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Those are some of the tricks of the trade she learnefd in the 12 years she has exclusivelhy sold foreclosed properties throughher firm, A-1 REO Services LLC, whicu had $15.2 million in sales volume last year. The companhy ranked No. 28 on The Business Review’s latest list of residentialk realestate firms. More than a dozen agentsz sell foreclosed homes inthe region, but few rely on the listingz for most of their sales. “Sometimes I’mk in neighborhoods where there are shootingssand robberies,” said Vann, who is 55, a grandmothe r of six children, and feisty. “ want to blend in with the communitywheres I’m going.
” But the nature of the housingt stock is changing as the slumping economhy ensnares more upper-income people in the web of foreclosure. Cases in Vann recently closed on propertiesz that soldfor $285,000 in Guilderland, $249,000 in West Sand Lake and $342,009 in Burden Lake. Among her current listings is a 3 1/2-bath house with an in-ground pool in the Countryu Knolls subdivision of Ballston Lake for Vann and others who deal with home foreclosures usualluy don’t know why the owners fell hopelesslu behind on mortgage payments, but the reasons job loss, medical bills, divorce, drug addiction s and mental illness.
Some home ownersz die without assigning someone to managedtheir estate. “I had one ... a couple yearas ago where there was a great pay history and then they juststoppedr paying,” said Peter L. an attorney in Cliftojn Park who handles foreclosures on behalfof “We foreclosed, served the papers, and the woman’sz son calls up. He said she hasn’t opened her mail in abouft a year. He asked if he could take careof it.
Although many lives get disrupted everu year when homes are taken back by foreclosures aren’t as big a problemk in the Capital Region as they are in partxs of the country wherer home values skyrocketed in the early 2000s, and then crashe d hard when the real estate bubble burst. The deflated valuesx meant homeowners couldn’t simply refinance to get a more affordablew monthly payment when interest rate s roseon variable-rate mortgages. As a result, many lost propertieas to foreclosure. Bottom of the list?? Not such a bad thing During the firs t quarter ofthis year, the Capital Regionj had one of the lowest home foreclosure rates in the ranking No.
186 on a list of the top 203 metropolita statistical areas with populations over accordingto RealtyTrac.com. There were 287 properties in some stage of the foreclosurr process during the first three months ofthe year, or just 0.08 percenyt of all owner-occupied and rented households in the Vann and one of her competitors, Todd Drakde of Empire Real Estate Management, said the firsrt quarter of this year was slow because of moratoriumd that were enacted by home mortgags giants and . Thos moratoriums, which have since been created a backlog of properties that are expectede to flow into the foreclosure pipeline in the coming Drake said.
“We believe it’s going to catch up this Drake said. Vann said she had 152 closings last most of which were througuhthe . Empire Real Estate Managementy in Latham sold 144 houses througn the Capital Region MLSlast year, plus 17 in surrounding according to Drake. Total sales volume in the Capitalo Regionwas $13.1 million. Drake, 33, started his companyy seven years ago after handling some foreclosuree sales while working inanotheer agent’s office. He concentrates on foreclosuresthesw days, but also manages apartment buildings.
The business arrangement with lenders variew onforeclosed homes, but typically the real estatde agency is responsible for cleaning out, securing and maintaininhg a foreclosed home until it’s
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