What do you think happened? NOTHING!
Yes, the order and the proof went in, and the Seller suddenly turned into the black hole of 1000 hells. 4 hours after I submit the order the VP in charge comes on the phone and tells me that they are processing the order. Sure right and I am as dumb as a stone!
Folks in this business you have 45 minute window after a signed contract order is submitted with proof documentation to get it back and if you do not get in back from the Seller with their happy little signature so you can deposit the funds in a standing escrow account you can bet every dollar you have that you are being shopped. These people were trying to find some dummy to pay more for this tranche of grade A dead smelling corpses called Foreclosed homes.
I truly despise having a Seller take my work and shop it, especially when everybody on both coasts knows the Sellers BPO's suck "ass" and are so bad that we have to go back to the "Day" to see the best house sell in those neighborhoods for the BPO on this Sellers today value list. We could call this dreaming but it really is a sign of the desperation on the part of the Sellers
But this is what it's like at the moment! Sellers of REO Assets are mad to sell at the highest price. They spent all summer selling home at 90% of their value through Real Estate Agents and wisely only offered up a 1/100th of the actually inventory they have. All in the name of reducing supply now to keep prices high today. Never mind that the bulge building up in the holding companies is swelling up so fast that the FDIC is working 7 days a week to keep up with the number of "warnings" and "Cease and Desist" orders it needs to issue.
Speaking of the FDIC did you know that there is a persistent rumor that the Real Estate Assets is has on it's books are accumulating so fast the that they can not manage it and that the management time to correct is now measured in decades. The title backlog, that is the number of properties with title clouds, BKs, Legal actions and Tax leans now represents 80% of the FDIC holding. I have to wonder if this true.
Now Back to the Seller. Hedge funds do sell product but they do not want to pay fees because they know in their bones that they are richer than all the buyer and especially the representatives and it would be a disservice to their partners to pay for services when they transact business.
You talk to a retirement fund manager and you get the same thing. Oh, Paul we do not pay more than 1 point. My response is thanks and goodbye.
Today, We spent 30 minutes on a conference call with a retirement fund and the Managers bitched about the crap tapes, and delays and broken escrows. They blamed it on the Sellers, Seller Representatives, Title companies, Lousy BPOs, and finally on the product. These are the excuses of idiots. YOU GET WHAT YOU PAY FOR ROBBER BARONS!
Have a great day, and happy weekend. On Monday I have 2 Billion in buyers money to place and I will wait from now on 45 minutes and that is all!
