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Common Sense Creative Financing in Managing REOs.(Interview)
POWAY, CA -- The new trend in the larger marketplace and especially in the REO niche, some insiders say, is more common sense creative financing.
"I spoke with one of these investors last week and he's looking for REOs, he wants to take those REOs off their hands clearly at a discount, and lenders got to get rid of them," Lender Support Systems Inc. president and CEO, Cary Burch, told MSN.
"If anyone is writing off their losses right now, now's the time to write off as much as you can, because you want to be clean as you're going into the next year. This guy is hanging on to it and they're renting them out."
Since borrowers who were living in the currently foreclosed houses had to move out and rent, he said, there is a lot of competition in the rental market.
"Lenders are selling off these properties, investors are buying them, and then they are flipping the house to a rental and offering lease options to former owners."
He sees renting out to people who used to live in foreclosed homes and also offering them the option to buy their property back as an effective way of managing REOs.
"We're getting back to more creative financing," he said. "But it is a more common sense creative financing."
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