Founder and Lead Negotiator, Home Solutions, Inc., A Full Service Short Sale Company
Do you see the amount of REOs/foreclosures increasing, decreasing or stabilizing in 2012? Increasing. Defaults are still happening at all-time highs, and until shadow inventory is reduced, we will only see more short sales and foreclosures.
When do you think REO inventory will see a significant decrease? At least three to five years from now. We have so much that it will take that long to be sold, and the banks can only release the homes in small amounts or the market would completely fall out.
Do you think the short sale/foreclosure sale process with banks will improve, get worse or stay the same? It continues to get better all the time. The banks’ process has improved 150 percent compared to what it was six years ago. Short sales have to be a process in order to avoid fraud. If you hire a good negotiation company, the process should only take about 60 to 90 days.
What should agents do to better prepare for the REO/foreclosure/short sale market next year? What should lenders do? Educate themselves as much as possible. This market is not going anywhere anytime soon.
Where will your business opportunities be next year? What is your company planning for 2012? Short sales!