The latest mess in the mortgage, foreclosure and banking industries is the fact that title insurers are backing away from foreclosed properties. One of my title companies shot me an email about the fact that one of their closings was stopped in mid-stream when the underwriter called to pull the plug on a JP Morgan/Chase REO transaction. So far the list includes some major players including GMAC, JP Morgan/Chase and Bank of America.
It seems that a number of major lenders may have failed to follow proper procedure in their foreclosure process and as a result the entire industry may fall under review. This is impacting pending foreclosures as well as transactions where properties have already been taken back and resold as REOs. You can read more here.
It is exactly situations like this that make Transaction Engineers salivate, make their blood race just a little faster. Chaos creates opportunity! We don’t rely on any one strategy or investing technique. When a market changes (and boy, is this one going to change) we can change with it! Options, leases and other means of control without ownership don’t require new title policies. They don’t require us to get involved with banks and their rules and restrictions…or be tainted by their poor business practices.
As real estate entrepreneurs and transaction engineers using our intellectual capital, our creativity and knowledge, we are prepared to build our own economy. Creating profitable transactions one deal at a time…that’s what we do. You can do it too!
I will be covering how to adapt in this market at the REI Rainmaker Retreat on October 23 & 24 at the Celebration Ramada Resort in Kissimmee, Florida. Learn more at the REI Rainmaker Retreat.
This may be the best opportunity you’ll find to change the course of your financial future this year. Join me and my friends Eddie Speed, Walter Wofford and Steve Zehala as we give you two full days of creative investing content. This is where you’ll learn the tools, tips, and secrets of alternative financing.
The banks and the government are changing the game. Are you committed to keeping up on the trends and changing with it? Five years after this event you’ll be saying one of two things about your decision to attend, “I wish I had” or “I’m glad I did!”
I hope to see you there!