In California and elsewhere “out west,” investors move distressed homes through the system far faster than lenders, reported ForeclosureRadar yesterday. In Arizona, California, Nevada, Oregon and Washington, foreclosure auction investors are offloading properties faster than ever, “partially due to spring selling activity” and in part due to “an overall lack of quality, affordable homes for sale,” said ForeclosureRadar’s CEO Sean O’Toole[1]. In Oregon, for example, investor-bought houses move in 122 days while comparable houses move in 208 days when taken over by banks. O’Toole credits the time differential with the fact that “investors have become better at turning a foreclosure into a marketable property that attracts buyer interest” and with fears associated with buying from lenders that are a result of the robo-signer fiasco.
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[1] http://www.dsnews.com/articles/investors-moving-foreclosure-properties-faster-than-banks-along-west-coast-2011-06-14
This is so correct. WE are currently involved in a project that has never been seen before that allows us to suck the REO and other troubled assets out of the banks and move into the hands of investors who know what to do with them. We out here on the streed have always had to think like a deer and move like a deer, not a Mastadon. Huge corporate bloated banks are not equiped to do the job. They are hiding so much and the commercial ballon is ready to launch later this year and all of next year for sure. Thanks for getting the information our here for us to have confirmation of what our guts tell us every day.