Tuesday, October 7, 2008

Most recent list of Vermont Foreclosures

This list has most but not all Foreclosures currently for sale. Keep in mind, it changes daily. If you have any trouble with this list or need more info, you can reach me at lorawilson@c21jack.com.


Sunday, October 5, 2008

The lack of calm after the storm

Well sorry I haven't written sooner. The most recent financial spiral caught me unprepared for the onslaught of business that would follow. Many people who call me tell me that they "want to buy a foreclosure property." When I ask why, they invariably say that they are "looking for a deal." The irony is that the REO sellers have become the most experienced home sellers around and they know how to use the real estate professionals in different markets (like myself) to maximize their returns.

I will often direct these buyers to purchasing homes in default that have not yet been foreclosed upon because often times these sellers are not represented by Realtors, and with represntation from an experienced agent, a home buyer has a much better chance of getting "a deal" when working with these more desperate, less knowledgeable sellers as opposed to REO (real estate owned) properties.

That was the case until now. Banks want to sell properties like never before. As a result of the announcements about Lehman Bros and AIG, I had banks call and slash prices as much as $70,000 in one day. I put 11 deals together in the week that followed. Now 11 deals may not sound like a lot to some, but keep in mind that the average Realtor does 11 deals a year. I usually close about 30 per year. When the week ended I still was negotiating 5 other properties, and 3 of those came together the following week. Now we just have to see if they all close.

Last week the announcement came that Wells Fargo bought Wachovia. Let's see what happens with Wachovia properties!! When Goodman Dean acquired Litton Loans a month or so ago, it caused a fair amount of havoc in my world as properties were pulled and business was shaky. I have also received about 6-8 new properties over the past week, which is huge volume as well. As soon as I have a minute, I will post the updated list of Vermont Foreclosures. Please email me if you want it sooner!!

Saturday, August 23, 2008

My New Foreclosure Blog-what do you think?

By Lora Wilson

Click here for the most current foreclosure listings. http://vreinmls.com/ver/maildoc/a005Ba3668.html

People often call me for information on how to get into the foreclosure market. Realtors want to know how to get a piece of the action, or what is on the market. Potential investor and home buyers call me to find out how to buy, and my teammates call to vent their frustrations - not their fault, it is a frustrating business these days. Read more and find out why.

After 6 years of selling Vermont foreclosures, I can say that the business has changed dramatically in the last 8 months. When I started selling foreclosures six years ago, I had 10 in my inventory. They were all over the state and there were a few clients, Freddie Mac, Litton loans, and Ocwen. Now in this market, we have about 34 foreclosures, about 22 different clients and there is a sense of chaos about the industry.

For a short time during the height of the mortgage boom, I had clients that were out-of-state investor groups who were buying foreclosures in bulk throughout the country. It was a very confusing, title-riddled mess. I think they are all broke now, and I don't see too many of those venture capitalists getting involved these days. These properties were almost impossible to close because there was not a proper chain of title. This was the first dimension of chaos that I noticed.

Now, I see an industry in complete crisis. My clients, (banks selling foreclosures,) are losing money on just about every transaction. Clients are disappearing- going out of business and are over-burdened with their inventory of properties. Their efforts to consolidate and decrease their losses have led to a grid lock in the process. It is terribly time consuming to negotiate, obtain addenda, receive signed contracts, address title issues, and receive deeds and closing docs. In an effort to save money, banks are using servicers out of the country, Attorneys from out-of-state for FC and out-of-state title companies. Commissions are going down, referral fees are going up, and while the foreclosure pie is enormous, the ability to make money is seriously impeded. If anyone has ideas as to how service foreclosures and make money, please respond to the blog entry. Since it is a business that is losing money in the billions, it seems hard to turn a profit.

Also, if you are one of the many people facing foreclosure, contact me, because I can help. There are many ways to avoid foreclosure if you are willing to do the right things. I can help to sell your home, even if it is not worth what you owe. If you are a Vermonter, who needs help, Call me 800-637-6341 x 2101.

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