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The Lusso Group: Bulk REO Packages

By
Real Estate Agent with Olson Gough
free web page hit counter No doubt many of you who deal with investors have run across a request or an offer for bulk REO packages. Basically, packages of purported bank owned homes at 50% to 65% LTV with a value anywhere from $5 million to $1 billion. In the last months I have run into literally dozens of people who say they "consult" for the banks and can supply this. I have quite a few investors I've personally vetted who can afford these packages. But I can't find any real suppliers! Has anybody been able to find a real supplier for these packages? Somebody who works for the bank, or somebody who can prove they've done these deals before? I'd love to get my hands on a supplier of these packages but right now they seem like the Holy Grail of real estate!


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Show All Comments Sort:
Doug and Teresa Johnson
Virtual Properties Realty.net - Atlanta, GA

Let me know when you find out. Sounds like a great deal.

Teresa Johnson

Aug 23, 2007 12:11 PM
Daniel Sundberg
Crystal Springs Real Estate - Kentwood, MI
I've ran across one bank who did that in Michigan, but i do not believe the investors who bought them where kosher.
Aug 23, 2007 12:35 PM
Anonymous
Tim Cook
I understand your frustration when looking for a qualified and consistent source of inventory.  As a supplier of bank inventory, I have the same frustrations when dealing with individuals who claim to have real buyers.  However, as we all must do, I still seek out real buyers that are capable and can demonstrate the capacity to take down pools.  Therefore, if you have buyers that are interested in both REO and Redemption Note pools, please contact me. Thanks
Aug 23, 2007 02:27 PM
#3
Rich Kruse
Gryphon USA, Ltd. - Columbus, OH

Aaron - I have two deals right now that are available.  One is about 6-7 mil and you would be buying fee simple interest in the properties.  One is par valued at 7.5mil and will be discounted.  You could either negotiate with the title holders for fee simple or buy the paper from the lender.  You will need to go through the lender to get the info on the title holders.

Deal 2 requires a non disclosure and non circumvent agreement signed by the principal.  The deal is being marketed by myself and the bank directly.  I have a global contract with them for their REO and field services.

All assets are located in Columbus, OH

Rich Kruse - rfk@gryphonusa.com 877-5-GRYPHON

Aug 23, 2007 09:34 PM
MARLOW MARTINEZ
MANALO REALTY - Murrieta, CA

TIM COOK, SEND ME YOUR INFO!!! MY PROBLEM IS THAT I HAVE BROKER CHAINS TO DEAL WITH AND I HAVE EXTREMELY SERIOUS BUYERS WANTING TO RID OF THESE CHAINS! GET A HOLD OF ME :)

 

mmartinez@mymrmortgage.com

 

Sep 05, 2007 06:35 PM
Anonymous
Ed Young

Tim Cook, if you still have any of the real REO portfolios, let me know as I have buyers who might be interested.  Please contact me at elyoung2909@hotmail.com.

 Thanks, Ed Young.

Oct 18, 2007 03:52 PM
#6
Anonymous
George Adair
I do have direct contacts to Bulk REO drop and custom packages. These are from large investors including HSBC, Fannie, Freddie and more. Please send me an email at adairgeorge@gmail.com or call me at (866) 578-5228. We are filling custom orders in 24-48 hours and have dozens of drop packages immediately available throughout the US. Packages range from $5M-$1B.

I hope to hear from you. With a signed NCND, POF and LOI we can fill your requests immediately. We work with intermediaries and direct Buyers' Brokers. Conact me to get your order placed or if you have any questions. I will put you on a converence call with the Seller's Agent directly.

George Adair, CEO

Omega Capital Management, Inc.
Dec 02, 2007 03:46 PM
#7
MARLOW MARTINEZ
MANALO REALTY - Murrieta, CA

ANYONE PLS SEND ME ANY DROPPED PACKAGES THAT YOU ARE DIRECT MANDATE TOO. I HAVE BUYERS ALWAYS INTERESTED IN THESE AND I ALSO HAVE PACKAGES THAT ARE AVAILABLE IN ESCROW FOR VERIFICATION. OUR PROTOCAL IS NORMALLY WHERE THE ASSETS ARE PLACED IN ESCROW FOR VERIFICATION AND THE TAPE IS RELEASED WITH LOA UPON VERIFICATION OF FUNDS FIRST! AS SOON AS FUNDS ARE VERIFIED, TAPE IS RELEASED IMMEDIATELY! IT WORKS BEST AS YOU CAN WEED OUT ANY JOKE BUYERS THAT WE'VE ALL COME ACROSS! SO AGAIN, PLS SEND OVER ANY DROPPED PACKAGES THAT YOU ARE DIRECT OR MAX 1 AWAY FROM AND CAN VERIFY IT OR EMAIL US IF YOU ARE IN THE MARKET TO TAKE ANYTHING DOWN ASAP!

 

M1MARLOW@GMAIL.COM

jas2invest@gmail.com

 

Dec 10, 2007 10:28 AM
james voak
seton capital - Scottsdale, AZ

The 8 major banks are contracted with 1 of 4 major facilitators of Bulk REO packages. We are direct with 2 of the 4 true facilitators. Everyone else who says they have product is either not real, they are on an email list of drop packages from deals that have already went down and the buyer is dumping what they don't want and mass emailing it out, or they are several layers away from one of the 4 true facilitators. These banks will not deal with anyone directly other than their facilitators.
If you would like to get a TRUE REO package please reply to this email. James@setoncapital.com
Also I am not involved in these deals nor do I represent the sellers. They are referral partners that I work directly with. I have no fee or hand in the pie which seems to be a popular problem when transactions like this are put together. I will have the source contact you directly pending the seriousness of the buyer. They are the true source of realistic bulk REO so your are directly dealing with the person not a guy who knows a guy who knows another guy.
These can be provided from the source once they have spoken and are set to open a transaction
In order to initiate business I will need the following documents signed and filled out completed by the buyer:

· Buyer Brokers Agreement

· NCNDA

Investor Profile/Purchase RequeST\

 

PLEASE CONTACT IF YOU ARE LOOKING FOR A PACKAGE AND NOT A BS. BROKER

THANKS,

JAMES VOAK 480-678-7555

OFFICE480-284-4539

Dec 10, 2007 11:12 AM