REO News
August 16, 2008
REO brokers wishing to work with lending institutions are often frustrated by not being connected with REO Asset Managers. The best way to give you exposure is to be listed in a place where the asset managers can have fast access to listing brokers. ReoAllstars.com is a new site run by a REO manager who has been in the business for several years and you can sign up free. Many popular REO referral sites charge over $1,000 annually to be listed at the bottom of their lists where you may never get called. In order to promote ReoAllstars the manager has asked his co-workers to use the brokers listed there and the first brokers in each county will naturally get the most business. Try it…it’s free…you’ll love it.
60-Day Notice to Terminate Tenants: Effective July 8, 2008, a tenant or subtenant in possession of a rental housing unit that has been sold through foreclosure is generally entitled to a 60-day written notice to quit, not just 30 days. However, a borrower who remains on the property after foreclosure may be served a three-day notice to terminate. This law does not affect, among other things, rent-controlled properties with just-cause evictions. Effective on or about September 8, 2008, the lender, trustee, or authorized agent posting a notice of sale must also post and mail a specified notice of a tenant’s right to a 60-day eviction notice from the new owner, unless other laws apply. This requirement to notify tenants of their rights applies to loans secured by residential real property where the borrower has a different billing address than the property address.
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