I wrote an article regarding BULK REO SALES ( http://activerain.com/blogsview/344381/NO-BULK-REO-SALES) and the rest is history.
With the BULK SALES You find four types. People with money, People who know people with money, REO SELLERS, and People who know REO SELLERS.
For awhile I just knew people with money and knew people who knew REO SELLERS. Now regardless of what happens, this is fun I will admit. I recently flew back east and met a great guy has found success in this endeavor. I have met many people and have been told I am somewhat of a celebrity in this arena. Who would have thought?
FOR BULK SELLERS ONLY: Should you have stumpled accross this I suggest the following.
1. I KNOW SOMEONE WITH MONEY INTERESTED IN REOS: Don't waste time trying being greedy! Stop trying to get half or multiple points. Your not in the game and may never get in. Unless you know someone with REALLY DEEP POCKETS that trusts you chances are you only get ONE CRACK at this. Take a substantial finders fee (more than you may ever see) and let the BULK SALE VETS move the TAPE.
2. INVESTORS (PEOPLE WITH MONEY): Be cautious! There are so many frauds and speculators you may waste your time and the opportunity will either pass you buy or you won't know it if you see it. You shouldn't give anything more than a scrubbed asset account or evidence of funds. By scrubbed I mean remove account number and name/address info. Also state what you are looking for. (ie: Acceptable Regions, Investment amount, and what is an acceptable percentage range (30%, 40%, .50 per $) The assets or scrubbed POF is then presented to Seller's.
3. REO SELLERS: Its simple these people are the banks, lenders, investors with large property holdings. They call the shots. Chances are unless they are comfortable working with an individual they may allow a Realtor to sell a few REOs. BULK is typically reserved for clearing houses. The clearing houses are the ones who distribute. (aka: sellers mandates, sellers agent)
4. PEOPLE WHO KNOW BULK SELLERS: These people typically are insiders or have been speaking with friends who open their mouths. I have seen employees working in an REO Dept. or Loss Mitigation Dept. for larger companies who are trying to make a fast buck with the info they know (shame on them). Be careful of these folk, most do not know what they are doing, but think they do. However they do come with valuable info if they can lead you to the source. This means nothing unless the REAL seller chooses to work with you.
GOODLUCK!!!
ANDREW T. CLEMENTE
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