My "Bulk REO" rants

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Services for Real Estate Pros with Real Estate Consultants

My "Bulk REO" rants


Everybody claims to have access to "Bulk lists" at 20%-35% of the current "value" and they are just looking for investors. What's funny about this is the people who are willing, able, and aggressively looking to buy a bulk REO list can't find a real one that lives up to the hype.

I like the brokers of brokers that have friends that know the cousin of the CEO of a bank, but fact remains is I'd be stupid to try and go into business with them. Maybe a strip club yes, but not business.

Oh and stop sending me lists and asking for 35% bid, when the houses on the lists are LISTED ON THE MLS for 25% Of what your EXCEL file shows =)

I have officially stopped looking for bulk REO lists as I don't believe they exist.

The money is out there, the lists are not.

If any large banks are out there and are really looking to sell in bulk directly to an investor, I will put money into an escrow account to show how serious I am.

And to the brokers out there, let me know when you want a beer.

 

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Comments (3)

Pat Tasker
Shorewest Realtors - Germantown, WI
Your Milwaukee Metro Area Agent (WI)

We have a commercial running  here that says:  "I bought a new construction foreclosure and only pay $130 (yes 130!!!) a month"....Call this number, blah, blah, blah!  I can't believe it!  What a misleading joke.

Feb 14, 2009 03:24 PM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Buyers are slowly realizing that the deals are in the asking price, not in the offer price.

Feb 14, 2009 03:34 PM
Armando Williams
Armando Williams - Anchorage, AK

are you still looking for bulk reo?

I am direct to bank trusts that can get custom bulk reo packages for you in any size. 5M-200B. These packages come from fannie and freddie mac and 10 other major institutions.
we have a pretty simple protocol.

PROTOCOL

 

 PAPERWORK

1) Return OUR NDNC, signed by involved parties –Buyers/Buyers Mandate/Representative—this does not need to  be notarize.

2) Submit LOI and MFA—must be notarized or witnessed by an attorney. On the LOI this is the REO Patriot Act Document of Authentication page.

 

PROCESS

1) William will call the contact on the LOI to verify the correct person (the banker/attorney/title co/buyers mandate ) for soft POF- NO ACCOUNT #’s, just name of the institution- to verify the correct contact info and confirm the buying person/group can perform. If Yes, goto #2.   If no, William will notify the person/group who brought in the deal to clarify the situation. If no clarity, the submission is dead.

2) Our Groups’ Attorney will speak to the buyer’s attorney or title company for hard POF.  Once completed, the order is submitted.

3) The Trust will send an email* before releasing the tape requesting hard POF and availability of funds. When buyer complies, the customized tape is sent.

4) Buyer is now in direct contact with the Trust/entity; they perform due diligence, and close.

 

Depending on how fast the 1st Attorney to Attorney Hard POF takes; Most packages close within 5 to 10 days.

 

*Here is what the Trust wants for Proof of Funds:: These same instructions come in the email from the Trust before they release the tape.  Comply and the tape is yours.

 

1. Banking or known financial institution as source to proof funds. They prefer that it not be a title company. If it is we need a copy of the wire transfer.

 

2. The signatory on the account needs to match name of the principal on the LOI and Fee Agreement. The funds need to be readily available.

 

3. The buyer should include the contact information for the person(s) that may be contacted for proofing. The contact person(s) should be notified who is authorized to procure the information and be available during regular business hours.

Please let me know if i can help.

Mar 05, 2009 05:37 PM