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Another show with a missing host, this week Mark is in Florida on a business trip, so Adam takes sometime with the Shandrow Group staff to talk about the life cycle of an REO property. Shandrow Group employees Yesenia and Lisette have joined the podcast to help provide some clarity around the Shandrow Group process and alleviate our listeners from Adam droning on about nothing.
But first the team reviews the numbers for August and talks about what is the current trend and what is going to happen over the next couple of months.
July Numbers for single family residential properties in the City of Long Beach.
New Homes on the Market 419
Average List Price $380,689
Homes Sold 236
Average Price $346,880
Avg. DOM 87
As the numbers indicate from previous month and prior year, the market appears to still be contracting, and will most likely continue this trend for the rest of the year. The good news, it is a great time to buy, prices are low and competition is lower, so if you waiting for the right time, that time is now.
Now onto the main topic, The Life of an REO Property. There are numerous mis-perceptions out there about the life cycle of REO property and what the Listing Agent has to do in order to sell the properties. This segment, we cover both a time line and action plan for an average REO property from our possession to yours. Some of the points that are covered are Cask for Keys, how we determine pricing and what has happened to that property before it gets listed on the market. Probably the biggest surprise to most listeners will be the length of time it takes to move an REO property through the pipeline and into the possession of a new home owner.
This is sure to be one of our most riveting shows, so tune in and leave your comments.
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Very informative program!
The REO process has become a much longer, more difficult process for you the hard working REO agents!
Thank you,
Holli