My RE agent friend just got a list from his broker. It's a huge list of properties in California where buyers and buyers w/ buyer agents can offer directly with the bank. They have not been listed on the MLS. Looking at the way the process will go, it seems like they have worked the listing agent out of the picture. If it doesn't sell, then it'll likely be marketed by a listing agent.
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Bypassing listing agent? I am sure NAR won't like it and there will be lots of offended agents.
Maybe NAR will be like banks and the federal govt will rescue them. Legislate that we have to use them.
HOMEPATH.COM is the official government foreclosure list.
Truth is they "always" have inventory. I have been in the investor game for 18 years. In a county like LA they "average" 4,500 foreclosures a month in a "goodyear". Thats the really, really low side to. Actually its closer to 7,700 a month. You can take it from there. Go to where they do the "reporting". Actually there are inside reports that we use. Its a gulf of foreclousers to be sure.
Things like PMI companies still being in business defies gravity. That shows "who" owns those. The fact no lawyer or lenders insurance company was liable for robo-crap. They all carry errors and ommisions insurance. Those insurance companies would be the first ones named in a lawsuit on an error. So that defies gravity. The list goes on. 26 billion in paper is nothing to them. Everyone else thinks its a great big number. They spent a great deal of time getting everyone think that way and still "do".
Using paper as the only legal means of trade is an "arrangment". Where all labor is paid in paper. Meanwhile the printers or owners of the Fed can have a unlimited supply of paper. Meaning a unlimited supply of labor. If they had to trade without "paper". They would be like everyone else. Trying to get one or two "deals" together at a time. The "paper" chains down through their banks in a fractional way. Meaning even the banks that are not theirs. They have them fractionally. Not to mention their borrowers. You deal in paper. The printers or "owners" of the Fed. Have most all of the "Hard Assets".