New Vista CEO Says No More REOs

New Vista Asset Management will no longer be assigning new REO properties. In fact, New Vista will no longer be an outsource company. Per Co-CEO, New Vista is probably the first company to tell CHASE REO… [READ MORE*]. To continue, please log in or subscribe. It’s free.
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7 comments for “New Vista CEO Says No More REOs

  1. Frank Popeleski
    August 5, 2013 at 1:07 pm

    I have one Chase, for the last few months it is tied up in a battle between lawyers for the HOA and Chase over $20K in HOA fees going on since 5-13-2013!! This is a $71K Sale to boot! The contrract was a literal nightmare. I would NEVER structure a contract the way they wanted it, no open lines anywhere at all. Had this assett since Febuary 2012, it went under contract withing weeks of being listed in April this year – that was a long down time for some reson. Early on the folks I refered to the Chase broker did not qualify because at that time they were not lending to investors – that has no changed. I wonder what New Vista is going to do.
    Thanks Ponce.
    By Frank Popeleski
    Broker at Schooner Properties, Inc.
    Tampa/St. Petersburg, Florida

  2. Brad Letourneau
    May 30, 2013 at 11:12 am

    I think the news is that NEW VISTA REO was no longer acceptable as a REO vendor as were a few other larger, outsource companies. At a recent live meeting with a major lender, they did mention they are dramatically minimizing the number of vendors and RE agents/brokers. Take a look at Foreclosure Radar, go to the county court steps as I do and the other information sources. There are plenty of foreclosures still occurring. One of the property preservation companies I recently worked with told me they have well over 100 vacant properties, not on the market, just in the San Mateo area which, they have been maintaining for over 18 months and receiving new properties every week. Also a VERY large number of BPO’s have been requested the last 90 days (Not including orders Short Sale Properties) and that number continues to grow. I’ve completed over 3000 BPO’s in the last 4-5 years and after a slow down, they are back…. Similar in my So Cal, Orange County office also…What does all this mean?? You tell me… The distressed property saga continues……..
    By Brad Letourneau
    Broker /Owner – Pacific California Properties- Brentwood & Newport Beach
    San Francisco Bay

  3. Cliff Hildreth
    May 30, 2013 at 11:05 am

    Clicked on the link and it requires a password. Why post an article if we can’t read it?

    By Cliff Hildreth
    Broker/Owner of Realty World Estates in Valencia
    Greater Los Angeles

  4. Marvin K. Jenkins Sr.
    May 29, 2013 at 12:42 pm

    No, New Vista isn’t the first compnay to tell Chase that they no loinger wish to work with them, Chase has it’s on agenda and a lot of smaller companies agents and brokers are going away from Chase.

    Marvin K. Jenkins Sr.
    Principal Associate Broker

    May 29, 2013 at 12:22 pm

    Sad to hear about it but this is the new reality of a fast changing market, businesses has to make adjustments base on market changes and new opportunities. I received an email too last week from New Vista. I am probably one of the early REO agents of New Vista from the days of ETCREO New Vista partnership doing Fannie REOs then.
    By ARNOLD VER, ReoTeam247
    Greater Los Angeles

  6. Sam Xavier
    May 29, 2013 at 12:12 pm

    Thanks Poncie!
    I got approved with them in 2008 and they were my first and last REO client…
    I am back to traditional business buyers sellers and leases!
    Thanks for all your support over the last few years in REO.

    RE/MAX Estate Properties

    Sam Xavier
    Redondo Beach, CA

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