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Ivan Choi is the Vice President of REO and Property Retention for Bank of America. On Thursday, October 8, 2009, he spoke to a packed house at the Orange County Association of Realtors auditorium in Laguna Niguel. Following are some of the important points he made:
- Banks are not holding foreclosure inventory;
- REO prices are determined by investors after careful consideration of comparitive market studies;
- He does not believe there is going to be a wave of new REOs coming onto the market;
- Short sales require approval from investor groups that purchased large bulks of mortgage backed securities ($1 billion or more). The investment groups often set up a trust to evaluate short sales. These groups take a lot of time to respond; (…)

As a real estate agent who has been frustrated by trying to find a suitable home for my first-time-buyer clients, I found this YouTube video to hit the nail on the head. I hope you are able to laugh, even though there’s a lot of truth in this skit. (…)