Well, I’m back from the REOMAC Fall Conference 2009.
What a great trip. The resort was amazing and the views of Hollywood were sensational. (Florida, not California)
I had such a great time catching up with clients and discussing all things Foreclosure and Short Sale in recent news.
One of the best tips I got from the REOMAC conference was regarding Federal Deposit Insurance Corporation (FDIC) assets. Basically, the FDIC takes over banks almost every week on Friday evening and then announce the take-over the following Saturday. In this economy this isn’t exactly ground-breaking news. We’ve actually come to expect it.
So, what’s the real lesson here? Simple. If you track the sale of bank assets in your area, you’ll know when the bank assets are going to be reassigned. Which means you’ll also have an idea when the REO properties are due to hit the market.
There are two FDIC outsources, Prescient and CBRE. These two companies receive all the FDIC foreclosed assets (residential and commercial) from bank take-overs. Â An asset manager for Prescient said that if I watch the FDIC list every Saturday and find out that a bank in my area has been sold, I should call him right away.
If you want to find out more about this, FDIC always issues a press-release once the take-over is official: view the FDIC press page here.
It usually takes about 3 months from when the bank is taken over to the assignment of the assets. Â The process is extremely paperwork heavy, but it’s definitely worthwhile to keep track of for future opportunities.
Sincerely,
Mark Shandrow
REO Broker-Associate
Shandrow Group
shandrowgroup.com
P.S. I met with one of the California asset managers from Prescient personally. Â Sweet.
