Bulk Reo Buyers Wanted
Posted in REO / Foreclosure Marketing and Management Professionals By Victor Jimenez, Saturday, May 30, 2009.I am direct to the sellers rep on the REO's. They do get product and can perform. Because of this they have a list of procedures and will only talk to the rep of the buyer. The people must be able to prove funds and agree to the procedures.
My sellers rep will call the buyers rep or the buyer if there is none to proceed. It is imperitive that people be honest or they will not get in again.
The properties are not listed with realtors, we can get the tape before sending them to the public, and clients are paying from 20 cents to 35 cents on a dollar.
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Submitted by David Merkin on June 3, 2009 - 6:27am.
We have an exist strategy for lower-end properties via online auction (return is 200-400% ROI) and we don't get paid unless the buyer performs. We but buyer and seller together and liquidate the "penny" properties 15k and less individually.
We also have a referral program.
I think we can really work together.
There are so many different aspects to this business. therefore if we have the same common denominator we can network together.
Call me anytime
301-562-3446
Thanks,
-David M
Submitted by Robert Stec on June 25, 2009 - 8:27pm.
David,
Seems like an auction strategy for the lower priced individual assets is a great way to go. Many of the bulk purchase are in multiple states so the bulk buyers after cherry picking the areas they are more prone to doing work will wholesale out and auction would be a great platform for disposition assuming you have a lot of traffic on your platform.
Robert Stec
http://buyersutopia.com/bulk-real-estate-reo-investments.html
Submitted by Christophe Attard on September 13, 2009 - 2:42pm.
Hi,
I have a prime list of 4000 REOs properties that are not listed anywhere (no MLS, no website, no listing agent, no short sale, no bidding wars with other investors, no BS).
THE GOOD STUFF
These are condos, townhomes, land, SFRs or multifamily all over the US. There is no commercial. They are all vacant.
The bank typically accepts ~30% discount of their asking price.
The negotiation is done by email with the asset manager. You can buy as many you want. You secure the purchase price with a simple email; they remove the property from their inventory. After, you’ll need to provide a copy of earnest money, and proof of financing. They typically will provide their contracts within a week (10 days inspection, 30 day close, sold 'as is'). You pick up the title company and close. Easy!
THE BAD STUFF
I talked to the asset manager a few days ago and he said they are negotiating with a larger institution for all of their 4000 REOs, nationwide.
I have been cherry picking some of them for my personal portfolio in CO but cannot do this anymore due to this serious time constraints and want to find buyers in other states. They may be all gone in a few days and this large buyer will use their listing agents to re-sell them.
If you are interested to get the list of properties in your area and start your due diligence, let me know ASAP!
Of course, I will need a Non-Circumvention, Non-Disclosure, Confidentiality, and Referral Agreement: http://greatdealscolorado.com/default_files/Mutual_NCND.doc
If you are or have a real estate agent, we can work on a co-broker referral fee agreement too.
If you are not ready at the moment, I wish you a happy investing :-)
Christophe Attard
welcometorealty@gmail.com