Shadow inventory

User Forum Topic
Submitted by mengxi on May 14, 2008 - 7:56pm

I have hearing a lot about a large backlog of shadow REO inventory at the banks. If these homes are not being released into the market, where are they going? Do you think they will all eventually be released on to MLS? Is there someway folks can purchase it before the inventory listed on MLS?

Curious newcomer.

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They'll probably end up on
Submitted by doofrat on May 14, 2008 - 9:05pm.

They'll probably end up on the MLS at some point or be sold in blocks to somebody. Why would you want to buy something in a market where the banks have so much inventory they can't even list it all at once?

It's going to take a few
Submitted by PadreBrian on May 14, 2008 - 9:29pm.

It's going to take a few years to get through all that inventory. The banks are just overwhelmed.

http://realestateandhousing2.
Submitted by peterb on August 6, 2008 - 11:38am.

http://realestateandhousing2.blogspot.com/

This guy is in the business of handling listings for REO's in FL and has a lot of insight as to what's really going on.
I'll be surprised if lenders dont start selling the mortgages to other parties for processing.

All I know is that 1844 Law
Submitted by jpinpb on August 6, 2008 - 11:53am.

All I know is that 1844 Law went to foreclosure 4-28 and it's still not listed for sale by bank. It is shadow for sure. There are many others, but this one was my favorite and comes to mind quickly.

I drive Chalcedony (in PB)
Submitted by Huckleberry on August 6, 2008 - 3:13pm.

I drive Chalcedony (in PB) every morning and know for a fact there are two bank owned properties within two blocks of each other that have been sitting there for more than four months, empty. Every time I check MLS, no listings.

If this is just on my route to work, I can only imagine how many there are out there...