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Banks To Begin Flooding The REO Market

Posted on | December 20, 2010 | 4 Comments

REO's Flooding The Market

Bank Owned Assets Flood

As of this morning’s financial news, we can expect the banks to begin to open the flood gates on their massive hoards of bank owned assets – REO’s ! This is great news for all real estate investors who have been waiting for this opportunity. The hold up has been the recent snags encountered with “rubber stamping” procedures used by the banks during foreclosure processing. Looking forward to this.

Other great bank lending news is that soon Flagstar will approve FHA loans for borrowers with credit scores between 620 and 639, sbject to some overlays (including the property must be a single-family residence, condominium or PUD for loans less than $417k and the borrower have clean credit with no 30-day lates in the last 12 months). Properties located in declining markets will no longer require an appraisal from a Flagstar-approved Appraisal Management Company and purchases of FSBO properties no longer require an appraisal from a Flagstar-approved AMC unless the seller has owned the property less than 24 months – “Removal of these overlays applies to all VA IRRRL transactions and FHA loans requiring an appraisal, provided the correspondent is approved by Flagstar for FHA Appraisal Independence Compliance.” And the 90-day property flipping requirement has been reduced to 30 days. Anyway, check the bulletin for all the specifics! More great news for real estate investors.

Comments

4 Responses to “Banks To Begin Flooding The REO Market”

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    December 24th, 2010 @ 7:27 am

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    January 9th, 2011 @ 10:44 pm

    Additionally, I think you are right on regarding mortgage rates. When rates do start ticking up, as we’ve seen in the last month, buyer’s borrowing power is limited, which in turn limits their buying power. Values must then fall to a level that buyers can afford. It’s a matter of how long the Fed can keep rates at historic lows for an extended period of time.

  4. RW Spurlock
    March 19th, 2011 @ 3:33 pm

    Thank you for allowing me to post this comment on your site. If you visit my site and post a comment I will approve it thereby providing a linkback to your site from mine.

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