While we all understand that the "Trustee Sale Flip" is not "new", I have taken note through some simple observations that the Trustee Sale Flip has gained ground over REO. As I mentioned in my last market trend post, I saw it gaining ground through my extensive work with BPOs (Broker Price Opinions.)
I now have it validated through several different sources: My referal partners and I have not written any REO offers in the last week to two weeks for any buyers (all short sale and trustee flips) + looking back at some of my past market reports.
Compare June 2009 Sales to January 2010 Sales (By percentage:)
Just look at how much ground REO closings have lost and short sales have gained. "Other" has gone up a bit but I expect it to jump up in the spring months as investors are snatching up properties in Trustee Sales.
Unfortunately there is no way to filter out standard sales vs trustee flips. Some list agents even label them as "REO" in the MLS but not bad enough to skew the numbers. I would say a very large number of the "other" or standard sales are trustee flips.
At any rate, it is much easier to submit offers for agents working for the "investors" than it is REO. There aren't as many gatekeepers to bypass, overlays or rules in the game even though the process should be all "net". (swoosh)
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Renee,
That's an intriguing development. If trustee's flips catch on, Vegas is a fertile ground for plenty of that activity.
From the desk of David Dee,
Renee, as Spring approach it appears that the trend will continue where the shortsales will gain further ground on the REO. I'm seeing the same thing here in CA.
Renee - REO is still very strong here. Not suprised we are lagging on certain trends
Esko I read a blog post from some trustee insiders today that said the competition is tightening and the profit margins are narrowing!
David: :grin:
Claude: It could be your foreclosure process. Are you judicial or non-judicial?