Disqus - Latest Comments for jamesgallagher

Re: Realtors: Learn How-To List REO, Free Teleconference is TODAY!

jamesegallagher — Thu, 16 Jul 2009 20:52:02 -0000

I am also a succesful REO agent. This time last year I had over 100 homes in various stages of the REO sales process. Now I only have 7.

REO has gone through a temporary decline because banks are using a variety of tools to take care of the toxic loans. They are doing loan mods and bulk REO sales. This means that many people will stay in their homes but it also opens up the REO field to a larger range of agents.

This foreclosure crisis would have been short and brutal but because of the political delays it is going to be a much longer time period. Foreclosures are going to be driving this market for at least 3-5 years. Every agent who has a desire to be successful in the coming market should take the time to include REO's in your business model.

Re: Only Forceful Action Can Change Foreclosure Crisis Tide

jamesegallagher — Tue, 14 Jul 2009 00:05:12 -0000

No one wants to hear it but the nuclear option; allowing the foreclosures to just happen is really the only option. The taxpayers will revolt if they have to pay for it, the banks have to clear out the inventory or they'll go under. Politicians can scream and gnash their teeth all they want but the nuclear option is going to happen. Politicians can only delay it not prevent it. Politicians delaying it only make it worse

Re: How the Government can Fix the “Foreclosure Crisis”

jamesegallagher — Mon, 13 Jul 2009 04:39:34 -0000

Politicians aren't as interested in solutions to problems as they are interested in appearing to be doing something. Affordable housing is a perfect example. In my neck of the woods (CA) politicians have been screaming for years about the overiding need for affordable housing. Well now we have it but they don't want to talk about affordability anymore. Politicians weren't really interested in affordable housing they were interested in being perceived as caring about affordable housing. The market has delivered exactly what the wanted but they aren't happy. The incredible thing is that is is the law of unintended consequences that created the affordable housing. Bad lending policy designed to increase home ownership leads to unaffordable housing but is unsustainable so the invisible hand of the market bitchslaps the housing market. The unintended consequence of their attempts to create affordable housing worked but they did it the hard way.