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Tampa, Florida, December 17, 2007 Online house market site FastHomesolutions.com is reporting a record number of foreign traders visiting its web site browsing of real-estate deals, especially in the Sunbelt section of the Usa. The present weakness of the dollar against foreign currencies is a key factor to the pattern, which works to the advantage of lenders anxious to sell their REO (property owned) inventories of late properties to foreign investors.
Its a massive chance for REO advantage professionals, said Jim Case, CEO of Fast Home Solutions, which recently launched its online home market site at www.FastHomesolutions.com. Were seeing investors from throughout, especially Germany, France and Belgium, along with from the Uk, Canada and Australia. They're desperate to get U.S. Houses, rentals, homes now, while their particular values are strong against our dollar.
The British pound is particularly powerful, currently trading at over two to one against the dollar. This development ensures that private investors and investment groups are highly motivated to get, Case said. There will be more riches coming out of this downswing than ever before. A group strategy is often used by foreign investors once they acquire properties, combining purchasing power and distributing risk. They then employ local house managers to oversee them, buy multiple attributes in specific areas and keep them hired. Canadians are extremely active today, particularly in the Sunbelt regions like Florida, Case explained. Also, people from the UK are very knowledgeable about Florida as a vacation spot, then when they see deals on our web site, they are quick to seize the ability to purchase.
This really is good news for mortgage servicers and damage mitigation professionals charged with losing owned real estate. The online market strategy, without new, is experiencing a surge of popularity because of the ease with which properties could be vetted by potential buyers, whether for expenditure or owner occupancy. Resource managers are receiving slammed right now by the sheer amount of properties they need to sell, observed Case. Sale are the best way to get attributes facing probably the most people, but REO people are so busy at the moment, it's difficult to take into account new strategies. Quick Home Solutions method of attract REO results is to avoid the disadvantages buyers and sellers have seen previously with sale. Buyers hate paying premiums to buy homes online, so weve eliminated them, said Case. At the same time frame, people need research on parts and values, in addition to finding local property executives, so were adding material to produce those available at little or no cost, he added.
The Half-back Phenomenon
Further complicating things for REO tool managers wanting sell property in Sunbelt places is the increase of individuals making places like Florida for financially more favorable climates. Their houses are competing with REO sales for customer attention, and keeping costs low. They're those who have been whipsawed by rising insurance costs induced by the sinkholes and hurricanes of modern times, along with increased property taxes. As opposed to going most of the way right back up north, they are going half way, to places like the Carolinas, Georgia and Tennessee, thus the term half-back. These neighboring states have much more beautiful circumstances for these vendors, explains Jim Case. And they still dont need to endure severe winters. With one of these additional qualities cluttering up the stock, REO suppliers are finding their work cut right out for them.
This new wave of foreign investors could be the key to keeping the market going, said Case. We distribute over a million opt-in emails to people every week and I will inform you that the need for house entries is getting stronger every day, he said. The dollars weakness right now may workout to be a advantage for the REO resource professionals, especially since these foreign investors like to buy more than one.
About Fast Home Answers
Quick Home Solutions is a property auction website which harnesses the energy of the Internet to benefit REO providers, asset administrators, inspired buyers and sellers. Buyers can seek, bid on and acquire REO properties, all free of charge, and retailers can effortlessly post properties and market to prospective buyers. Fast Home Solutions is on the net at www.FastHomesolutions.com, and can be based in Tampa, Florida reo asset management
