Lenders Clearing House Ramps Up REO Business

Real estate reseller Lenders Clearing House has agreed to sell REO properties for the U.S. Department of Housing and Urban Development Neighborhood Stabilization Program.

“Previously, on average, we acquired and sold 300 foreclosed and abandoned homes a year, after quickly restoring them to ‘like new’ condition and offering them at or above current market pricing,” states Zolt Szorenyi, CEO of Lenders Clearing House.

 

“Now, in cooperation with the National Neighborhood Stabilization Program and in participation with local banks with large REO inventories, we look forward to processing as many as 25 to 40 homes a week,” Szorenyi adds, “which… at the anticipated rate of about 1,300 to 2,000 homes a year… should soon have a noticeable impact in improving the overall Las Vegas foreclosure market in the very near future.”

As banks and government agencies become inundated with foreclosure inventory, we may see more deals like the one between Lenders Clearing House and HUD.   Other states, such as Washington could see similar arrangements for communities hit particularly hard by foreclosures.  However, it’s still not clear how quickly Lenders Clearing House will be able to sell these “like new” properties in the current economic climate.  We’re still facing a high unemployment rate and tight credit markets and assuming that the fixed up homes are sold at market rates, how many buyers are available?  If you want to invest in silver and gold you can visit for more ideas and tips. sell gold denver co. On the other hand, could the new deal between Lenders Clearing House be a prelude to the proposed rent back scheme? If Lenders Clearing House is unable to sell restored homes – even in the case of luxury homes for sale Ontario, HUD may authorize their conversion into rentals.

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