He said that the consensus at the conference by speakers was that the peak foreclosure period will be in the 4th quarter of 2009 and the 1st quarter of 2010. It was believed that the 1st quarter of 2010 will see double the # of foreclosures we have today.
Scott said a big takeaway for him was the need to get good at short sales and get good at working with lenders. Get to know the banks and if you have any relationships with banks, strengthen them now. Ask questions. If you have a close contact at a bank and would like some assistance approaching them to see what opportunities may exist, see Scott.
In addition the tips below were shared:
Biggest Challenges for Asset Managers -
- Obtaining home owners association information - Some ideas to help gather this info is to check with Mary Jo Zurawski, who has a database of local HOAs; contact agents who have sold in the neighborhood recently; DLEG for corporation listing and googling the HOA.
- Dealing with code violations and city certifications.
- Vandalism - know your area - don't put a sign in the yard; put a lockbox on the side door or back door in certain neighborhoods.
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