For the past five years I've been a REO listings agent for several banks, the amount of work that is required to remain as a listing agent is mind boggling. The reports and update that is required and then the out of pocket expense having the utilites on and so on and so on. The point is your local Reo agents work their tail off and if the property does sell the asset manager will pull it from them and list (nomally at a reduced price) with another agent.
Well for the past couple of years now I have heard about the banks release a large sum of the properties to the market, and just over the past couple of weeks I been hearing the buzz about all this shadow inventory being released again. Well the only think I can say is we'll have to wait and see.
The other change to the reo listings he in more recent times is that the bank is allowing tenants to remain in the property while the agent markets the property for sale. This leads me into the other arm of business that many agents may find them selves in the near futher which is property management. Another buzz in the business is that some of the properties that are being bundled and sold to funds managers will get placed in the hands of property managers to maintain until the market turns then they will sell them off.
So it's strange times we are living in, I my option we will be facing a slow housing market for the next several years and will turn only when the lending and jobs markets show improvements.