[olecapt]

The flow just stopped.

You got what...perhaps a month of inventory?

By the end of the week you have to start getting rid of staff.

Still got all the dogs on the books though..so the utility payment keeps going...

In a month you are pulling your own funds to make the rent.

What a neat business.

[vegaslocal55]

Olecapt could you explain what you're talking about?

[007 license to sell]

Here is the latest on foreclosure sales in the second quarter.
Quarter of home sales foreclosures

[olecapt]

Originally Posted by vegaslocal55

Olecapt could you explain what you're talking about?

There are a set of brokerages in Las Vegas that pretty much exclusively sell foreclosed homes. They basically have a tie with some bank and the brokerage primarily sell homes for that bank.

It is a high volume, low cost business requiring very high sale rates to generate profits.

There have been some view here that it is a selective and desireable sort of business.

Recently a number of the larger banks have stopped foreclosures to examine whether their systems are operating properly. Particularly important is BofA which has a huge portion of the Las Vegas action.

It will be very difficult for the REO brokerages dependent on these banks to continue in business if this lasts very long. This again indicates the problem of narrowly focused brokerages.

[007 license to sell]

So far Bank of American hasn't stopped foreclosures in or around Las Vegas.
This article prints the 23 cities so far that this has happened in. I was suprised that Vegas wasn't on the list since we are at ground zero for foreclosures.
This article names the states that some banks have halted foreclosures in and were not one of them.

[SIZE=4]At a Glance: Foreclosure delays in 23 states[/SIZE]‎

[olecapt]

Originally Posted by 007 license to sell

So far Bank of American hasn't stopped foreclosures in or around Las Vegas.
This article prints the 23 cities so far that this has happened in. I was suprised that Vegas wasn't on the list since we are at ground zero for foreclosures.
This article names the states that some banks have halted foreclosures in and were not one of them.

[SIZE=4]At a Glance: Foreclosure delays in 23 states[/SIZE]‎

Hey good find 007. I presumed ground zero would be included. Never presume...

[LVPoker1]

Originally Posted by 007 license to sell

I see this time and time again when someone locally wants to purchase a property, they can't get financed because their credit score is low and it's due in larger to the economy more than anything. If a buyer has a 620 credit score with 25% down it's highly unlikely they will get financing.

Many in U.S., Southern Nevada can't get home loans

I have perfect credit and put 20% down with job/assets to qualify and I had to go to 4 banks to finally find someone willing to lend. The house appraised for more than our offer as well. It's a mess in LV right now.

[Robustus]

Originally Posted by 007 license to sell

So far Bank of American hasn't stopped foreclosures in or around Las Vegas. ... I was suprised that Vegas wasn't on the list since we are at ground zero for foreclosures.

Originally Posted by olecapt

Hey good find 007. I presumed ground zero would be included. Never presume...

Every article I've read on the matter has noted that foreclosures have been stopped in the 23 states in which a court order is required for a bank to execute a foreclosure. If a court order is not required for foreclosures in Nevada, this all makes perfect sense.

[sdreloc]

Originally Posted by LVPoker1

I have perfect credit and put 20% down with job/assets to qualify and I had to go to 4 banks to finally find someone willing to lend. The house appraised for more than our offer as well. It's a mess in LV right now.

There has to be a reason they don't want to lend for the house you were looking at.

[olecapt]

Originally Posted by Robustus

Every article I've read on the matter has noted that foreclosures have been stopped in the 23 states in which a court order is required for a bank to execute a foreclosure. If a court order is not required for foreclosures in Nevada, this all makes perfect sense.

Yup...no western trustee sale states.

I would think though that they are still making the assertion that they have scanned the file and it is correct...just not swearing so to a court.

Class action time?