"Some Days in REO.... "

Agents think this business - REO - is all they ever want. If they could just get their hands on one REO account they'd be happy.... It's much like a woman seeking a husband... "if I only had a man, I'd be happy", she says. But truly, she won't be. Agents who pursue REO willl do all kinds of crazy things to get the business, especially if they are new. They don't yet know the truth - that "some days in REO" - it's just plain DIFFICULT . Hard. Frustrating. Unresolving... and a million other words!

Don't get me wrong. I love what I do, and I'm good at it - but there are days when every call, every property, every file is a challenge - or problem! On these days more than any, you long for something easy, something simple. A clean deal. One without someone trying to steal from another, or City issues, or tenant issues, or substandard liens, etc. .... We can all dream can't we? Is this my fantasy talking?? Absolutely!! Today is one of those days. A couple AM's and Agents out there know what today has been like. Mild, but still; one of those days it's going to take some smoozing to get everything done!

Other than my lamenting - and I am lamenting (a necessary habit in REO usually with a strong cocktail) - the LA market is ssccrreeaamminng! If you've got listings your King right now. If you've got cash, your're a Prince. Inventory is low. Prices are low. Rates are low. Is it win-win-win across the board for real estate investors and potential homeowners right now! I'm having visions of 2003 in my mind lately - 8, 10, 30 offers on a property. Each going up in price to acquire the property. No contingencies, no inspections, sign the deal and close it! But here's the caviot; and it's an old one, "you've got to be top dog"...(ie highest offer) Some things will never change.

Other counties are experiencing the same - I've been dealing in Riverside, Orange, and LA counties and anything under $500,000 that's priced AGGRESSIVELY is moving quickly. Note my words.... AS LONG AS IT'S PRICED AGGRESSIVELY - that is the key - AGGRESSIVE PRICING. Investors/Buyers alike believe they remain king and that the market is theirs. It has turned on them, but you must show as if it has not. A small trick of the trade, but a valuable one at present. Returns in excess of 18% on some... and that's off the value, NOT the list price. :)

Enough for today... tomorrow's another day we look forward to! Thanks for stopping in.

V