano, TX
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Fred Griffin Florida R...
Tallahassee, FL
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Kathleen Daniels, Prob...
San Jose, CA
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John Juarez
Fremont, CA
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Michael Jacobs
Pasadena, CA
1,206,261
There used to be clearing houses that handled these events. Not sure what they are gonna do tomorrow,
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Fred Griffin Florida R...
Tallahassee, FL
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Peter Mohylsky, Beach ...
Miramar Beach, FL
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John Juarez
Fremont, CA
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Michael Jacobs
Pasadena, CA
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Ron and Alexandra Seigel
Carpinteria, CA
2,784,566
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?
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Susie Kay
Plano, TX
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Fred Griffin Florida R...
Tallahassee, FL
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John Juarez
Fremont, CA
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Ron and Alexandra Seigel
Carpinteria, CA
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Kathleen Daniels, Prob...
San Jose, CA
1,846,901
Not my prediction at all.
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Nina Hollander, Broker
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
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John Juarez
Fremont, CA
1,553,330
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.
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
135,824
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.
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Nina Hollander, Broker
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
921,504
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.
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Susie Kay
Plano, TX
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Fred Griffin Florida R...
Tallahassee, FL
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Kathleen Daniels, Prob...
San Jose, CA
5,112,471
What Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets said.
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Thomas J. Nelson, REAL...
La Jolla, CA
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Michael Jacobs
Pasadena, CA
2,684,569
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).
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
1,056,272
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!
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Fred Griffin Florida R...
Tallahassee, FL
1,712,030
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.
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Fred Griffin Florida R...
Tallahassee, FL
5,239,023
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.
6,417,434
When and if it happens I will buy a few of them, however I will not compete to work for nothing on reo's.
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Bob Crane
Stevens Point, WI
7,863,184