All Hands On Deck! Recently released findings from Fitch Ratings, indicate that 7 million homes are on the brink of foreclosure or already foreclosed and waiting to be marketed. Based on current sales trends this “shadow inventory” will take an estimated 40 Months to clear.
REO Industry Counter Effect on Neighborhoods
REO Professionals can play an essential role in managing and disposing the anticipated avalanche of assets because every foreclosure represents a “human tragedy”. When families suffer, neighborhoods, cities, states and our economy in general suffers.
Effective REO professionals help to heal and serve communities by returning properties to safe, sanitary and marketable condition. Reaching out to qualified buyers, as effectively as possible is a matter of crucial importance in restoring the health of the economy.
Being able to competently and compassionately share foreclosure avoidance resources or viable relocation options can make a difference.
The Unexpected
Don’t forget to reach out to “disenfranchised tenants” of foreclosed properties. Many abandoned tenants are eligible buyers caught in the middle. They need options and guidance.
Now more than ever, competent and compassionate REO professionals can make a difference. Is your team ready to meet the growing challenge? If not, it’s time to power up.
What Does this Mean for REO Professionals?
Based on this news, here are some questions that we think you should be asking your teams:
1. What have you done to prepare your team for their role in illuminating and clearing the upcoming “shadow inventory”?
2. If you had to suddenly double your capacity, how would you do it?
3. Is your team equipped to direct ‘at risk’ homeowners to resources that could make a difference?
4. How can your team’s community service efforts help to soften the impact of foreclosure on families in your community?
Now more than ever, compassionate REO Professionals can help “Get America’s Homeownership Back on the Road!”